tim craighead out of london, david goldman in new york. we all have our stereotypes in china. e number one thing we get wrong about china one he 16? david: the number one thing is .hat there is a lot of debt on one side of the balance sheet . there is a great deal of assets on the other side, and we tend to look at one side. the decline in china currency reserves during 2015, a lot of people including george soros said this was a panic run out of the financial system and it would lead to a crisis. that all that has happened is chinese corporations are paying down their dollar debt. they are accelerating their own torency to buy dollars reduce their dollar obligations because they think the dollar is going to rise. as the chinese central bank has lost reserves a month outside the balance sheet, chinese corporations have reduced dollar debt on the other side. it is a boring story. tom: it is, but i think i just learned something about diet -- about debt dynamics. that is what you do with david goldman. francine: i remember speaking with george soros at length in davos. there is s

taking into a note from david goldman credit julie.investors should stand right now. targeta 2100 her year-end for the s&p 500, which puts them in the middle of the pack. what he is saying right now is heelys higher interest rates will help u.s. bank stops, they should boost the dollar as well. he says he was financials are the direct beneficiary in a rising rate environment. he says the tightening will push the dollar higher, and he says the commodities surge is immature and unsustainable. so where is he looking? he is looking at what he is calling strong balance sheets stocks in this environment. when i went through his stock i only found one financial on there. otherwise it is a diverse group. looking at the year today date performance on these companies that he says should do well, or a good place to be for the remainder of the year, he is looking at biotech stocks, he is looking with the tech knowledge he and what he says are the strong balance sheets stocks. , and it is a mixed bag here. we also have mixed year to date performanc

david kostin, chief u.s. equity strategist at goldman sachs. to have you back. >> we talked about buy backs and companies being a marginal buyer post earnings season. >> right. >> is this window still open? >> for another couple of weeks. it was here a month ago. early february. indicated that in the key drivers between growth drivers and money flow it was to watch in february. on the ninth of february, the market hit on the 11th. the idea is the net demand. the only source is coming from share repurchases. that was the narrative for the month of february. there are a couple of weeks left until the third week of march. there were huge altimeters, record authorizations year to date and the executions have been at a he will think pace. that window is open. that's a tail wind sentiment indicator suggesting positioning in the market is still light with respect to the futures market. that would be positive at the market. the window will close and you will be in a situation. it will be about valuation and growth. the market is at extensive levels aro

david: set to fizzle -- that is what goldman sachs is calling the rally in commodities. and shares of lending club taken a beating and analysts are growing curious about its funding sources to we will ask the ceo of the company needs to make more deals to keep the cash flowing. david: first let's head to the markets desk, where julie hyman has the latest. julie: stocks have prepared the earlier declines. this all started after he got and adata from china selloff in oil prices. all the major averages are the work of the dow is only off by .2%. the nasdaq and s&p are almost and i get this point. you have seen the bounce we've seen off the bottom. oil prices indeed are lower today. they made an attempt at going higher fight .5%. since then they have turned over by 3%. analysts are forecasting another build in inventories. gold futures are higher very, very slightly. there is bit more of a risk off sentiment in today's session. we are seeing buying in treasuries today. that is sending the yields lower. david: julie, we are going to talk about this in a moment with oliver ren

julie: a former goldman sachs banker to malaysia's investment and has been subpoenaed. we will have the latest on that story coming up next. ♪ davidefore goldman sachs banker with subpoenaed in the investigation of the malaysian state investment fund, where they are deceiving whether those have been misappropriated. this is quite a story. i did not know that the department of justice had a -- >> it is a great title. it is a complicated story, and goldman is in the middle of this story and so is tim likes her. if you go back to how this started, goldman sachs raised about $6 million for the malaysian government linked investment fund. that goldmanfunds raised went into the fund controlled by elijah, champion by malaysian prime minister. david: and the purpose was for development projects by the prime minister, legitimate developments. >> yes. what happened is that all of that money went into the fund, and we started getting calls that the fund was getting mismanaged, that mysterious funds were showing up in the prime minister's bank account. there are multiple investigations, including the department of justice, figure out what hap

david darst's book. he taught me a lot at goldman sachs and then moved on. but david darst's books are very good. up next, @drhoy84 tweets, do uh ever sleep or did one of your biotechs provide you with a clones to assist? no, i don't sleep. now btw, which i think stands for by the way, i am now following your know what you own motto or kwyo. cleaned my portfolio this week. yolo. you only live once, so i totally agree with you! here's @crabo44. i'm in the market because of you, sir. keep teaching us what they want to grow, jim. let me give you a little heads up. i love the haters. i wouldn't be doing this if it weren't for them. i would have gotten out years ago. i'm a spiteful, driven guy to the haters, and everyone in my personal life knows that. so haters, you're why i'm in this game! congratulations! and stick with cramer! pet moments are beautiful, unless you have allergies. then your eyes may see it differently. only flonase is approved to relieve both itchy, watery eyes and congestion. no other nasal allergy spray can say that. when we breathe in allergens our bodies react by over producing

david: warning signs of potential weaknesses for hillary clinton. tracy: a few weeks ago he said brazil was a mess, and now investors are piling in good we will hear from goldman's head of latin american economics on whether the country is looking at an outright depression. david: first let's go to the markets desk, or julie hyman has the latest. +++ onto gains today come middle of the range and where we have seen them trade over the us of the session. the nasdaq has gained some steam, up by .5%. we have an oil rebound that is helping stocks, anticipation of additional stimulus tomorrow from the ecb, and sort of a snapback effect from yesterday's -- what ended up being pretty sizable declines for the major averages. let's look at the bloomberg for the groups on the move. a little more green than they were earlier. now technology is joining energy stocks. materials trading higher today. we look at oil prices, it has been an interesting day ever since we got the weekly inventories at 10:30 this morning, which saw a built in inventories but a drawdown in gasoline. looks like there was an uptick in demand for gasoline. that is one of the things fueling the gains we

david: there was a note out from goldman, a message to the fed.ing it should not be too concerned with the strength of the dollar. what is goldman trying to communicate to us? is they aretanding saying to the fed, don't worry about the strong dollar. their argument is from the perspective of inflation. strong dollar leads to weak import prices and that creates in theonary pressures economy. to that extent, i will agree with that guidance. i think it would be a huge mistake for the fed to ignore the strong dollar. certainly we are seeing inflation pressures improving. import price deflation not that big of a concern. the fed continues to lean towards rate increases. that strong dollar is going to return without doubt if we start to see more promising economic data. strong dollar really hurts u.s. workers. it hurts not only the export sector, but it also hurts domestic industry as it competes against a flood of cheap imports. my message to the fed is, ignore the strong dollar at your peril. coming up on "bloomberg markets," a new poll has thealing i

david: set to fizzle -- that is what goldman sachs is calling the rally in commodities.taken a beating and analysts are growing curious about its funding sources to we will ask the ceo of the company needs to make more deals to keep the cash flowing. david: first let's head to the markets desk, where julie hyman has the latest. julie: stocks have prepared the earlier declines. this all started after he got extra data from china

david: despite the slide in the dollar and drop along bets on the currency, goldman sachs is unmoved. itsfirm is holding onto bullish stance on the greenback. it is predicting three u.s. rate increases this year to fight the fed's signal that it is taking a slower rate hike cap. guy haselmann, we have something of a divergence he interdicting the dollar. morgan stanley saying it's going to get weaker. goldman saying it's going to get stronger. guy: i think it's going to trot overtime. goldman could be right for the wrong reason if you do get three rate hikes the dollar i think will go up. we are the cleanest dirty shirt. our economy is the strongest there are main factors. one is some of the shale revolution has structurally changed our current account. our current account deficit is shrinking. the other that i think matters overtime is demographics. the u.s. has actually the better -- if we had that demographics, much better than europe, china and japan. jonathan: the core of this call for a stronger dollar is three rate hikes this year. unusual for a bank to be more hawkish than the

david news hazard -- neuhauser says there is value. oil prices moving higher today, has the market finally hit bottom? goldman says so. yahoo! trouble but doing whatever she can to keep her job, even as it changes hands. get a snapshot of today's market activity. let's head to julie hyman where she is looking at investors having second thoughts about their initial reactions to the ecb moves. julie: an interesting 36 hours as investors have a digestion of the ecb stimulus which initially

david letterman. deirdre: i grew up watching, i'm now going to watch you on friday nights. >> i had to take notes at goldman sachs, that was part of the training, the requisite to do that. super excited to bring it back on. deirdre: you are kicking it off with amazing interview with general david petraeus. i know there were so many great moments. what sticks out? >> great cross-section, we talked about the apple situation, the hillary e-mail situation. trade. should we be building barriers or opening up more trade. talked about the oil situation, what's going on in global oil markets? shoe that going to affect national security? how is that going to affect the way we put our military footprint around the world. that was a good round robin discussion. deirdre: i cannot wait to see it, you asked him about hillary clinton. people say hey, how come she's been able to push so many boundaries and somebody who served so well really got smacked hard. we're going to play a very quick clip and i want to ask but it. >> sure. >> she's being treated fairly, and i think that, you know, there are people, there are critics

david: warning signs of potential weaknesses for hillary clinton. tracy: a few weeks ago he said brazil was a mess, and now investors are piling in good we will hear from goldman'seconomics on whether the country is looking at an outright depression. david: first let's go to the markets desk, or julie hyman has the latest.

goldman sachs warning on commodities. here is the closing bell. now over to david and melissa. [closing bell rings] david: markets sinking in the final hour of trading. market is down 111 points. all the indices are down including gold and oil. i'm david asman. take a look at oil ending the day down over 4%. melissa: i'm melissa francis. this is "after the bell." david: breaking this hour, a crucial night in republican race for the white house. we're four hours away from the polls closing in michigan where 59 gop delegates are at stake. that is tonight's biggest prize. 150 delegates are up four republicans in four states including idaho and mississippi. in two hours the first caucuses will be in hawaii. they will begin. first we go to fox news's molly line in detroit on the latest for the fight for "the wolvervine" state. molly? reporter: hi, david. despite predictions from the secretary of state office they're expecting record turnout, basing on absentee ballots we're here in polling station in detroit. it's a slow trickle despite visits recently from secretary hillary clinton

goldman sachs warning on commodities. here is the closing bell. now over to david and melissa.g bell rings] david: markets sinking in the final hour of trading. market is down 111 points. all the indices are down including gold and oil. i'm david asman. take a look at oil ending the day down over 4%. melissa: i'm melissa francis. this is "after the bell." david: breaking this hour, a crucial night in republican race for the white house. we're four hours away from the polls closing in michigan where 59 gop delegates are at stake. that is tonight's biggest prize. 150 delegates are up four republicans in four states including idaho and mississippi. in two hours the first caucuses will be in hawaii. they will begin. first we go to fox news's molly line in detroit on the latest for the fight for "the wolvervine"

david, great to have you on the program. a quarter marked by negative rates and massive volatility. we will take stock of goldmannext. ♪ francine: i would say this is a gorgiosity of new york. it's a new bloomberg word. it's very nice. here in london, it's sunny. futures, you can see, are practically unchanged. i'm sorry to say, after beating u.s. equities last year, european equities are now moving to u.s. equities for the first quarter. let's get straight to the bloomberg business flash. nejra: thanks. the ceo of barclays japan is to resign in june. he was the executive who broke the news to employees in january that the bank will close its cash equities operation in japan and focus on derivatives. his departure will leave andrew jones as the sole ceo for the asia-pacific region. bouygues try to salvage their wireless phone merger plans after announcing that talks have not moved efficiently. they will meet again before the end of sunday before a final negotiating push. hosting talksis in downing street on the prospect of huge job losses in the steel industry. it follows its decision to offload its u.k. assets

raising, goldman sac sachs, speeches, transcripts, continued interrupting the campaign, the chair, to raise money from lobbyists as opposed to bernie raising money from grassroots. i respond to david, the surprise tonight is hillary's not going to be crowns the nominee of the democratic party. i mean i've got to say that. i feel super optimistic. number one, he's got all of the money. >> yeah. >> he is -- this is not the end of the road for bernie. he does not have to win necessarily all of states but he'll definitely win vermont. look at minnesota, colorado, maybe even massachusetts. >> we'll see what happens. >> i want to give bakari -- >> not the end of the road. >> fair enough. results have not come in yet. bakari, what did you make of mr. podesta? >> i thought he was honest and accurate. bernie sanders raised $42 million lasten month. not only does they have that amount he's bringing in daily, $6 million yesterday, but he has republican pacs prompting him up, fortune 45, karl rove pacs are running ads targeted against hillary clinton. she has a full frontal assault coming towards her and senator sanders hasn't repudiated those super pac but tonight is an important night. hill

david news hazard -- neuhauser says there is value. oil prices moving higher today, has the market finally hit bottom? goldman says so. yahoo! ceo knows she is in trouble but doing whatever she can to keep her job, even as it changes hands. get a snapshot of today's market activity. let's head to julie hyman where she is looking at investors having second thoughts about their initial reactions to the ecb moves. julie: an interesting 36 hours as investors have a digestion of the ecb stimulus which initially , a lot of investors were skeptical about, maybe it would not do what the ecb wanted it to do was one of the comments i saw yesterday. the old -- the other question was about mario draghi's comment that this would be the last interest rate cut but skepticism about that. is it all that the ecb will do? it looks like there is a more bullish read that is happen in the u.s. and in europe. the rally to date means that for the year to date, major averages have trimmed their losses considerably, particularly the s&p and the dow, now let -- now doubtless than 2% on the year. of -- forss than 2% the year. signs ise positive counter

david: thank you. really good conversation. we will turn to wall street and banks. two of the biggest investment banks plan to cut more jobs. goldman will eliminate more than five percent of their traders and sales people in the fixed income business. bank of america will make cuts in trading and investment banking. michael moore joins us from london. we had a conversation yesterday about bill gross' comments our banks are headed. it is not some a good news. michael: no, i think this is marginal tweaking but trying to get the cost structure down for banks. in have seen a massive move the fixed income revenue over the last five years. almost 2010, we had 90, $100 billion of fixed income trading revenue. now we are down to 60, so that has been a major shift for these tanks and they are trying to get to a cost structure that factors in that new world. jon: i want to zoom in on that number, 5% of trade is an sales people. what is the turnover traditionally and is 5% a big deal? michael: the report was more than the typical 5%. i percent is goldman's annual call -- 5% is goldman's annual call for allowing you summer hiring and they have

television and coming up, david herro on international investment will join us on bloomberg surveillance this morning. dow futures up 24. this is bloomberg surveillance. ♪ stephanie: goldmanonger dollar. president obama arriving in cuba with u.s. executives intel ready to make deals. of 140 characters. twitter celebrating a milestone while many question its future. welcome to "bloomberg go." bloomberg world headquarters. i'm stephanie ruhle with jonathan ferro and david westin. happy monday. david: welcome guy haselmann. we have a lot to talk about capital markets. jonathan: this for day trading week. before we get started, let's get a check of the headlines. a look into pimm fox. david: welcome. made instory will be havana today. a meeting between the bomb and raul castro.

some people but i believe goldman sachs early this morning put out a note saying they expected to go down 10%. the spread is a seven so the market expects more. davidnext week when we are from mario draghi. john: i will go with matt miller based on next week. policymakers are not out there the same way they have been. this time it is mr. and mrs. market. stephanie: i'm siding with matt loved julie's chart. that will do it for today's apple of the charts and you can get these charts on your bloomberg terminal. ♪ john: stocks are rallying. u.s. futures point to a higher open. as a string of surprises that sent shares down 18% yesterday and one analyst still thinks it's a buy. hour is theor the chief math growth strategist and his views in the credit cycle with negative rates and the u.s. elections. ♪ ♪ 30 minutes from the opening bell in new york city. i know you hate it but there is enough negative news to take your pick, china, the earnings. stephanie: i will find positive revenue was down for february but it was more of a positive. fiat/chrysler, sales were better. so there that far out are bright spots. john: that's why you are here. david: we ar