tom: citigroup under one on a book value. that is the distance citigroup has to make up.onathan: equity sales and trading revenue comes in a little north of the estimate at $1.06 billion. i think the investment banking number is going to be a disappointment because we saw some strength elsewhere on wall street forget sonali has been talking over the last 24 hours about who got market share. did the pie get bigger? things were huge in the first half of this year. clearly a mess there as well for citi that will go down as somewhat of a disappointment -- a miss as well for citi that will go down as sort of a disappointment. lisa: it is interesting for me to see that this is her first year at the helm, and you can see they are lagging behind in some areas, but the shares are not responding to that. i just want to point out one aspect. citi pretty could expending -- predicted tech spending would lead this year. i wonder how much this speaks to your discussion on the future of thin tech and a more optimistic view for citigroup. tom: sonali basak with us, our wall street corresp

today it is bank of america, wells fargo, and citigroup's turn.le is looking to boost iphone output up to 20%. it is planning a partnership with goldman on a buying now-pay later service. i have to say, amid all these bank earnings, the thing that stands out is that huge deposit growth -- 23% at j.p. morgan. we have consumers who are not spending as much as they can. how long does inflation last? people can pump more money into the economy at the moment. manus: absolutely. a red-hot rating on cpi, the highest since 1991. it was vicious, but there was a fairly muted reaction from the bond market. you have climate deniers, we saw what happened with the climate. earlier i made a faux pas, will jay powell join the transitorians, but will he evangelize the transitory nature of inflation? he is in the hot seat. the risk is the bond market is desperately ill prepared, under positioned, and showing utter contempt for the inflation story. that is perhaps the bigger risk, unprepared and denying any risk from inflation. that is the bigger risk. dani: certain

over at citigroup as well, gaining share in terms of investment banking businesses.hey and bank of america are subnet and in some of the businesses -- are and not in so many bit -- are knapp -- are neck and neck and summative businesses. alix: -- in so many businesses. alix: appreciate that. another top story, the democrats on the budget committee have agreed to a $3.5 trillion budget for future taxes, social spending legislation. laura davidson joins us from d.c.. walk us through what we know is in it and through the procedure. lara: this is the first baby step in what would be congress' agenda for the rest of the year. this has a $3.5 trillion of spending that congress can spend on education, childcare, clean energy, and presumably about $3.5 trillion worth of tax increases to pay for it. all of the spending would be fully paid for. we don't know exactly what is in this. this is just the parameters of here is the money that could be spent, and it is still subject to negotiations. they will go home in august and campaign on these issues, talk to constituents, come b

why do you like citigroup over some of the other bigger financial names?ive here, getting 3%. 10-year treasury now at 1.3%. it's about half of the valuation of the s&p 500 right now, and that's the other trenail you want to look at here -- trend you want to look at is where is the valuation cheapest in the market. a lot of people are saying the market's overvalued. you can vote on my instagram story, do you like crypto and the stock market going higher, and the reality is banking stocks in general are cheap. half the value of the s&p 500, and if you just look at that stock buyback this year, again, you're getting great dividends like 3% on citigroup. you're looking at just an 8% return between stock buybacks and those increased dividends. that's a pretty awesome yield not even factoring if that market goes up. inflation is real, interest rates are starting to creep higher again. that's great for banks, citigroup specifically is cheaper, and you have to have the banks in your portfolio right now, ashley. ashley: you do, indeed. i've got 15, 20 seconds. we'v

citigroup says all its workers will be back in the u.s. and u.k. offices by september.keenan is talking about this back to normality seeing across the financial industries. let's talk about citi, how much of the staff are on their way back to the office, at least part of the time? su: they say they are expecting almost all part of the time. that reference underscores that citi remains one of the most flexible banks on wall street in terms of bowing to honor its colleagues and7n7n7n7nxu,' various needs in continuing to work from home at least part of the time. we should point out that citi opened offices in the new york area this week for workers who volunteered to come back. they had stated in march that they thought probably 30% of staff would be back in the office. the head of hr made a post on linked in saying that health data in the u.s. and the u.k. is "much improved" and that is giving citigroup more confidence to invite staff back in two months, in september. unvaccinated will be required to wear masks and use at home testing kits at least three times a week. aga

the underperformance is the right strategy i think citigroup should be trading 75 to 80 the 75 strikethe right price. that's about a 22 delta. i like go a little lower in terms of deltas because i tend to prioritize capital appreciation of the underlying stock over income. in this particular case, i do think because of the poor technicals, it makes sense to be tactical sh choose a higher delta. it will collect a little more income 1% of the stock's value in about 30 days or so. that will help offset some of that volatility and provide a little bit of downside protection going into earnings >> mike, last word >> we still have about 8% upside in the stock if we do this any way, i think tim addressed the important point about 30 minutes ago when he talked about the yield curve. you like to see a steep yield curve is usually a tail wind for financials we don't see it. >> up next, lost in the amazon don't worry, your guides are still here with you. we'll explain after there. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off.

. >> what's the deal, mike, with citigroup? it's fallen, what, 13% trading 0.9?s it so much cheaper than the others there was so much enthusiasm around the renewed sense of urgency. what's happening there >> well, day 46 into her job the new ceo of citigroup jane frazier showed she is the ultimate change agent by making decisions or leading the firm and shedding consumer activities in asia. that was a fantastic move. unfortunately, that energy, that change, did not translate into comments by other citigroup executives jane frazier says good enough is not good enough anymore. it should always be excellent. so every time someone from citigroup speaks, they should talk about being best in class, being excellent, and so that initial euphoria has kind of died off it's not over yet. we expect a big announcement from citigroup over the next couple of months so hopefully they get that message saying you only have one chance to make a first impression go ahead, jane frazier follow that up >> well, what's the story with goldman and jpm? they're going to kick it off tomorro

citigroup has a lot ott work to do. b of a, they missed. with the best. you want to be with the rest, be with the rest. the fed can make the rally last five years if it stays out of the way. i'm excited. earnings are going to be spectacular. any company that doesn't beat risk is getting pummeled. maria: you think second quarter earnings will be good. have you changed expectations or estimates for second half growth? >> i'm actually boosting them slightly, again, only for the right companies. i think big tech is going to be great in here, i think the banks best in class are where you want to be. i think rate fears are overblown. if you can get companies that can protect margins and continue to expand top line, the best always grow into the future. the rest of them are simply going to try to survive. i think it's going to be very, very clear that the market bifurcates in the next 60 of days or so. maria: all right. we're also looking at the head headwind of potential inflation, jack. i have to get your take on where yields are. waiting of on

, and you look at citigroup and the way that stock has traded, it just hasn't seen an uptick in the last month or so i don't think you're going to see results out of bank of america or citigroup i'm not going to say any more. i think jp morgan and goldman is about as good as it gets you start to think about the back half of this year, and i'll just go back to what china did on friday. what did they do, they cut the reserve requirements for their banks. they already had their v-shape recovery, so all this excitement about what may have happened in q3 and q4 in our economy, it might make sense to step back here >> can i talk with dan fora moment are there any mull ptiples at wc you would buy kciti >> i don't know, i suspect it's going to be worse than the other ones and i would just buy jp morgan it's a big level it's held over the last -- forget about valuation, i'm just talking about from a trading perspective. let's see if they hold they look like they'll go back there in the not too distant future, and they haven't outperformed since november. let's face it, back in october most of the

we are awaiting wells fargo, as well as citigroup.t earnings out of blackrock, the world's largest money manager. there's also disappointed. $9.5 billion in inflows, that is the record. that would be phenomenal. the street was looking for a little more of a net inflow and the quarter. that came up probably close to $30 billion short of what the street was looking for, and it has dropped year-over-year from what we saw. so keep an eye on that space. blackrock shares down 1.4%. we also got earnings out of the airlines starting to trickle in. delta reporting now. they came in above expectations. total revenue around $7.1 billion, about $1 billion more than what the street was looking for. here's the bad news. when you compare these results to the pre-covid 2019 period, you are still tracking 30% to 35% below what these companies were doing back then. that is with her guards to revenue, cost, everything there is tracking below what we had pre-pandemic. american airlines came out last night and preannounced their earnings, so you saw somet

bank of america and citigroup are gaining share. strong growth, although easier comparisons. that is i think really the one saying that investors may complain about. otherwise, flows looking really good. some slow down from last quarter, but that should be expected. lisa: the big side of u.s. banks have reported already. how much have the u.s. banks gain share? which banks are the main gainers? alison: i think that has been the story of the last decade, and the biggest beneficiaries have been morgan stanley, goldman sachs, and jp morgan. in fact, equities trading has been a key area, but also fixed income trading, and even though we talk about equities, they are one of the biggest gainers over time. these three, the leaders have been consolidating share, especially within the cash equities business. this was teased by deutsche bank beneficiaries. credit suisse making a more dramatic pullback. they specifically said they are going to be cutting their balance sheet there. we think the banks are benefiting not just in prime brokerage,

>> yeah, so this is one that i'm somewhat conflicted on when you look at the business itself, citigrouply like. we're expecting about 11% eps growth this year after what has been a flat year last year it trades at a fairly steep discount to its peers. but if the technicals as carter showed you, they're very poor. there's no way -- there's no other way to put it. you have that fail triple top at $80. that's concerning to me and the fact that it broke below the 100 day moving average is concerning that it's going to continue down to the 150 day moving average. most importantly is that relative chart to the financial sector the underperformance here for this is the reason why i do think mike's strategy of selling a cover call here is the right strategy i think citigroup should be trading back towards 75 to 80. i do think the 75 strike price, which mike's chose is the right strike price that's about a 22 delta. usually when we sell cover calls, i like to go a little lower in terms of deltas because i tend to prioritize capital appreciation of the underlying stock over income, but in this pa

stay with us. ♪ haidi: citigroup wants most u.k. and u.s.lth data in both countries had improved. they opened u.s. offices to workers this week to those who offered to come back. employees can's -- can keep working remotely some of the time. and an $8 million deal to property loans, more than double the previous year. construction has picked up and there are low interest rates for refinancing. tell me is selling debt through a bond steel. this includes green bonds. 220 basis points for those green bonds. beijing -- chinese developer may undergo a court led restructuring. a beijing-based creditor has filed a proxy petition against the company in a local court. it would trigger a restructuring or liquidation must a settlement is reached. they owned by a billionaire family and has a 51% stake. shery: china's most leveraged chinese real estate company is not shy about publicizing shrinking date but the developable rarely mentions they are ramping up issuance of short-term ious. let's talk to rebecca in hong kong. so it is technically not classif

buy citigroup right now. i did during the show. >> you bought citigroup during the show >> yeah. >> you have to do that after i gave you that new name thanks everybody thanks for watching as well. "the exchange" starts right now. >>> thank you, scott hi everybody this is "the exchange. we have record highs today for the nasdaq and s&p 500 the dow is about 100 points away and energy has been leading the way this year. we have a name you can still buy at a discount and a buy stock worth picking up despite the esg push and the billionaire space race, richard branson goes, jeff bezos is next, and elon musk buying his ticket so, why is virgin galactic selling more stock tiktok says don't talk about crypto while its parent company backs away from ipo. two rivals are racing to go public we start with the record highs dom chu is here with those numbers. >> i love me some grilling just like i know you and your family does things are heating up in the market i get to draw those yellow gold stars before the s&p 500 and

kathleen: neb has emerged as a front runner for the purchase of citigroup's retail office.are said to be in advanced stages with the unit valued at more than $1 billion. it would make it australia's second-biggest credit card player. they confirmed the deal and statement but added it would not be necessarily to a deal. apple is allowing consumers to pay for any apple purchases in installments over time. goldman sachs is the lender service called apple pay later. shares in growth -- shared in paypal fell on this news. it is not clear how much apple plans to charge. haidi: let's look ahead for australia and new zealand. australia's government has boosted covert support for new south wales and will provide thousands of dollars per week for businesses suffering from the extended lockdown. the rbn expected to announce its latest policy decision in less than 24 hours. they are said to leave the cash rate on chain but said -- but signaled they will begin to change rates this year as market expectations began to build on that. more on that next. this is bloomberg. ♪ (announcer) the

let's go to citigroup.ectations for revenue, revenue driven in part by a 37% increase in the equities, although there was a downturn in fixed income revenue trading. ceo jane frazier saying she believes that what we are going to see for the industry is the trading revenue wallet basically increasing to pre-pandemic levels. wells fargo, they beat analyst estimates on profit and also on keeping expenses down. that's a sign that the ceos turnaround is taking hold. the bank also had flat loan growth, although they believe the consumer spending, they have not seen them come for loans at this point. david: let's talk morgan stanley. they are next in line to report results. do you have expectations? su: there's a view that they are going to come in with one of the strongest quarters yet, benefiting from strong equity training. -- trading. their skew is second only to ups in terms of their banking peers. one note of interest for morgan stanley in what will be a first. we will be gaining financial results from an in

by the way, we will get the numbers from citigroup on bank of america. maybe one final word thanks actually did trade to the downside, but not because the numbers disappointed i would say that the stock's up the big banks are up quite a bit so far this year. so that was mostly profit taking what we saw on wall street on tuesday. okay, and thank you again. it's quarter in new york for 11 and now and work has begun in bay route on one of the 1st large scale clean up operations. in last august catastrophic explosion. the chemical blast killed more than 200 people, and helped plunge lebanon into economic and political crisis. now, a french firm has begun picking through the pieces in the hope that some of what was left can be salvaged. $20000.00 tons of wheat. scattered here among the wreckage of the bay report. the explosion last august left large parts of the lebanese capital, destroyed, mangled cars. heaps of twisted metal. broken slaps of concrete are still visible everywhere. but the destruction of lebanon's main grain silo and the blast is causing one

citigroup is still one of your top calls.t did you learn after a really rough june in the capital return plan? sarah: for us, it is one of those things where you have got to catch up and you have a better world for financials. the recent flattening deal has not been helpful for this group, but i think a lot of these companies have done a lot of work getting themselves into position, instead of just on loan growth. there were some comments earlier this morning by one of your guests, this is the first time that we've seen real corporate spending coming back, and i don't disagree that the pandemic has made a huge change on the technology side. we don't think that is going away, nor do we think that higher rates are as much of a threat to technology as people think they are. guy: let's talk about applied materials. again, it is part of this inflation narrative. we saw news from ford just a couple days back talking about the fact that it is going to have to slow down production on key plans because of the problems experiencing. ta

citigroup says almost all of the bank's employees will return to the office.ere will be a blended approach that allows for some flexibility. citigroup said its policies allowing some work from home would give a competitive edge in recruiting and obtaining top staff. -- individual investors, a big advantage. the stock trading app wants people to sign up to buy shares on its new ipo platform. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am rich good group to. -- armor to give depth -- this is bloomberg. ♪ >> there are a lot of young leaders in the audience and i was speaking to them after the event. you talk to all of them, they are all super excited to get back into the office. it is important for young people at the start of their careers to have those benefits. i hope as we make progress towards our july 19 step we can get the city coming back to life. tom: that is what we want to see --jonathan: that is what we want to see, the city of london buzzing. from new y

after scoring and viewing, we made a choice of citigroup global markets to be the lead and senior manager for the bond issuance, and baxter, mccarly, and barry for the assistant manager. pending approval of this action, the following steps will be taken on this estimated timeline. we are scheduled to go to the oversight board for the consideration of these same items on august 26. the next day, we go to d.o.f. for approval. d.o.f. or department of finance has up to 65 days to make a determination regarding the issuance. assuming they take that entire time, that would take us to october 2, and we could go to commission to approval the preliminary official statement and all other actions necessary to accomplish the issuance of the bond. it would hope to price the bonds in early october, maybe earlier than that, and we would like to close in october. next slide, please. at this point, i would like to introduce our bond team members who are present. we have the author of the document you're considering, juan galvan from jones hahn, our bond counsel, alex chiu, who's disclosure counsel for the

buy citigroup right now.>> yeah. >> you have to do that after i gave you that new name thanks everybody thanks for watching as well. "the exchange" starts right now. >>> thank you, scott hi everybody this is "the exchange. we have record highs today for the nasdaq and s&p 500 the dow is about 100 points away and energy has been leading the way this year. we have a name you can still buy at a discount and a buy stock worth picking up despite the esg push and the billionaire space race, richard branson goes, jeff bezos is next, and elon musk buying his ticket so, why is virgin galactic selling more stock tiktok says don't talk about crypto while its parent company backs away from ipo. two rivals are

wells up 45 for the year, citigroup 11%, that's important.old off in response a couple managed to rally. we're going to take them in descending order, you have to start with wells fargo which jumped 4% wednesday. wells delivered a massive earnings sales, and earnings peak but that headline number is a little misleading because they got a major boost from some one off items like a $1.6 billion reserve release. within the core business, you know, we typically care about net interest income, the money they make off the difference you pay from the deposits and collect from the interest. wells missed expectations and lower year over year loan balances what did it go up for, it's because wells fargo graded on a curve. remember a curve in school everybody knows this is a turn around story rather than focus on the negatives, this time there were several, the bank's efficiency ratio, the ratio of overhead expenses and revenue, and we're looking for 76%, which tells you the ceo has done a great job of cutting costs. management said they can get through

morgan and citigroup so we all expect trading to normalize. we are getting better fees in the pipeline although that is a little bit smaller. the other good thing on trading revenue is that it is normalizing higher than 2019 levels. net interest margin line continues to be weak. what banks really need is an uptick in short-term rates but we do not expect that. the market does not expect that for some time as the market is expected to be on hold and that is why we need loan balances to kick in. kathleen: -- haidi: allison williams. we will get more from goldman, still ahead, as it is teaming up with apple on a by now -- buy now, pay later scheme. we will be speaking with a vice president and former acting deputy u.s. trade representative, wendi cutler, who will be joining us about these white house moves to counter china's digital influence in particular. this is bloomberg. ♪ haidi: sources say that the u.s. will warn american companies this week about the increasing risks of operating in hong kong. it comes as washington looks to dialect press

i want torg to you jim you used the weakness to buy more general motors, more citigroup, more marathon and more cleveland cliffs. tell me. >> well, there is a common thread there and those actions clearly say i don't believe there is a growth slowdown coming at least not one that should really measure on the economic statistics. look, we have all been doing this a long time i could go through a long list of growth scarce that turned out to be nothing. i think it's likely -- not definite but likely the delta variant turns out the same way you could have said the same thing, a growth scare in the ole patch in 2016, the euro zone potentially breaking up in 2011. i could go on and on but the point is this. when the market melts down because of a presumed growth scare, far more often than not that's a time to buy i am stepping into that and you can see that those are cyclical reopening value trades i still believe we are very early in an economic expansion one that is fueled by continual fiscal stimulus and monetary accommodation. i'm not worried about those things going away, both because

starts back up this week with financial heavy weights jpmorgan chase, bank of america, wells fargo, citigroup outlining their results tuesday. pepsi and delta also report this week. >>> richard branson and in lactic ccessfully travel to ace they're giving away two tickets on the same flight for the spacecraft. you can enter for free but others can enter with donations for nonprofits. >>> a dron the small screen. the super hero flick racked up 80 million in domestic box office sales its opening weekend, biggest draw since the pandemic began. black widow brought in 60 million for disney plus sales. the company charged $30 to access the movie through the streaming service. it hit $78 million in international ticket sales. for more head to cbsmoneywatch.com. i'm diane king hall. >>> it is 4:45 on this monday morning. so good to see you. didn't the weekend go by fast. >> like that. >> like that, i know. let's get a check on traffic and weather. we are ready for a cool down. >>> the weekend was very hot especially inland, temperatures were 90s to triple digits. we will cool it down as we kick off a

it is citigroup that says we know a lot of folks really enjoy their hybrid work from home model.etain top talent saying that we are open to the work from home environment that we learn can be productive so who do you think is getting this right? >> we've been covering this a long time in "the wall street journal" decided to jump in today. it's two worlds in wall street, goldman sachs and jp stanley who are saying get your rear ends back to work, as the others like citigroup saying no. we should point out that citigroup was among the most bailed out banks in the world, its stock price has lagged the goldman and jpmorgan buy by football fields over the late years. this is not the place that you should be saying is the gold standard for investment banking and if you sat down and talked to morgan stanley and jpmorgan, speak to these folks from time to time, they will tell you this. every study shows our workers are more productive at the office. we are highly regulated businesses. no offense, but they have to watch their employees. you know what happens. >> sandra: a lot is learned w

citigroup, if you look at the chart of citigroup, citigroup was $80 a few weeks ago.ir highs. they hit their highs really in the earlier part of the year in february and march at least they're holding up okay if you look at the bank, kbe, the bank etf here, these stocks all had 50% run ups. 50% in the last quarter of last year, in the first quarter of this year on expectations of higher interest rates. there it is, and they topped, when the ten-year topped in february and march, and they haven't been able to get above that really since then so there's your primary mover for the overall market in terms of black rock, larry fink terrific this morning as he always is. can i just point out, i know we obsessed about robinhood all the time here, who really has the money? black rock manages $9 trillion in assets. vanguard manages $7 trillion in assets charles schwab manages 3.8 trillion robinhood manages 80 billion, 1% of what black rock and vanguard manage robinhood has a lot of wonderful investors that have a lot of small amounts of money black rock and vanguard and schwab

from bank of america, citigroup and wells fargo. got some coffee? suggest you drink some coffee. wednesday, july 14th, 2021 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin joe's back, even though he almost -- >> malfunction. >> what was that >> that was my chair it was like -- you know, you -- >> stuck in between the two? >> do you put it so it can't go back >> no. >> yeah. >> so i have the thing, it must have been right on the edge where it could miss. >> you almost fell out of your chair. >> it's tough to sit tough to sit without falling. >> we try. we try let's check the u.s. equity futures at this hour you're going to see things are looking a little mixed s&p up by a point. nasdaq up by 48. the dow futures are down by 28 this comes after a down day for the markets yesterday. you saw markets coming back after two days in a row of ups boeing was the biggest decliner yesterday on the dow it dragged the dow down by 66 points dow down by over 100 points. s&p was down on the s&p 500 e

tom: jim at citigroup takes 22 apple, forget about the gloom about margin shrinkage, jim goes from 28.8% up to 29.2%. the are doing this, jon, with corporate responsibility and apple increase. jonathan: we need to talk about this federal reserve decision. we are looking had to chairman powell pilled we will do that -- with chairman powell. we will do that at 6:30. alongside tom keene and esa brahma was, i am jonathan ferro. this is bloomberg. ♪ >> federal reserve chair jerome powell and his colleagues are likely to emphasize patience. policymakers -- interest rates near zero at the end of a two day meeting. the delta variant is giving powell another reason to be cautious. deutsche bank -- it has led the german bank to raise revenue guidance. fixed income trading fell 11% in the quarter. deutsche bank's scrapped a cost target after a series of unexpected expenses. visitors from the u.s. and the european union -- instead of isolating, those travelers would have to take covid tests before leaving for the u.k. and after. in australia, sydney's month-long lockdown will be extended by at least

let's bring in citigroup's head about seann research. -- ossie on research. you for joining us. interesting to make a call like that in the face of the delta variant. tell us what is behind that call. guest: the indonesian markets have been underperforming in the region year-to-date, we will reduce the number of cases. so far we have seen in the past two to three days, cases have started to come down. we expect the government might reach -- relax the emergency restrictions. with that,, -- this is the standard deviation. we are expecting more recovery in the fourth quarter of this year when the economy starts to reopen. we are also expecting there will be more ipos. that should expect the market in our view. yvonne: we were talking to a guest yesterday about how the boom was going to be centered in southeast asia. where are we going to see the opportunities? guest: it will be more on the recovery spectrum. in my view, banks will be -- when the dust settles. some of the other recovery plays will be another one. some other property names. it will be a recovery s

. >> most of our quick fill construction work is done by citigroup. so the construction costis a city labor cost . >> okay and directorsummerlin, i think this is my last question . in terms of the island backlog orthe duration of cases ramping up on staffing , is that a similar duration of that we have been seeing on the operator side or are we looking at asix months to hire up ? >> generally speaking, yes. there's a lower rate trait trainingrequirements but it's for theprofessionals we need . yes , we have a 15 percent occupancy rate in the streets division , part of that youcan tell me it's worse than that . and staffing willtake a while . >> thank you. >> i want to emphasize or other staff there are objections according to the transit hub . >> you can hire from similar pools ofcandidates, is that what you mean ? i'll just add my name to the list of peers who feel that we need to take much more seriously slide where staff showed how they get to zero. when i saw the men that is the actual, so we were gettingto zero . i agree with my fellow directors

citigroup, wells fargo,.erome powell saying his monetary policy report before the house financial committee coming up as well. a guest we have coming up later, insight from the global steel industry with the chief executive of our's a lot. and -- also, the company is green energy transition and his outlook for oil. >> i think there a good chance oil prices will be robust and high over the coming years. there's a good possibility they will be volatile. we don't plan on them being high. we are opening a company resilient to a low price. but i can assure you if they are high, we have a portfolio that will absolutely benefit from that. david: looking at thailand, which closed higher yesterday, see if it will follow the rest of the region. the big story has been the kiwi dollar. some yields moving up on back of the coming out. largely expected to be hawkish. not much in terms of that spectrum. it now brings to mind td securities -- november for the first rate hike of the rv and fat. yvonne: close to 1% moves in th

citigroup wants most u.s. employees back in the office by september at least part-time.es chief said the health data in both countries had improved. this week, it opened u.s. offices to workers who volunteered to come back. citi already said it will allow staff to work remotely some of the time, more flexible than many of its wall street rivals. shery: we are hearing that the u.s. securities and exchange commission chair is now actually asking fund managers to disclose staff diversity data. he wants more transparency. he wants the industry to better represent the diversity in the u.s., so really good news on that front. haidi: really good news particularly as we see diversity as being a major issue for5 the more data we have, the closer we can get to the ultimate goal of balancing that equality equation. coming up in the next hour of "daybreak asia," -- shery: really putting a lot of pressure on those banks. haidi: that is really true as well. we are going to get more markets insight in the next hour. a chairman will get more discussion as indications for investors are c

heard a lot of the announcements and the restoration of evidence and buybacks with the exception of citigroupf the other five banks have announced that they will be hiking their quarterly dividend after passing the federal reserve stress test and most of them expecting them back by labor day. >> what are we expecting? >> the worst that was expected during the pandemic, these huge loan-loss reserves will be used by the bank. that leaves about $1 billion in reserve release windfall. it will be split by the three banks we are looking at. bank of america and wells fargo. they are all up on the day in the very strong rally that we saw. what we do know from analysts is that wells fargo will account for the biggest share of the total. analysts predict it will add $545 million more to its bottom line. bank of america expected to climb 277 million and j.p. morgan chase expected to release $239 million. >> su keenan with a preview. you can get that analysis on today's edition of daybreak. bloomberg subscribers can go to dayb on their terminals and it's also available on mobile in the bloomberg any

singapore, we saw that housing boom taking a bit of a breather last quarter, which surprised analysts at citigroupgher on the quarterly basis and this we also had the bank in singapore seeing the housing market is not over seated at this juncture but citi expecting policy risks will remain the focus for the market given speculation that prices will dampen for the first time since 2018 but flipping the board, the top developer picking singapore remains -- the economy gradually reopens and with a busy third quarter of launches for the industry and pulling up a chart in australia, the hot housing market appears to be cooling. flowing prices on the high-end points to a clear shift in momentum. some are only likely to get tough this month with a lockdown, which has been challenging for mall operators. he expects less demand for brick-and-mortar stores so companies like center group are likely to see some over the next year. a dim outlook for aussie property stocks as we head for the worst week since february, haidi. haidi: even with those cooling expectations, the australian property market had its bes

over at citigroup, they're noting that rbnz when it comes to inflation, they put up their timeline for hike at 2% by the first quarter of 2024. haidi: those numbers will come out from new zealand in the next five minutes or so. the st. louis fed president said it is time to end emergency measures to support the economy. he spoke exclusively with bloomberg's michael mckee. >> i think it's clear that some of the inflation will be temporary. how much feeds into a more persistent process is really the question that the committee has to wrestle with going forward. i think we are already above our target on core pc inflation. according to the summary of economic projections katie is -- the committee is predicting 3%, excluding food and energy prices, that's more inflation than we have seen in a long time in the u.s. and i think some of that will hang on and persist through 2022. we had hotter reports than we anticipated recently, so there is some possibility that we would ratchet up our expectations for inflation in 2021 and 2022, so this is a different situation than we have faced in the pa

now, the nasdaq has formed a joint venture with citigroup, goldman sachs, and morgan stanley to establishue for shares of closely held companies. alix steel spoke with the nasdaq president. >> we've been operating the private market for about seven or eight years. however, after we've looked at the evolution of the private markets, companies are looking to bring more liquidity opportunities for investors and employees. as we've developed this partnership, we thought about what the ecosystem is that we want to create. we want to bring venture firms and middle stage private companies into the platform. we have a lot of relationships with later stage private companies. we want to bring large-scale institutional investors, draw them into a fair marketplace for private company liquidity. that's why we chose the partners that we have joining us in this venture. in terms of the long-term impact on nasdaq, we are always happy when private companies choose to go public and list on nasdaq. having relationships earlier in their lifecycle makes us the venue of choice for that. we also see a huge oppo

looking ahead, citigroup's are moving to 2.9, 5% on the chinese 10 year yield. given the economic eta -- data from china that could be lacking. >> still head on daybreak australia, will get a preview of that global corporate tax firm. coming up next, the tokyo olympics have been spectators in the city. the new state of emergency being put in place, this is bloomberg. ♪ >> you are watching daybreak australia. president biden says the u.s. is on track to end its mission in afghanistan by august 31, even if the taliban mix can submit the withdrawal. biden-related on america pot longest war. he says the u.s. will continue to provide support but it is not there to build a nation. president biden: u.s. support for the people of a cannon stand -- afghanistan will endure. we will speak out for the rights of women and girls. >> a top eu official says the potential closure of the only remaining border crossings would be catastrophic for millions of civilians. the eu commissioner for crisis management made the announcement ahead of a crucial vote for the un security counci

citigroup and deutsche bank are among live or -- rivals growing their unit offerings.bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. dani: thank you so much. coming up, the tokyo games officially kick off with today's opening ceremony. looking at live pictures of tokyo. the challenges of the covid olympics are far from over. we give you the coverage, live from japan. this is bloomberg. ♪ ♪ >> the games are going ahead but they've already been described as the weirdest olympics ever. fears that a global gathering of 90,000 athletes, officials, and volunteers could become a cauldron of covid variants. strict measures aimed at stopping a potential super-spreader event. most of the athletes are vaccinated but they will still have to test daily and stay in a bubble within the olympic village. socializing and group meals are banned. win or lose, athletes must leave japan within 48 hours after their last event. japan wanted the olympics to mark a turning point for humanity, a light at the end of the tunnel for a world stumbli

drove big profits for goldman sachs and jpmorgan now today we're going to hear from bank of america, citigroupgot some coffee? suggest you drink some coffee. wednesday, july 14th, 2021 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin joe's back, even though he almost -- >> malfunction. >> what was that >> that was my chair it was like -- you know, you -- >> stuck in between the two? >> do you put it so it can't go back >> no. >> yeah. >> so i have the thing, it must have been right on the edge where it could miss. >> you almost fell out of your chair. >> it's tough to sit tough to sit without falling. >> we try. we try

jonathan: that was ed morse of citigroup. we have an opec-plus deal. where the attention is right now. alongside tom keene, i'm jonathan ferro. kailey leinz with us. lisa back next week. 4271 on the s&p, down more than 1%. but the bond market keeps getting everybody's attention. 1.2269% on tens. i will repeat it, 1.2 sue 69% -- 1.2269% on tens. we are just off the lows of the session on the u.s. 10 year. tom: this is a nominal yield moving quicker. i'm looking at inflation expectations and the residual, and this is about the nominal yield. i've got to say it again, the timing of that with the bloomberg article of significant chinese-u.s. tension, maybe that is a further catalyst. jonathan: using that is contributed to this? tom: i think that is the right word. a mind -- i'm hesitant to say it is because of this. but the connection is tangible. jonathan: certainly a continuation of the theme we have seen of yields lower. the 30 year's at 1.84%. at the end of march, the 10 year was at 177%. just think about that, where yields were and where they are now.

citigroup's asia-pacific pacific wealth management union just posted -- management unit just posted onef its best quarters on record. the bank has added several hundred wealth professionals in hong kong and in singapore this year. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans. this is bloomberg. ♪ >> i have enough confidence in the market that most of these bottlenecks will be overcome. we saw that in the case of timber prices. went way out and then came way down. is there any fundamental reason that we should expect this to be other than transitory? i think the answer is no. i think that is where the imf is. that is where the fed is. jonathan: from new york city, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures advancing about zero point 2% on the s&p 500 this morning. tom: if you want to clear it up, you can go to wikipedia and see the theory the pros use off of what chairman powell wrought yesterday. one of those experts on the

citigroup went to a 345 price target and you wonder how many dinners will there be? jonathan: the nasdaq 100 record high and twitter snapped, taylor riggs after the close yesterday, they blew it away, and facebook and google are joining the party. taylor: saying that if you are an advertiser you want to be on these platforms, namely snap. if it is a choice between snap or twitter it is snap. it is incredible the type of growth you see. highly daily users and twitter doubled the market value. we saw a 10% move, every premium content wants to be there. he raises a price target to 84. jonathan: this is just raising the bar for big tech earnings. taylor: everyone had given them frustration for nasdaq 100. how much of this is a defensive move and these are the companies that are turning down freak a lot -- cash flow and are outperforming. jonathan: the numbers look good and this has been the most peculiar week. this is the price action right now. equity futures pushing high and we see a string of gains and we are set to answer them. the s&p 500 up .5%. what gets my attent

citigroup will let retail customers bent on stocks without paying fees.ank is trying to expand its wealth business in the face of competition from silicon valley, discount brokerages, and peers. citi will make its products available for checking account holders before marketing it to other people. the cofounder of apollo management was passed over for the top job earlier this year. now he is laying the groundwork to start his own fund. he is meeting with recruiters to help build a team. the fund has a loose target of $5 billion. that is your business flash update. ev battery maker ses is set to go public by merging with ivanhoe capital acquisitions that will value the company at a combined $3.6 billion. qichao hu, as founder and ceo joins us. thank you for being here. why is now the time to go to the public market? qichao: the global megatrend is quite exciting. every major car company is moving away from internal combustion engines to ev. in order to compete, we have to have a big platform. now is the time to do this spac. kailey: where'd you put the cap

credit suisse is joining rivals such as ubs and citigroup to allow employees to work remotely as neededokerage in japan holds -- has suspended coverage of more than two doesn't companies because of the departure of two of the firms analysts in tokyo. this comes at a time when new mara is trying to -- 29 companies are not being covered for now. that is the latest business flash. guy: laura, thank you. just getting news out of the u.k.. two doses of the pfizer shot highly effective against the delta variant. this according to the u.k. government, which is now preparing to position the u.k. to learn to live with covid-19. you are looking at a live shot from 10 downing street. boris johnson will address the nation, talking about the final stage of lifting restrictions in the u.k.. what is this going to look like. emma chandra joins us with what we should look forward to. emma: as you said, the press conference from the prime minister do in just a few minutes. we are expecting to hear he will go ahead with the final lifting of restrictions and the reopening of the u.k. economy on july 19. wh

that is very specific to jp morgan and citigroup, which we expect to hear from tomorrow.he business side of things from wells and bank of america. we hear from our global team that this is something we are seeing and a lot of the developed markets in terms of we have had a lot of the stimulus, and that has helped to bridge the gap for a lot of customers and corporations. one of the negative effects is we are not seeing the loan growth. alix: basically everyone has the money they need. corporations flush with cash, individuals flush with cash. do we have any color on what area might turn first? alison: i think if we look across the universe, one of the areas where we could see some revival is the commercial business. we will get a line of sight on that tomorrow from banks like bank of america and wells fargo. the utilization rates are extremely low again. think about year ago we saw these massive drawdowns and then we saw banks raising money and paying them back on the large corporate side. on the consumer side of things, we have $2 trillion in balances. it seems like that

at citigroup you have tom fitzpatrick increasing the banks dollar yen short position, eyeing the completion shoulders break --54 on the dollar yen which just moved toward 107 spot 50. at td securities you have focusing on a deteriorating backdrop for that dollar yen technical area. and differentials playing to declines. yen strength seen. shery: a deteriorating backdrop when it comes to meme stocks also. this risk off sentiment really hitting meme stocks which were down for a sixth consecutive session, the longest losing streak since the meme stock's frenzy began as the chart on the bloomberg shows. we have seen losses focus on amc, gamestop, which rallied when we saw those retail investors coming into the market. haidi: is this the end of the chapter, and what is it mean for this highly anticipated ipo by robinhood? they are seeking a valuation $35 billion, just shy of the highest analysts'estimates. meme stocks have been a bread-and-butter for their business. they are pushing against a disappointing backdrop for u.s. big ipo's. take a look at didi down 21%. --down 24%. other names, bubble

will, the inflationistas will try to get you to sell off stocks wells fargo, bank of america, and citigroup will report monday if we hear a good tale, i think the stock can break away from the group, maybe even make new highs for the year bank of america, that is different. i'll say this, if you believe the economy will get stronger and interest rates will rise and maybe rapidly, you want to buy the stock of bank of america right here, right now. delta airlines reports, too. i want to know how much damage the delta covid strain is doing to delta and we need to know if travelers are coming back. it's hard to read. are lots of international cancellations occurring? it's always a possibility because of delta and finally, we hear from blackrock. engine number one, the hedge fund that spent $12 million to get three seats on exxon's board of drirectors if they support this going forward, it has major implications for all companies and thright now, i think there'a lot of evidence that the inflation is transitory given what has happened in the last eight or nine weeks and the chinese economy has sl