christian: for us at deutsche bank, it is important that we further balance out the investment overall swiss national bank raising interest rates as expected by 25 basis points from 1.5% to 7.5%. in line with expectations. you are seeing the swiss fall is supposed to the euro. our broadcaster in europe. let's bring him in. not a big surprise, but inflation dynamics are different. >> it is not same energy shock the aggressive had. it probably helps to have hydropower. for us, living in the u.k., core inflation at 7%. switzerland is at 1.9%. that is higher than the swiss national bank -- swiss national bank would like. if the ecb hikes again in september likely expect, we think it will be the same. tom: snb saying they cannot rule out additional rate rises. they see inflation at 2.1% in the first quarter. 2023 gdp of around 1%. they see 2023 inflation at 2.2%. edging down to 2.1% by 2025. snb saying they are willing to be active in the rate markets. 1.75%. let's get to the boe. the debate, markets pricing in a 40% chance for the basis points. do you think they go jumbo today to clear the

alix: that was deutsche bank ceo christian sewing speaking with guy. hat nicely sets us up for today's testimony from fed chair jay powell before the senate banking committee. he's currently reading his statement now, which has not changed since yesterday. michael mckee joins us. i will today be different? michael: not a lot different. in yesterday's hearing, there was a surprising lack of political questions. most focused on banking, some on monetary policy, and not much on who is the bad guy kind of thing usually get from the house. i don't expect a lot different today but i think they will want to know what the fed might raise rates. members of the committee starting to line up. we have remarks from mickey bowman, the fed governor, who has turned into something of a hawk. she said i expect we will need to increase the federal funds rate further to achieve a sufficiently restrictive stance of monetary policy to meaningfully and durably bring inflation down, so powell still has a number of people on his side. raphael bostic taking the other side yester

we will take a closer look with deutsche bank. rishaad: japan's finance ministers saying that government will intervene if the yen touches 145 per dollar since november. details. this is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. rishaad: the hang seng has been coming down since it opened. china stocks are not doing well with that half percent gain for the [indiscernible] amtek is bringing things down on global stocks falling back slightly. one major economy losing momentum is china with data for june showing manufacturing activity contracting again and nonmanufacturing weaker than anticipated. chang shu is with us. what do you make of these numbers? >> the set of data has raised the markets concern for the health of the chinese economy. nothing in terms of services and bits of improving in that manufacturing sector. if we look at details -- the weakness

india's financial crime and energy has issued notices to deutsche bank, hsbc and others over allegedhange action. we arejoined live over alleged foreign exchange action. we are joined live from mondo. action. we are “oined live from mondo. ~ . action. we are “oined live from mondo. . action. we are “oined live from mondo. ~ . mondo. what can you tell us? this is the _ mondo. what can you tell us? this is the case _ mondo. what can you tell us? this is the case of _ mondo. what can you tell us? this is the case of notice - this is the case of notice issued by the enforcement directorate against alleged illegal action by xiamen india account into overseas entities under the guise of royalty payments. the same notice issued to deutsche bank and others for not stopping these illegal payments and not doing their due diligence. this is a case ongoing for the last year orso case ongoing for the last year or so so the investigation to a tune of about $670 million have been frozen in the country and xiamen has lobbied the government to freeze these accounts and they have said all payments are

also later, guy will speak exclusively to the deutsche bank ceo on the banking landscape and more. this is bloomberg. ♪ how can you sleep on such a firm setting? gab, mine is almost the same as yours. almost is just another word for not as good as mine. the queen sleep number 360 c2 smart bed is now only $899. plus, 48-month financing on all smart beds. shop now only at sleep number dani: a selloff yesterday that began in the u.k. just accelerated after powell's testimony which reiterated much of his fomc statement. bostic added fuel to the fire, his message no more hikes for 2023, but no cuts, either, in the first half of 2024. market darlings like nvidia hit the lowest of the day. the weird thing is that stockmarket internal suggested something decides doom and gloom. what i have in front of me is the homebuilders etf. this is one of the most interest-rate sensitive sectors and this thing yesterday rallied to the highest of 2020 one. that's not exactly something you would expect if the yield curve is correct and we are heading for a recession. let's bring in the seats -- cio of s

deutsche bank's jim reid says it is hard to press how this release was yesterday. at does it mean for the bank of england >> investors took note, julianna prior to yesterday, most believed one more 25 basis point hike and possibly two. the inflation number changed everything just as a reminder, it came in at 8.7% for the headline no improvement from the prior month. similar to april the fourth time in a row that uk inflation prsurprises to the upside notably, the core cpi number without energy and food, which is tracking at a high level of 18% annually and if you remove those two, core cpi is 7.1%. that tells you the domestic pressure that the bank of england talked about at prior meetings is present and persistent the onus is on them to do something about it at this point. markets were quick to react yesterday. going into today, we have 37 basis point rates hiked in that means there a 50% chance of them going .50 basis points higher markets are pricing in a terminal rate of 6% in february of 2024. another 140 basis points from where we are now investors do not real

tomorrow we are going to have an exclusive interview with deutsche bank's ceo christian sewing. miss that conversation on bloomberg tv as banks grapple with slower pace of dealmaking and advisory in their investment banks. that is it for daybreak. bloomberg markets europe is next. 5-hour energy. think of it as 5-second coffee. for when you wake up too late to make it. or you don't have time to wait in line for it. or you're just too busy for a coffee break. 5-hour energy. the 5-second coffee. when i was his age, we had to be inside to watch live sports. 5-hour energy. but with xfinity, we get the fastest mobile service and can stream down the street or around the block. hey, can you be less sister, more car? all right, let's get this over with. switch to xfinity mobile and get the best price for 2 lines of unlimited. just $30 a line per month. i should get paid more for this. you get paid when you win. from xfinity. home of the 10g network. we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improv

he joins us and we talk about deutsche bank. began, there is no question about how he has righted the ship, when does the street at deutsche bank have the evaluation of a higher value? guy: there's a number of ways of looking at this. let's start off by how he looks and feels. he is or calm and has one of the most positive views than i've ever heard from him. they made an acquisition in london. that caught a lot of people by surprise. but he's talking about going further. he believes he can take a look at what is going on. but when we look at the credit suisse story, what was the next place window credit suisse story found the momentum. it was at deutsche bank. he certainly feels a sense of frustration. but look at what happened in the situation we got through it and -- that is what he was saying. he is pleased with where they are. is he please with them, absolutely. i think that is the message he's delivering. tom: i like the message and it has to come with expansion. our american audience does not know numinous, what is it and

shop now only at sleep number shery: ceo of deutsche bank says they expect trading results to improveigate a challenging economy. speaking with bloomberg, they told us the bank sees momentum in the business of fixed-income trading. >> we have a very strong copper bank and nice developing private bank and we can confirm our revenue for the year. we see the momentum and q2 2023 from a revenue point of view was higher than q2 2022 so overall i would say the bank is faring well, the strategy is paying off. regarding the investment bank, we always said we had a record year, we had an extraordinarily strong year in 2022 and i still think in q1 and q2 we have done well but the overall market is a bit weaker then the record year of 2022 but i do believe with some uncertainties, first -- for example the debt ceiling going away in the u.s., with the still complex situation in front of us, i do believe in q3 and q4 there is momentum in the business on the fixed side but for us as a strategy of deutsche bank it is important that we further balance out the investment bank overall with a very stron

the deutsche bank ceo said he thought it would not. ty would continue. sonali:fic is a large business, fixed income commodities are different banks perform differently in that regard. with goldman in the cooling of commodities in the most recent quarter, they had benefited from that in the prior year but it did not extend. as aggressively into this year thepoint you're are making is interesting because it's not that every fixed income businesses under pressure, it's under asher relative to last year -- it's under pressure relative to last year in certain business lines. deutsche bank has rates that can benefit them across the world and they are more weighted in certain parts of europe and abroad than maybe some of the smaller investment banks might not be. alix: i feel like there have been some modest private equity deals over the last 48 hours and some getting out of clo's. there is stuff moving on the pe front so what do you make of that? sonali: with muted deal activity for so long come you've got to get excited about a 2 billion-dol

3600 jobs in february through april, double what its nearest rivals were doing at citigroup and deutsche bankhusiastic banks towards ai we're told by a consultancy called evident, about 40% of jobs they are advertising at the moment touch on ai to some degree or another. that includes positions like quants, software engineers and roles in ai governance and ethics. dani: that means mathy people but it doesn't tell me what exactly they are doing. what does it mean for banks to be using ai in these processes? >> some banks are using ai to create tailored hedging solutions, will very will -- where they will go through vast amounts of data and come up with swaps recommendations for clients. ai can consume more data than humans. deutsche bank is using ai to match our customers with particular bonds or securities. morgan stanley has just produced software which will help it analyze speeches and statements from the federal reserve and get an indication of what interest rates will do next. manus: what about the critics? what do they say of relying on robots rather than humans? >> there were some very

jonathan: the bulls, deutsche bank. binky is looking for 4500 on the s&p.e fed meeting, what we are going to do is focus on the guesstimates for it. we are thrilled to bring you someone who runs an economy that is better than good. picking up a trophy in new york this evening, nadia calvino, spanish vice president and minister for the economy of spain. why is spain always the number one performer? jonathan: are you talking about football? tom: yeah. there it is but the answer is spain is unique. we are thrilled the vice president could join us. thank you for joining us. i have got to go to the weather. there is a drought in africa that will grossly destabilize the agricultural dynamo that is spain. quite frankly, and this worry about drinking water as well. how urgent is the drought in southern spain? nadia: it is a very serious issue because spain is a world superpower in the agro food sector. it is impacting the harvest in some areas. drinking water is guaranteed and we are investing heavily, more than 6 billion euros, in the utilization of water manageme

deutsche bank is a name we are following down 2.5%.ndustrials down as well .70%. >>> let's talk about the market impact on russia the oil market is in focus amid fears that the events in russia which is the world's largest producer could impact supply the moves follow declines last week weighed down by further interest rate hikes by the fed and weaker recovery in china bit of a mixed bag you can see most of the oil majors which are the actual shares of the companies are trading in the red weaker to the tune of .50% to almost 1% weaker on the day. deutsche bank is one of the banks we're looking at it is no longer able to guarantee access to russian stocks owned by the investors. the bank notified investors in the month that it identified a shortfall in shares back in the dep deposit receipts it issued before russia invaded ukraine. disappointing news for anyone holding stock. down 1.9%. >>> world leaders are assessing the implications of the revolt that lasted 24 hours speaking to nbc news, u.s. secretary of state blinken says this expo

communication of more hawkishness is required on the uncertainty. >> we actually heard from the deutsche bankprove in the second half. this as we are speaking exclusively to bloomberg, the bank is the momentum in the fixed income business. >> we have a very strong corporate bank. therefore we can confer for this year. we see q2 2023, revenue point of view. overall i would say this bank is faring well. the strategy is paying off with regards to the investment bank. we have always said that we have a record year. we had an extraordinary the strong year. i still think that in q1 and q2 we have done well but the overall market is a bit weaker. but i do believe with some uncertainties, the debt ceiling going away in the u.s., there is still a complex situation for the best. for us, as a strategy of deutsche bank -- and i'm with a very strong dcm business, what we really wanted to achieve is we have put a lot of investments into that. >> just to wrap this part of the conversation up, it is going to be an operating environment for the fed business that is likely to be less good than last year. q2 ma

jp morgan, deutsche bank are some of the big lenders investing on boosting ai in their firms.ore on that when we come back. we push ahead to future earnings. broadcom expecting sales to start slowing but could ai give the company a boost. remember in may, they had their best month ever, up 29%. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh caroline: welcome back to "bloomberg technology." i am caroline hyde in new york. we are halfway through the trading day. the nasdaq, we are seeing risk tolerance come backing to the market. we are seeing a debt ceiling -- hoping the federal reserve might pause. even though the inflationary pressure is styling back a little bit, the jobs market is still on fire. we are waiting for the jobless number to come out. mixed dated today in terms of adp. to your yield back five basis poi

the comes almost a month after deutsche bank made a similar settlement. eu member countries agreed on rules to protect gig economy workers after months of wrangling. millions of workers could be reclassified as employees rather than contractors. they then have to pay out things like employment benefits and socialistic. . feel less guilty. you see them on the bikes. thank you very much. let's go truth or fate. before ukraine confirmed the start of the counteroffensive, moscow made several false claims would you got on that? >> russia has threatened to display tanks. we have seen more misinformation surrounding the alleged destruction. in my example, this was published by the russian ministry of defense on its official telegram channel. we can see there are over 300,000 views and in this, russia claimed it managed to destroy 28 ukrainian tanks. as proof of this conquest, they included this short video showing the alleged destruction of these tanks. if we have a look at the video. look at what we see. can see the silhouettes and count three silhouettes. when

that's the quote from deutsche bank.is a giant company, bud light takes a small portion of it. lauren: modelo took over the number one stop. it is up one. 5%. %. stuart: quickly on expedia, it's moving up. lauren: it is up 3% taking price target to $160. stuart: here's a story we have been nibbling at the edges of for some time. squatters and renters who refuse to pay leaving landlord's with huge legal bills and few options. jeff flock has more, tell us what happened at the home you visited. jeff: better to show you what happen. this has become an increasing problem across the country particularly here in philadelphia. the property manager, thomas, come this way and show stuart this. >> let thomas walk through this. this is a property that had been rented. >> we had a tent occupy this property for a year and a half. >> reporter: how much rented they pay? >> two months worth of rent. the rest was money that we never saw. >> it was nicely painted in good when they moved in. >> correct. with parquet floors, tile. >> are tor

west coast ports >> we here at deutsche bank are hearing a lot about the reorganization of how portsountry it started with the expansion of the panama canal many years ago. also, because of the inconsistency of the negotiations between west coast ports and pacific maritime association. we are seeing market share divert away from the u.s. west coast ports to the west coast of canada and also the east coast and port of houston as well. all of these ports are making infrastructure improvements. the bottom line is there is a restructuring of the imports >> certainly something to watch, amit that makes me ask about the buy rating on stocks buy rating on the big player on the west coast port. a hold on union pacific and jb hunt huge players what is the long-term outlook on those companies? >> right now, we are in a weak freight environment. we believe that it is darkest before dawn in the transportation landscape the transportation sector is out performing 800 basis points. we are about as bad as it can get right now. there is one direction of travel here which is positive we're quite posi

it will be good for society and the overall industry and for deutsche bank.people need to interact. guy: that was the deutsche bank ceo speaking exclusively to me yesterday about the companies return to office policy. in the united states, they've taken a more clear line that you have to come back into the office. citi is one of a more relaxed banks on wall street and it is making it very clear during the process and the stuff we are about to go through that come back has an impact. with pay and positions and if you do not come back into the office that may have a reverse impact as well. joining us is sonali basak. certainly they have taken a more benign approach than others. why is that now changing? i read this worry on the terminal. it struck me as a straightforward one come back into the office, things will work out. don't come back in, as we go through the process you may see a reduced pay packet coming your way. that seems logical to me. is that where we are? sonali: for citigroup it is one of the more relaxed policies on wall street. like rock recently

deutsche bank have raised tui's price target to 843 pence, a more than 50% jump.eutsche telekom heads higher, after an ugly day friday, dropping 9% based on amazon entering as a wireless provider. deutsche telekom holds 50% in t-mobile which would face direct threat from amazon in the u.s. novo nordisk is down 1.6%, it is in talks to buy a controlling stake of a biofarma company for $35 per share. there is a drop because of the cost and difficulty with absorbing a new company. ubs moving to the upside just 0.6%. it could complete the purchase of credit squeeze by next week at the earliest. let's get to some of your other top corporate stories with the bloomberg business flash. the u.k. remains a top destination for foreign direct investment last year. britain landed to 76 investments in 2022, up from the previous year. more than a quarter of projects across the continent. france saw a 25% drop in projects. germany and spain were the third and fourth most important destinations. ubs is looking to retain more than 100 credit suisse investment bankers across asia. th

jobs advertised more than double or about double that of its nearest competitors citigroup and deutsche bankst enthusiastic banks in ai we are told by the consultancy evidence about 40% of the roles that are advertising at the moment are in some way related to ai which might include qantas software engineers, people working in government and ethics around ai. there is an arms race at the moment being triggered by the unveiling of chatgpt. banks are putting ai into a number of different uses. deutsche bank is using it to pair up there clients with securities in equities and bonds. morgan stanley have applied for a patent which would enable them to use ai to analyze communications from the fed and get a sense of what interest rates will do next in the u.s.. bnp paribas are using it to detect fraud and money laundering. tom: it sounds very positive but can go back to the flesh trading as banks embrace this kind of technology at least built under technology capabilities. there have to be risks around ai. what are people saying about the concerns about how you fold artificial intelligence and lar

deutsche bank says a modest 3% to 5% selloff is overdue.been three months since the last meaningful drop in march. do we need a catalyst or do we fade this equity rally into the end of the month? in treasuries, rally yesterday led to the belly of the curve after some week data seemed to spur some bond buying yesterday. guy was just telling us we are near the end of the rate hike cycle for the fed and that's when we usually see a rally, but what will the catalyst be for the rally? that's not clear. elsewhere, china setting the strongest fix for the yuan versus expectations for the year, maybe 725 is in the line in the sand but the speed at which china was closed for the holiday. what you get when the onshore reopened? substantial weakening that china stepped in and again, the strongest bias of the year. let's get to some other top stories we are tracking. russia being the top one. vladimir putin has condemned the wagner mercenary group as traitors. overnight he made the first comment since so threat to his rule. >> i address once again all r

katie: stephen, there is an interesting research report from deutsche bank flashing a warning for corporateey say credit defaults will consistently rise in 2023. they estimate defaults should peak at about 9% for u.s. high yield by the end of 2024. is that a concern you share when it comes to the fundamentals of this market? >> i don't share that level of concern. it does pick up in a decelerating economy that's fueled by the fed conditions. when you look at the underlying composition and what constitutes leveraged finance as well as the type of economic environment we are headed into. my expectation is that default rates are simply going to rise from ultra low levels we have experienced recently more toward or above historical averages of somewhere at three or 4%. that is far from causing a great deal of concern overall. i would say with respect to leveraged loans, there is expectations that leverage loan default rates would be substantially higher than high-yield bonds. we have a different opinion on that. despite the proliferates of single b transactions, you look at it company by compan

last month deutsche bank where epstein was a client settled for $75 million with epstein accusers.ians western state is on high as an extremely severe cyclone is due to hit later this week. it is currently over th arabian sea and is expected to reach the states coastline. people are been -- people have en told to avoid the beach and fishermen have been asked not to go out into the sea. japan isoised to raise the age of consent from 13 to 16 and an overhaul of sexual offenses legislation going through their parliament. the laws reform, after several rape acquittals in 2019 that caused public outrage. our correspondent spoke with the women challenging the stigma. a warning, her report contains descriptions of sexual assault. reporter: a small gathering where flowers are a symbol of defiance against silence. for four years, sexual violence survivors have gathered every month in this central tokyo spot to share their stories. what is now known as the flower demo has become a national movement after a series of high-profile rape acquittals in 2019. for its founder, every gathering bring

settlement haven't been disclosed yet so we don't know exactly how the money will be divided up but deutsche bankabout a month ago and they set up a fund where victims can apply, essentially, for a claim. matt: thank you very much, ava, covering that jp morgan epstein settlement. we will continue obviously to cover this case as the other two outstanding cases are litigated and/or settled. for jon erlichman, i'm matt miller is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh >> a busy week for investors, a big decision for the fed. romaine bostick kicking you walk to the close. a countdown today to what could be a third straight day of gains for the s&p 500, seeking to settle above at 4300 level for the first time going back to august. a modest gain and a relatively narrow one with big tech and big discretionary names leading the way.

the supervision of a german bank , reuters writes about this with reference to his letter , the deutsche bank by russia's decision to allow investors to convert part of depository receipts into local shares and western countries ended up in critical condition due to the high level of public debt , this was stated by the executive director from russia in the international monetary fund. alexey may in an interview with ria novosti according to him, after the pandemic, budget deficits increased in order to reduce them, countries increased their public debt. this has affected the imf itself, against the background of the huge debts of states, it is difficult for the fund. find funds to issue new loans. this was the news of the economy in short. we watch to know everything about russia , we watch the best historical series for free without registration. mikhail mishustin called for the consolidation of society against the backdrop of an attempted armed rebellion , he stated this at a meeting with his deputies. today russia is experiencing an important period of its history is directed against us,

we saw santander building up, deutsche bank took a few, barclays. at is not that many -- the rest of the people that are there are looking at places throughout the history. a lot of banks are doing job cuts right now. is not an easy environment. on the wealth side is a different story. everybody from citi and jp morgan are interested in building of their wealth businesses. they might be looking to post talent. you have local private banks that are expanding and what to potentially take on the wealth bankers. that's an area ubs will not be necessarily cutting first. they are focusing on the markets, the traders, the support staff of those teams, and then they will eventually move on to other parts of the businesses. corporate functions where there is much more overlap. matt: marion broke this ubs news. tom, what is your take on the market for bankers? anyone tuning and now -- in now who is planning on leaving or will be let go, as it looks like 35,000 will be from credit suisse starting next month, they will want to know what is the market. how satura

we previously mentioned deutsche bank. this agony and it's what we are going through. jonathon: we are going to try to catch up with the bloomberg banking team later on in the program. markets two days away from the fed decision. "in all likelihood, the message will simply be one of expect us to keep the funds rate here for a long time. if and as markets begin to bite down on that message, no cuts on the horizon, but may be some hikes, this could precipitate a stairstep higher in the yield curve." tom: we must focus on what equity pros focus on, which is the fixed income space. they have been very good with total return over the recent decade. rub it to his chief investment strategist. robert, simply right now, what are you doing to adjust for a midyear adjustment? everyone in equity land is adjusting. how does fixed income adjust? robert: to lisa's point, some people ignoring the data. some people have been zeroed in on the narrowness of tech stocks. but the fact of the matter is that on a country basis, europe and japan h

deutsch bank. saving of europe is now almost entirely dependent on the us capital markets in my opinion, the situation remains difficult with persistent inflation, interest rates will continue to rise both sides of the ocean and will remain high longer than many expected and i am still convinced that there is a risk a mild recession by the end of this year and the beginning of next year in the us as well as and in europe, you see that germany is already in a technical recession since last july, the european central bank, raised interest rates eight times in a row, yes, four percent. added northern christians this makes loans more expensive. now there are problems with already issued loans. this applies to households with their er, as it were, congestion, increased significantly in mortgage payments. tomorrow loans. payments have increased exponentially. this applies to firms in the service sector in trade in industry, which in turn credited with previously at very low rates european central bank ha

got out to jim reed of deutsche bank. ck reminding us that person public was taken out by -- first republic was taken out by jp morgan. tom: i thought bob michele of jp morgan was riveting and 80 -- in his view of this. that is a huge 44 june -- story for june. june one, there is a wall of economic data. we have an early jobs friday tomorrow. jon: yesterday, with sword --whi p sword. jobs data, job openings was surging and fed speakers came out. don't call it a pause. it upsets them. >> the eyes them, we have a manufacturing recession that is not great and fed officials come out and what is data dependency me? you have been on this but the data doesn't matter. if we get a hot jobs report tomorrow, does it make a difference? jon: what did governor jefferson say? if we do pause, we mean skip and then skip means we could hike again that it doesn't necessarily mean that it is a peak rate of the federal reserve. will the market see it that way? lisa: right now, what you're seeing baked into the fed futures market are basically

he is deutsche's bank economics. i'm going to rip up the script. your experience of the international monetary fund to see the three year and five year outlook of economic growth from the institution? is that cautious view valid ? peter: we are still facing a global inflation problem. we had a little taste of that last week from jay powell. i think certainly the u.s., europe, the u.k. especially looking out inflation that is persistently sticky at the core level. we have seen significant changes , it is easy to get inflation down from elevated levels to halfway there. it is the final few miles that are tough. tom: deutsche bank has been committed to the pacific rim for years. from japan to the deep shelf. do we have a clear picture of asian economics and a clear picture of chinese economics? peter: china is a bit of a puzzle. we had a big bounce as they opened up after covid. then softening significantly, they will need some policy stimulus to get things back to where they want to have them. our team in china's optimistic. they think households wil

deutsche bank's investment arm might bring back the managing director title after scrapping it over twotration over the policy means the ceo is weighing whether or not to bring back director titles. we are told some staff have criticized the current policy for slowing career progression. coming up, barclays is downplaying a recent exodus in their investment bank. our exclusive interview with their ceo is next. this is bloomberg. ♪ hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult for me to sustain weight loss. golo has been more sustainable. i can fit it into family life, i can make meals that the whole family will enjoy. it just works in everyday life as a mom. vonnie: pakistan central bank has left interest rates unchanged at 821% to stop growth from weakening and rain and inflation. price pressures are e

banks have to react, we have covered job cuts at morgan stanley, deutsche bank and lazard, it is not mming having exclusively at citigroup. shery: the latest when it comes to the banking sector, and those changes we are seeing across the landscape. goldman sachs also president and ceo says the u.s. could be avoiding a recession, but still faces the possibility of a mini stagflation. he spoke to us at bloomberg invest in new york. >> there is likewise a lot of positive impulses. the fact there is cross current, this is the best predicted session that has not happened yet. and it may not happen. we are dealing with a lot of crosscurrents. in our business, that can tend to make clients sit on their hands and be more muted about their positioning. we have tougher capital market environment, it has not been as robust as we saw coming out of the endemic recovery. what i am reflecting is more about the activity levels and crosscurrents, the continued debate about will be or will we not have a recession, have rates that stay higher for longer, until we get more resolution on that debate, will

emerging requirements mean it say big winner deutsche bank upgradiing anheus anheuser-busch shares ofernstein boosting kellogg. the company has a cheap valuation and investors have ignored improving outlook. looking at shares up more than .50%. >>> turning to dc and a who's who of corporate america lining up to meet prime minister narendra modi. the guest list at the state dinner includes tim cook, sundar and satya nadella. they are pitching the dream to the executives and issues over regulation and infrastructure. call this an early win for team modi ge announcing it signed agreement to produce jet engines for the indian air force joining me to discuss this is the ceo of the company already doing big business in india. alan masarek, the ceo of avaya >> good morning. >> i want to ask the first question you have feet on the ground in india. what makes it attractive to do business and have operations there? >> india is important to us. we have 1,200 employees over 6,000 globally it is a center of excellence in areas for us around r&d and customer support and services. we are a big fan o

this is the invesco deutsche bank ticker, but check out the move we have seen in this particular etf it highlights that there are some near to medium-term dyn dynamics >> we'll have more on that if it at any continues, dom. >> thanks. >>> the mystery is over. george santos' dad and aunt guaranteed the half million bond after he was charge last month with more than a dozen federal counts several media organizations fought to unseal the document. santos' lawyer tried to fight that effort. the man accused of killing two people outside a washington state musical fest telephone told police, he was on high on psychedelics police say kelly told them he was hallucinating when he opened fire and killed two family, believing the world was ending. >>> nearly laugh the u.s. bees honey colonies died last year. they're crucial to the food supply scientists say climate change, pesticides and parasites all contribute to the large number of deaths. that is alarming kelly? >>> i feel -- how many years -- what we down to? >> that colony collapse -- while they have trouble pinpointing exact sauces, they

deutsche bank said an opportunity for the buyers to fill the supplies. research analyst along with chief economist at zillow. joe, i'll start with you the home builders have been on a great run, what powers them from here. >> it's nice to be here and like you said, the report was titled the rise of the machines, maybe it's all the discussion lately of a.i this report was about how the public home builders have had a lot of success selling their business on the national and local level. even in softer markets overall, in stable and stronger markets these companies can gain shares within the industry but also demonstrate resilience why is that nvr a couple of names you have sell ratings on. >> our framework, we're trying to think about who has the best return on inventory. why the sell rating, it values higher returns on inventory better and we expect to see better growth. starts in the last couple of quarters haven't really ramped up nvr, returns are going to drift back. >> skyler, what have mortgage rates done to the market generally and in what parts of

let's bring in the vice chair of deutsche bank.reat to have you with us on the show. >> joumanna, today's shows have been about sports. before this, he has talked about the chances of inter milan beating city >> that's a different rundown. let's talk about the financials. wonderful to see you let's drag you back and put your vice chair hat back on, ozan it feels the market is centering on two narratives right now. two camps. one camp believes we are in a sticky inflation environment and rates will have to stay higher for longer another camp who thinks the trends are the real inflationary and banks are at risk of overtightening where do you stand in. >> excellent 30% chance 5% chance of a fed hike. 30% chance on the fed, i think i side with the 60/40 camp i think concept is like you said the big focus is september and october. we come back from vacation and will they follow the rba and bank of canada path? service inflation is sticky. central bank and ecb hiked in se september and october. m most of the macro hedge funds which were

matthew: the deutsche bank center. [laughter] tom: very exciting. down to, lisa. should the kids walk five blocks? i don't know. they are healthy, but still. lisa: they are healthy and still coughing, they still come back with burning nostrils and fall on the couch and go to sleep. tom: the first time i went to beijing i was ensconced in the saint regis. they got me a car to go to the office. i'm like, i'm like matt luzzetti, i can walk. it took six hours for my brain to recover from the pollution and walk. six hours. i sat there in the office with a screaming headache. lisa: i'm going to blame that tomorrow when i come in. just taking too long to recover. tom: we will get the surveillance bentley to take you home tomorrow. that is all there is to it. green on the screen. claims, higher. stay with us. this is bloomberg. lisa m.: keeping you up-to-date with news from around the world with the first word, i'm lisa mateo. some 230 square miles of ukraine's southern region is underwater two days after the destruction of a dam. the regional governor says

apple is up .50% morning deutsche bank is moving from hold to buy.nderpinned by a cash value business shares are down this morning morgan stanley with a double upgrade to equitrans looking at shares this morning up more than 4.5%. >>> turning now to the developing story on the west coast. workers at several facilities not showing up for work the last few days with contract talks with employers now at a standstill lori ann larocco has more. >> reporter: good morning, frank. the largest terminal at the port of long beach, will be closed for the morning shift and the afternoon shift today. this comes on the heels of insufficient labor on friday and weekend impacting terminals at the ports of los angeles, long beach, oakland, seattle and the largest auto port in the west coast. the portland of oakland is shutdown as of friday with no labor coming in. the fight for fair wages is the center of the showdown the union is asking for members to get paid for work and moving the trade that generated the ocean carriers profits noting during the pandemic, long sho

i'd be interesting to hear what you're thinking. >>> coming up, as shares of deutsche bank decline and fedex slips after reporting weak forecasts for the full year. we're going to discuss more after the break. >>> also later today but only for our premium subscribers, arabile will be speaking with dani saurymper they will be discussing the aging population you can subscribe by scanning the qr code on your screen right now. hi. i'm shannon storms bador. when we started selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster and thanks to shipstation's discounted rates we're saving a ton. honestly, we couldn't do it without shipstation join over 100,000 online sellers who get ship done with shipstation go to shipstation.com /tv and get 2 months free. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even

just last month it was deutsche bank that settled allegations of a similar nature that bank was abledream as a client. and they settled that for $75 million. now, this doesn't end everything for j.p. morgan chase. there is still one more lawsuit pending, and that is the us virgin islands that have a case againstjeffrey s dream because, rather have a case against jp morgan, as that is wherejeffrey eckstein committed a lot of his crimes. ., ~ eckstein committed a lot of his crimes. ., ,, , ., �* , ., eckstein committed a lot of his crimes. ., ,, �*, ., . ~ eckstein committed a lot of his crimes. ., ,, �*, ., ., crimes. thank you. let's go back to brian. crimes. thank you. let's go back to brian- thanks _ crimes. thank you. let's go back to brian. thanks for— crimes. thank you. let's go back to brian. thanks for sticking _ crimes. thank you. let's go back to brian. thanks for sticking around. l brian. thanks for sticking around. this is an interesting one. the shadow ofjeffrey epstein looming large forj.p. morgan, brian. listen, he was thought of having a political— listen, he was thoug

jpmorgan and deutsche bank, they've all come out and done that inventory, lack of asset price growth,them with a low bar receipt. >> we don't know how long some of the negatives are going to last, ie, china, and what that is going to mean as it gets pushed out potentially further and further, it has a potentially negative impact on the stock. >> i think china is the one that comes back the quickest. i'm not just sure the discounting and reduction of inventory, when they'll be able to resolve that. again, i wonder how much of what is going on with nike since the middle of may is really a reflex reaction to what happened with foot locker. you know, obviously the leading retailer of nike and foot wear. >> the other thing we've been talking with nike is what was a democrat dra matic move, not that it's ending, but it's sort of morphing back to in some ways, you know, to how it was with some of these partnerships. >> it is it is. but it's slow. it's a slow moving -- look right now if you want the momentum forecast you want the growth, you're going to get that at lululemon you can best hope

. >> next up, is shares of bud after deutsche bank, do you think bud is going to melt up pre-controversyng damage in this stock in. >> i do think that this is damage is going to prove to be somewhat short lived listen, it was all self-inflicted so, i think they'll get past this unforced error the business is still strong attractive rating in our model you can't argue with the distribution prowess and the barriers to entry in the budweiser business globally. it's an impressive machine, look as long as people still like to drink they'll do fine. >> i don't mean to interrupt, bullish on two for two so far. let's go to expedia and maybe we'll break the streak buy rating ahead of the summer travel season. what would you do with this name. >> we're going break the streak here, kelly. we don't like this, it's an unattractive rating. it's too expensive all of the good news around the summer travel boom, the return to travel i think most of that growth has peaked. we're looking at a business that doesn't have a lot of incremental growth opportunity and it's become a commodity. these online travel

so much has been said about it, but let me say this, deutsche bank upgrading an higher bush. we know that's the company behind bud light, behind this disasterous controversy over its campaign but deutch said they will up grade it to a buy. are the headwinds going to fade? ultimately they will but what is your thoughts on anheuser-busch? >> so i don't talk to individual names but i do have some thoughts. ashley: okay. >> on the whole woke advertising thing. this is what scares me more than anything, when you see the moves made by bud and moves made by target, you ask yourself, doesn't seem like they're trying to curry favor necessarily with their client base, what are they trying to do? then you make the realization they're trying to curry favor with the government. they want to be on whatever social credit score lists are being made back there. they want to be on those lists. esg is part of it too. someone points out well technically the government isn't the one compiling the esg list. i don't care. it is all the same game. these companies want to look food for something othe

deutsche bank makes a bullish call today they do not think the benefits of generative ai are priced in yet. i think that's where most analysts are, the way they talk about ai space whether it's adobe, for example, that gets a target bump today and the stock is up sharply. it's going to be our chart of the day. i don't know this is a chase, yes but is it a chase based on reality, not knowing whether it's priced into ai or not >> i don't really know the answer goldman sachs put out a piece this week saying something to the effect of ai could add as much as 1% to gdp growth every year for the next ten years. if that's right, then none of that is in the stock market as of yet but it's highly speculative. i think they're just laying out a framework, like what does ai mean then you have a whole other group of analysts who are thinking about it in terms of productivity how much productivity, how much excess profitability relative to what we're forecasting i try not to play that game because i'm not smart enough and not good at it i'm just focused on price. when you focus on price, where oracl

christian nolting from deutsche bank. it is amazing to have a day like this. you have to talk crypto with katie, that is how slow it is but then boom. there is the essay. bill dudley has been upfront on a higher rate regime and has been dead on. he takes it further today on the qe/qt debate. katie: he says this suggests a 10 year treasury note yield of 4.5%. this makes me more excited to talk to matterhorn back of morgan stanley. he says he sees this at 3.5% so there is quite a debate. tom: bring up the quote please again. i want to go through this. to really adjust the dialogue for a thursday morning. this is bloomberg opinion. william dudley. the former president of the new york fed. "suppose the fed's short-term interest rate target, adjusted for inflation, is 1% over the next decade. inflation averages 2.5% in the bond risk premium is one percentage point. this suggests a 10 year treasury note yield of or .5% -- 4.5%." ♪ at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com

do what deutsche bank recently did, settle with the victims. rdid mess with the nation's biggest bank and best banker. there is talk about him running for president. let's play this out a little bit. he wants to run for president i've been told. he wants to be president. he doesn't want to run for president. liz: who does? it is brutal. >> some people like it. i think donald trump actually likes it. i kind of think desantis likes it. joe biden kind of likes it. back in the day i don't know if he is cognizant to like it. i couldn't help myself, i'm sorry. but in any event -- liz: you're not sorry. >> in any event here is what i would say, if he ran for president this whole trial would be brought up in front of him. this whole thing would be part, this gauntlet of jeffrey epstein and dealings with the banks is something he would have to explain and one of the reasons why he is not running right now from what i understand, he take as lesson from mike bloomberg. mike block beam ran for president a hot minute. spent a billion dollars, got a handful o

. >> bertha, thank you very much >>> up next, deutsche bank says strong auto demand could lead to a seriesf q2 beats and guidance raises for that sector. we'll hear from the analyst next. >>> june is pride month and cnbc is celebrating all month long and sharing stories of corporate leaders with you this is airbnb's head of global operations tara bunch. >> the next generation of lgbtq plus talent is looking to us to provide leadership when i had my very first child, i remember realizing how important it was for me to be a role model for her i never wanted my daughter to ever see me not show up as proud and confident. because i felt like if i show up that way for her, she will ultimately feel that way about herself. and so, being that role model to your children, to your employees, to your colleagues, showing up for them each and every day, i think, is essential as a leader. this is cynthia suarez, cfo of go-go foodco., an online food delivery service. business was steady, until... gogo-foodco. go check it out. whaatt?! overnight, users tripled. which meant hiring 20 new employees - and buy

piper sandler and deutsche bank raised their price targets on the stock to $500. che had it at 430. now, of course, as i said is, up to 500. piper sandler is lifting it from $415. the photoshop program designer announced it will offer fire fly, its a.i. tool that wety but ad here on fox business about a month ago for yen rating images to its larger business customers, and it's going to offer financial indemnity for any copyright challenges involving the content made with the tools that might arise. investors not gambling on u.s. casino stocks after jeffreys downgraded both wynn and las vegas sands from a buy to a hold. the stocks are off their earlier lows but still down. we've got lvs down about 1, wynn lower by half a percent. the investment bankers also lowered their price targets, wynn from 114 to 65, wynn's at 102 right now, and lvs from $135 to $69, it's at 57 at the moment. jeffreys leaves the macau recovery, the mecca of gambling in china, has already been factored into the stock the prices. and talk about overdrive, whatever you guys are doing right now, s