deutsche bank out with results.ny's largest lender raising its revenue target for next year after bidding expectation on fixed income trading. bloomberg spoke with the bank's cfo on the lender's earnings earlier today. >> we have a portfolio of strong businesses in fic, and why we did see strong areas like in rates, our relatively strong credit businesses, distressed trading particularly, performed well in the quarter. >> what does that tell us about the path ahead from here, james? trading has been slumming in some areas, but you point out various -- has been slumping in some areas, but you point that out in various areas. what does that say about the path ahead? >> we have been calling for normalization. we have been seeing that successfully over several months. because there is a portfolio of strong businesses, we have rates, credit, fx, emerging markets. what we tend to see is weaker performance in one area that is offset in other market conditions by stronger performance in a different area, so we feel very com

that is the context from deutsche bank.'s get you a first word news update with annabelle droulers. >> u.s. president joe biden is reportedly planning to require all federal employees be vaccinated against the coronavirus. cnn says the announcement could come later today. u.s. health officials are recommending fully vaccinated people should go back to wearing masks in some indoor settings. the reversal by the cdc comes as the delta variant continues to spread. in the u.k., fully vaccinated tourists from the eu and u.s. have said to be allowed to travel to england on the same basis as britons from returning abroad. it will be finalized at a meeting later today and could come into force later this week. sydney's month-long lockdown has been extended by at least another four weeks after daily covid cases hit a new record of 177 infections. the announcement came as lockdowns were lifted in adelaide analyst australia's second-biggest city, melbourne, which reported 10 new cases. around 40% of the population has been fully vaccin

deutsche bank and barclays moving to the upside.ative from our conversation with the cfo talking about 2022 revenues. barclays also performing well, shares advancing and results beating expectations. some of the most recent commentary out of the business today talking about cost control with the investment banking business remaining very good. coming up, it has been a big day for earnings. that continues. this hour we will speak to the ceo of man group and capgemini. this is bloomberg. ♪ >> what is happening is a good thing because what the chinese government is doing is cracking down on the companies that dominate various at the exclusion of smaller companies. >> i love issues, the more issues there are, the better for us. >> there is this political risk. >> is causing some around the globe to question their exposures. >> they will have to have a clear review of sectors investable and those that are not. >> there is a bit more nervousness to them to make them want to sit on their hands. >> for someone like us with long-term capital

jonathan: we will hear from the deutsche bank cheaper,'s -- deutsche bank cheap economist -- deutschek chief economist on this in a few minutes. advancing eight or nine points on the s&p, advancing 0.2%. in the bond market, yields higher by two or three basis points to 1.2576%. euro-dollar positive 0.25%. wti, 70's you dollars $.62 -- $72.62. after amazon, can we say earnings season wraps up? tom: no, no. dave wilson keeps going. jonathan: dave wilson keeps going. how long for? tom: like three weeks, at least. jonathan: you think it is overcome alisa? -- over, asa? -- over, lisa? lisa: yeah, i think it will trickle out. jonathan: on radio, on tv, this is bloomberg. ♪ erg. ♪ jonathan: for our audience worldwide on tv and radio this is "bloomberg surveillance." alongside tom keene it lisa abramowicz i'm jonathan ferro. waiting for equally -- waiting for economic numbers in america. yields are higher by three basis points on 10. it is the wrong side -- the wrong kind of upside supplies -- the wrong kind of upside surprise on jobless claims. waiting to see if we get a revision. the wrong

heavyweights like barclays, credit suisse, and deutsche bank recording numbers. to decide whether and how to handle bank dividends. happy friday. what are we going to expect in terms of numbers from barclays and deutsche bank next week? nebula: good morning to you and happy friday. the good news is that european bank analysts have listed their estimates for most of the banks. deutsche bank has raised more than 10%. that's very good news for shareholders. the bank is supposed to be doing a little bit better than its peers. they weren't that good last year so their comps are easier. at barclays, we are expecting a strong quarter from the dealmakers. that's been a big theme in wall street earnings this season. last quarter, they had a record quarter. we know they will continue to do well. they are number six at the moment in terms of global dealmaking. that's a couple of spots above where they were at this time last year. analysts are expecting that that will translate to a 6% gain in revenue. that business is flagging a 2% gain in equities trading. they are expecti

. >>> coming up, from tech to health care to banking deutsche bank reveals its list of the single best investment ideas for the next 12 months we will bring them to you. >>> later despite opec's family feud, energy is still a favorite sector of one of our next guests he explains why and the best ways to play it. as we head to a quick break, a look at some of the stocks hitting 52-week highs even as the broader market pulls back. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >>> welcome back to "power lunch. deutsche bank analysts are highlighting their top stocks to own the next 12 months they make up the firm's latest fresh money l

deutsche bank seems to be stronger.orward, i think we will see a narrowing of that cap, but certainly the europeans gave the u.s. a huge head start. i think the capital markets are very healthy, but when i look at the large national legacy banks, the jp morgans, bank of americas, deutsches, or barclays, they have a lot of headwinds. the regulatory environment means they will be carrying lots and lots of capital. i think the rates environment is very challenging for earnings. we saw in everything you have read today that demand for loans is way down, but most importantly, they are being attacked by specialists in broker-dealers. they are being attacked by technology companies looking at treasury and transaction services, looking at payments. they are being attacked by specialists in direct lending. so i think the challenge going forward, this kind of goes along with what david was saying before me, i think these large legacy banks are going to be regulated more and more as utilities. i think they are going to be managed

deutsche bank -- it has led the german bank to raise revenue guidance.ixed 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 another four weeks. coronavirus cases surged to another record. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am laura wright, this is bloomberg. ♪ >> -- will you require all federal employees to get vaccinated? mike and co-that is under consideration. jonathan: the president of the united states open to the suggestion. there has been a shift in this country. from new york city this morning, good morning. i am a jonathan ferro on this fed decision day. equity futures rolling over just a little bit in the last several minutes, now unchanged on the

matt was eddie on deutsche bank on the parlor games of where growth is.has a more optimistic view that goldman sachs, even into 2023. he goes below potential way out in 2024. jonathan: i will speak to a big bowl, michael purves -- a big bull, michael purves. he upgraded his target to 4800. while you are away. lisa: coincidence? jonathan: is a coincidence we have a record low real yield on the 10 year with you back? welcome back. i hope you are nice and rested because this week is a busy one. with lisa abramowicz, tom keene, jonathan ferro. with your equity market a little bit lower, this is "bloomberg surveillance." laura: jeff bezos has followed up his trip into space with an offer to nasa. the world's richest person wrote to the space station and said it must quickly return to the moon and said he would wave up to $2 billion in fees as it competes. the white house is shifting away talks about inflation. polls show there is increasing voter concern about rising prices -- president biden's plan to spend trillions on social programs is infrastructure proje

i remember when deutsche bank came out at 3950. we thought david kostin was a crazy man at 4400 on the s&p 500 . we are at 4400 now going into tuesday. tom: it does go back to the reaffirmation of earnings. when you suggested apple, microsoft, alphabet, google, the rest of them really matter to the empire s&p 500? -- would you suggest that apple, microsoft, alphabet, google, the rest of them really matter to the entire s&p 500? jonathan: i would. right now we are at 1.2954%. tom: washington almost with another stimulus in the infrastructure. mentioned that wonderful idea on labor participation. it is two americas. lisa: it is eking its way through washington, but not fast enough or some people. tom, you said you were in cash. so was everybody else. numbers coming out showing $17 trillion of deposits. this perhaps supporting all asset prices. what indication are we actually getting at this point from markets? tom: overnight repose, but i call the trust market, that very short term paper up a little bit to go through $1 trillion woul

we heard from deutsche bank executives saying that the credit market looks really healthy.y are not seeing a lot of defaults. that is allowing them to reduce some of these reserves they have built up. that mean we just kind of has skipped over the default cycle, or is that just to come? ed: that is a really great question. while a lot of the stimulus remains in place, a lot of those support schemes remain in place, i can't see the default cycle worrying banking stocks too much. 2022, 2023, i think nonperforming loans could be a bit of a problem in the euro zone again, less so elsewhere. i think really, we've got to think back to eight or nine years ago. the euro zone banking crisis. i am a student of economic history. there's a deep literature on how to clean up after a banking crisis. you've got to really aggressively restructure lenders and the offending borrowers potentially as well. the eurozone didn't that. the lesson from that banking crisis is if you don't clean up the mess properly, the risk of another banking crisis repeating is very high. so we would look further

deutsche bank has lost a string of u.s.-based wealth management executives over the last year.loomberg has learned at least 10 senior bankers and numerous employees have left. some were poached by competitors, others dismissed as part of deutsche bank's cost-cutting drive. the bank responded with a hiring spree of its own. global news 24 hours everyday -- one to four hours a day, on iran on bloomberg quicktake --on air and on bloomberg quicktake. i'm ritika gupta. this is bloomberg. ♪ >> the strength of the employment report, they are at maximum employment so they have leeway come but they talk themselves into this corner and they will try to talk them subs out. jonathan: that's the sound of the real hawk. charles plosser, former philadelphia federal reserve president. the days of president fisher, president plosser, those days are gone. none of this bullard, kaplan stuff. this was when they use to actually dissent. kailey: you can't blame them. -- lisa: you can't blame them. they've been conditioned by rate hikes that had to be reversed. at what point do the centers -- do the

deutsche bank is going to raise its pay for junior bankers in the u.s..ng to burst its first and second your salary by about $15,000. the latest in a series of banks trying to increase its wages as the competitive landscape continues, particularly when it comes to a return to office versus the hybrid model, where europe is going withuch more hybrid model. $15,000 for those first and second year analyst salaries. coming up, mission accomplished. details of bloomberg's first interview with bezos right after his spaceflight, next. this is bloomberg. ♪ alix: this is "bloomberg markets ." you are looking at a live shot of the pins a ballroom. the citizens financial group chairman and ceo at 1:00 p.m. new york, 6:00 p.m. london time. this is bloomberg. ♪ jeff bezos returns from space. amazon's founder in his first interview after coming back from space, emily chang got that exclusive first interview. let's listen in. emily: welcome back to earth. [laughter] how do you feel? >> i few really good. emily: wow. this is your first interview since landing. we all wan

deutsche bank also questioning whether lionsgate can withstand to people returning to work and travelre, as you see, down about 4.7%. let's dovetail to this, are the stars in hollywood getting a change of scenery? movie studios are now fleeing high-tax california for the state of new mexico, chasing up to 35% in tax incentives and eloper production costs. but are -- and lower production costs. to new mexico and jeff flock who joins us live from the new hollywood of albuquerque. jeff. >> reporter: they call it tamalewood now, i don't know if that's politically correct or not, but in answer to your question, no, it's not. it's businesses that are benefiting, liz. this is the famedman -- mann's hat shop in albuquerque. and no company is more successful than drawing to them than the state of new mexico. take a look at what netflix is working on here. they bought an old production studio and have tremendously expanded it. eight stages out there, netflix stages, and, you know, they're pouring, they say, $2 billion over the course of the next ten years. and, you know, shows like stranger thi

bank is upgrading electronic arts to a buy deutsche specifically cites mobile gaming as a reason to expect growth. joining us now to discuss netflix and gaming, alex alex, you know both sides of this business. what do you think, can netflix succeed where other tech giants have struggled in creating that gaming piece >> well, you said earlier that netflix has been focussing -- singularly focused on doing one thing and doing that one thing well and that one thing is no longer a growth industry. it's now a crowded marketplace where essentially everyone else is doing the same thing. and, sure, orchiginal programmig can be a differentiator, but netflix has to do something else if it wants to continue being a growth stock in the short run, gaming is a decent play when it comes to retention, meaning taking existing users and getting them to not uncub scribe next the next season of stranger things or whatever they like comes on but it is not easy to implement. game software is complex and having multiple game in the same app as a video is nontrivial there's a small number of examples of eco

bhadelia, donny deutsch, thank you for spending time with us today. >>> when we come back the republicanhe details and much more when the next hour of "deadline: white house" starts after a quick break. don't go anywhere. we are just getting started. ♪ when technology is easier to use... ♪ barriers don't stand a chance. ♪ that's why we'll stop at nothing to deliver our technology as-a-service. ♪ wayfair has everything you need to make your home to deliver our technology ready to seize the day. make it look like, it's from another planet. make your new sink work a little harder. make your home everything you need it to be. and make it yours. oscar will love that. [ bark ] however you make it, make your home like no other. >>> yes, we need to know what our, you know, constituents think, what they want us to do. how do we advocate for our district? but if nobody is taking the role of leader and leading people a certain way, telling them the truth when the republic is at risk which it truly is right now, then you can't expect anything but what you saw last night, which is thousands of people

i didn't build the postal service or royal mail or deutsche post. there were already gigantic infrastructure to deliver packages. that infrastructure today for space is way too expensive and doesn't work but if we can practice with this tourism mission and continue and build bigger vehicles, timelines are near armstrong and sort of, i can't give you because we do not know, but what i can tell you is we are going to keep working at those things, step-by-step, ferociously and i want to emphasize the ferocious the. ms. mills: we have time for one last question. [applause] ms. mills: tom casale with nbc. >> congratulations to all of you. to follow-up on the question, how do you make this more reasonable for everyday people who would like to fly? it is steep. how do you drag the cost down so this can be accessible for everyone? jeff bezos: how do you bring the cost down overtime so it is accessible to everyone? you have to do with the same way we did it with commercial airline travel. we are not even -- we are really almost in the barnstormers phase. the

and amazon a record labels which now want radio to cough it up to at their be has congressman ted deutsche, florida democrats and darrell ice, a california republican, have introduced what they called the american music fairness act, which would impose a new performance fee on local radio stations war playing artist songs. and here's the lesson in washington speak fairness versus freedom. as in the local radio, freedom act, supported by a bi partisan house majority, which would prevent congress from imposing any new performance fee, tax, royalty, or other charge upon a m r f. m. stations. if these new fees do fly, the bigger the station, the bigger the cost and on stations behalf, the national association of broadcasters points out that the $3.00 largest record labels are foreign owned, sony music, universal music group, and warner music group, which account for 70 percent of all recorded music revenue and have a combined market cap of almost $170.00 b $1000000000.00. by arguing that the a, m, f, a, only target's big station groups. the record industry also says to broadcasters, especially

i went like this off camera, i was like do not show me in a double shot with donny deutsch., i just asked him a question, if you can take me off the screen when he starts to answer. what do you think -- thank you. what do you think of eric adams' victory. what does it foretell for the future of democratic politics. you're on your own. >> let me dispel the negotiation that ivy leaguers are intellectuals, i'm an ivy leaguer. i wish every democratic candidate could be an excop or exmilitary. they need that in that party. the republicans have left the flank open in terms of they would not investigate january 6th. cops getting beat up, cops getting killed, and we're okay -- not that we're okay with that but we're not going to dive any deeper into that. this is the answer and i think the democrats have been great at keeping that crazy left wing, you know, nut job defund the police thing very, very quiet. eric adams had a great set of words -- >> there's the quote, go ahead. >> -- the justice we deserve, the safety we need. great words. if we go back to the midterms or the presiden

it was produced by deutsche wochenschau, formerly a state run news business. it is shown courtesy of the german federal archives include -- whose collections include reels of the german federal republic. ♪ ♪ narrator: months of careful preparation draw to a close as the controlled tower announces the approach of a plane carrying the president of the united states to cologne. the remaining moments before touchdown are filled with expectation. even the airport's sanitation department has its role to play in the big events. ♪ as the red carpet is rolled out onto the apron, expectation gives way to excitement. the guardians of well and order seem aware of the big assignment ahead of them. ♪ so many cameras at one time in west germany's capital is a rare sight indeed. they are momentarily trained on representatives of official bonn who have gathered to overall -- to welcome the head of state. a four minutes before the arrival, the arrival of the man who will be the official host, the chancellor, dr. konrad adenauer. it will be a highlight of his career where in a f

what i see this morning, deutsche bank, carl weinberg will join us as well. both of them are looking for global slowdown. that is the monday headline. jonathan: the ecb on thursday just got a little more interesting. we might bring you the whole news conference as well. tom: jordan loves you. from new york city, this is bloomberg. ♪ >> opec allies have reached a deal to inject more oil into the global economy. saudi arabia met the uae halfway. it will start pumping more oil next month. boris johnson plans to get the u.k. back to normal, the plan is in disarray. pandemic restrictions are ending here in england today but covid cases are rising the most. 48,000 new cases reported yesterday. boris johnson -- reversed the decision. in germany, the devastating floods have shifted to the country's election campaign. floodwaters searching for villages have shocked german voters. the conservative front-runner is vulnerable in his bid to replace angela merkel has created an opening for the green partner -- the green party. it will bolster zooms popular app against incr

we appreciate that by donny deutsch. you said what you feel.don't stop there, idiots must be mandated to, there is the game. rachel: what is frustrating about it, they think we're idiots, people are making some very rational assessments. one of the things has frustrated me when you hear dr. fauci say if you don't have a vaccine, hear it from the cdc too, if you don't have vaccine you have to wire a mask, if you don't have a vaccine you can't do this or that, ignoring the mask many people chose to not have the vaccine because they have already had covid. because they have natural immunities. these are things that we need about with virology and these keep of viruses before covid. suddenly having natural immunity doesn't count? it is very bizarre. at least dr. marty makary, fox news medical contributor has been very honest about this. in the end so many of his predictions have come true. so. assessment have come true. he is vindicated on a number of issues. he is talking specifically about natural immunity. >> one of the biggest failures of our m

deutsche bank is boosting pay for investment banking analysts.ll street rival as they translate to heavier workload. we are told that the advisory arms will now be paid $100,000. those in their second year will get 5000 more than that. it was analysts promoted to the associate level. the pay rise will go to 150,000 hours. the jp morgan executive -- the ceo of the bank's asset told bloomberg the intense workload means people can master the job quicker. they have been in focus during the pandemic in response to the junior banker concern about their's go and mental health -- physical-- their physical and mental health. >> if everyone has a regular eight hour a day job five days a week, it will take you about five days -- five years to have a base level mastery. on wall street, it is about 12 hours a day, six days a week. >> sources tell us another has cleared. david no wish -- david is going to morgan stanley. these latest departures coming in the aftermath. >> let's talk a little bit about one of the titans of the banking industry, jamie dimon. any

policy in afghanistan during an interview with german news outlet deutsche welle. >> i'm afraid afghanomen and girls are going to suffer unspeakable harm. i am spat. laura and i spent a lot of time with afghan women and they are scared. amy: well, for more, we go to afghanistan to speak to a leading afghan woman malalai , joya, a leading women's rights and human rights activist who in 2005 became the youngest person ever elected to the afghan parliament. in 2007, she was suspended for publicly denouncing the presence of warlords and war criminals in the afghan parliament. she's also the author of "a woman among warlords: the extraordinary story of an afghan woman who dared to speak out." welcome back to democracy now! thank you for joining us from afghanistan. i was wondering if you could respond to president bush's criticism of biden's withdrawal from afghanistan, particularly relating it to the condition of women. as the condition of women improved after the last two decades of waand occupation? >> hello, amy and nermeen. as i was saying in the past, the catastrophic situation was a

among them standard charter, deutsche bank, they have come out and talked about hybrids.has gone as far as to call it new ways of working. the hope from those banks that are be more flexible is that it will help them attract and retain staff. dani: of course we always have an acronym to claim what is going on. as we head into the end of the show, we've seen more risk off moves in the market. stocks lower, bonds higher. that is it for us at "bloomberg daybreak: europe." the european open is up next with anna and mark. this is bloomberg. ♪ so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. >> good morning. welcome to the euro

deutsche bank full but -- pulled back on that a couple years ago.isse is tilted towards fixed income. all eyes are on credit suisse. they've got a fruit problems to talk about this quarter. so many defections. they've had scores of bankers, dozens walk right out since they had that debacle of archegos and greenfield. that bank has been trying to restructure the investment bank. they've had a number of years. it will be interesting to see what the actual financial impact is of that and what the restructuring costs have been so far. dani: i love the way you phrase that. very diplomatic of you. that's our bloomberg finance reporter. lucy coutts. we wrapped up the u.s. bank earnings. have you learned anything? have the markets learned anything that changes your view and how you approach the banking sector? lucy: no. not at all. i think the european banks next week, there's limited scope for some positive surprises. i think we are looking more towards the downside fundamentals. we've got expiring moratoriums. banks were given breathing space to borrow. t

deutsche bank, barclays, let's see what their equities to fixed income and merger and acquisition businesshursday, keep an eye on amazon for the second quarter numbers which nicely takes in part what is going on with bitcoin. absolutely flying high this morning, up for six days in a row. in part, it is because of amazon. we have this story that they are looking for a new digital payment lead. the speculation that amazon may well indeed accept general coins as payment. elon musk saying he wants it to succeed and spacex owns a little bit of bitcoin and kathy would says organization should consider adding bitcoin to the balance sheets. pleasure to be with you. rishaad working from home today. the european market open is up next. (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aero

deutsche bank is joining its rivals in boosting pay for junior bankers. bank will pay first year analysts in its advisory unit $100,000, second year analysts will get $105,000, a $15,000 increase from previous pay levels. the world's biggest miner is considering a big step. bhp may get out of oil and gas in a multibillion-dollar exit that would speed up the retreat from fossil fuels. the company is reviewing its petroleum business and considering a sale. it could be worth $15 billion or more. the mobile payment company square has unveiled a financial features for small businesses. one of those features is a checking account that links to a businesses square debit card. they will be no account minimums, overdraft fees, or recurring charges. the cash registers and reader products have become a staple for most small business retailers. that is your bloomberg business flash update. time for stock of the hour. the deal between opioid sellers and u.s. states may be nearing an and with $26 billion as a settlement price tag. dave wilson is here with the breakdown

how do you get margins within your business up to the numbers that deutsche is enjoying?ou're right, there's a lot of incitement -- a lot of excitement post investor day about the type of business we have on our hands. we are a global leader in the space, and would have been very worthy. we are a rare breed of business, and we can manage those inflation problems primarily because they are worded in our contracts. we have inflation passed through on the vast majority of our contract. so it doesn't really feature as an issue for us. if anything we are providing a real asset, the works through our top line and helps us if anything. this is a rare breed of business, as i mentioned. high revenue growth and investment on capital of 28%. we are reducing cash flow as an e-commerce play. it is rare to see our type of is this in the market. guy: always a pleasure. thank you very much. you see it any pepsico numbers today. everybody is talking about, as you just heard, lack of containers, lack of trucks because you can't buy the new ones because of the ships, because of the chips, a

deutsche bank is said to be boosting pay for investment banking analysts.are told analysts in the advisory arms will be paid $100,000. u.s. analysts promoted to associate level will see their pay rise to 150,000. coming up next on daybreak, we will be taking a look at the rising tensions between china and the west. this is bloomberg. ♪ >> you are watching "daybreak australia." i am su keenan with the first word headlines. we start with the biden administration which says it is starting to see signs at the global semiconductor supply shortage is easing. the secretary has led white house -- increasing chip supply for a series of meetings between chip manufacturers, suppliers, and customers. do not officials say those meetings alleviate mistrust over a chip supply and allocation, translating into gradual relief for automakers. to singapore, where the virus surge will see restrictions tighten from thursday. dining in will be suspended and group gatherings cut to just two people through august 18 with a review after two weeks. singapore will unveil a virus suppo

deutsche bank is banking some of the young turk pay packages.n: $100,000 for the first year for some of these banks. tom: i think it is out of the pandemic and it is eight labor shift. is it a change in labor share? i'm not there yet. jonathan: larry fink of blackrock coming out with a percent. it is happening. taylor: it is power back to the people. you get a sense it is a negotiation. we will see how that continues. jonathan: you can see it. the workforce seems like it has leverage. i wonder how long that will last. taylor: that is a good question. i don't know. like tom said, you're coming out of the pandemic, how do you think about that going forward? i do not have the answer. jonathan: we have to see how supply heals through q4. september is the month we keep bringing up repeatedly. tom: i totally agree with your question on q4. we barely touched on it. the end of july. q4 is a complete mystery. jonathan: something as simple as back-to-school. tom: in the last 24 hours, back to school has changed. jonathan: let's see what happens stop tom k

it is the most optimistic long-term note i have seen, the only thing close to deutsche bank. i want you to tell me what the 2026 looks like. we don't go out five years enough. what does your five year look like for equity markets and total return? daniel: we are assuming that markets continue to struggle in the near term over the next several months but that we are making new highs next year and into the 2026 region as well. the genesis for the outlook is as follows -- when you think about the strength of the consumer, unlike 2008 when we saw the recovery basically impeded by weak consumer and deleveraging, this time we are seeing a strong consumer. we are seeing that manifest in areas like housing. housing may slow from its robust levels of the past year with the pandemic, but that is still a multiyear trend we see giving strength to the economy and markets going forward. next, thinking about demographics, we think any pullbacks or pauses in the market could be short-lived and shallow. one of the reasons is we have a new generation of investors coming into the equity markets

argument can definitely be there because whatever debate we had yesterday off of the goldman sachs and deutsche bank takes on the trail of this boom economy, the fact is we are in a boom economy right now, even if we come in soggy, six weeks ahead, it is still a boom economy. jonathan: the difficulty for the hawks is recruitment efforts for the next 24 hours, might be increasingly difficult. lisa: the hawks are not going to get majority in terms of the push on the federal reserve. i am curious about how much recognition there is. people are more worried about inflation and we are not keeping pace with the increases we are seeing in common goods that people have to buy. a story in the financial times, talking about the rising inequality in wealth. frankly, very much on the heels of fed policy that have improved the prices of assets. you wonder how much this is giving fed officials angst. jonathan: people will step up and have those conversations with their employers. do you think their employers reach for the research of the federal reserve to explain to their employees that it's transitory? lis

we have santander, barclays, deutsche bank, then unicredit on friday.t to get the low down and what are the key metrics to look at. morgan stanley head of european banks research joins us now. what is the most important number to look at. who is best prepped for it? >> the markets are going to be looking at -- we are used to the fact that the credit cycle is looking much better, provisions are looking much better. the market is looking slightly further away to see how the business models of the banks have gone through the pandemic and what to expect. people will look at the net interest income, the long growth , what is happening pricing wise , and what so far has been quite a standout in the banks that have reported already. i they with the reopening came the activity fee, payment fee. that is what banks are showing quite significant strength. you mentioned credit suisse asset management. wealth management side is having a good year so far. dani: along with that, i am sure the dividend picture will be in close focus. what sort of investor and sharehold

and donny deutsch thank you as well. we'll be listening to your podcast. >>> willie?rsity hospital in newark will soon require all staff to be vaccinated. joining you now president and ceo of university hospital in new jersey. doctor, it's great to have you back this morning we spoke two days ago to mayor bill de blasio in new york city who's putting in a city wide rule if you work in a hospital you have to be vaccinated. your hospital taking that same step in newark, new jersey. explain the decision. >> thanks for having me. i think it's a very wise move. i made the decision because i just simply could not abide by the risk of my staff spreading it to each other but certainly spreading it to the most vulnerable folks in the community to covid-19, our patients. we now have vaccines that have been given to over 150 million people in this country, real world effectiveness is sky high and they're overwhelmingly safe. if we are going to be providing health care we have to be the ones to set the example and keep each other and the community safe. so i strongly support mayo

let's bring in claire mccaskill and eugene robinson and donny deutsch. kasie hunt is still with us as well. for like 1 hour and 45 minutes, i can't even believe it. we'll talk about that coming up. it's just unspeakable. claire, your reaction to the revelations in the book about the rift that developed between chris christie and rudy giuliani. >> if this special committee does anything, it should take the american people inside of that small dining room and -- to orient people as to where this is, you basically walk in the oval office and there's a hallway to your right, you go down a very short hallway and at the end of that hallway is a small dining room. donald trump tricked out that dining room with a bunch of tvs. this was his little cave where he would watch, mostly on an endless loop, cable news that was good for him. the propaganda stations pushing his stuff. i want the american people to get inside that room and realize what was going on in this guy's head. and this is what this book begins to lay out for us. that is, that he was in that room an

it used to be owned by an affiliate of deutsche bank.kedin has doubled its workforce over the past few years to 3500 employees. >>> a crime corrected. organizers say that the row of san francisco cherry trees vandalized in january, they've been replaced. a gofundme effort raised thousands of dollars. back in january, someone hacked sweetness of life. >>> firefighters along the coast made quick work ofthis afternoo. the flames broke out at this else just after 4:00. crews were able to keep the fire from spreading to the houses next door. the homeowners got out safely with one of their cats. unfortunately they weren't able to get the other one. firefighters found the second cat under a bed and it was reunited with its owners. >>> each year, thousands of immigrants take the oath to become u.s. citizens but few get to do it aboard an aircraft carrier. they raised their right hands on the flight deck of the "uss hornet" today. >> i'm here for the same reason the first colonial people came, which is freedom, independence. that's exciting to be

deutsche enjoys the great outdoors deuce is a good boy who was a go for a ride?i love it. such a good girl. daisy ray i am watching you now, this is michael, he sent his dog alabama. she is five years old she does not to swim she likes to float. i like your style dear. thank you so much for us the best out of your day. follow me on twitter and instagram @kennedynation, facebook @kennedyfbn, email kennedy@foxbusiness.com tamara is game night, captives, brian brander, daniel turned with got a brand-new game for your you're going to love it but don't forget make every day (announcer) the following is a paid advertisement for time life's music collection. ♪ chances are ♪ ♪ 'cause i wear a silly grin ♪ ♪ the moment you... ♪ (announcer) there are artists we'll always remember. ♪ mona lisa ♪ ♪ mona lisa, men have named you ♪ (announcer) beautiful songs. ♪ you're so like the lady... ♪ (announcer) ...with lyrics, melodies and memories that will always touch our hearts. ♪ it's impossible ♪

i like what was published for deutsche bank talking about low r started, and price up in bonds and yields downs. jonathan: we are kicking off the morning with jim caron. number one question, the cyclical trade, the inflation trade, is it still on? jim: good morning and thank you for having me. i think it is still on, but we have shifted down. let me unpack this. what we have to understand is that the delta or rate of change is what matters the most to bond investors. in the first quarter and parts of the second what we were seeing was rising growth and inflation, and an increase in policy -- policy easing. what the market is sensing as we are past the p. growth will decelerate and inflation will decelerate. we are past the peak in policy and we are looking to take that away. it does not mean that the level of growth is bad or inflation is too low or policy easing is too tight. what it does mean is that we are not going past the peak. the reflation trade that we are talking about will still be there, it will take a bit longer to actually achieve these goals. for example if we think about t

jonathan: up next, deutsche bank's chief u.s. economist. tom: he looks at the dow.n: i bet he doesn't. [laughter] from new york, this is bloomberg. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. that $550 billion infrastructure package has cleared its first barrier on capitol hill. the senate voted to begin consideration of the bill. 17 republicans joined senate democrats and independents in voting for the measure. lawmakers expect a final passage to last into the weekend and possibly even next week. the new chair of the federal trade commission is vowing to return the agency's trust busting roots. she says she plans to use the ftc to take on those that are crushing competition. china may be preparing for a period of prolonged tension with washington. beijing's new ambassador to the u.s. is a veteran diplomat known for pushing back against western criticism. they most recently served as vice foreign minister. he said he would work to put u.s.-china relations back on track. it is one of the most anticipated listings of this year. robinhood raised $.1 b

deutsche bank crushing when it came to trade.clays doing well when it came to m&a deals. we know the loan demand universe is weak and a matter what individuals are trying to pivot to, no matter what the banks are trying to pivot to they cannot do it if the loan demand is not there. what are you going to be looking for in the back half? octavio: we mentioned the return to normality on the trading side and the banking side. that will probably decline a bit. then i think things like consumer lending and corporate lending, we see a return to normality. bear in mind, when the pandemic hit we saw deep decline. corporate ran up and said we need cash on hand to borrow all of the money we can right now. corporate lending was down, consumer lending was down. some were up. we will see that normalizing the coming months. i would expect to see strong growth in consumer lending or corporate lending and decent net interest returns there in those lines of business and investment banking trading doing relatively well. they'll be the story in the

it was called the postal service and ups and royal mail and deutsche post and so on.f billions of dollar in capital expense to build. >> so if some smart kid in a dorm room right has a dream for space they can't do it. >> that's exactly right. but if we can lay that infrastructure and then do that hard work, then they will be able to be a bunch of experts -- maybe the young guy oliver who flew with us today, maybe he'll be one of them. >> you talked about presidents on the moon. what will that look like? >> there's a couple things. one it's really about moving heavy industry. i know it sounds fantastical, and it is fantastical. but we really have to move heavy industry and polluting industry off earth. >> nuclear power plants, coal plants. >> everything. beam the energy down-to-earth. we'll make it in space, probably solar, we'll beam it down. when we make chips and microchips and everything else, all that dirty polluting stuff we'll make it in space and do those activities in space. it'll be much better. this planet is so precious, anderson, and you can see it. what

a lot is in the price and deutsche bank. i think it will be pre-much determined by equity markets.hat you will do is say i will try to forecast equity markets and origin try to forecast norwegian krone. jonathan: i think it is difficult and thankless to forecast euro-dollar. you're in fee our survey data is 1.20. we are at 1.19 at the moment. you think we can ever rage about europe into year end? daragh: it is definitely a possible path for the currency is. we have seen euro-dollar rally alongside that. i think the relative ecb fed story, who does not know about that right now? to say that is why we should be selling euro, i do not think that is the pitch point. for me we come back to are we transitioning to a new framework to the dollar, one where we are not just looking at in terms of reflation and a global upset story, we will look at the relative story and the u.s. is ahead. if we will break euro-dollar range, i think it is more likely to come on the downside rather than the top side and i think we will have to be a bit patient. jonathan: good to catch up. daragh maher. before

tomorrow we also get earnings for deutsche bank, barclays, facebook, pfizer, qualcomm.cross industries that we could see an effect. we also say we have u.s. wholesale inventory as well. alix: it will be a lot to move. i am curious to see if any of these headlines wind up moving markets. as long as people are spending, it is fine. you have to wonder if any kind of redo guidance will -- renewed guidance will clampdown confidence. that starts to squeeze growth a little bit. we are already talking about peak growth. dani: what are the second order effects of this? if making people wear masks again is a discouraging affect from getting a vaccine, if we do not see that vaccination rate pickup in the u.s., but that also hurt growth? there are a lot of tail risks. alix: 100%. it appears to be why the cdc is more reluctant to recommend a booster for that reason. alix: a busy 24 hours. stay tuned to bloomberg television. coming up, dave ratner be joining "balance of power" on bloomberg television and radio. if you live in london, check me out on bloomberg radio the cable show. it

this was teased by deutsche bank beneficiaries. credit suisse making a more dramatic pullback.ly said they are going to be cutting their balance sheet there. we think the banks are benefiting not just in prime brokerage, but through sort of knock on. bank of america and citigroup have also gained, but we think this is now the opportunity for them because the other three are already so big. tom: the salary has lifted for first year analysts. lack rock to lift compensation 8%. it is terrible -- blackrock to lift compensation by 8%. it is terrible. come on, this is a rounding area. alison: i think the big thing we are focused on coming out of this quarter is the cost. i think that is what investors have been reacting to. jp morgan has guided up about $5 billion since early september. citigroup is upping their guidance. ignore the short-term noise. tom: do you think paying 6.8% for young turks is going to affect their ratios? alison: not that specifically, but overall, we have higher costs across the banks. how much of that is inflation? how much is the cost to compete? in terms of