and bank of america's ceo. a weaker than expected jobs report in the month of may with the you be employment rate holding steady at 3.6%. economists were expecting 185,000 jobs. manufacturers added 22,000 jobs in may. to my panel for reaction we have mike murphy. and stephanie, you have been cautious on earnings. it wasn't a surprise to you to see the numbers coming in weaker than expected, waits. >> obviously employment is only as good as profit growth. we are in a process recession accord together government data reported last week. the fourth square and first quarter her negative. so we are clearly in a process recession. i think what we have seen is pricing power has been incredibly low for most of corporations. and they had this situation where prices have been going up faster than the ability to possible them on to consumers for almost two full years. so we are starting to see that impact profit and a lag employment. i anticipate the trend will continue. i don't know that we'll see numbers like we you a to

bank of america makes a lot of money.as said they are going to stop bankrolling immigration detention centers and private pris prisons. the impact of this, after this short break. going back to the doctor just for a shot. with neulasta onpro... ...patients get their day back... ...to be with... ... family... ...or just to sleep in. strong chemo can put you at risk of serious infection. in a key study... ...neulasta reduced the risk of infection from 17%... ...to 1%... ...a 94% decrease. neulasta onpro is designed to deliver... ...neulasta the day after chemo... ...and is used by most patients today. neulasta is for certain cancer patients receiving strong chemotherapy. do not take neulasta if you're allergic to it or neupogen (filgrastim). an incomplete dose could increase infection risk. ruptured spleen, sometimes fatal as well as serious lung problems, allergic reactions, kidney injuries and capillary leak syndrome... ...have occurred. report abdominal or shoulder tip pain, trouble breathing... ... or allergic reactions

the biggest banks passing their first round of stress tests moments ago. here is bank of americahigher through june along with the rest of financials even though a rate cut looks inevitable in july, mike khouw says now is the time to make a bet on banks here he is with the call to action mike. >> i'm not sure if now is the time to make a bet on banks or if we found a decent one to make one if you are so inclined looking at why you would trade a call spread in bank of america, we were talking about it in the earlier segment. valuation is very low, but a low valuation can be a two-edged sword because it can point to trouble ahead. so if you are inclined to make a bullish bet you want to try to find a way to do it while reducing the amount of risk you take we have an opportunity right now because options are cheap. going into earnings it moves about 4% it is inclined to move about 2.5% that's basically a tell options prices are lower than they normally would be. fed cuts, i mean obviously it is one of the big headwinds people are talking about, low rates, low rate environment bad fo

of a man that they say sexually assaulted a woman. the assault happened as the woman was leaving a bank a bank of america on el camino real this happened last month kron four's michelle kingston has that story. >>police were unable to give us much information they said it could hinder their investigation if they told us too much about what happened or at what time it happened on may 20th just last month what we do know is that they are looking for this man in the surveillance video and photos and are in need of your help finding him pretty calm they've been here for a decent 21 years. >>a white seat he and they got some issues. >>neighbors surprised to hear about a sexual-assault report on the bank of america on el camino real in san mateo police say it happened last month but are now releasing surveillance video in hopes that you can help them identify them and they say it cost a woman as she was leaving the bank of america. >>and sexually assaulted her while she was walking to her car. police say the man wanted for questioning is about 5 feet 4 inches tall weighing about a 120 pounds but dark curly hair extending just below his baseb

morgan,he fargo, bank of america, j.p. morgan is able to buy back $24.9 billion. in terms of the banking system. >> also the over capitalization of the banks. is, wek's stress test are asking the same economy questions that we have been asking the last 10 years. we have had this flight to quality in the month of may and $3 trillion in money market funds. you get into these stress like scenarios and here is fed allowing massive backs. joe: speaking of massive buybacks, news out from j.p. morgan on my screen, they are going to be buying back up to $29.4 billion worth of stock. they are also boosting dividends. investors, how important is this aspect of the equation? a lot of things in the yield curve. capital usage specifically, how much does that drive decisions? >> when they originally started ,o release capital, very tight but primarily in the buyback world, what a blessing. think of how much stock has gotten bought back at lower prices. let's not forget bank of america's example. we were talking about raking five dollars in 2012. stocks nowhere near that, but buy

i own bank of america over jpmorgan right now i got rid of that and i'm in bank of america. very little exposure in the financials right now it's too cheap of the names, i think it's too inexpensive and the most potential for upside even though it has outperformed jpmorgan year to date. everyone would think they're trailing behind jpmorgan, that is not the case. bank of america is right there >> goldman has outperformed and citi has outperformed. >> most viewers, if you put it out there right now which bank right now has the best performance, they would go -- >> i have all three. j prpmorga jpmorgan, goldman and citi. >> a lot of exposure >> it is i'm looking at the ability to pair off assets. citi has done a fantastic job in selling off global assets and also becoming more digital and you're seeing that assets deposits are being raised digitally and i think that's important. they're seeing these big banks make this significant investment into technology. jpmorgan, i think, up to around $10 million investing into technology and i think you're going to ultimately see that went

nos llamaron y telemundo 48 se involucrÓ. >>> bank of amÉrica dijeron que iban a revisar el caso.ar su estados cuenta de su banco, tarjeta de crÉdito inter donde compra, nos puede llamar. telemundo 48 responde. >>> los precios de la gasolina estÁn bajando el precio por la gasolina. este declive se debe que los precios del crudo tambiÉn estÁn bajando. en san francisco el costo de combustible. en san josÉ 3.76 y el precio a nivel nacional promedio es de Í es cuando sufrimos, cuando nos comparamos a nivel nacional. por lo menos bajamos un poquito. >>> sÍ, 11 centavos. >>> bajaran las temperaturas como el precio de las gasolinas. >>> vamos con david gonzÁlez. >>> quiero que baje la gasolina y las buenas noticia las temperaturas que estÁn en este descenso. incluso del dÍa de ayer a hoy. descenso de 4 a 8 grados, los prÓximos dÍas vamos a verde centros de hasta 20 grados imagine se estÁ viendo la imagen en vivo del puente golden gate, la baja humedad aÚn vigente. por baja presiÓn en el golfo de alaska. estÁn viendo la imagen hermosa a este hora y condiciÓn actuales en nuestra regiÓn. 60

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seen't be surprised $70, only if there is a conflict. >> in that demand growth, the flip side, bank of americarill lynch saying oil could yuan.f china devalues the how much of a polkadot have in -- russia cannot control demand. return, for demand to we need to see a price as low as possible to attract additional demand. see a price drop to that oil players will start to have some problems. >> we have to leave it there. viennaee what the meeting brings to the table. table.round up at the the head of commodity strategy. flying high. brent crude trade, up 1.7% we will talk more about the fed. saying the downside risks to the economy have increased u.s. stocks for the most in three weeks. we bring you our exclusive conversation. >> good morning. nem never a chair rich -- jra. are the top stories. curb. asia's stocks lower after jay powell sites downside risks. james bullard tells bloomberg exclusively. downside risks. a count of 25 basis points is sufficient. the u.s. considers further delay in china terrorists. jumped as itron -- resumed some while way shipments despite the ban. and a liquid prob

jua ts man who his bank of amer it to send $2500 to his mom who also has bank of america account. >> in her first and last name and correct phone number and sent itnd it never got to her. >> reporter: even though he ve entered erything correctly, his moneyent to a stranger. wells fargo account instead. he filed a claim with bank of america and also contacted zelle and wells fargo. when a couple of weeks went by and he dn't have his money back he knew he needed help. >> i said nbc news, at the the first thing that came to mind, i wrote and e-mail. >> reporter: we contacted w ls fargo how one of their customers was able to connecticut his m mo phone number to their account. in a statement they said wells fargo uses a variety of methods to verify mobile phone number ownership n. to help maintain he security of our system we cannot share the specifics for these various methods. we standard zelle th same question. tcustomers validateir identity by entering a verification code sent to the phone number. it's still notlear how the mix-up happened. after we made those calls -- >> a couple day

you also said why you like some of the financials and amgen here >> well, no, let's just think of bank america remember, people are totally unafraid of inflation here, but we've got 89 million millennials coming in to borrow money for the first time in the next four or five years in size and to follow up on your other point, the price of money over the next ten years if we don't see it go up substantially, i will be completely shocked and that means a completely different set of dynamics on the equity side. that would be good for bank of america. >> no, i totally hear what you're saying. but five years ago, wouldn't you have said the same thing that this could only be headed one way? and the opposite has happened, and that's fascinating >> actually, kelly, let's just use bank america as an example bank of america was $8 back in 2012 it went up to 15 it languished there through the election in 2016 then it made a big move to 30. >> true. >> it's a stepping stone thing >> okay. >> so a buyer bank of america 28 looks out five years and says if they do well and these millennials kick into gear, th

see the bank ports, hope you were listening to wilf bank of america, there is a lot of regional banks% the s&p is only 2% and you start going to 3.5% range, now you look at utility type of returns. this is interesting. this may make banks more attractive here. what we have seen in the first half of the year, in terms of ipos the consensus is wrong beginning of the year, nobody wants 200 ipos, too many, they'll price them too high, market will fall apart only thing anybody wants is uber and lyft. 62 ipos raised 25. the second quarter, the most active quarter in five years look at this return. 30%. that's twice as much as is typical. everyone was wrong people loved ipos. uber and lyft to the downside. we got the big names that are out there. waiting in the second half of the year, we have names that are like wework, peloton, postmates, airbnb, casper, poshmark the russell will reconstitute at the close. happens once a year. what will happen, it is interesting, all of these ipos we saw, they're going to be going into the russell 1,000 keep an eye on this. you'll see some volume at the en

maria bartiromo soon talking to the bank of america ceo brian moynihan. it cuts both ways for banks. if interest rates go down, obviously they don't make a lot of money on cds, savings vehicles, never have. much more make money with new loan and applications, refinance homes that people are already in, that could be harbinger of good things to come, when she sits down with mr. moynihan to get his read on the federal reserve's shocking, though probably not fox news or business alerting decision, to think about cutting rates. >>> want to pass along interesting comments out of canada's prime minister trudeau, the separate issue we have with the mexicans to use trade as a lever, that could get in the way of a new trade agreement that involves, united states and mexico and canada. he says canada will move ahead in responsible way on ratification. i don't know if that is a dig at the president there, but canada thinks that the deal is good. he will push for ratification. hopes the same happens in the united states. some say the president's latest moves could der

bank of america is up right now 1%. >>> i can kind of guess why politically, saying that you want toels nice, right. it's like okay, there are issues, let's just take a big hammer and go do it. but i think the reality is we want to be -- we want to make sure the things that we do actually address the problem. liz: facebook's mark zuckerberg taking his own sledgehammer to the idea of breaking up his company and the other 800 pound tech gorillas of silicon valley and beyond. the social media ceo pushed back strongly at the aspen ideas festival yesterday in colorado. he also warns that facebook alone cannot stop russian election interference by itself. he called on the u.s. government to intervene and help. now, facebook just released this, what i have in my hand. this is a 44-page global feedback report compiled by its oversight board for content decisions. after speaking with and reviewing comments from roughly, i don't know, about 2,000 people about personal data, the company announced today it will clarify how facebook makes money and the rights users have to their own content but w

. >> do you think they'll continue through the rest of the year particularly bank of america which i ld a substantial investment. >> they're very cheap. they're very cheap but cheap doesn't do it for me and i think that if the fed just kind of goes on hold, they're going to miss the quarters people can be excited about it and bank of america will be stuck while you're left behind for so many different stocks that have real momentum here they have earnings momentum and are inexpensive. i'm not going to bless bank of america unless we see a change in the yield curve then i will. unfortunate that it's so hostage. i thank you for watching that's the truth herb in north carolina herb >> i want to get your tech on the stock. i know they're heavily into copper i notice the copper market took a bhilt of a bounce today. so did the stock what is your long term look? >> i saw mr. atkerson. he bought a ton of stock he spent a million bucks i hike insider buying. i still see the economy worldwide slowing. you have to have a end of the tariff wars for that stock to go to 12 from $10.60. i don't kno

a bank of america survey shows global fund managers are feeling the most bearish since the financial crisis let's bring in mary anne bar tells, head of strategy at bank of america welcome back. >> thank you for having me. >> too many bears? >> we're all shocked because of the level of bearishness, we can't find as you said back to the financial crisis, and we're nothing like the financial crisis there's a lot of noise going on here over in europe but the extreme seems way too much from a contrarian basis, that leaves a lot of dry powder as a potential to come into the market so we're actually calling for a strong summer rally. we have been, we continue to say the s&p can go up. >> you have to get a rotation out of defensive areas and into some offense >> i think what you pointed out is, yeah, i love that you pointed that out because it really doesn't make sense, right, how could staples be making a new high, bonds making recent new lows in yields and gold is breaking out, but the dollar is also weakening part of that to me sounds like there are concerns for deflation, gold, bonds and

morgan bank of america and even beleaguered deutsche bank cleared the fed's annual stress test inspector you in new york are good news for major banks and they're already making the most of this announcement. yeah you can definitely say so we already got major announcements for dividends and also for share buybacks in the billions goldman sachs for example is announcing it to increase the quarterly dividend by almost 50 percent and you could clearly see that here on wall street and the dow jones industrial average for instance goldman sachs j.p. morgan being the leader of the pack and talking about the pick now we did finish not just the months not just the quarter but also the 1st half of the year and the s. and p. $500.00 in the 1st 6 months of $29000.00 gained about 17 percent and with that it's the best 1st half year on wall street since 1997 so in more than 20 years so now the hope is that all will go well with trade talks in japan and that also that the federal reserve will cut interest rates by the end of july and go to new york thank you. now to some of the other global business

bank of america saying that the path of least service since for yields is lower -- of least resistance for yields is lower. we'll discuss all these big topics this hour. the dollar stays on the back foot. the aussie outperforms in g10. as well as the lira. on that note, let's check in on the markets in asia. juliette saly has more. happy monday. juliette: the aussie is certainly one to watch as we hear the governor saying that the monetary easing may not provide that much support when it comes to aussie stocks. you are seeing a little bit of weakness. it's been a mixed to slightly higher start for asian equities today. we have japanese stocks a little bit firmer on the nikkei. turning bearish on the overall japanese equity market due to the strength of the yen. hong kong's market holding onto last week's gains. we are seeing the chip players in taiwan coming under pressure today. the taiex is down by about 0.3%. president trump signaling more chinese tech firms could be blacklisted. let's look at some of the specific stocks. that's hurting some of the japanese chip players as well toda

and one of the things you mentioned, the note the bank of america published was interesting because one of the things they mentioned in the note was since trump's may 5th tweets in which he raised tariffs on china, you haven't really season any cone census changes with regard to earnings estimates for the s&p 500. earnings are pretty flat since may 5 ppt you've had increased tariffs on mexico, on china. president trump over the weekend was also toying with increasing tariffs on india so you've had him now become very -- on the offensive with respect to increasing tariffs, and yet consensus estimates haven't increased. specifically, you haven't seen any earnings degradation or consensus degradation in semiconductors or industrials, two of the sectors hardest hit so i don't think that people are appropriately discounting, still, in their estimates, what the actual impact from tariffs can be add on top of that increased headwinds from the global economic trajectory and you're still in an environment where you don't want to be taking risk until some of that uncertainty clears >> that says a

maria: there's a bank of america -- >> if you want to stop their military, if you want to stop their military, you do exactly what i'm doing. maria: yeah. there's a bank of america report says the further deterioration in relations between the u.s. and china would set off a chain of events that would push oil down more than 50% to the low 30s. in other words -- >> that's okay with me. i don't know. you know, we're the largest oil producer in the world. i'm old-fashioned when it comes to our country. i like low gasoline prices, okay. we're the largest oil producer now under me, we're the largest in the world. when i get the pipelines approved in texas, we will go up by another 35%. but you know what, if that happened, by the way, i disagree with that. a lot of people say it would actually drive prices up. but what does bank of america know. i have watched them. they don't know too much. maria: well -- >> i mean, if he's saying it's going to move them down, it might have the opposite effect. maria: i'm just saying -- >> you know what, if that happened, we will have nice low gasoline pri

it happened as the woman was leaving a bank of america kron four's michelle kingston has more. >>police were unable to give us much information they said it could hinder their investigation if they told us too much about what happened or at what time it happened on may 20th just last month what we do know is that they are looking for this man in the surveillance video and photos and are in need of your help finding him pretty calmly been here for a decent 21 years. >>white seat he and they got some issues. >>neighbors surprised to hear about a sexual-assault report on the bank of america on el camino real in san mateo police say it happened last month but are now releasing surveillance video in hopes that you can help them identify them and they say it cost a woman as she was leaving the bank of america. >>and sexually assaulted her while she was walking to her car. police say the man wanted for questioning is about 5 feet 4 inches tall weighing about a 120 pounds but dark curly hair extending just below his baseball cap in these photographs in the video he's wearing a dark col

. >>> public concern about the nation's policies and bank of america is taking a position. bank of america will no longer do business with companies that run detention centers at the state and federal levels. back of america has not talked about which companies it's not working with. there's backlash from companies like wayfair. they will donate profits from the sale of bedroom furniture to a migrant facility. employees walked out of wayfair's headquarters wednesday in protest of the company's deal to sell furniture to one of those detention facilities. wayfair did not say where the funds for the donation would come from and declined cnn's request for comment. >>> a new flaw discovered in the boeing 737 max. could this have tilted the planes downward in two deadly crashes? but we're also a cancer fighting, hiv controlling, joint replacing, and depression relieving company. from the day you're born we never stop taking care of you. they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package an

>>the assault happened as the woman was leaving a bank of america on el camino real last month. police have not been able to identify t suspe in the images we're about to show you so they're asking for help ground force michelle king still has the story from sam, a tail. >>police were unable to give us much information they said it could hinder their investigation if they told us too much about what happened or at what time it happened on may 20th just last month what we do know is that they are looking for this man in the surveillance video and photos and are in need of your help finding him pretty calmly been here for set 21 years. >>white seat he and they got some issues. >>neighbors surprised to hear about a sexual-assault we're going bank of america on el camino real in san mateo police say it happened last month but are now releasing surveillance video in hopes that you can help them identify them and they say it cost a woman as she was leaving the bank of america. >>and sexually assaulted her while she was walking to her car. police say the man wanted for questioning is a

he's nominee for german chancellor bank of america certainly how the coalition government appears to be on its last legs so does it all mean for germany and its international part that's find out from puerto rico shortly. quadriga 30 minutes on t.w. . the finest early local tourist guide for germany's booming i love berlin. 15 inches 50 story and 15 very personal tips on berlin's very best features. book now planted firmly in our girl back series every week on d w. they're super shy many hide themselves away super secretive then you'll going to corner super rich definitely around 20000000000 more of. germany's wealthiest people live why do they keep such a low profile we have a snoop around to catch a glimpse of top of the discreet monitors the disciplinary starts choosing d.w. . place. to. play. this is d w news live from berlin a record high for germany's environmentalist green party of major opinion poll shows the greens would come in 1st in a national election edging out council michel's conservatives are we witnessing a major shift in german paul that is also coming up. british

not only for german chancellor bank of america and certainly how the coalition government appears to be on its last legs so what does it all mean for germany and its international part that's find out on puerto rico shortly. quadriga 90 minutes on w. . india. how can a country's economy grow and harmony these people find met. when there are do look at the bigger picture. india a country that faces many challenges the 1st sentence people are striving to create a sustainable future. clever projects from europe and. pico to india on t.w. . with different languages we fight for different things that's fine let me all stick up for freedom freedom of speech and freedom of press. giving freedom of choice global news that matters d. w. made for minds. their super sharp. themselves away super secret then you'll hear the jingling of points and super. definitely around 20000000000 more or less. how do germany's wealthiest people live why do they keep such a low profile we have a snoop around to catch a glimpse. of good top of the world the disc life of the super rich starts june 10th dublin. cu

jp morgan, bank of america, still over 120%. k the fact that their payout was better than expected is also positive. bank of america's payout ratio perhaps still the most positive. there dividend was a little light, but still a 20% increase. alix: if you are wells fargo, you've got to have some kind of payout. have we topped out in terms of payout? we are already at a record $170 billion. is it the best it is going to get? alison: it will be interesting to see what happens over the next year or so. these are the indicated payout plans, so we also have to see what happens with earnings and the fundamental outlook. we are basically getting to a place where the banks are sort of managing to the capital ratios that they expect over time, so that sort of limits the potential upside. i think that's why you maybe want to start focusing more on the dividend yield than the gross in yields you are getting across these stocks. david: this is no doubt good news if you are a shareholder in one of these major banks. what about for the activity

then finally the mortgage space where i spend most of my time, they're not making money >> well, bank of america ceo brian moynihan expressing similar concerns during a speech at the economic club of new york saying a slowdown could get ugly for some firms mike santoli is here with more from the new york stock exchange michael, former fed chair yellen last october and then again in december, others since then, whalen yesterday, hoynihan now is this something to worry about. >> eventually it will be i don't think anybody's repeeled the credit cycle i see a lot of these comments as the standard gestures of prudence and awareness that in fact a lot is built up over the course of this credit cycle that could go wrong it's sort of like the to be sure clause things are fine now but, hey, some day, this is going to be an issue. now, if it does worsen from here, obviously you would have to do nothing but look at high yield debt spreads, yes, leveraged loans are what brian moynihan was specifically addressing >> this is the guy that owns the market they own the market. bank of america. >> well, 10% marke

of the way forward? , so good.so far you don't expect all the banks theass but they did improve outs more than expected. jpmorgan came in with the group biggest capital return land, bank of americaup. morgan stanley, what they said was impressive. they not only increased payout but they increased in a year where they did the biggest since the financial crisis. they can return money back to shareholders. what did the fed say -- reporter: they are happy with the brazilians but let's be clear there is a debate on whether these stress tests are strong enough to counter scenarios. even though the results here were great i wouldn't say the debate is over in terms of the health of the bank. they came off a record year and now we are coming into a more tumultuous time frame. there will be talk whether these are sufficient. paul: bloomberg news, thank you for joining us with the results of the stress tests on the banks. still to come, san francisco's out the jockeying over interest rates. our exclusive interview next. this is bloomberg. ♪ his is bloomberg. ♪ i don't know why i didn't get screened a long time ago. i kept putting it off... what was i thinking? ok, mr. jones... we're all do

taylor: bank of america merrill lynch analysts this morning said that long-term it could be good for e evaluation of companies like alphabet and google if they were broken up. what is the case to be made that this is a good thing? >> that is exactly the correct question. we saw what is arguably one of the worst days for these technology firms in along time. they shed tens of millions of dollars today. if you look empirically at what happens, either doing a spin like ebay did with paypal or what happened to the telco companies after they were broken up, and almost every instance in the medium and long term, the aggregate value of the spun companies is much greater than the original conglomerate. this might actually be a buying opportunity. what do you think the president is here to look at? you think it is finds we might see, or do we look more toward perhaps trying to change the business model as the eu has potentially done but really just tinkering on the edges. what do you actually think congress could really pass that might turn into some realistic regulation? >> there are fine, --

facebook up 2.5%. .pple getting a nice bid take a look at bank of america, up 3.4%. investors continuing to buy the dip that preceded last week, the best week for u.s. stocks of the year. you always want to see where we cross company. we are seeing weakness for the new zealand dollar against the u.s. dollar, down 0.7%. this is a risk on currency. investors are going to go to it on a true risk on picture. is ahead.ing data investors wondering what could be happening for the central bank, and what they will potentially do. or is noting that right now the new zealand dollar on paper, its worst quarter since june of 2018. in about a year, worth paying attention to that. possible volatility ahead across asset classes. latest time for the bloomberg business flash, the biggest stories in the news right now. becomeherapeutics has the first corporate casualty of the opioid epidemic. a bankruptcy filing allowing insys to keep operating while it comes up with a plan to pay its obligations -- $225 million to settle u.s. claims it illegally sold fentanyl-based painkillers. konghie

and here to listen and help you through it all is bank of america. know-how you need to reach that blissful state of done-ness. so let's get after it. ♪ everything is all right what would you like the power to do?® ♪ all right >>> nike shares just barely lower after a slight earnings miss yesterday china was a big focal point on the company's conference call last night here is what the ceo said on the call >> we are and remain a brand of china and for china. nike is proud of the investments we've made and the relationships we've developed in energizing this marketplace we're confident that we'll continue to grow sport and our business in china for decades to come >> they did 22% currency neutral growth there the stock is flat. a miss on earnings rare for nike, but pretty strong sales growth what do you do with the stock? >> we're buying it i think this compounds i think the comment is underappreciated but so dead on. we are for china, up china what they have done at their size is they're for everyone, with everyone. they manage, despite having very t

we have calls from commerzbank for rate cuts, bank of america, jpmorgan, natwest, barclays. barclays up 50 basis points in july, michael. do you see that happening? michael: no, but i see a july cut. i think the fed can be patient, until a few weeks from now. after the g20 meeting, if there is no compromise, this is all about trade. what we are forgetting is today's number was the third well piece of lousy news we have had in a week. first of all, the tariffs on mexico. mohammed got it right this no morning. this is about weaponizing trade for other means. the second bit of lousy news was global manufacturing. pmi dropped below 50. that is recession, confirms what we are seeing in the yield curve. the fed has called out specifically trade. they are watching this. if they don't see improvement, they will ease, and they should. priya: a couple of unsustainable things here. the 10-year at 2.1 is extremely unsustainable. if the fed is easing, it could go to 1.25, 1.50. i don't know why they have this confidence they can stop at 25, 50, or 75 basis points. i would argue if the ec

have bank of america, merrill lynch recommending curved flattening trades. ee a third day of gains for european equities and u.s. futures pointing to a six day of gains for u.s. equity markets. let's get a bloomberg business flash. annabelle: we start with more allegations of sexual a last-minute -- harassment involving lloyds of london. resigning following accusations of inappropriate behavior. the incident was set -- said to have happened at a party. it came to light after a business week article about endemic sexual misconduct at lloyds. contract toning handsomely in new five g networks according to the chief executive. he says doing well against rivals such as huawei and ericsson. they are trying to push back against concerns it has fallen behind its competitors when it comes to the next generation of technology. compete quite favorably with huawei, with or without the current security concerns. we have taken some 23 contracts with them in the last two years. we win two thirds of the time against our competitor compared to the time they swap us out. we ha

context,ut it in yesterday we saw the latest bank of america survey. we are ins the light cycle of the economy right now. nejra: great work. simon french is still with us. the cutst deal with first. normal people are saying we could get the double whammy in one go. i want to ask if that is a possibility maybe in july or september. in the past, the fed has opted for a half percent move in the from 2001-2007, as you can see from the chart. >> it may be possible. i don't think it is justified, but it doesn't matter what i think. the problem with the 50 basis point mood -- move, in those moments, the economic deterioration was very clear for all to see. if you look at the underlying data, particularly the u.s. economy, it suggests that kind of policy action is justified. i think markets would interpret the fact that there is more than they are letting on around the deterioration of the conditions. traditionally it's been nonfarm payrolls, the added amount of jobs per month has gone below 100,000 per average. we saw 175,000. norm lee the first -- normally th

and here to listen and help you through it all is bank of america. ach that blissful state of done-ness. so let's get after it. ♪ everything is all right what would you like the power to do?® ♪ all right ♪ ♪ award winning interface. award winning design. award winning engine. the volvo xc90. the most awarded luxury suv of the century. the volvo xc90. oh, sir. that was my grandma's. don't worry, ma'am. all of your stuff is in ok hands. just ok? they don't give two and a half stars to just anybody. here you go. what's this? it's your piano. hold this for a sec. we don't have a piano. no.. but the neighbors do. just ok is not ok. especially when it comes to your network. at&t is america's best wireless network according to america's biggest test. now with 5g evolution. the first step to 5g. more for your thing. that's our thing. . >>> president trump was reveling in his state visit in the uk with protesters, kept largely out of sight. the former president barack obama got a standing ovation before game two of the nba finals in toronto last night. >> it's

bank of america is planning a hiring spree to help with the hunt for wealthy clients.rivate bank is on tract to reach a 35% increase. the biggest banks are ramping up their wealth management unit. the business offers healthy profits and it does not need as much capital as it is -- as it is trading. that is your business flash update. facebook coog up, sheryl sandberg is calling for regulation. many on capitol hill agree with her. we will head to washington next and hear from congressman darren soto of the congressional blockchain caucus. this is bloomberg. ♪ crumpton with bloomberg's word news. topnterview today, former trump administration advisor poke-checks refused to answer questions related to her time in the white house. that is according to several frustrated democrats in the meeting. less than an hour into the democrats said hicks was following white house claims of immunity from answering questions. white house lawyers are preserving power to protect confidentiality. union leaders told a house aviation subcommittee that boeing made mistakes while developing th

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