by the way, just we downgraded citigroup at $500 in 2007. for the first time and my corvette took over around $40, there's a long way to go and so, everyone's all bullish back in the last decade and i'm saying over three year, it's an easy call on citigroup, but they need to execute more. >> stay here. we want to stick with the banks here and talk about wells fargo. it is also holding its annual shareholder meeting today. leslie is covering it live from florida. leslie. >> hey, melissa, the meeting is still going on in a conference room behind me here and it got off to a ruck kous start. you saw multiple shareholders airing their grievances, over the sales practice scandal that erupted last year, as well as employees. we heard their stories about what it was like to work at wells fargo, but i want you to listen to one of the five shareholders who had outbursts before the q and a session even began. here is ceo tim sloan trying to bring order to the meeting. >> once again, you're disrespecting a board of directors. i think it's inappropriate.

jpmorgan chase, wells fargo, citigroup among others. lea: orders for the galaxy and have been strong. the exploding phone fiasco in the rearview mirror. lauren: boston celtics beat the milwaukee bucks are in the top seed in the nba playoffs in the hockey playoffs the new york rangers in their first playoff game. train 25:01 a.m. in new york. thursday, april 13th. welcome to "fbn:am," your first look at morning markets and breaking news. lauren: almost friday. raking us this morning. president trump offering better trade terms for north korea. in an interview, and this is what the president said. that's worth having deficit and that's worth having not as good a trade deal as i would normally be able to make. in the same interview, the president said he will not label china a currency manipulator, but he said the u.s. dollar is getting too strong. on those comments, the dollar dropped sharply. trump said he would prefer the federal reserve to keep interest rates low. lea: satellite images shows north korea's plate is ready for new tests.

less known was another company which benefited when it citigroup and jp morgan did.e in credit card applications. make of that what you will. airbnb is improving the security of its app and system after homes were burgled by scammers using stolen accounts. they hijacked accou nts stolen accounts. they hijacked a ccou nts to stolen accounts. they hijacked accounts to pull off the gas. i walked the police into this room, which you see is full of stuff, but it was completely anti—. which you see is full of stuff, but it was completely anti-. like millions of people, christian had let out his home while he was out of town as a convenient way to make money. he had done so for years without a problem, but on his birthday, in his home was burgled. while i was enjoying the hotel and having breakfast, and returned to the hotel room to relax a little, i got that text message saying that somebody was in the account. my birthday was over. christian thought he had let out his home to a verified profile. it had previous positive reviews. but the account had been stolen. the name,

at citigroup.in the u.s., bloomberg has open the books on the state of its finances for uber, giving bloomberg an exclusive look at its numbers after a recent string of scandals, battered image around the world. remy and a sincere has the details for us. uber was glad united took the spot. they did open their books. bloomberg took a look at it. $20 billion is the number out there. in terms of revenue growth over the 2015, it has doubled. if you want to pull up the chart, there we go. you can see that orange bar rising to $20 billion. net revenue at 6.5 billion dollars, and losses at $3 billion and does not include the , a $1 billion loss. uber revealed fourth quarter 2016 numbers come all rising versus the quarter before that. the third quarter of 2016, gross bookings up 28%, revenue up 74%, and losses rising. it is interesting there because that is a huge number for any company, losses of $1 billion there. university professor said that is a lot of cash to burn, but they are pushing out quickly. t

they're moving up a little bit on this report, particularly you see citigroup moving up little bit.ped a little bit on my tweet. yeah, it did. the bottom line is this, of all the things they have to worry about they're not worried about gary cohn and donald trump trying to put the genie back in the bottle with glass-steagall. they don't think it will happen anytime soon. they're more worried do they get passed tax reform for their bottom line and also regulatory reform. do they fix up dodd-frank which put a lot more regulations on them? that is what they're worried about. go ahead. liz: if he did indeed say this, props to him. whether you agree with glass-steagall or not, he is in the government, and he is not behaving like an ex-banker. he is behaving like somebody who cares about the american public. am i being naive here and saying, you know what, i will lose friends on this? >> i would never call you naive but what he is proposing, if he carried it out would hurt three banks in particular, the universal banks, jpmorgan, citigroup, bank of america. it would put in a better positi

taking them come back for citigroup. lender is returning to saudi arabia, that is at a time when some banks are still looking to exit. we have the details on that story, next. this is bloomberg. ♪ yousef: let's get you a quick check of the latest business headlines, starting off with japan's holdings. they will book a six point -- $3.6 billion charge. australia's company turning a projected profit into a $360 million loss. 1400 more by next march. they paid him as $5 billion with full in 2015. the price was too high. toll, given its significance in the asia-pacific was a great buy. however, we miscalculated the state of the australian economy and ended up being a little too much after the economy slumped. yousef: they will bid to build a 300 megawatts solar energy plant in australia. part ofrt of this -- their plan to reduce the dependency on oil. it may require investment of up to $50 billion. a cw a power says it has considered bidding for solar products in iran and united arab emirates. let's cross over to one of our

morgan, citigroup, and wells fargo. trading revenue rates and regulations uncertainty. take a look at the banking industry. the numbers do not lie. jpmorgan and citigroup are the two largest fixed income trading firms and we expect to see the surge. analysts forecast the world's biggest banks increased bond trading revenue by more than a third. levelas aided by a record in bond issuance. you can see how the growth and fixed income trading revenues is outpaced. taking a look at jpmorgan you can see how this recent trend has lifted annual overall trading revenue. acta levels we have not seen since 2009. in regard to rates in the first quarter analysts project the six biggest u.s. banks in greece to $49 billion, the most since 2010. can see how banks have been slow to pass on any of the fence recent rate hikes favored. they may be pressure to reward them soon and comments in regard to regulation will be another topic of interest. gary cohn said in support of trump's call for a new version of the glass-steagall act. we will have full coverage of the bank earnings releases t

citigroup also looks like they are higher. they had a beat as well. wells fargo is the one continuing to struggle from the fallout of the fake account scandal. gerard cassidy aren't rbc, saying he is worried about long -- loan growth. hopefully it changes in the second quarter after seasonal demand has waned down. take a look at my terminal. we are looking at the tech sector. tech leading today. before that, we had nine straight days of losses. it was only the third time in the last two years we had nine days of losses. definitely, looking at the tech sector. finally, let's look at the 10 year yield. that is in a really big gauge of the financials this morning. 10 year yields are higher. we are down for the week, but higher now. we also heard from the former minneapolis fed president talking about how it is hard for trump to say yellen hasn't done her job, because she has. back to you. to show you aoing couple of charts. we are going to start with this one. stocks aresee, trading lower. we are down this week as well. we are down, first weekly drop in

on those lines, i'm going to citigroup's annual meeting tomorrow to ask about some of the pay.ngs such as what is the incentive pay. how high of a bar are you raising to require the bars to get paid? back in and a report, it says there are in the right place at the right time with the right people and everything is going bright and restructuring is over and fantastic. but in the same ceo letter, they say they miss their target in 2016 and the new financial target is pushed for years out. so i think it is a fair question for investors to at least ask the question and get an answer from citigroup -- why are your targets so far delayed when you say everything else is so good? they still are lagging? mike: return on equity. so the capital levels of banks had doubled since the financial crisis. liquidity is also higher. balance sheets are as high as they have been in a generation but the downside is that returns are less than expected. what i do from an over view of standpoint, if a bank is a single-digit return on equity, they deserve more scrutiny. and is those banks that i go to the idea

citigroup got the earnings season off to a good start.rnings call is just getting started. julie hyman is listening in. do you have any headlines to tell us about? julie: the cfo is going to -- going through the financials, reviewing the quarter. they have not started a q&a portion, yet. mike corbett did speak weekly at the top of the call, the ceo expecting tax and infrastructure reform to pass eventually. about retail banking revenues down 3% year over year and he says that was led by a decline in mortgage revenue because there was lower origination activity and a higher cost. he said deposits grew by 3%. you can also follow along on tliv, which is our top live blog which is covering it as well. some of the headlines coming out is at the company built in a $150 million loan loss reserves in the quarter to support volume of growth. we will be taking questions in just a bit. the wells fargo call just wrapped up a little while ago. that bank talking about the challenge in trying to improve its efficiency ratio, which the ceo said he was no

javier: citigroup, jpmorgan, and wells fargo -- let's take a closer look at those numbers. citigroup wrecking much or analyst expectations with a profit of $4 billion, up 17% over the year thanks to hire trading revenue. jpmorgan saw better results, putting profits up $6.4 billion, up and 17% as well. the only one lagging behind is wells fargo. low mortgages weight on his finances as well as a scandal on unauthorized accounts to meet sales targets caused the profit to be flat. these number is, head of possible reforms to banking regulations. the so-called. frank act might be changed to suit -- the so-called dodd-frank act might be changed to soon. let's bring in our correspondent on wall street, western watching those numbers. good to see you. thing seemed to be looking up for u.s. banks. is there more optimism or concern? reporter: well, it depends, because most of these banks that parking roger earnings show evidence of slip -- that beat earnings show evidence of slow growth. the federal reserve is still on board with at least 2 more hikes this year, something that will h

plus earning action, results of good jpmorgan, citigroup and wells fargo.e'll tell you what you need to know about these reports straight ahead. "worldwide exchange" will be right back. they're experts in things you haven't heard of - researchers of technologies that one day, you will. some call em the best of the best. me call them veterans. we call them our team. thkthis is the new new york. thinagai we are building new airports all across the state. new roads and bridge new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. >>> good morning, markets now kicking up the holiday shortened week in the green. we're setting up your trading day ahead. >>> banks on deck, jpmorgan, citigroup, wells fargo out with earning this week. >>> and with steph curry is taking serious heat on twitter today. it's monday, april 10th, 2017. you're watching "worldwide exchange" on cnbc. ♪ >>> good morning, welcome back to "worldwide exchange." on cnbc, i'm sara eisen. >> and i'm wilfred fro

citigroup joined goldman sachs in backing commodities, saying have the faith.hey say oil will rally to the mid-60's by the end of the year and art energy reporter has more on that. >> we had a bad month in march for oil, so there was concern about u.s. supplies, basically what is happening as opec is cutting production, we have seen u.s. stockpiles rise and the price at a record as well, so the market has been concerned about, even if opec cuts come will it be enough to offset the impact of the increased u.s. supplies and citigroup is joining goldman sachs in saying, be patient, we will see those shrink and opec cuts will be enough. shery: that is the point. that is the key issue right now and we do see some things out there for the pace of oil decline in the u.s. slowing. what is the consensus for those u.s. stockpiles at the moment? anna: at the moment, we see oil trade in the range of around 50-53 u.s. dollars per barrel and the problem has been even if oil supplies in the u.s. come down, we see drilling activity increasing, so that has been increasing for a

citigroup, jpmorgan and wells fargo in the states. after trump said america's currency was getting too strong with the greenback skidding to a five-month low to the yen. the president said he preferred the federal reserve to keep interest rates low, and also left the door open to renominating fed chair janet yellen once her term comes to an end next year. andrew perry is head of equities at hermes equity management. i was thinking of these u-turns we've been seeing from president trump and whether it matters. looking at some recent ones within the last 48 hours, the dollar, too strong, he would prefer to keep rates low. he likes yellen. he would like to keep her. at the joint press conference with the head of nato. he said now that nato is no longer obsolete, the u.s. export import bank is a good thing. previously he said he would shut it down. the list goes on. is any of this going to have an impact on the market? and will this have any result on the pushing through of tax reforms? >> i think the market has begun to recognize that wh

morgan, citigroup, and wells fargo.pmorgan and citigroup had been hired by more than 1% beating both top and bottom line estimates. ap morgan by the investment banking unit. wells fargo missed on revenues when we now see all three stocks lower. when we look at a five-day chart of the 10-year yield, this may be behind the action for the banks. down 12 basis points, telling us haven bonds are rallying. right around 12:30 we started to see a tick down. investors think when that yield goes lower, it could weigh on the lending activities of the bank. march was the worst month for the banks since the brexit with a 10 year yield down over the month. the reason this matters, when we , this isthe bloomberg a chart out of the election. up top we have the banks. the top sector out of the election up 15%. we also see, since march, they have been down sharply from up 25%. this is starting to weigh on the s&p 500 in blue. the energy sector not helping. as the banks continue to drop with a 10-year yield correcting at a new technical l

backed by citigroup, he has citigroup financing, we understand, he's interested in making a bid for thewe hear is a group and i don't know who is behind, it but it's a goldman sachs-led group, bunch of businessmen, and, you know, they don't have the name recognition that a jeb bush or derek jeter has, but they may have the bucks. here's the one thing i will tell you, liz, there is a bidding war, we know jeffrey loria, the guy that owns the marlins wants 1.6 billion. he might not get that, but has to get this all approved by the league, and the league doesn't like finance deals, they like cash deals. could be the goldman bid, with businessmen with hard cash, not financing with citigroup that gets the deal. there were two other bidders that dropped out. the kushner family dropped out. why did they drop out? mr. loria may get ambassadorship from donald trump. too much of a conflict of interest. guess what? one of the workers is donald trump's son-in-law. liz: six degrees of separation. >> they dropped out temporarily, who knows, they may come back in if he doesn't get the ambassadorship, h

alix: pointing at credit cards, citigroup is a consumer bank.16%, to one billion as a result. your take? >> we knew that consumer credit costs were going to be rising and we were debating the ramp up. i can remember the numbers off the top of my head. but what we are looking for is, did they generate positive operating leverage which includes the credit costs? that would obviously be higher credit costs. the revenues in their international and domestic banks are arriving faster than expenses. that is usually what the market will pay for. jon: if you have a bloomberg terminal, you can do it. for those of you trying to dimon,jpmorgan, jamie the ceo is on the call right now. charles, stepping away from banks like citigroup, like jpmorgan, your framework for singing about financials at the moment, who is going to do well as things play out the way you think they will and who do you think will do badly? look at my belief that we are moving towards bad volatility in the capital market and the trading environment gets more difficult i think the witherp

facing stiff competition from rivals including jpmorgan chase as well as citigroup. lea: democrats falter in their bid to replace republicans from georgia even with $9 billion from outside the state. >> at the wealthier, better educated district where they did not do a spell is made romney did. intellectually, ideologically is perfect for trying and terms of where people stand. lea: will have what is next in georgia. new music being released from the legendary performer prints. we will have some of that for you. let's take a look at u.s. stock market futures ahead of the opening bell. dow futures higher by 22, s&p higher by. you are watching "fbn:am," your first look at morning markets and breaking news. stay with us. ♪ hit the road jack and don't you come back no more, no more, nola more ♪ hit the road jack and don't you come back no moreti ♪ and always working to be better. >> at 5:15 a.m. in new york or the skagit conifer that's happening now. the sixth congressional district to produce a winner. first in the run-up between democrat john ossoff and secretary of st

and citigroup for the two biggest ferns.ee how the growth in fixed income trading has outpaced equity trading. has gone tohow this nearly $21 billion, levels we have not seen since 2009. analysts predict net increase income to $49 billion, since 2010. softening from a bigger spread to what they charge in the interest paid out on those deposits. you see how they have passed on to one thesekes depositors soon. regarding regulation -- that's another topic of interest. supports says he donald trump's goal for a steam act.the new that starts tomorrow morning here on bloomberg. coming up, and activist investor urging whole foods to consider a sale. we will dig into why amazon may dig into the organic food chain, next. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. let's get a check on bloomberg first word news with mark crumpton. state,.s. secretary of >> tillerson arrived in moscow to try to end moscow's support for syrian president bush are all assad. he kremlin spokesperson calls that absurd. tillerso

jpmorgan and citigroup reported they exceeded estimates as well. laura, what is the street saying about goldman's miss? ase were calling for as much the trading revenue they did have. we will hear from one of those analysts from guggenheim later. for the most part, they expected them to do better. think $2r analysts billion. that's that with the and that doing. we were looking for all of this on the call. we did not get the color we wanted. there are so many analysts asking the same question. was whatl that we got didn't happen. currencies weren't strong. mortgages did pretty well. we did not understand exactly other than these pieces what went badly. that contrasted with hank of america. they said these things did well in mortgages, special situations. we are trying to figure out what bank of america did well, why didn't goldman? mortgages were popular. that has worked for the banks like bank of america and wells fargo. laura: everyone of these banks has a different mix. if you have a trader that does well in mortgages, you might do well there. so

you robertk buckland, chief global equity strategist at citigroup. great to have you.nnie: let's get the first word news with courtney donohoe. >> and at 16 fighter jet crashed in the u.s. a few miles from going base andrews in maryland. that is the home of air force one. according to the air force, the pilot ejected safely and was picked up by helicopter. some homes were evacuated as precautionary measure. the part of an air national .uard unit in andrews democratic senator jeff merkley held the floor for 15 hours to highlight the party's opposition to the supreme court nominee neil gorsuch its, accusing the judge of siding with corporations over people. mitch mcconnell says that he has votes to change senate rules and support the immigrant filibuster, a showdown could come tomorrow. syrian and russia denied there was a gas attack that killed at least 72 people. russia blamed the death on the rebels and said the syrian air force bond and ammunitions dump because the rebels were moving chemical reverends from a warehouse. -- chemical weapons from a warehouse. in russia

were at theou citigroup annual shareholders meeting. in ordern some shares to get access to the meeting. what was your take away? mike: i do go to an annual meeting. people think of these as an event where you get free food and they did have free food. the sweet part of the meeting was that they have, a long way. the shares of the best they have been since the financial crisis from a regulatory standpoint. they are raising more capital. they have divested an amount equal to the fifth and sixth largest banks combined. the sour part of the meeting is that the returns are not where they need to be. worst in class return equity and stock market valuation. and yet they are saying the restructuring is done. i think the under target is fine but i think they might need a structure 2.0 to move faster. think a greater sense of urgency would be nice to have. vonnie: watches that look like? mike: why not sell mexico? i don't agree with reinstating glass-steagall. we have to cut you off again because speaker ryan is back at the podium. ryan: i will

morgan, citigroup, so there is plenty from a fundamental perspective as well as the corporate and theof some potential bank commentary that we have been getting very you soon over the last few weeks. over theude -- used to last few weeks. we have several reporting on monday. , this is weakening off of the layers, and we are seeing a continuation at the start of the asian trading day. very heavy risk off moves we saw earlier in the trading session on friday, which began the unwind friday afternoon. looks like it is following through in the first few hours of trading, and fx markets here in asia. the aussies still looking relatively steady. we have home loan data coming up with will be closely scrutinized in an hour or two, but it looks like a little bit of risk. on friday we see largely through that, weaker than expected jobs report. it is reasonably wild for a few gains at the start of the asian session. the fedoking at bonds, said they would start unwinding the balance sheet, $4.5 trillion worth. the bloomberg reporters have been examining why this calm in the bond market might not l

we get first quarter results from the biggest us bank, jp morgan chase, and later from its rival citigroupof a barrage of reports from america's biggest companies. will they be good enough to justify the trump rally, or confirm those fears that it's a bubble waiting to burst? president trump has famously promised to throw out the mass of banking regulation brought in by the obama administration after the financial crisis, the dodd—frank act of 2010. but he's been struggling to pass other legislation like healthcare reform, so this is all up in the air. still, the banks have had a boost from rising us interest rates, which have now hit i% and are expected to hit 3% in the next two years. this means more profits, because it helps their lending margins. that's the difference between the interest rate they offer to savers and the rate they charge to borrowers. so what are we expecting? here's the view of one top wall street watcher. what has happened since the presidential election in november is that the equity market has been strong but the banking sector has been particularly strong because

with the banks reporting, they are led by citigroup, wells fargo, j.p. morgan chase.report around thursday. point, thepivot dollar has been in consolidation. this chart shows the dollar-yen has been trading around the 40 day midpoint, and if that continues they stay at a handle 112, a strong signal for the yen. ramy: in addition to earnings what else are we looking at? su: we have a few reports in light of the mixed signals on the jobs data. we are looking at the jobless rate, that is of interest. also sales. we have had consumer prices like change. retail sales will be the biggest spotlight. more news from economists, there was a lot of increase in march. it will wrap up the first quarter, and there will be consumer sentiment pieces that will be noteworthy. there is a major auto show. the new york auto show is always a lot of excitement, big cars, diversity, but it comes on the heels of a disappointing sales report for the industry. if we going to the bloomberg #7105, it is also the issue of banks writing off more auto loans, and the real focus, is this the next subp

last week both jp morgan last week bothjp morgan chase and citigroup reported earnings, and on tuesdayoldman sachs. there are two things that will boost earnings for bank of america. stronger trading, thanks to record highs seen on us markets, and the higher interest rates, which means that the bank will have made more money from lending. goldman sachs will also see a boost to their earnings, because of strong bond trading and investment banking. but really, what investors will want to hear from both banks is an update on the likelihood of any changes to banking rules. the election of president trump fuelled a big rally in banking stocks on the expectation that he would roll back some of the rules known as dodd—frank. recently banking stocks have been pulling back, after not being able to repeal and replace 0bamacare, there were worries that some of the promises made by the company stretch and may not end up happening. —— made by the trump administration. uk cereal company weetabix is expected to be sold to us firm post holdings for $1.8 billion, according to the financial times. weeta

what i always say is i don't agree with citigroup and i will be at the annual meeting asking all sortsquestions of the ceo and chairman, but at this case, i would agree with the ceo citigroup, who said i don't understand what a 21st century version of glass-steagall would look like. i would need to see at first. as far as reintroducing the 20th century version of glass-steagall where you had commercial banking separated from investment banking, i'm not sure how you would do that. the first quarter shows you one reason why. in the first quarter, bank corporate loan growth is down, but debt capital markets is up. if i'm a bank or visiting you had a corporation, i might say, if you don't want a bank load, do you want to raise debt in the capital markets? you are serving customers better because you don't have glass-steagall. that's a separate question from the public policy issue of if it's safer for society. for corporate customers, having the illumination of glass-steagall is that are as evidenced by the first quarter. julie: have to ask you about ready quarrels, who according to our re

citigroup, j.p. morgan chase and wells fargo revealed their numbers. they had figures of 17%, a lot thanks to higher trading revenue. this comes ahead of a change to dodd frank regulations. the figures could be used to weaken regulation. taking a good look at those numbers is our financial correspondent on wall street. let's talk to her now. we solve that goldman sachs results dragging down the markets a little bit. is there a reason for concern. >> goldman sachs is a big player and part of the dow jones. it had quite an impact. it fell short of expectations. goldman sachs is unique. when you take a look at the competitors, bank of america reporting good numbers on tuesday. j.p. morgan chase beating expectations. banks with big trading expected to do well after trump's victory in november. the prospect of higher interest rates and lighter regulation all helped as well. banks are still doing ok. >> the order may make it more difficult for them to hire foreigners. that was regarded as a risk for the tech industry. is that an impression where you are? >>

citigroup had its best quarter for fixed income trading in three years. that is all great.the consumer, the main street side is not as strong. the loan growth is not what people would have hoped, given the optimism in the market. there are a variety of reasons being given for this. also expenses are not going down , sharply. in some cases, you are seeing some expenses rise, like at wells fargo, for example. >> a stronger quarter for jp morgan capital markets really drove the better part of that, fixed income trading. equity trading also better than expected. we also saw some fees at citigroup that are than expected. everything else seemed to align. what is interesting is actually we saw at all the banks reserve , releases this quarter. a lot of that was driven by energy. last year, that was a big headwind for the company. they were being conservative in terms of reserving for losses. now we see some of that being released since the outlook has improved. michael: still ahead as we review the week on "bloomberg best," christine lagarde assesses the big risks to the world econ

coming up, citigroup's local head of commodities research will join us.loomberg. ♪ ♪ alix: emma: this is "bloomberg daybreak." coming up, david westin will interviewed steve schwarzman of the blackstone ceo -- steve schwarzman, blackstone ceo, live at the white house. that is coming up. in the market, you have oil down by 2/10 of 1%. trading went around $53 a barrel. the biggest threat to gains so far this year. joining us more from -- joining us for more from new york is ed morse, citigroup's local head of commodities research. head of commodities research. why is this not higher? bearish is not as much news after syria as there has been bullish moves. on the better side, given the parties involved, it gives rise to thinking about whether the russian government will see eye to eye with the saudi government on the next chance to move the oil production cuts month. alix: that is a great point. it is really about saudi arabia and russia aligning. syria is right in the middle. what possibility do you put now on a deal being extended? >> we still have about a

two of america's biggest banks have seen interest rate boost -- jp morgan and citigroup has seen $6.5on and $4.1 billion respectively. they hope donald trump will follow through on plans to reduce regulations on the industry. london's housing market is in its deepest slump since 2009, according to a real estate survey. prices in the capital dropped as demand weakened in march when the u.k. launched its formal brexit proceedings. the number sales and potential buyers in london but instead needed last month. -- both stagnated last month. taxes on second homes could continue to weigh on the property market. winemakers in italy are increasingly worried about brennan moving the european union. -- britain leaving the european union. they are the most wine importer, almost 8 million euros last year. after brexit, those products could be subject to increased duty. that is causing panic in verona. >> floating high on the bubbles of success, it's exports to the united kingdom exceeding 30% last year. eu hasxit out of the soured their celebrations. italian wine could face tariffs to that of non-

jpmorgan and citigroup have results that topped estimates. wells fargo falls short.rein media, cable networks teaming up for customers who don't want to pay a premium for sports. how big is the demand for entertainment only packages? i can tell you one person who might be into that. stocks are on where trading. abigail, it looks like we are taking a leg lower. abigail: a sleepy day for stocks earlier. averages slipping between small gains and losses. at declines.king the worst decline since march when he first, more than three weeks, and we have the three major averages on pace for the weekly decline, the second weekly decline in a row. a bearish turn here. we have t-mobile popping higher amid the news that comcast and dish are in the airwaves and we see t-mobile trading up half of 1%. at jpmorganng group, bank of america and wells fargo. jpmorgan group earlier, both of earlier today. wells fargo had actually missed legnues but we see this lower for banks, the second worst drag on the s&p 500, helping to produce that decline. this may reflect action in the 10 year yi

and when the daughters of chauncey stillman, those who presided over citigroup, they saw the foundation the trustees, who gave away millions of dollars over the course of a decade. to their own pet charities and pet causes from their own alma mater's, to their children's school, to sometimes worthy causes that have nothing to do with the intent of chauncey stillman. they were just really greatly concerned. joe: the current situation is that they have to liquidate this giant art collection. what is it worth? board,the family is on the bad guys are gone, they have to raise $20 million to keep things afloat and keep the estate open to the public. they basically had to lift the restrictions in the will, selling a bunch of works that chauncey stillman said no, don't sell them. it's coming up at christie's this month, upcoming sales in may as well. dega they expect to raise $12 million. s, joe: we will be watching those. you should read that story on the bloomberg and bloomberg.com. coming up, mark roos to speak to david westin live. it's a first on bloomberg interview, next. ♪ "what'd you mi

in terms of political grist -- risk, citigroup not worried from an equities perspective.y moved equities to overweight despite political headwinds in europe. anna, thank you. we will talk about what is going on with the french story in a moment. details ofabout the where the equity market is going in terms of the individual stock stories and effects stories, the chart part and parcel of the story this morning. thise the mov screen up, is the stoxx 600 breakdown and what you are seeing is an anticipated solid bid on some of the commodities stocks. royal dutch shale, royal pimco, bp, php, topalov, glencore, those are where the money is flying. those are the names where the money is flowing this morning. that is where the weight is in the stock story driving european equities on the upside. a quick look at the downside from expect -- index point of view. money flowing out of novartis and astrazeneca. seeing a fadearma this morning. it is an interesting story. the commodity story as anticipated, one of the strong drivers of this market. matt: absolutely, i agree. eye on commo

citigroup, wells fargo and jp morgan are three of the biggest banks — and they've just delivered results whopping 17% at citi and by the same amount atjpmorgan which made nearly $6 and a half billion dollars profit. it's because their trading floors are getting busier as samira hussain explai two things that are doing well for the banks, one is the rise in interest rates, resulting in the fa ct interest rates, resulting in the fact that we are seeing more money coming in from lending, the other is trading, the trading desks are doing really well. the stock market has been trading at all—time highs. banking stocks particularly happy doing extremely well. we now know that the passenger who was dragged off a united flight on sunday suffered concussion, a serious broken nose, sinus damage and two broken front teeth. his name is dr david dao. and today the family gave a press conference. this is their lawyer. just treat us with respect, make us feel that you care. i must say i don't believe it's limited to the airline industry. ithink don't believe it's limited to the airline industry. i thin

a year later, citigroup valued it at $35 billion. did you ever think, what did i just do?in: no, no. every entrepreneur measures value on impact, or at least i think so. when you talk to mark, he gave away 99% of his wealth. we are not in this business to make money, we are in this game to change the world. if you talk to entrepreneurs who matter, they all measure value based on what did we just do for the world? did we create something that did not exist before? did we unlock some kind of value? that is what mike and i focus on every single day. emily: when mark zuckerberg bought your company, he pledged to let you work independently. has he lived up to that? kevin: mark has been true to his word and then some. his involvement in the company is through meetings with me. i have learned a tremendous amount from him about our transition to advertising, about the global community, strategy, he is one of the most long-term strategic thinkers i have ever met. think of it like having the best board member in the world. imagine how many companies would love to have mark zuckerber

jpmorgan chase and citigroup came in ahead of analysts' estimates. wells fargo beat expectations, though its revenue fell short. banks are closely watched because they may be a barometer for the strength of the entire earnings season. >>> political tensions weighed on the markets most of the week with concerns about south korea and russia pushing stocks down. the dow falling throughout the week. the s&p 500 and the nasdaq down as well. stocks continued to fall on thursday as the holiday shortened week. >>> shopping at walmart could be a little cheaper. the retailer will offer what's called pickup discounts. if you order online and pick up in the store, you save money. walmart is revamping its e-commerce strategy as it tries to close the gap with amazon. >>> "on the money," take a hike. outdoor retailer rei wants more women to get outside and get active. new ways they're changing the gear to do that. >>> and later, bill belichick has won the most super bowls of any head coach in football. but he tells us what mistakes taught him the most. >>> a look a

jp morgan chase, citigroup, wells fargo, they all come out before the opening bell. more later. that's had a to watch tomorrow. >>> warren buffett is one of the most influential investors ever, of course. when he speaks, wall street listens. but in this case, wall street is inside san quentin. in the final part of our series "business behind bars," jane wells went inside to meet him. >> i'm in prison for first degree robbery, murder, and attempted murder. and i was sentenced to 54 years of life in prison. >> reporter: what's your nickname? "wall street." >> reporter: 38-year-old curtis carroll went to prison at age 17 and didn't know how to read. one day he went to pick you want sports section of the paper and picking up the business section instead. >> an older prisoner said, hey, youngster, you play stocks? he said, that's the place the white folks keep their money. >> reporter: that sparked carroll's interest. he learned to read by studying the business section. >> i saw an article in the paper. no, it was a magazine. and it had bill gates and warren buffett's net worth next

guest: bank of america, jp morgan chase, citigroup, wells fargo. six banks arer the ones that have the majority of financial assets in the u.s.. banks.n't affect smaller does affect smaller banks. jeb henserlinghy is in charge of this. guest: he has put a couple of bills out. he put a bill out about a year ago and released it last week. this would be the financial choice act. there are some good provisions in the bill. it would focus on banks maintaining higher capital. the banks would not be able to borrow as much money as a percentage of their business. it would be optimal if you are not able to buy a house unless you put 10% to 20% down. that would protect you if the value of the house falls. the same with the financial firm. it should have to have 10% equity. if it happens to run through that equity hopefully all of the financial firms won't do that at the same time and you won't have the need for massive bailouts. there are some not so good provisions in the bill as well. some of themantle rules and regulations we have put in place for the der

. >>> speaking of banks, earnings seasons gets under way this week when citigroup, jpmorgan and chase and wells fargo report this thursday. joining us with what to expect from the banks, and other stock market sectors, is john butters, senior earnings analyst. john, welcome. maybe one of the reasons the market moved so little today is that we're waiting for earnings season to really get going here. what are you looking for when we get the reports for first quarter profits? >> based on estimates submitted, analysts are looking for 8.9% for the first quarter. it would mark the third straight quarter of earnings growth after five straight quarters of earnings declines. if we hit 8.9% growth, that would be the largest growth we've seen since the fourth quarter of 2014. >> one of the reasons growth should stack up better this year than last, is that energy is going to, by comparison, look a lot better, right? >> that's correct. we're not calculating a growth for the energy sector, because the sector actually reported a loss in the year of the quarter. but we're looking for $7.7 billion in

vonnie: you were at the citigroup annual meeting and you own some shares, we should andtion, to get ofs -- access pass to the meeting. what was your take away? >> i do go to the annual meeting. i know this is something people go for free food. they did have good food, but i would say, sweet and sour. the sweet part of the meeting was they have come along with a market share in the businesses, the best they have been since the financial crisis. they are raising more capital. they are one of the eight largest inks. divested. on the other hand, the sour part is returns are still not where they need to be. they have worst in class return equity and stock market valuation yet they are saying that restructuring is done. targets, fine, but it wonder if they need a fasterring 2.0 to move forward. a greater sense of urgency would be nice to have. vonnie: independent bank analyst mike mayo. still ahead, no border adjustment tax according to white house officials. details next. ♪ live from bloomberg world headquarters, i'm vonnie quinn. this is bloomberg markets. a quick check on u.s. stocks. pic

will show you that home sales slipped last month and finally the chairman of the chief executive of citigroups about the strategy at the company's annual general meeting. let's stay with the markets. joining us is simon derrick, chief markets strategist, bank of new york mellon. always good to see you. let's kick off at this. i'm annoyed with the markets because i think they are overdoing it with the french election result. they are being so smug because they are going, you know, this macron a man is going to win, marine le pen could not possibly win. well, brexit, people couldn't leave the eu and trump couldn't leave the eu and trump couldn't be president! last year we we re couldn't be president! last year we were hit by a lot of issues, the us election, brexit, the italian referendum, so at the start of this year, everyone will be on the sidelines. we won't know the issues that are coming. by the end of the first quarter when things didn't appear quite as bad, confidence came back and then they saw the story yesterday and that was another little box ticked, one less thing to worry about pe

some of the country's biggest banks will release their recent earnings report, jp morgan chase, citigroups fargo all will report those earnings before the open, for the most part, shares of the financial stocks have skyrocketed since president trump took office, there are expectations his administration will ease regulations, on financial institutions. again, those come out before the opening bell. so we will have an influence on how today goes in terms of the trading. jim and rahel. >> i was looking at the market yesterday, not happy. >>> so we hear amazon has a new tool to help parents keep an eye on their kid. what is that all about. >> amazon is introducing a new tool to let parents see what their kid are doing on the company's fire tablets. parent dashboard as part of the free time service for kid, parents can monitor daily screen time and then web site their children visit. i imagine that is extremely helpful. >> i like that idea. >> you have to watch kid these days. there are some adults too. >> yes. >> see what others are doing. >> yes, thanks jill. >>> you can start your morning

we get first quarter results from the biggest us bank, jp morgan chase, and later from its rival citigroupfrom america's biggest companies. will they be good enough to justify the trump rally — or confirm those fears that it's a bubble waiting to burst? president trump has famously promised to throw out the mass of banking regulation brought in by the obama administration after the financial crisis, the dodd—frank act of 2010. but he's been struggling to pass other legislation like healthcare reform. so this is all up in the air. still, the banks have had a boost from rising us interest rates, which have now hit i% and are expected to hit 3% in the next two years. this means more profits, because it helps their lending margins. that's the difference between the interest rate they offer to savers and the rate they charge to borrowers. so what are we expecting? we will have full analysis for you in 20 minutes' time. look at this! are you happy to have your food delivered by robot? that's the question being asked of take—out food customers in san francisco — it's the first full scale trial of

last week, bothjp morgan chase and citigroup reported earnings and on tuesday we will hear from bankngs that will boost the earnings for bank of america, stronger trading, because of the record highs seen on us markets, and the higher interest rates means that the banks will have made more money from linking. 0ldman sacks will also see a boost to their earnings, because of strong bond trading and investment banking. really, what investors will want to hear from both banks is an update on any changes to banking rules. —— goldman sachs. the election of president trump showed a rally, on the expectation that he would roll back some of the rules known as. frank but recently, bank stocks have been pulling back, after not being able to repeal and replace 0bamacare, there are worries that some of the promises made by the trump administration may not end up happening. —— dodd? frank. studio: picking up on some of the things we had there, but talking about the relative calm, talking about the relative calm, talking about the relative calm, talking about the weekend, markets not too concerned