morgan stanley, bank of america, wells fargo, truist, american express. >> are you as bullish as chris harvey>> absolutely. >> super cycle? >> i added to that bank today because i think that the valuations are still very attractive and, yeah, i mean, chris mentioned it's capital markets, it's fees, it's investment banking fees that blew away expectations. >> wells, is that the one you added to? >> wells i added to today, yes. they're gaining market share and it's all the things that chris talked about, capital markets, investment banking, wealth management, net new asset growth which has helped buy higher asset prices. then you have the asset cap that eventually is going to get lifted and they are so behind in asset growth, they're down 1% in asset growth since 2017. the banks by the five other large banks are up 42% in asset growth. can you imagine the catch up that they're going to play? the stock has had a heck of a run but it is still trading at 1.4 times book. i think it's very attractive. >> you sat on 12% cash, right? >> in one of the portfolios. >> that's a sizable amount of cash. >>

chris harvey, thank you for joining us, chris harvey of wells fargo.oomberg brief. yahaira: president-elect donald trump announcing key figures he will not be part of his administration when he returns to the white house. he said nikki haley will service -- who served as u.s. ambassador to the yuan in his first term will not be invited back and neither will mike pompeo, who was both secretary of state and cia director in trump prost first term. german chancellor olaf scholz is open to moving up a parliamentary confidence vote before christmas, potentially speeding up the country's early elections to february. his government collapsed last week after he fired the finance ministry ♪ and he expressed confidence he can win the election despite posts suggesting his opponent as the front run or trade surplus on track to hit a record high this year, potentially reaching a most $1 trillion ahead of donald trump's return to the white house. export prices are falling, and it is relying more and experts to make up for weak demand that asia has tried to address re

we're going to talk to chris harvey in a minute.pread between the two-year and fed funds. his argument is that the bond market is perfectly fine with a measured pace cut cycle. >> and that's 2.3% with some of the data for october, which is going to be influenced by the storms and the strikes. we know that's why that's not higher. we got the q3 gdp number last week, it was worse than expected on the headline, but consumer spending drove it, 3.7% growth. that's a much better number than people were expecting. i was paying attention to marriott because they did cut their forecast. a lot of that was on china. here is some commentary which i found interesting from the ceo, revenue growth at luxury and full-service hotels outperformed select service properties and weekdays surpassedweekends, reflecting strength in group and business transient compared to leisure. remember when we were waiting for the business and group travel to come back? now they're starting to see it and it's outperforming leisure which has cooled off. >>> big week ahe

jonathan: here is the first upgrade, chris harvey, was fargo, raising the price target on the s&p from let's talk about what is happening on the small caps. absolutely flying into the opening bell. the russell up i more than 6%. some movers this morning, take your pick. good morning. >> it really is take your pick. you spend a little time on tesla, but you have to do is say to yourself, this is the personification of fomo, but disaggregate between the affiliation of trump and musk on the trumpet -- campaign trail together and the financial. daniel ives tries to do that and says this is a 40 to $50 boost for tesla for pricing and scale. if you have got the president's here, how much of the ev laded provisions will be rolled back? that is about access to conversation which creates policy. it is probably what we do best at bloomberg, bank of america is a mere representation of those fargo. this is about capital status quo and deregulation. we don't know what kind you will get, but capital status quo is different and what bloomberg says is you can stave off the 9% capital increase and you