deutsche bank exited that business six years ago.news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> a judge is there for all americans. he is not there just for democrats. he is not there just for republicans. he is not there just for the president of the party that appointed him. tom: breyer of the supreme court , breyer of the great legal heritage of this nation and truly front and center on the future of the supreme court. without question, david rubenstein's most important interview for the nation with stephen breyer. we are thrilled david rubenstein can join us right now. 9:00 tonight to see that on bloomberg television. what a wonderful moment. what was the surprise of your conversation? david: he does not seem to be that upset when people ask him about when he will retire? he is used to the question. i would get tired of it. he is basically used to saying i will make the decision when i make the dec

i've heard nobody call it the deutsche bank center. southwest corner of central park, it is truly iconic as time warner, and of course, the attachment to cnn. jonathan: the deutsche bank center. get it right. up 22 on the s&p. tom: i don't go to that whole foods either. i go to the other one. jonathan: upper west side? you've got one right by you, on 87 entered. tom: i like the 1 -- 87 and third. tom: i like the one on the west side. jonathan: why? tom: it's got better turnover. i can buy all the gluten-free stuff. jonathan: value add. down three basis points on tends. the dollar stronger. tom: one of the great features we have come dave wilson and i have never touched gluten-free. he's here with the utility analysis. come on, you by dominion and forget about it -- you buy dominion and forget about it. dave: no, not lately. it is not only the longest losing streak ever for that index come which goes back to 1989. it is the longest streak for any of s&p 500's 11 main industry groups. it goes to show you how relentless the decline in the

especially to the deutsche bank c.e.o. point, bringing people back.is the kind of talent that's really liking work from home and that remote and flexible option. so it will be very interesting to see kind of how the banks stack up against the googles and amazons of the world when they're so adamant about restocking their towers. haidi: where are we at when it comes to the return to quork plans across wall street? >> earlier this month we really saw a lot of the u.s. banks really put more and more folks back. deutsche bank is one of those. citigroup, banc of america, also bringing a lot of folks back. and i think -- now we're in this wait and see mode where they see how that's going and how are people feeling now that they're back. and something we hear a lot as folks are coming in. but they're still doing a lot of their day on zoom. and so what will that ultimately mean for how people feel now that they're back at these desks? they haven't been to in 18 months. so i think it's still an adjustment period for a lot of these bankers. and we'll see as we

it is interesting because deutsche bank came out with a report to clients saying you are increasingly likely to develop muscular-skeletal problems due to inadequate remote work setups but people seem to prefer it. haidi: we are also seeing not much of a break for bitcoin and crypto. perhaps this is one of the trends of the pandemic as we head towards the idea of policy normalization for a number of major central banks. bitcoin can't catch a break. el salvador, the news they took it on as legal tender, we saw a fault of the lowest in about a month for bitcoin. it was down 1.517%. we are seeing still some swings when it comes to bitcoin. we heard from mark nova gratz who said the ptueswas a consequence of investors having gotten too excited. you are hearing from el salvador saying you just buy the dip, there is further upsides, this is the start of the story. we will continue to watch that as one of these pandemic stories that has grown into something that has its own idiosyncratic volatility. shery: same thing for japan. we are getting gdp numbers, they were hurt during the pandemic as

the dax outperforming up about 0.8% the banks, deutsch bank and commerce bank both trading higher commerce1.4%, deutsch shares up 1.3%. and deutsch bank's group chief economist came out with a note on their view of the implied election results saying the challenge for the government will be a dual one, defining germany's new international role and striking the right balance between a strong and guiding state. that was a good summary i i thought about the way some economists are thinking about the challenges for germany moving forward the european sectors and how the trade is faring, oil and gas up 1.9% real estate up 1.1%. autos up about 1% as well. on the down side seeing weakness in basic resources but overall the down side seems fairly contained at this stage. >> let's talk about oil and gas. bp is warning 30% of its british petrel stations have run out of fuel the shortage is exacerbated by panic buying the government has been forced to lift competition laws and allow firms to work together in a bid to ease the pressure look at ti brent the complex we are seeing a balance across all pa

he told officials deutsche bank does not share those views.an will take the first step in its plan to expand its business overseas. it will launch a digital retail bank in the u.k.. it will be called chase and will be online only. they will have 600 employees. that is your latest is flash. alix: u.k. prime minister boris johnson says the u.k. is going to sign a global methane pledge. this comes as president biden wasn't speaking earlier, trying to push members of the economy's form ahead of cop 26 to get tougher on climate. part of that is pledging methane reduction missions. guy: boris johnson is increasingly in a difficult place ahead of what is going to happen in glasgow later this year. that meeting is looking difficult in terms of the politics around it. we will see what happens. people are switching to call. that is going to be a huge problem. your pain equities sliding into the close. that is next. this is bloomberg. ♪ this is bloomberg. ♪ and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ..

deutsche bank raised their price target to 50 and they raised that to 38 so you can see what they'reinfrastructure is still coming down the pike. that's the carrot on the string. i don't know if we get there on infrastructure just yet. the progressives need reconciliation to be passed first before they get on board we're nowhere near reconciliation i think it was a lot of things that are sort of biding some time for the bulls in the steel market but this is something where people are trying to buy value and definitively that fits into that bucket and there's plenty of tail winds to keep the story on track. >> cannabis stocks rallied today. a series of drug policy related amendments to defense legislation including a new proposal to protect banks that service state legal marijuana businesses tim, what's your take on the action today this certainly doesn't reverse the trend that we've seen this year >> no, it doesn't. it's been painful three months or so or six months for cannabis which got ahead of itself as a sector on expectations on what was happening in d.c the bottom up is fantas

deutsche bank today says they are expecting a significant pullback before equities rally once again quote, with signs that indicators of macro cyclical growth are peaking we look for a significant consolidation/pullback in equity markets, s&p minus 6% to 10% bank of america goes a step further, mark to market our s&p 5002021 target is raised she says to 4250 joe, you know where we are, 4500 so she raises to 4250, but we're at 4500. and she says this may not end now but when it ends, it could end badly if tarping means no up side to the s&p 500, tightening would be worse who is right, who is wrong >> let's break that down welcome back, scott. in the near term and jenny will love this one, but understand there is competition for equities this week for the very first time you have 38 deals in the invest the graded high yields market, in addition to that you have 120 billion worth of government debt that is being offered. so there is competition in the near term. beyond that, i disagree with jimmy, i think the roaring '20s narrative that sickly w sick ql oriented stocks has been priced out an

we talked to volkswagen, deutsche bank, a bank of singapore. they see it as a way to save money. continue to watch the development of office renters. we've been asking every ceo. >> apple is asking employees now to verify their vaccine status. it's not a mandate. they want them to voluntarily sheriff they've been vaccinated so they can get a idea of compliance. they are stopping short of a vaccine mandate. in the tech industry, they have been very mixed. google and facebook are requiring them to get to the office. apple and amazon are not. every suit -- everyone is taking a different tack. apple has delayed its return to office until january. haidi: we are hearing more and more about acceleration when it comes to boosters including one out of but dharna. it was seeing very strong data when it comes to these boosters and the effectiveness. >> yes. they are firing -- filing for fda approval. they are getting that out of the way. they need full approval of the shot. yeah. they are showing strong antibodies. stronger than pfizer. the hope is to get booster shots out in the next eight

are fine and inflation was basically in line the worst news came from wall street investment, deutsche bankcting a correction and goldman sachs cutting third-quarter gp country gdp forecast. the economy market to market other real-time forecasts were suggesting the third quarter can disappoint. >> the markets can corrected in the moment but for now it seems like the kind of trading you would expect from a labor day shorted week. spin want when we expect a correction it's witness was likely to happen. some other bad news the delta variant still looks ugly the beach book did not paint a great picture. other forces alter the concern you? >> open doesn't really at this point, the cases look like they have peaked and if the market was really worried, healthcare and utilities should have done well the boats rocked and since november. i think you have to worry a little bit about the economy slowing a little bit about other factors out there but what we have to worry about are the things that we don't know usually when you have a correction because something hits the market that were not expecting.

deutsche bank bringing 5000 staff back to new york city and expects offices to refill quickly.omberg that many returning employees will have the option of flexible arrangements, deutsche bank saying workers in many industries are feeling isolated. >> we are excited to be part of this return back to the city. we are bringing close to 5000 people back to this office. we are absolutely thrilled. shery: demand may be waning. earnings per share are projected to be lower at $2.10 per share. micron is coming off a record year for chip demand. coming up next, we speak to a guest about the on and offshore risk and implication of evergrande issues. this is bloomberg. reporter: this is daybreak: asia. democratic progressives are lining up oppose an infrastructure bill, it potentially endangers president biden's economic agenda. the bill has already passed the senate but liberals in the house insist the democrats pass a larger tax and social spending package before voting. china's president is targeting a significant boost in the number of tech professionals, plus more research. state medi

are fine and inflation was basically in line the worst news came from wall street investment, deutsche bankredicting a correction and goldman sachs cutting third-quarter gp country gdp forecast. the economy market to market other real-time forecasts were suggesting the third quarter can disappoint. >> the markets can corrected in the moment but for now it seems like the kind of trading you would expect from a labor day shorted week. spin want when we expect a correction it's witness was likely to happen. some other bad news the delta variant still looks ugly the beach book did not paint a great picture. other forces alter the concern you? >> open doesn't really at this point, the cases look like they have peaked and if the market was really worried, healthcare and utilities should have done well the boats rocked and since november. i think you have to worry a little bit about the economy slowing a little bit about other factors out there but what we have to worry about are the things that we don't know usually when you have a correction because something hits the market that were not expect

i go back to deutsche bank from a million years ago. you've got to go to the micro economics of global oil. what everyone is looking at is demand and not supply. jonathan: i think tom brings up a good point. how much of this is demand driven. how much of it is the that supplies are constrained. we are looking at a d carbonization of economies. how quickly will people bring oil supplies back online to meet the demand given how low the inventory is. jonathan: -41, the s&p is down 0.9%. take your pick on the curve. tom: which yield matters? jonathan: that's where the rate hike is playing out. tom: the belly of the curve has potential. jonathan: one a move we've seen. lisa: the front end on the two-year option, that is a little bit messier. we've got the ecb president giving an introductory speech. the federal reserve is hawkish. with respect to moving away from pandemic era policies, how much they start to feel the pressure of a global shift. we will hear from jay powell and janet yellen. they will testify to the banking committee. we cont

deutsche bank said that workers in many industries are feeling updated. bond is back. final film as a double 07 finally premiered in london last night after three postponements due to the pandemic. shares traded higher this week on reports that presales for the sam -- film are the highest since summer 2019. fans have had to wait 18 months for the film. what did you think about daniel cragg? tom: you have clearly taken cues from daniel cragg because you are aligned with him on the fashion front which is lovely. i'm not sure he pulls it off as good as you. it's his last film so we should give him some wiggle room. francine: i vote for tom mackenzie in pink velvet tomorrow. if it doesn't happen, i will be disappointed. tom: i'm not sure i'm at that level. maybe we will give it a spin. laura wright, in the pink, thank you very much. switching to the energy crisis in europe. this is a major story. here's what some of the energy ceos set on bloomberg tv this week. >> this is just the first inning of a multi-year, decade long commodity super cycle. it's driven by, we have the

they have sued a number of banks including deutsche bank, and it is now coming after barclays.y are accused of paying commissions from 2008 to 2011 that totaled over 1.5 million euros. dani: thank you very much. our markets reporter. just want to flag also watched turkish shares on the move today. erdogan. we were talking to mike earlier who said e.m. was one of the places to look for and i know you have been trying to wrap your head around this monster rally coming out of the indian equity market. mark: i have. i have no idea what is going on here. i know you expect it to have an impact on this stuff. this stock market is unbelievable. india's economy was one of the most decimated last year by the pandemic. it seemed like last year it got through the health crisis but then the health crisis hit this year and despite that, that was only a slight wobble. it has been a humanitarian disaster. this is in context, many of the stock markets have been wobbling in weaned weeks. i cannot explain it. i'm about to go on holiday. dani: nobody bother mark when he is on holiday. he will figu

deutsche bank publishes the first reading for the weekend.t is a tour de force on a shift in the supply curve. he said everybody is getting it wrong. this is supply shock in spades. the weaker dollar, flatter curves. the fed will come to the rescue. i think -- it's buried in the notes. he makes a weaker dollar call. this is much more about the punditry and the narrative that is out there, that we fight every day. we are not trying to give an opinion. we've got to think through the different narratives. some are sloppy thinking. jonathan: guy johnson said to me we are and idea exchange. ideas are all over the place. lisa: the consensus, this is sometimes polarized. we had a survey in the financial times. 70% of all economists believe the fed will have to be reevaluating early next year and speeding up rate hikes. this goes against what the market is pricing in. jonathan: if they have to change the message? wow. we are looking forward to that. then, we will be observing a moment of silence at three minutes past the hour on the stock exchange fo

yvonne: that was deutsche bank on its plans to return some of their staffers to new york offices.we have seen a number of changes to the bloomberg resilience ranking. as the world learns to live with the delta variant. yvonne: let's bring in our managing editor. what are some of the biggest changes we have seen? >> we have a new number one. ireland is leading the charge of a bunch of european nations to the top of the ranking, overtaking norway, which has been number one for a couple of months. there is still a vaccination record, 90% of adults vaccinated over there. plus, it is really facilitating reopening and travel, which is key to our resilience ranking now. how economies are resuming normalizing and reopening to the outside world. big moves and a few other places. singapore and new zealand falling quite significantly as they continue to grapple with the shift from quashing every single virus case to dealing with the more transmissible delta and moving into a position where they can more readily live with the virus, but without the deaths we have seen elsewhere. the u.s. done

. >> deutsche bank is the latest sounding the alarm on u.s. equities.hey say a risk of a hard equity correction, combination of extreme evaluations and rapidly earning cycle. they are saying the market has already pulled forward that return on the -- on the recovery. investors don't seem to be taking any note of it. going all the way back to november. if you look at -- they remain far off the level we saw in 2020 during the pandemic. highlighting the extent of a bullish division we have at play with s&p 500 longs. they are saying any minor connection -- any minor correction could be exacerbating. alix: thanks. let's get into that even more. all throughout the week, i found note after note about wall street thinks getting more scared and nervous about the market. -- wall street banks getting more scared and nervous about the market. we've also said extreme evaluations -- two also seen extreme evaluations. are you in the i'm scared evaluations camp? >> certainly seen some of the optimism we felt. we face a new uncertainty. we are seeing that growth, but m

the research from deutsche bank also flags the risk of problems from an adequate remote work setups. bank showed most people expect to keep working from home two to three days a week, even when the virus subsides. neptune energy is said to be considering a merger with rival, harbor energy. a deal credit value the group at $10 billion or more, creating one of europe's biggest independent oil and gas companies. the pair's assets span the u.k., nancy, africa and asia. neptune is also considering an ipo or outright sale. toyota is planning to spend $13.7 billion on the supply and development of batteries by 2030. the world's number one carmaker announced plans to introduce 15 ev's globally by 2025. it is sticking to its vision for non-ev cars such as hybrids and says it will continue to play a role in global auto markets in the coming decades. that's the bloomberg business flash. tom: plenty of eyebrows are being raised as the steepening in the treasury curve following friday's jobs report. yields edging over. we will hear more about what mliv's ven ram because the pre-madonna in the mark

ceo christian sewing told officials that deutsche bank does not share those views.ese alien air who is the world's biggest loser, the founder of this e-commerce platform. this year he has dropped by $27 billion and no one has lost more , the internet crackdown has led the american depository -- global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ >> our current view is that it will not begin to get better until at least and of the middle part of next year, and it is still very fluid so we are not -- we do not have a high degree of confidence. jonathan: great to catch up with the cisco chairman and ceo on supply restraint. demand is decent over at cisco, the constraints set to persist. from new york city this morning, good morning, tom keene, lisette abramowitz and jonathan ferro. tom: i was in a fog yesterday. did you do that interview yesterday. jonathan: i did that. lisa did not show up. tom: you are on the nasdaq. >> absolutely. i fo

but deutsche bank becoming negative on novartis. we'll expect to see that stock dropping add well.t's joe easton. you mentioned in the program that it's possible that the european open is negative that some of those fierce start to -- fears start to ease. but it is still a more weak session. i mean, is this something that that continue? or do you still expect that perhaps some of those fears as trading goes underway? mark: it's a great question, dan irks, you can see futures have dipped a little bit lore. european stock fedders want to push this sentiment further. it comes down with how the hong kong stock market closes got another hour of trading minus 4.22% will put it as the worst session since last year. it's a little bit oh off the low as it was down for man 4%. but people are concerned about hong kong. but the extra backdrop here is that on the other side of the world not in europe but on the u.s. we have seen the s&p 500 trading really, really badly. we're seeing futures very heavy there this morning. the sentment be quite lower in europe. dani: it's been like 40 days since

ubs is rolling out a permit hybrid working model days after deutsche bank said that if you want to getnto the offices in new york, you have to have a vaccine. more consumers are making the switch to digital banking. we will get an outlook with luvleen sidhu, ceo of digital banking firm bm technologies. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. since the onset of the pandemic, more consumers have started to embrace digital banking. they have had little other choice. here to discuss the evolution of fintech is luvleen sidhu, ceo of bm technologies. i believe you are the youngest female founder and ceo on the stock exchange. but not without your bona fides. you went to harvard, went to wharton, worked at neuberger berman. what made you branch out into digital banking? luvleen: thank you so much for having me. what really got me excited, i graduated from harvard in 2008. my first day on the job was the lehman bankruptcy. very early in my professional career, i was able to witness firsthand the fragility of the american financial landscape, and how so many ameri

switching focus to the whole works and home debate and how investment banks are adjusting deutsche bankg for the end of the honeymoon phase for its remote work. a growing number of workers are feeling isolated from colleagues. nearly 40% of workers in the u.s. say they have been exhausted after a full week of virtual meetings. let's check in on the markets before we let you go for the hour. a couple of points into the green for u.s. futures. the direction of travel for u.s. tech equities. morgan stanley and bank of america signing the warning sirens on the outlook. slower growth is something that investors are grappling with. that is it. there is plenty more ahead. the european open is up next. this is bloomberg. ♪ >> good morning. welcome to bloomberg markets: the european open. mark cudmore joins me in singapore to take us through all the market action this hour. the cash trade is just less than an hour away. debate over the impact of china's, and prosperity goals. a front-page editorial in "the people's daily" speaks to ease concerns

deutsche bank will close retail branches in italy and spain in favor of a smaller number of flashy locationsshift away from covering the needs of all clients to focus on the more affluent group. it says it plans to serve customers and the rest of europe mainly through digital banking. lack rock has told employees they will start the return to office pilot program in november -- on november 1. more than half of staff will be expected to work in the office at least three days per week allowing up to two days of remote work. the world's biggest asset manager says it will assess over the next several months how well employees can collaborate under the future of work program. paul: australia's gender equality data shows a paradox. it tops the world in terms of women's educational attainment, but ranks among the worst in terms of female participation in the economy. a finance reporter crunched the data for this report. what did you find? >> this is about the australian paradox. australia has better parental leave policies and we are making progress, we are still a long way behind. what was startli

deutsche bank doing well cac and france doing well. and italy up .60%. a solid start to the week.ve a lot coming up in terms of data. particularly in the u.s. let's look at the u.s. wall street, all three averages up in the green. dow up 70 points higher. nasdaq is 60 points higher the focus is on u.s. inflation numbers tomorrow and we get retail sales and trade numbers later in the week in the u.s it could be another market moving week as far as the u.s. is concerned worth reminding viewers, because the fed is happening next week, we are in a quiet period with fed speak. we will not hear much from fed commentary this week. >>> the country has too many electric vehicle companies and consolidation might be needed in china. there needs to be something to address chip shortages in the industry three companies for driving up auto chip prices chinese electric automakers are trading a lot lower today. chinese regulators are reportedly planning to break up successful online market arm alipay as beijing continues the crackdown on tech. sam filed this report. >> reporter: chinese authoriti

jonathan: the deutsche bank ceo. from new york this morning, good morning.ed a lot about christian sewing this year. they are not in the news the way they used to be. tom: he has blocked and tackled the mastic retail. they gave him a huge mandate -- domestic retail. they gave him a huge mandate and look what he's done. running for office? jonathan: i don't know about that. the curve is flatter, 1.27 on tends. wti, 1.33%. up to tens of 1% on dollar-euro. tom: the electricity of david wilson, bloomberg stock editor, calendar item november beckons. david: yes, indeed, and it is the end of the six-month period that has been traditionally bad. so in may, stay away. tom: is that working this year? david: u.s. stocks have been going up, but they kind of put numbers, dollar amounts to the pattern over time, starting with a $10,000 investment back in 1950, looking at the six months that begin in may relative to the six months that begin in november. there is no comparison in terms of performance. if you only invested starting may, you would end up with about $78,000

bank of america, deutsche bank both calling rate hikes in the u.k. by february of next year. dani: it is so wild. if i were to ask you a couple of weeks ago when do we see this big move in bonds kick off, i don't think you or i would have said the day after the fed decision. it is significant you have central banks on the periphery really leading the charge and having an impact, moving rates higher from here. manus: absolutely. i leave you with this -- yes, we work on a sunday -- a guest said i will put in context, you're talking about $10 billion per month. the bond market is have a trillion a day in terms of turnover. i put it to you, it is not the size of the number, it is the sentiment. how are markets looking? dani: market sentiment overall pretty positive. we have some depth buyers -- dip buyers, but get used to 140, 144 on your 10 year nominal bonds. not much of a move. s&p futures pushing higher, brent on a tear. goldman says $90 for their year end target. euro-dollar not moving much after the german election results, still somewhat muddied. manus: google by thursday

deutsche bank analyst saying we think it could reflect further delays in hong kong listing process.are saying they are going to boost cash holdings amid these supply chain disruptions. we all know the auto industry and dv companies are having trouble procuring enough semiconductors for their cars. this could be a cash crunch ahead of a potential delay in hong kong listing. we have to dig into the story further, but one that will likely be going forward because this was a pity -- pretty big drop overnight. >> stephen engle with the latest. let's get more context when it comes to china's crackdowns, particularly pertaining to tech giants, available online at the bloomberg technology channel on youtube. the former australian prime minister says the -- crackdowns -- xi jinping ambition to maintain power. he served as prime minister in one of the lowest points with u.s.-australia relations. he spoke with andrew brown. >> this tech sector has different reputations in china. it is obviously the epicenter of chinese economy, but the epicenter of what is called in china, 996. work nine hours

this is our special program with the ceo's of deutsche bank and sap.t's available on bloomberg.com or on youtube, too. this is bloomberg. ♪ tom: welcome back. happy friday. this is doom -- number daybreak europe. i'm tom mackenzie. intervening amid signs of increasing contagion risk around ever grand. this is as prices facing that bit of data is fueling concerns over the nation's property sector and credit market. the pboc injected $30.9 billion of short-term cash to soothe market nerves. joining us now is maria from state street bank. thank you and good morning. thank you for joining us this friday morning. how acute are the problems around ever grand? how much focus do you and your team have on this company and the potential for systemic risk within china's financial sector? maria: good morning. i have to say we are quite concerned about china. i wouldn't say it's just evergrande. it's quite a few factors at the same time. for the stock market specifically, a big concern of the biggest part of the market. there, i have to say authorities working agai

tom: in deutsche bank, we read like gospel, folks, years ago, off the fleet desk a million years ago, the one thing, ron, you and i have seen over the decades is corporations adjust. how are corporations adjusting right now, coming out of this pandemic? ronald: you definitely see corporations adjust in terms of how they handle workers. you have got quite a few companies who are now saying three days and we could spend two days at home. it is a major change, by the way, for the economy of new york city, think about it, if you are working from home two days a week, that is two days a week you are not buying your sandwich downstairs, you are not commuting, taking mass transit. i think companies will have to navigate that return to work, and they will have to think about technology budgets, travel budgets, and they will navigate this. frankly, i think they have done a pretty good job so far. lisa: ron, i want to dig into two points you mentioned, especially with the childcare issue, you mentioned supply chain disruptions, and we will get to that in a second. i do wonder, when it comes to

deutsche bank talking about the honeymoon period is over in terms of home working. having a detrimental effect on people's position on mental health and the advantage of going back to the office could be growing. however, we are dealing with new variants. potentially something we need to be paying attention to. it is drawing the line between the jobs number and what is happening with the virus. joining us is drew armstrong heading coverage of the coronavirus. what are we seeing right now? we are starting to get this tension arriving. it has been bubbling up for quite some time on whether or not people will be going back to the office. the supreme court is making its decision but as you look forward over the next few weeks what are you seeing in terms of new variants, in terms of the numbers, the trajectory we are on? drew: you know, i think from a pandemic standpoint the situation has not changed much. you have ongoing outbreaks, a lot of them are regional in nature. in new york, it is relatively low. nothing case in other parts of the country. i think you lay that

tom: what is deutsche bank doing with your gdp analysis? we are bored today. to make some news. can you give is a u.s. gdp markdown so we can have a perky thursday? peter: they have taken some steam out of growth prospects for the second half of the year. the report over the weekend is that they are marking down that forecast for the second half, something above 7% to down below 6%. something enough to think about out of growth for the year as a whole. this is partly something that will be sustained because it is actively looking a little weaker given what is happening around delta, given anticipation of what is going to happen as unemployment benefits run off. those who want work are looking across the county and seeing that the county ran their unappointed down earlier and have seen bigger drops of consumption. that is also related to the degree to which delta has hit various parts of the country. some of that drop-off will be coming back next year. certainly, supply chain disruptions are a major factor. what has been happening with inventories, that will be

buildings on the property as well as 7 world trade center which was off the 16-acre campus and the deutsche bankn become 5 world trade center >> buildings are just buildings, but they are also symbols of how we as humans interconnect. take us through -- i know you weren't at the company for this entire period but you've been there long enough to know how this experience has been felt by the people at silverstein properties and by the people you've dealt with as you have taken such a lead role in rebuilding and redeveloping the area >> well, it starts with larry. larry was the first person to say, you know, we have to rebuild. not just for new york but for the nation and the world he just felt it was a duty to do it and everyone from larry below feels like it's a privilege to be able to work on this project and to be a part of the redevelopment of the world trade center, and it truly feels that way every day. it doesn't get lost on us even 20 years later >> take us through the effort that went into the rebuilding of some of those buildings and clarify me, if you would, on who actually owns what i

warning of a correction we saw five down days last week, citing all of the big banks, extra gists, deutsche bankoing to be what happens now? >> it might be getting alternates too consensus we haven't had a 5%, 10% pull back this year usually we see a cupping of those, and people are nervous. there's some really, i guess you could call them early smoke signals, positive smoke signals about what could happen. look, the ten-year yield is starting to turn around. that's a positive sign, from an economic reporting perspective you see economic data turn around, remember, it was in a long down trend since march. we saw opecs come out talking about how oil demand will be on the rise travel and airlines spending is potentially starting to turn around there's just really early signs don't forget, earnings are strong, corporations still have a lot of cash on the balance sheets i know that the fed is going to eventually become a little more loose with their policy, but right now, they're still fully supportive of the market. >> lindsey, you've been looking at the significance of the 50-day moving average. w

morgan stanley, citibank and bank of america, in fact deutsche bank saying the risk of a hard evaluationel is high and bank of america says the s&p akin to a 36 year as you-- zero coupon bond. i'm not exactly sure what that means but when i heard it i thought that does not sound good. jim, went to start with you. the market, a guessing game, that never seems to go out of fashion. isn't really a game of folly and i'm surprised wall street falls for it all the time. >> makes no sense at all. if you look at long-term shards that economy and stock market grow over time, corrections-- if you are and invested at the bottom and miss a few important days your total return over the cycle goes down, so i would say keep your eye on the long ball and use periods like this to rebound to the extent the market is down and you are under invested, it's a good time. charles: allen, first and foremost welcome to the show. you have to follow a legend, so are you buying or are you heading for the hills? >> first of all, thank you for having me. it's a pleasure to be here. i am a buyer. i'm a really cautiousl

meanwhile deutsche bank is giving ab in bev a boost writing its rethroning the king of beers.rns like the seltzer slowdown and beer losing share to spirits constellation brands which has wine and spirits is the only one eking out a gain boston beer the biggest laggard after it pulled guidance on accelerating growth in hard seltzer. they are looking for the next growth leader in the beverage space. >> and who knows what it will be we talked about this last time i was on rapid fire about how many hard seltzer names there are this makes note of the fact the decline in hard seltzer sales could be a boost for beer sales which had been tapering off. people buying less hard seltzer. could be better for beer sales but who knows what it will be. i know topo chico has its hard seltzer going across the country soon that could be another catalyst to get people like myself potentially interested in that i have no idea what comes next >> this has been a difficult space to invest in lately. anywhere you'd want to be buying up some of these names >> this is actually a very difficult space. ta

you have to be in the office environment, and we're seeing companies make announcements deutsche bank they're people back we know jpmorgan and goldman have brought their folks back. that will continue it will take a little time we've changed air filtration systems in our buildings we've increased our cleaning protocols, all to try to make sure people feel confident to come back into the work environment and to go back into the restaurants, you know, go to the sea port this afternoon. it's going to be very, very busy you go to brook field place, it's all happening downtown. but obviously, you know, this week is a solemn week, and we remember all the things that happened but also the rebirth and the recovery that we've seen and will continue to see >> but how do you address the group that says 25% of the people don't want to come back and we're going to see a much smaller situation here for the office spaces. when we talked about this yesterday, your point was think a little bit beyond the next year or two. five years from now plenty of people who didn't want to come back or didn't want

deutsche bank says expect significant pullback -- somebody grab their phone -- before the pullback so, okay, i'll ask you this, josh is it time to get negative, or is it time to say this too shall pass >> i think it's time to say, i hope they take them down, because the market is plus 18% year to date and i probably don't have as much stock as i want to if this rally is going to continue it's the only rational mindset unless tomorrow is the day that you're cashing out your portfolio. so i really don't see a problem with us having some sort of september or october tremors it happens all the time, i'm rooting for it, it's a better opportunity than higher prices and nobody should be shocked by that outcome on average we're off 10% from highs every 18 months or so. so, like, nobody should fall out of their chair if and when that happens. whatever cause we assign to it after the fact will probably be something scary, something like the fed made a mistake or the mu variant or whatever you want to say. but it's those times that we say this too shall pass. so i think there's always risk, ever

there is a recent survey by deutsche bank, 550 market professionals. 58% are looking for some form of pullback. stifel says we could see a 15% correction before the year over. i'm sort of contrarian. when i see this i get a little more bullish, i don't know about you, gary. >> my final math, when masses go bearish you get bullish. pay attention to price first. the opposite, if they get too bullish you go the other way but for me that secondary things to look at. what's primary is price, what's primary is leadership, what's primary are stocks and sectors that are in uptrends, not in downtrends. i'm not saying they're wrong. i'm not saying they're right. i keep my focus, laser beam on what the market is doing and not any opinions out there because everybody's got an opinion including myself and you get all confused when you get mixed messages from elsewhere but i will say this. when everybody goes bullish and you can tell when that happens, that is when you start getting scared. i haven't seen that yet but been a lot of that out there in bubble land. charles: yeah. but wall street thoug

i was part of the house intelligence committee when we subpoenaed the deutsche bank records for donaldmp in march of 2019. and i don't believe congress has gotten them yet. so this is his playbook. and it's what he is going to do, even though it's meritless, because it appears based on information that the press secretary jen psaki said today, it appears the biden administration is not asserting executive privilege over donald trump's conversations with people in the white house and certainly not people outside the white house where executive privilege wouldn't apply like steve bannon but that the biden administration is not asserting executive privilege, which really leaves no basis for the administration to not turn over the documents. >> so, in a case where one side has absolutely no legitimate legal claim, how can it take years to adjudicate a situation like this if the law is so clear that this is entirely up to joe biden on in question of executive privilege? >> because the courts move at their own pace. and they're very frequently three levels of courts, as a minimum two levels

i was part of the house intelligence committee when we subpoenaed with deutsche bank records for donald trump in march of 2019. i don't think congress has gotten him. yet so this is his playbook and it is where he's going to. do even though it is merit-less because it appears, based on some information that the president -- press secretary jen psaki said today, it appears the biden administration is not going to assert executive privilege over dame trump's conversations with people in the white house. certainly not people outside the white house, where executive privilege would apply to people like steve bannon, but the biden administration is not going to exert executive privilege, which really leaves no basis for donald -- for the administration to not turn over the documents. >> so in a case where one side has absolutely no legitimate legal klain, how can i take years to adjudicate a case like this if the law is so clear that this is entirely up to joe biden on this question of executive privilege? >> because the courts move at their own pace. they are frequently three levels of cour

have jack weisselberg who is involved with latter capital who is the second lender other than deutsche banks. and so the question is going to become who is allen more loyal to? is he more loyal to his sons or is he more loyal to donald trump? but really, the big issue like when i finally woke up and snapped out of the cult, am i more loyal to my country. on top of my family, of course it's always my wife, my daughter, my son, but what about my country? all right? you have to understand he's got grandchildren, eventually he'll have great grandchildren, and so are you more loyal to donald trump who as we all know with the january 6th insurrection was really using it as a coup, or are you going to be more loyal to your family and to this country? and i think the answer should be an easy one for him. >> okay. as always, i have more questions, so please, michael, stay with me. i want to get your take on the january 6th committee going after trump's advisers. >>> up next, how will all of this play out with donald trump? i'll talk with michael about that. i'll talk with michael about that ♪ kraft.

a briefing with executives including the deutsche bank ceo, available on bloomberg.com or youtube.miss that one. coming up, we talk more about retail sales and the u.k. unexpected leaf falling for the worst stretch of declines since 1999. a look at that story and what it means for the larger markets next. this is bloomberg. ♪ dani: happy friday, welcome back to the open. we are 15 minutes from the cash equity trading open. looks to be a positive open. that is what futures are indicating. up more than half a percent. the outperformer of courses and france up 0.7%. the u.k. ftse 100 up 0.5%. some data hit the wire 45 minutes ago. retail sales fell unexpectedly for the eighth month, the worst stretch of declines since 1999. that suggests a resurgence of coronavirus cases is taking a toll on confidence. very contrasting numbers from what we saw in the u.s.. what is the latest on these u.k. figures? >> a downward surprise for the retail figures. this really was the expectation, that people would be preparing for getting back to work, back to school. it is clear the covid resurgence we h

banks like deutsche bank will announce dividends. for them it will be the first since 2019. else should we be watching out for? >> there are banks that have dividends. some will announce dividends in the coming weeks. they include tesla. the banks also pay multiple dividends a year and they are expected to beat the big deal theirs. that is one thing to look out for, especially as we move into earnings season. keep an eye are for commentary on capital return policies, buybacks and dividends policies by these large banks. they are flush with cash. they have been holding back cash for dividends from 2019. cash has been accruing, they have so much of it they want to return it to shareholders. they will announce ways to do it. tom: thank you for joining us. january could beat the month when dividends start to get paid in significant order. coming up, the central bank attempts to diminish inflation concerns even as commodity prices raise further. we discuss with bloomberg's ven ram. this is bloomberg. ♪ francine: welcome back to the open. we are holding onto gains, a little bit of

market action, name that's in the green right now, colgate getting an upgrade from buy to hold from deutsche bankinflation and some international markets is already priced into this stock as you can see the shares are up half a percent right now. david? >> we will as you said get back to evergrande, of course, a colossal real estate developer that perhaps is collapsing our eunice yuan has been following the story from beijing and the latest for us right now. >> thanks, david china's media are now reporting that evergrande may get a financial -- may get financial help from a fellow developer the country's largest real estate developer known as country garden is being quoted as saying that it's not impossible for the company to buy some of evergrande's property so evergrande has been facing a test this week as to whether or not it's going to default. first we're going to see whether or not it's able to make interest rate payments on chinese bank loans and then later in the week, on some bonds. the big question has been whether or not beijing is going to step in with some sort of bailout. it has bee

revealed in 2014 and battling since through the appeals process but it was a basket of options in deutsche bankth a group of stocks than buying the stocks allowing medallion to book short term trading profits as long term capital gains so they paid a 28%. senator levin calling it a giant game of let's pretend. clearly that game is now over w back to you. >> the late senator was always focused on the issues. he was tenacious it is worth mentioning the medallion fund and more from the hedge fund perspective is by far the best returning and the one for the internal money, the partners' money opposed to public facing funds without such strong returns. >> that is a source of contention amazing year last year it's also interesting i went back to the 2014 hearing you talked about carl levin and 13 hedge funds that practiced this strategy. the only other one is george weiss associates i reached out and didn't get a response we'll see what the others have to do. whether we see more hedge funds saying they'll settle. >> robert, just given the fact that medallion had great performance suggests that this m