dani: deutsche bank's cfo speaking to bloomberg's anna edwards. really amazing just how well they did in trading. this is a bank that, not that long ago, their restructuring strategy had been to pull back on trading. this quarter, invest in banking 34% of their revenue. alix: how does that square off with longer-term? how do you develop a better loans book when you have rates still negative? they brush that off a little bit, but that is going to be a concern that the ecb, how to grow loans. also some breaking news, talking about the virus. governor cuomo in new york talking about schools and how they should strongly consider more actions. i have no idea what that means, but that is going to be pivotal for reopening schools in the fall, getting back to work, and that is a global issue, to be sure. the close is up next. ♪ and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bu

when it comes to fixed income, this is important because this shows you what deutsche bank really is,engine of investment banking. fixed income declined by 11%, but in the united states america across the big five, that number collapsed by 40%. bank of america was the only outlier. dropped by 38%. bullish in terms of revenue for next year, but it is the cost side of the business the market will worry about. coming through on my bloomberg terminal, flat slightly better. that is the context from deutsche bank. let'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. i

we have earnings from barclays, deutsche bank and santander. moving to the downside -- santander moving to the downside even though they give us positive commentary earlier on. that bank moving to the downside. they say they are going to outperform the 2021 targets. deutsche bank and barclays moving to the upside. positive narrative 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

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 expectin

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

we saw it in germany with deutsche bank. we really thought across europe. this is really paying off for the u.s. banks yet there could be somewhat of a shift in that going forward, but certainly we are seeing a lot of the strong performance has been driven by the investment banks in both jp morgan and goldman sachs. alix: it is a good point. i wonder how you factor in what is going on in china. we have a slowdown in chinese ipo's. if chinese companies really aren't allowed to list overseas, gets a little harder to do business in china. if you are at jp morgan, you can still have a chinese company go public in china, but you will not have the same kind of you could get in the u.s. what kind of risk does it pose for these guys as europe is trying to ramp up its own capital markets business? bob: i think you hit the brightpoint, which is that after years of regulatory pushback, shareholder pushback on barclays about their investment bank, it seems that now they got some momentum, and barclays will be very competitive with the u.s. investment banks. deutsche ban

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 analysts are highlighting their top stocks to own the next 12 months they make up the firm's latest fresh money list in the technology space deutsche likes dell it's trading at a multi-year discount to its peers. in health care, medical technology company stryker is their top pick it well positioned for sustainable growth and has significant business activity. in the consumer space, three names make up that list. mandelez, marriott vacations, and under armour under armour has impressive longer term margin capitol one is a topic in financials with the firm saying it offers a solid return and superior upside versus its peers. for the rest of the list head to cnbc.com/pro kelly will get the full note and list back over to you. >> thank you very much, dom chu. >>> up next, could growing fears around the delta variant hurt travel stocks just as things were returning to normal plus if the travel stocks fall, what does that mean for leisure groups like casinos. vegas saw its best gaming revenue ever in may. he'll join us next to weigh in dr. arnold t petsworth had an influx of new p

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

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

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

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

among them standard charter, deutsche bank, they have come out and talked about hybrids. as 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 europ

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

we have santander, barclays, deutsche bank, then unicredit on friday. 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 shareholde

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

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? lisa: i

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

this was teased by deutsche bank beneficiaries. credit suisse making a more dramatic pullback. y 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

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

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

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

literally, they're turning lucrative operations into nonprofits that's why deutsche bank just cut the. the communist party is killing three birds. it's confiscating the wealth, second it's making the education system more equal. rich kids can't pay up for better tutors, third, it's smashing the wealth for others who might own this yes, crunching the wealth of people like you if you didn't listen to me if you didn't listen to me i told you to stay away from these. you can't say the party didn't give you fair warning when they crushed de global, the chinese uber once it became public i think the company is going after companies it thinks is a bad influence on the people. tencent, how tows that make people smarter b baydo. mao, he's kind of back i keep joking that it's china remembered it's supposed to be a communist country. they spent 40 odd years erasing free markets what's that mean for you let me say something very uncontroversial. you don't want to invest in a company that's acting in communism. don't buy communist stocks so it's time to free multiple chinese communist stocks inclu

deutsche bank sees bullish signs for 2022 helped by better-than-expected trading revenue, while barclaysealmaking. a due diligence disaster. credit suisse earnings on deck, as well as an internal inquiry to the archegos blowup. and wizz air's ramp-up. the ceo now predicts 100% capacity in august, hopeful of a good summer travel season, while the u.k. confirms passengers from the u.s. and eu can skip quarantine, and they will restart cruises. dani burger is in for guy johnson. here in the

shares up at 4% putting it towards the top of the 600 deutsche bank swung back with profit in the second quarter shares marginally higher there and then in the fashion space montcler shers more than doubled year on year excluding the recent 1.2 billion of men's fashion brand stone island they said the double digit growth as well as online, moncler shares down. the stocks are reporting numbers today. >>> now turning our attention back to the united states. a developing story when it comes to covid and the rapidly spreading delta variant. the cdc is reversing course on the mask guidelines. recommending unvaccinated and fully vaccinated people begin wearing their masks indoors in places with high covid transmission rates this comes as president biden is reportedly going to ask mandatory vaccination guidelines across the federal government. tracie, good morning a lot to unpack here >> reporter: absolutely, frank good morning, everyone the mandatory federal requirement would have some exceptions but would be a sweeping change and send a message about how serious the government thinks this lat

with live sports and that goes against some convention y58al wisdom but amight see mid big tech, deutsche 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 m

deutsche bank is north of 20 billion euros, we are talking about a company four times as big.se are big companies having a discussion about m&a. tom: there are the little companies as well. the singular news is the behavior of consumers and you see that in the panic at goldman sachs and apple to set up and affirm equivalency. afrm has not done all that well to smaller companies. you know what, in december. the big boys are petrified -- you know what, it is simple. the big boys are petrified. lisa: i am wondering if biden, if that is how he is going to make his name, how he will allow these big eggs to acquire other big financial tech firms -- how he will allow these big banks to acquire other big financial tech firms. jonathan: did you come up with that name? tom: no. -- lisa: no. jonathan: i have heard that before. we are waiting for numbers. from, this is bloomberg. -- from new york, this is bloomberg. ritika: president biden says it is a national imperative for congress to pass voting rights legislations to counter laws passed by republicans. he calls it election subversion

tom: i will go with deutsche bank in the two part yield market they see and economy they see, which isrt-term dimon nuke -- short-term dynamic. they are also looking at the long-term dimon m -- long-term dynamic. jonathan: should we get there, who would have thought that lisa would go degrees, that katie would go degrees and they would be on the same plane? the same flights. tom: it is against surveillance policies, too much risk there. jonathan: the only thing we know so far this morning is lisa is not going to greece and kaylee is not going to greece. that's what we know. tom: that's all we know. lisa: but they are on the same flight -- jonathan: but there on the same flight. you will not ask which airline. >> lisa and i will have a great time at the airport bar later on tonight, but forget about commercial flight, let's talk about spaceflights. richard branson is going up in space on july 11, nine days before jeff bezos. he's beating him to the punch. as a result, space ticker shares are up by 28% in early hours. lisa and i are allowed to go degrees because we are vaccinated america

jpmorgan, the most bullish overweight ratings sounds ironic, i guess goldman sachs and deutsche bankk a more neutral stance a 13% upside saying the company's strategic plan will give the stock a boost the analyst pointing out the doughnut make certificate a widely admired brand that can fully participate in the recession resistant $650 billion. and i love this term, kelly. you can read more about the initiation at cnbc.com/pro >> don't put it that starkly to me it makes me feel bad if i invest in it. >>> ahead, bitcoin crashing and now climbing back dramatically to six week highs and tether is facing a criminal probe. a top investor about all of it next wall street expecting the ev maker to deliver record earnings we'll discuss that as "power lunch" continues i'm 53, but in my mind i'm still 35. that's why i take osteo bi-flex to keep my moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex. find our coupon in sunday's paper. osteo bi-flex. (sound of people returning to the workplace) (sound of a busy office) (phones ringing, people tal

i come at this as from the perspective of someone who worked at merrill lynch and deutsche bank. well merrill lynch prior to the 2008 financial crisis. i worked for the over-the-counter equity derivatives trading desk before dodd-frank when there was not regulation and all the trading was essentially opaque and the cryptocurrency markets reminds me of that time and you know, there's been statements in this hearing today that all us basic exchanges have no your client requirements, which is true, but that's not the only place that us users can trade cryptocurrency. there are defy platforms, and i have yet to come across the single defy platform that has know your customer requirements. and so there are a number of ways to sort of evade some of the so-called safe cards that are already being touted as being in place and i think you know, we need to look at what cftc commissioner dan berkovitz recently said in a speech, which is that some of these d5 platforms are operating as unregulated unregistered exchanges and maybe illegal under the to be exchange act. i also think that we nee

i come at this from the perspective of one who worked at merrill lynch and deutsche bank -- merrill lynchor to the 2008 financial crisis. i work for the over the count equity derivatives trading desk before dodd/frank when there was not regulation and all the trading transactions were opaque. the cryptocurrency market reminds me of that time. there are know your client requirements, but that's not the only place cryptocurrency can be traded. they are defy platforms, i have yet to come across one of those that has know your customer requirement. there are a number of ways the evade some of the so-called safeguards hare touted as being in place. i think we have to lock at what the cftc commissioner said in his speech, some of these defy platforms are unregulated he can changes and may be illegal under the commodities exchange act. i also think we need to be concerned about leif los angeles, both by institutions and leverage by retail investors. retail investors in the stock market traditionally can't have more than a two to one leverage. in cryptocurrency markets many with get up to 125 to

there's research at fidelity, deutsche bank, and credit suisse , among others, that call bitcoin an emerging store of value. goldman sachs has said the same about ethereum. so my question is, because stable coins and the central bank digital currency are more synonymous with the dollar as an instrument of payment, and bitcoin, ethereum, and other virtual assets are more and investment commodity like gold, when you spoke to the financial services committee in the house yesterday, did you mean that stable coin would be unnecessary if we had a central bank digital currency? chair powell: basically, you're right. let me say with cryptocurrencies, it is not that they didn't aspire to be a payment mechanism. it is that they completely failed to become one, except for people who desire anonymity, of course, for whatever reason. that is why i included them. but i completely agree. really, the question is stable coins, and my point was stable coins are like money funds, like bank deposits, and they are growing incredibly fast. but without appropriate regulation. if we are going to have something that

. >> josh, paypal, price target raised today to 360 from 310 at deutsche bank that's you >> yeah, thiservices companies in the whole world it's considered a technology stock by the index committee but they are incorrect this is the bank of the future market capwise it's now bigger than all of the actual banks and fl really is no financial service vertical that they couldn't snap their fingers and decide to get into so if you like sofi you have to love paypal, because they are like five years ahead of anything sofi is working on. and they've got huge financial where with alto go to other places don't be surprised if the young people in your life start buying their insurance from paypal, start putting deposits with paypal instead of a physical bank making all payments paying bills like that's what this company has the ability to morph into. and more online users than almost any other platform. i love stock it's expensive but too bad it's always been expensive it probably always will be and i'm staying long. >> ask halftime is next. send in questions by video we'll play them on the air em

it's the gap giving upgrade over at bankamerica today i'm sorry deutsche bank. like the gap itself >> isn't everything at this point retro into the early '90s. why wouldn't one of the great growth stocks of the '90s but something back in favor. it is important to point out there is a small minority on the street that does like gap at these levels i think people very much engrained in the idea this is a shrinking company by design at this point trying to retrench the gap brand itself, agent leta has been a great story but is large enough to at least on a perception basis move the needle for the stock. i think it makes sense here. it probably trades at the highest ratio in the last few years. it was valued at a little more of a premium >> es yes, we're not back to those numbers yet. are you a buyer of it near 30 here, gina >> it's interesting. there's always a buyer at any price and i think it's interesting here the other thing is that the pandemic has shifted us. if you consider where we used to be, business attire, business casual, now everybody likes yoga pants

higher margin business increased to 27% of the business this year from 22% a year ago according to deutsche bank for 9% the second half of the year it was 11% in q2 coming up on "mad money" tonight she talks about the possibility of share buybacks, the better, not bigger strategy and much more, kelly. >> we like to call this sound bite from the future, frank. you'll hear that and a whole lot more on "mad money" tonight. frank holland, thank you very much really appreciate it today that does it for "the exchange" today. "power lunch" starts right now. >> we have a power hour ahead. a tough day for nasdaq, but all that could change this afternoon, because we've got heavyweights, apple, alphabet and microsoft set to report their earnings how you should be positioned, and how the next few hours could determine the direction of the market. >>> the next front in the battle, the u.s./china battle, that is rare earth metals and elements there is a race to secure critical supplies of these m minerals and we are live at the only american operating mine where the department of defense is playing offense. >

in fact the deutsche bank survey of institutions now rank the variant as the biggest risk to the stabilization of this economy and the stock market, far more, 63%, 42% say higher inflation an bond yields. 34% worry maybe the whole economic rebound could be short-lived. where are you now with respect to the fed? what do you want to see today, phil? >> i'm hoping the language and what i saw in the headline there are going to be less accommodative at some point. the fact of the matter is they have gotten everything they wanted. they are able to continue to finance debt at record low levels. so gary is right. what we can't look past, you're financing the debt for pennies on the dollar and as long as we make more than what we're financing at this is not an issue for them. they don't have gary's concern. i do get concerned we continue to prince endlessly, and worried about friction created in the economy. we need liftoff. we were getting higher inflation. everything worked out for the fed. the delta variant is another reason to continue print. they have alternative end date. they will do this now fo

deutsche bank, citigroup, effectively what they are doing is giving first-year analysts the baseline$100,000. that is about an increase of $15,000, which is pretty typical across the sector at the moment. these banks are looking around, figuring out how on earth we can keep our young talent in a world where they are working even harder than they used to be and bit of -- and motivation is kind of low. anna: and they might be lured to other opportunities. i'm reading a piece that says wall street offices will not win over young talent. that is his view. >> this is one way to try to keep young talent around. the problem is, the pandemic accelerated this. people are really looking at more lifestyle choices. a young ambitious person might way out tech for example, and go out and look at your own thing. you have a better lifestyle and fundamentally the long-term returns of being in a tech company or being a startup entrepreneur vastly exceeds the extra 15 grant you will get your first year of banking. anna: we seem to be having the drip, drip of news about people leaving credit suisse. one

i come at this from the perspective of someone who worked at merrill lynch and deutsche bank -- well, merrill lynch prior to the 2008 financial crisis, i worked for the over-the-counter equity derivatives desk when all the trading was essentially opaque. the cryptocurrency markets reminds me of that time. there's been statements in this hearing today that all u.s.-based exchanges have know your client requirements which is true. that's not the only place that u.s. users can trade cryptocurrencies. there are d5 platforms. i've yet to come across one that has know your customer requirements. there are a number of ways to evade some of the so-called safeguards that are already being touted as being in place. and i think we need to look at what's the ftc commissioner dan birk vich recently said which is some of these platforms are operating as unregulated, unregistered exchange and may be illegal under the commodity exchange act. i also think we need to be concerned about leverage, both by institutions, but also leverage by retail investors. retail investors in the stork market traditiona

deutsche bank smashing quarterly estimates, even as one of its most important divisions was actually es held better than expected. investment banking division may have peaked at revenue as we saw it drop 11%. the unit was critical in driving profits higher during the first quarter. deutsche annoyancing it abandoned a cost cutting target and they'll rethink a sweeping layoff plan. starbucks seeing quarterly sales outpacing pre-pandemic levels, reported $7.5 billion in sales, beating expectations. sales of higher price items like cold brew coffee did help push sales higher. the coffee giant warning that higher labor and supply costs could stick around for a few months. we're watching the stock this morning. they they were one of the hardest hit companies to be hit early on by the pawk. pandemic. the stock is down 2.64% in the premarket. we're getting a lot of these numbers coming out. some of it's good, some is bad. another headline we're watching the cost of data breaches reaching a 17 year high. ibm says a data breach cost the average company, get this, $4.2 million per incident with

there's research from fidelity, deutsche bank, and credit suisse among others that call bitcoin and emergingtore of value. goldman sachs said the same about ethereum. so my question is, because stable coins and the central bank digital currency are more synonymous with the dollar as an instrument of payment and bitcoin, ethereum, and other virtual assets are more of an investment commodity like gold, when you talk to the financial services committee in the house yesterday, did you mean that stable client would be honest -- coins would be unnecessary if we had a stable digital currency? chm. powell: basically, you are right. let me say with cryptocurrencies, it is not that they did not aspire to be a payment mechanism, it is that they failed to become one except for people who desire anonymity for whatever reason. that's why i include them. i would agree, really the question is stable coins. my point with stable coins is the like money funds are like bank deposits and are growing fast but without appropriate regulation. if we are going to have something that looks just like a bank deposit, an