rival fintech conferences.y will have a few more people in person in singapore, they got a head start on opening up but hong kong could get between 12,000 to 20,000 participants according to the economic development secretary who we will speak to shortly. this man is the cofounder and executive chairman, you just had a fireside chat with the economic development secretary christopher hui, what is the take away as far as what hong kong is going to do as far as legalizing retail trading of cryptocurrency. they are going a different way from mainland china, mainland china bands trading of cryptocurrencies, hong kong is going in a different direction. >> they are clearly demonstrating they have a different perspective from china. that reinforces the idea that hong kong and china are distinctly different in the way they operate. even financially today hong kong has a different roles and china has in the rest of the world doesn't understand that. this policy finally makes that clear. >> does this put hong kong sudden

i manage inn that the fintech one has done even worse. >> absolutely.et's see, it's underperforming today, the innovation etf down 6% actually fintech is doing slightly better than the innovation etf, but she's been really bullish on some of those names, square and just bitcoin in general and that long-term innovation disruptive trade and she's got that fintech etf and also a long-term believer in bitcoin, although she did ditch paypal last year, about six months ago, and paypal has been an outperformer. that was in hindsight at least in the short term trade not the best move. >> okay. yeah, down 90% almost in 12 months that fintech innovation fund >>> let's talk with gene munster of luke ventures gene, tech is in the cross hairs. it has been before we we had these rate worries, but the wrinkle to the new wrinkle today is we got warnings from amd and from samsung leading to some real concerns about pc demand, memory chip demand what did you make of some of those warnings >> i was actually glad to hear it in the sense that, you know, we've been bracing f

hong kong's fintech week has begun.to the event where stephen engle is standing by with our first guest. >> thanks a lot, that interview dovetails very nicely with the beginning of the hong kong fintech we. the biggest, most overt hard right out so to pitch this city as potentially a digital asset of internationally. they are getting a bit of a start because hong kong was late to reopen of course, as we all know, and maybe they are falling behind other areas like dubai and singapore digital assets opening up as well and creating a regulatory framework. into particular, what we are hearing, we are going to get details this week a potentially this mandatory licensing for retail cryptocurrency trading platform care in hong kong. for more on that, let's bring in vivien khoo. we were just listening to ravi. he was saying singapore, given the turmoil and implosion of the cryptocurrency market since november of last year, or perhaps needs to be more guardrails for the retail side of crypto trading. what have you heard from hon

and fintech week. regulations are impeding innovation in the financial sector.longside jp morgan president. >> whether that manifests itself in helping people feel secure with their savings and their money, custodians overpayment flows on behalf of citizens but also governments, those roles are structural. and they are protected by regulation. we complained about regulation but in many ways it is a solidify her of the roles of bank -- banks. they put a lot of hurting's on us as well as banks. the role of banks is pretty secure. >> do you feel the regulations are catching up now to the technology? >> no, i think regulation is a big impediment. the way we have shape technology within our organizations to be fit for purpose runs counter to a lot of the regulatory incidents but regulators will eventually catch up. >> how do you think banks are adapting to this new digital reality? how do you thrive? >> nice to see you. thank you for inviting me. it is an interesting time. technology is at the core of pretty much every bank. we need to adapt to what the clients and c

. >> interesting what do you do with fin tech you're not big on fintech lending companies, wondering how you feel about crypto given all of the drama there, and there's s and b fintech, there's other types that we don't tend to talk about as much, but that seem a bit more stable. >> i'm very bullish on, there's an argument there's names in the private markets like plaid, like stripe, that are that. block has the potential to be sort of core fin tech infrastructure, the fact that they changed their name to block from square makes me inherently skeptical of that one. i think maybe they had a few missteps in 2021, and certainly around buy now pay later, which i'm very skeptical of at this point. they changed their name to block. beyond that, i'm generally bullish, where you don't have a lot of lending exposure, and i think a lot of the energy around fintech in practice was simply driven by a fallacy around zero interest rates, and i'm stealing a line from the famous short seller a lot of fintech companies aren't tech companies. i think a lot of them are going to go to zero unfortunately

fintech has no clothes did you see that one division, david, where they dumped all the fintech into >no. >> well, that -- that's one of the things they dumped the -- they dumped the fintech into one. >> we're back to jpmorgan now? >> no. you're talking goldman-sachs >> i'm saying that goldman has this group where it's fintech, the green skies, and it just seems like they're really -- they're trying to get away from the thing that -- the expensive retail business that they all told us wasn't as expensive, and you didn't have to worry about it well, it was expensive and you had to worry about it. >> okay. i just want more specifics i read the same story you have i'm relying on the "journal's" reporting. >> david, they just -- let me turn to carl because obviously you're in a bad mood >> the point is, goldman has been frustrated for some time, and it feels as though it hasn't gotten a multiple that's appropriate to the actual stability of its business. >> so what are they doing? >> if you talk to any senior kpechs at goldman, for years now, they says, we have a blackstone buried inside g

i am big in fintech and wealth tech. interested listed companies and i think those are the best opportunities to jump in. alix: we saw the real stabilize after taking a hit. if it loses a lot of steam based on the cabinet and what lula talks about, does that impact the bloody for small caps to do well, in your opinion -- impact the ability for small caps to do well, in your opinion? oscar: i don't think so. it will be a momentary impact only. guy: we are watching to see hopefully the peaceful transition. thank you very much indeed. this is bloomberg. ♪ guy: normally at this point, i would say we are going to start counting you down to the european close. only four hours away from alix the remainder of the week. europe up around 1%. we have big events coming up. fed, payrolls, bank of england as well, certainly a focus. we are down around 1%. what is the bank of england going to deliver this week? expectations center around the idea we could see a 75 basis point hike. but then what? that is the critical question. we got c

your going to see a washout in his view in fintech. these prices, i think the sellers are only there if they need to sell they're probably holding out for better valuations, which he thinks might come later this year that'd be a huge chapter shift in how we've talked about legacy banks and some of these new startups. >> that is the key question. where do they think their valuation should be? at what point do they get out? it also raises the question of how do you finance these deals we have seen more all cash deals but this still doing some leverage buyouts in this tricky credit market, that's difficult. you've also got this uncertain economic backdrop as reasons against m&a. we are seeing deals done >> indeed, in fact, let's stick with the markets this morning, bring in cnbc's senior market commentator mike santoli talking about banks, and apparently how we're still beholden to some e coe data >> for sure. yesterday's move was impressive, dramatic, not decisive you have to look at it in the context of where we came from and the levels

bouncing off their lows kate joins me with a closer look >> it has been a couple tough months for fintechn base and robin hood are all in the red if you look today. and then wall street is also pretty worried about the low-end consumer, so these fintech has been focusing on the consumer credit, and block has moved further into the credit space of payday loans, and the duo downgraded this last week. you have got a firm, and that is the leader in that buy now and pay later category, and we have not seen evidence of more duh lyn delinquencies, and because of their exposure to a higher end customer, sofi's average cus customer fico score tends to be in the 700s. the trading slowdown has weighed on coin base and robinhood there could be a bottom in the stock because of the rumors. >> there's also this area, and let's call it legacy, visa and master card. when markets are this vola volatile -- >> she said they really have out performed and have steady fundamentals, but the fx headwinds are the things to watch for big earnings and companies like visor >> wall street has been more excited about c

in health care or fintech?e are seeing a huge amount of innovation in digital health, there has probably been too much funding in that area. but it has created this bedrock of new startups that are getting access to so much more data that we've had in the past. this is going to cause some breakthrough treatments, people looking after their mental and fiscal health. it is because you are able to take tens of millions of data points to see what affects your training. this is probably one of the most fundamental shifts we will see. amazon just bought into digital health, and they will take that to the next level. the other areas we're spending time in, companies that monitor responsibilities to make sure corporate's are acting in a moral way. there is this whole breed of startups and growth companies that are making companies accountable, and contract if there suppliers are behaving in a ethical way. and obviously, cybersecurity is top of mind at the moment given the political situation. francine: cybersecurity se

we talk about apple's continued fintech push.irst, stocks roaring back from that selloff sparked by hot inflation numbers. how did tech fare? ed ludlow has been watching all day. ed: it a wild ride. the hot print from september reinforced the idea that the fed will remain aggressive with its rate hike paths. the market stayed sanguine when we look at volatility data like the cboe. the vix index, the market didn't seem to panic, surging back on the nasdaq 100. on the s&p 500, swings of more than 5%. 6% at one point. at one point, down by 3%. let's get technical. look at this bloomberg terminal chart. it was interesting. technical levels did seem to play a key role. the benchmark s&p 500 at one point was down back below 50% below its post-pandemic rally. that 3500 level. that seems to have triggered program buying. in other words, the algorithms kicked into rebound the market. emily: let's dig into tech and how tech fayard. it has been absolutely dreadful. ed:ed: a few weeks, rates have been pushing higher. the philadelphia semicon

i just think that fintech was loved for a while, but the banks, the core banks figured out, what we'reoing to hear when brian moynihan speaks next week is that they are the bank that all these other ones want to be. square's not delivering, and i keep -- i like the cfo, but i think that one of the things that were happening is that we saw from twitter, you can't have an absent ceo. i thought he was doing a good job at twitter, but i don't think he's the number one choice to be captain. >> probably not. >> i think that could be a clean your desk situation. but block's not run by anybody and that's always been a problem. it's kind of like the panthers, okay like, until they get a coach -- >> does that mean that there's less danger of upside expense guidance from traditional banks if there's less of a fintech element to compete against >> yes like, the only fintech element that i thought was meaningful was how much -- i don't know if you saw that you got 3% now on your goldman account i got 3% today so, the goldman apple is good, but the fintechs, their days come they had unbelievable gro

fintech week the question over has this helped the discussion over regulation or has it hurt.these companies went bankrupt the argument from the industry is you would rather as a regulator have some of these companies, henning dge funds in case, operate in the regulatory structure and have more oversight than operate, potential regulatory gaps or arj triage that has been a boom for the industry in saying look what happened here. that may have been prevented had we had guard rails and regulations. that seems like a big talking point for the industry although it was a big black eye on the industry at the same time. billions of dollars wiped out of the market >> yeah, certainly two sides of it did it self-regulate i don't know i guess we don't know for years to come. thanks very much. >>> let's hit on something you might have missed from meta's event yesterday. there is a partnership that meta announced with microsoft bringing teams meetings to meta's quest headsets. an interesting window into the future of vision for work. that's not the only cross platform teams push. microsoft

state sets the direction of development and through control over key sectors - this is metallurgy fintech context in terms of the financial component, yes, this is the banking system, this is some engineering companies, because of this, and, of course, energy, because of this, it sets e-e impulses and affects the e-economy through, for example, the mechanism of influencing the prices of suppliers through various subsidies and preferential loans and so on, that is, china retains control over the economy, despite the fact that formally it is a market economy, and one of these we have to be able to push back against during the analysis of how china works. china, you mentioned that the west can impose sanctions on china at the same time. we also heard a lot about the fact that the west cannot do without china, because china buys the debt securities of the united states of america. and at the same time, china cannot do without the west, there is such an interdependence, because they mainly try to sell their goods and er, in these captive rich markets er, in particular and in america well, we s

the direction of development through the control of key sectors - this is metallurgy, this is the fintech context in terms of the financial component, yes, this is the banking system, this is some companies, e. and affects the e-e economy through, for example, the mechanism of influencing the prices of suppliers through e-e various subsidies and preferential loans and so on , that is, china maintains control over the economy despite the fact that formally it is a market one and one of these us it is necessary to push back when analyzing how china works. china, you mentioned that the west can impose sanctions on china at the same time. we also heard a lot about the fact that the west cannot do without china, because china buys the debt and securities of the united states of america. and at the same time, you cannot do without china without the west. there is such interdependence, because they mostly try to sell their goods and uh, in these baked markets that are not quite rich, uh, in america in particular. is china dependent on the west and vice versa? really , the dependence still persis

it would be more like fintech startups or chinese companies hiring those talents.guage skills are still relatively important. yvonne: in terms of the finance field, what jobs are still wide open right now? carol: tech. eta scientists. those kinds of jobs. we don't have a lot of talent in hong kong at all. rishaad: where do we go from here? i've met quite a few people, five who recently moved here. a tennis coach says he has loads of new customers. are we seeing people coming here now? carol: i do see some. i don't see a lot for now. it takes time. the rate policy has just been introduced. when we see the schemes mentioned in the policy address yesterday, how it will go. what we are seeing now is kind of temporary. it will catch up. rishaad: thank you so much for joining us. please come along again. we've got a lot more coming up. looking at markets. good to see again another down day for the hang seng. 2.1%. this is bloomberg. ♪ yvonne: breaking news crossing from vietnam. the prime minister speaking to the national assembly and talking about their growth targets w

james: at nfx, we see across a bunch of different verticals like marketplaces, fintech, comp tech, ao are investing against a lot of different verticals for 7-10 years now. that way, we are insulated from current market conditions, and are still looking for founders with big ideas, particularly ones with network effects. because the next three or four years won't really matter what we invest this year, it will matter what market conditions are seven years from now. the market will decide. eight -- in the meantime, we are looking to build 100 million dollars of revenue in real businesses and we can invest now. we feel like now is the best time to start a company. we are leaning aggressively in. we leaned aggressively in during covid, we ran a program called fast where we offered one million to $2 million to 15% of companies within nine days. we touched 4000 companies at that time come at the beginning of road -- beginning of covid. now, a similar thing is happening. emily: we talked about instacart slashing its valuation from 39 billion dollars to $13 billion. huge haircuts here. james

and we're excited about these digital fintech platforms.really unique. i think what we announced with apple is pretty cool the high line announcement what you'll go on your phone, go into apple cash and link over to a goldman sachs savings account directly out of apple cash that's another example of how when you get into these partnerships and get embedded in somebody's ethos -- >> can you talk about the margin of the deal with apple i think people have wanted to understand the dynamic behind that arrangement. >> sure. one of the things that you'll see that we're announcing today, and it's in the earnings release, in the earnings script which is now out, is that we've extended our partnership with apple through the end of the decade and made adjustments to it so one of the things that happened that's very, very interesting about the card is we went out and saw the card experience the deal was based on a partnership where there were assumptions. how people behave with this card because of the technology is different. we've now looked at that

if you're thinking hey, companies with $15 million to $100 million in revenue that are software, fintechses, there is too big a spread between what the buyer once and with the private equity or venture fund will pay, because it is driven by public markets. and companies right now, for the most part, and the spread has already started to come down. it is up from today where it was six month ago. you just have to make the assumption that public markets lead private markets, and as a result, tons of companies raise money in the back half of 2021 in early 2022, and they raise two years of money, so you're a company right now that raised, still has $100 billion plus on the balance sheet. you don't have to raise money right now. fast forward a year, you might be in recession at that point, you probably burned a bunch of money. we think it would take six to 12 months for a lot of this to work through, and that the back half of next year and 2024 will be super busy because then a bunch of these companies will raise, and those companies that hit or beat their numbers, they might raise up rounds,

>> the last few years, fintech, you are seeing a number of banks doing venture capital investing in theirechnology. you will continue to see such collaboration and opportunities for the investment. we want to build infrastructure for the thai people first and see whether we will leverage the technology to improve efficiency and productivity for the thai people. david: we should do this more often. thakorn piyapan, thank you so much for your time, joining us live out of thailand. plenty more ahead on the show. this is bloomberg. ♪ david: we are almost 60 minutes into the session in hong kong and in the chinese mainland and manila. speaking of almost, we are almost back to levels on friday on the asia tech index. you have the massive gap lowering, monday incrementally we're getting there. the gap is higher today. we have put that on the chart for you. 3101 on the asia's index. i promise you when we get above that, we will change the headline to completely reversing gains. yvonne: it brings it back to last week. when it comes to some of these chips, want to watch, given what we saw with sams

oscar: we have seen the transformation around open finance around fintech.azil, because it depicts. it became the number one used for transfers. the best technologies are coming to plebeian now. -- to columbia now. new banks are going to be big winners in this sector. alix: to that point, exiting conditions, what is that like now? oscar: it is more difficult. the world was addicted to liquidity, but most investors have such a small percentage of their proposed exposed to left town. that is 9% of global gdp. most investors might have 1% or 2%. alix: which is different from times that the fed has put pressure on the currency markets. oscar, it is good to see you. this is bloomberg. tom: let's check in on the european markets. the focus is on the gilt market, back in the u.k., markets are not reassured by the d.o.a. insinuating once again -- instigating once again. a significance on the long end. there is a loop of 32 basis points, the third biggest jump in a decade, putting pressure back on the doe. -- d.o.e.. the fiscal plan and an important analysis from the

it is not the only one fulsome health sciences can even technology, fintech, are very bright stars in.k.. the u.k. has a lot going for it. i don't think you will see that kind of environment. what i am hoping you see is what people will call a soft landing and shallow recession, helped by the initial conditions. what you might see is an increase in unemployment. you might see some credit weakness among customers. it won't be so bad that easy distress in society. however, it has to be managed carefully and it has to be managed aggressively with the balancing of the budget, and that is what the prime minister has said in the last couple of days. francine: are you respecting housing crash? c.s.: i doubted. francine: talk to me about the last six weeks. was there a moment where you think as barclays, you are one of the players in selling and buying guilds with a margin calls coming in and saying "i don't know what happens the next two hours"? c.s.: first of all, i think the volatility was managed extremely well by the very effective, targeted, and a time-bound actions of the bank of engla

being split into three different divisions and combining trading with investment banking, consumer fintechncludes the apple card division in the other two. stu: the market likes their reorganization and selling for less than book. susan: also banks to well in rising rates environment and we've seen, i would say some pretty good earnings from the banks side including jp morgan. stu: rates going up, that's a fact. then hasbro. they missed -- adon't know what that means, they're down -- no, they're up, they're up. susan: i would say hasbro, yes, they missed on bottom line and sales came in with expectations and consumes are not paying for higher prices and having problems raising prices and toy giant says that while they did raise their prices for my little pony and et cetera, consumers are not keeping up with their sales because of a high inflationary environment. as you know, the market rewards companies that have been able to raise prices but then continue growing their sales like pepsi co and lvmh. not hasbro. it's a market that wants to go up. it's oversold; right. we've been looking at

to make further acquisitions jpmorgan chase has been making investments on the servicing side with fintechnvestments. on the banking side, there could be investment internationally. you have to be cautious making investments in recession they are being cautious. if they have spare capital, they are likely to return to shareholders they will build up to get to the new levels by the middle of next year large acquisitions are off the table. >> john, thank you for your views. >> thanks very much. >>> bank of america ceo brian moynihan will speak later today. that is it for us. "worldwide exchange" is coming upex nt. nt. we planned well for retirement, but i wish we had more cash. they have no idea they're sitting on a goldmine. well they don't realize that if you have a life insurance policy of $100,000 or more, you can sell all or part of it to coventry for cash. even a term policy. we've got to tell them! hey, guys! you're sitting on a goldmine! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen,

great company, but the stock has really done nothing, even before we saw the market collapse and fintechlways look at, but it's always gotten cheaper i agree with serat honeywell is one i've had an eye on the ceo, unbelievably managed company, great products, just focus the on productivity, and also new products. that's the one i would go to joe, crowdstrike >> still own it. honeywell is a name i don't own that without question i'm very interested in. >> you used to even it, loved that stock. >> that was a stock i held for quite some time, a stock i'll get back into. a quick break, and we'll do final trades on the other side - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain reli

it's helping the stock outperform fintech peers paypal getting a boost from amazon news today.eo dan schulman outlined priorities in the last earnings call, saying they're doubling down on checkout, paypal and venmo digital wallets and braintree. there's growing competition out there from square, apple, plenty of others. >>> let's get over to bertha coombs for the cnbc news update. >> here is what's happening at this hour. house progressives have taken the unusual step of retracting a letter to president biden calling for accelerated diplomatic efforts to end the war in ukraine the letter was criticized by many fellow democrats who also object to republican calls to cut aid to ukraine representative jayapal took responsibility for the letter but blamed its release on staffers >>> meantime police identified the suspected shooter who killed a teacher and 15-year-old girl at a st. louis high school yesterday. police say 19-year-old orlando harris was armed with an ar-15-style rifle and more than 600 rounds of ammunition police say harris also left a note in which he claimed to hav

bank of america embraced technology that makes newly created fintech companies. the ceo emerged in the era the stock could go much, much higherand still be very cheap. then, tuesday, j&j, johnson & johnson reported and the stock got annihilated. just crushed but only because management didn't go into enough detail about their upcoming spinoff, the consumer products division is growing faster than peers and j&j med tech is growing faster than anyone is looking for but analysts say it isn't that fast. those are wrong. this was a great quarter and the stock made up all of the losses and i think it's going much, much higher. rather than focussing on the numbers we have to watch something like j&j, gigantic off to the races while people have the stock, there was a later wave of buyers that show it was indeed a real winner and by the way, if you think the fed will pause its rate hikes, you'll get a decline in the dollar that would be amazing news for the company's bottom line. j&j is a big winner and masked as a small loser it drove me crazy. goldman sachs, all right,

. >> caller: and also, do you think the fintech has bottomed stock square.g of setting a position in square. >> no, no, we have companies like american express. we don't need to go with companies actually losing money. we'll see absolutely no to that decision let's go to -- let's go to no one because we're about to wrap. and that, ladies and gentlemen, well, let's just say this quarter only made me like amex even more. much more "mad money" ahead including am i diversified i think thank the members. we're urging you to join making sure your portfolio is prepared to handle the action and switch it up i'll give you answers in the your calls on rapid fire from the lightning round so stay with cramer don't like surprises? [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity. the hiring process used to be the death of me. but with upwork... with upwork the hiring process is fast and flexible. behold... all t

we have a fintech company, a retailer not doing as well as i'd like but better.entertainment company and believe it or not, this is linked to this this is a satellite radio company that does well if you sell a lot of cars but if you don't, it doesn't do well so we're actually going to get rid of this name and we're going to put in, yes, we're going to go back to eli lilly this will be done monday morning. next up, we have inmid va from omar. >> hey, jim, omar in new york. long-time fan. thank you for what you do for the retail community my top five portfolio holdings are united airlines, ual, apple, aapl, jp morgan choice, jpm, advanced micro devices and coca-cola, k.o would you say i'm diversified? thank you. >> first of all, thank you for the kind comments. i know i'm usually under attack for the retail investor. that's why i do it i'm a fighter and fighting for you. that's what it's been about for 22 years on this network apple you own it, trade it i understand the stock is going down there are times it goes down and you get to buy more. that's how i view appl

these guys have developed a system by fintech to develop in the west coast where all the markets that they broke into eventually had a static number of addicts. they were all from the same town. there was this one town in particular i think it played a very important role in this, the name of the town is jalisco and these guys figured out a retail model of selling heroin by the tenth of the graham, very much similar to pizza delivery. so you would call, your order, they would send a driver to deliver hits of heroin to you near where you live. these guys with their model initially developed it on the western side of the united states with a number of addicts were static. they become master marketers. they couldn't kill each other from because they're all from the same town. when they compete they couldn't really eliminate the competition the way people in the underworld traditionally have dating back to al capone really. so they had to become master marketers and that's what they became. it was a way of discounting, giving don't away free info methadone clinics, giving don't away free

in the jp morgan conference call and i like to read the calls where jamie diamond says these newer fintechpanies will get acquired they are doing a great job of running sofi and not worked here but it's a terrific buy and i'm not backing away at $4 makes a lot of sense here, wells fargo is by far my favorite bank in this new leadership group much more "mad money" ahead. >>> cnbc's bob wrote a new book about all he's learned on the street over the years and i'm discussing the latest work with the man himself and it is a great book >>> then, when meeting investors this weekend, there was one saying that summed it all up i'll reveal what it is and why i think staying the course in the market could still be yourbest strategy and all your calls, rapid fire in tonight's edition of the lightening round. so stay with cramer. ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers. the new iphone 14 pro is amazing. so you'll never sit this one out. the camera is incredible. and you'

nick: he works in fintech and helps russians abroad with financial transactions.s russians back home, follow in his footsteps. >> one thing that i want is that people who still haven't woken up, and who have been told "go and kill," that they will ask themselves a question, why? what have people done to me that i need to kill them? nick: maxim is 33. >> i left because i met the -- i am at the point where i need to trust only myself. in fact all men of russia have got to the point where our president decides whether you will live or will you die at the front. nick: he was part of the recent exodus. on september 27, he took a one way flight for 1400 dollars. that was 5 days after putin launched russia's largest mobilization since world war 2. -- world war ii. >> only military reservists, primarily those who served in the armed forces will be called up. i have already signed the executive order on partial mobilization. nick: but in istanbul, a city of 15 million, maxim does not doubt his decision. he is a tv graphics designer with no military experience. even he coul

after covid, the up take of fintech that like the a corns and robinhoods of the world is up 73%, andigger population that boomers want to enter into the economy, want to participate in that and it's no longer this like complicated thing. i've got to call special brokers somewhere. you can just do it on your phone and yes why not participate in this great nation, with all these companies that are american-born and making money even in the midst of a recession so i want to bet on growth. charles: you know what i love too is they are using things like reddit, the internet, the stuff i see people post on twitter some of the due diligence is so impressive. >> it is. charles: even more than wall street. the same gallup poll showed republicans pulling ahead in general. overall favorability and starting to really pull out by pretty good margin. is this about quality of life in this country? beyond prosperity and economics, but crime and things like that. >> yeah, well you know that we do big data analytics and our last read as of today for the last 30 days based on 6 million data points cont

for its worst month since september 2011 among the biggest losers, an online recruiting company and fintech firm 360 dij irktech, alibaba dwopg 12.5% dropping to its lowest level since ipoing in 2018 starbucks which are counts children as its second biggest operating region and las vegas sands down more than 10%, yum china down nearly 14, all this after china's president xi jinping locked in an unprecedented third term in office the win sparking fears that his policies could hamper growth of private firms and make the country uninvestable we've got live reaction now from our eunice yuen in beijing good morning on the ground. >> reporter: hi, melissa president xi, as you said, secured a third five-year term so that much was expected, but the scale of his political victory has made him the most commanding leader since the regime's founder chairman mao. at the end of the week-long communist congress, the elite group was packed with xi's allies and supporters would suggest that president xi is going to have total control over the direction of china now that essentially means that we're going to

we look at software companies of all kinds of b two b software, people working on health ideas, fintech that. what's the difference between hustle fund and let's say, angel angel squad . i think that's another term that's used around, so we have an organization that's that's separate from hustle fund, but we work closely together where angel squad is basically a modern day agent angel clubs. individuals like you and me can join and invest together. hustle fund is a fund where we have raised it from other investors who do not make decisions on the investments and we invest on behalf of them got you know some companies, some some vcs and some funders, they focus on particular toxic software. if you're focusing on software, is there a particular type of software that you're into that that you kind of target? pretty generalists? we've we've seen kind of everything. from you know, b two b software like workflow software to lab infrastructure software to a marketplace for trading whine. we've invested in all kinds of businesses. interesting ones that you seem come across that you're looking i

users for legal activities >> he says they have to understand the facts of this case but he says fintech customers' accounts and circumstances is new territory and his agency is looking into it. >> it sounds like a great business if you could -- also recently, sharon, the cfpb, been talking about the misuse of data, what's that about? . >> the agency is looking at regulating buy now pay later products and companies he's worried about the volume of the data that these firms collect and if they're using that data to incentivize competence to spend more it would blur the line between banking and congress >> thank you very much sharon epperson. >> sure. >>> when we come back, gray scale is suing the.e s.c ceo michael sonnenshein will tell us why. that's next. past extraordinary s into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship. learn more at viking.com this fall, xfinity rewards is thanki

then the third is fintech and apple. the resorg corganization could e announced within days. we will perhaps be hearing about the reorganization and more. we have an interview with david solomon later this morning we hope to talk about those numbers and future of the firm >>> this has happened before rupert murdoch looking to combine news corp and fox. back together in one publicly traded company this recreated the company that he split apart nine years ago. the move wiould consolidate powr with his son lockland. he is the ceo of fox currently it reunites fox news with wall street journal and new york post the boards have established committees to evaluate a possible merger. >> they split it off with the smaller assets >> if you look at the multiples. i think it is possible the shareholders will vote this down i don't think the reporting is accurate enough. this is a transaction that is not ultimately controlled by the murdoch family this is controlled by the minority of the majority the murdochs own 13% of the vote it would go to them. think about news corp. they are trading

hong kong fintech week coverage continues as well. more to come.>>>> good morning. it is not :00 a.m. in hong kong panda

division that brings together the earth and then a third digital bucket where the firm will host recent fintech sky and consumer partnerships. mayo called this the outer edges of the goldman galaxy. goldman says it will report its full year 2022 earnings using these three segments so far have offered little in the way of financial details specifically as it pertaining to those three buckets and the reorg itself >> you know i like a good space reference, leslie. i'm not sure about that one, but -- >> i did that for you, morgan. >> okay. well, thank you, leslie picker of course, shares of goldman are contributing to the big gains we're seeing in the dow today and the financials are the top performing sector again today as well turning back to the broader markets, as i mentioned, a second day of gains here so far this week with the dow up 555 points the s&p up 1.9% to 3747. joining us, scott cronert, an s&p target of 4,000. given what we're seeing right now, does this rally have legs do you stick with that target? >> this is the narrative we were hoping for going into q4 we knew sentiment was stre

notable weakness in places like paypal and online payroll technology paycom even as others in the fintechline. cloud player also a risk to networks, solar stocks weighing on that tech sector to start out this week. keep an eye on tech as we hit session lows morgan, back down to d.c. for you. >> dom chu, thank you. >>> after the break, do not miss our exclusive interview with chicago fed president charles evans. >>> first, throughout hispanic heritage month, we are celebrating our cnbc contributors and teammates here is ulta beauty board member ♪ >> latinas are bringing even more energy to our country they're the fastest growing segment and the fuel for growth in nearly every industry you can think of and we're not slowing down so, it's important for you to think about, how am i unlocking the power of this very important and significant community? being ay latina, everything abou you is an absolute gift. it's a competitive advantage, the way i think about it so, never hold back from being who you are and offering the perspective that has shaped you you your entire life that's the real comp

stablecoin market and looking at the language there and most significantly, i think, ahead of hong kong fintechurities and futures commission has indicated, once again, that there could be one country, two systems. there could be a divergence to china policy and perhaps welcome back some of those crypto businesses that have fled. >> we will see angie, thank you for joining us this morning appreciate it. >> absolutely. >>> still to come this morning, two big ceo interviews that's straight ahead. first up, we have the ceo of honeywell darius adamczyk. then we have ceo darren woods on the company's quarterly results. those numbers out just in the last half-hour some very strong production numbers. that stock exxon mobil, up by 1.8% by the way, year to dateit, 's up almost 79%. "squawk box" will be right back. >> announcer: squawk coin is sponsored by bitwise the world's leader in crypto index funds. fsd pharma is developing new treatments for neuro and inflammatory disorders. in a breakthrough discovery, fsd pharma recently demonstrated positive effects with their drug in treating ms in pre-clinic

i cover fintech very closely in one of those firms are strongly in this environment because they wereng business models that try to be loss leaders to gain market share but that doesn't work anymore. these are the moments where you gain market share. you don't necessarily see it in the moment it is happening. i would push back and say david solomon has been navigating a tough environment since he's taken the helm. we are pretty constructive on some of his moves. lisa: what is the proposition for can --for a consumer facing industry when we are heading into a recession. >> you will not build the business for a recession and recessions happen. this is a long-term action, thinking about the next hundred years of the firm. consumers have been hanging in better than many people thought that's why these banks are posting solid earnings. it's an area we are concerned about over the intermediate term but that shouldn't derail the longer-term story which is diversifying the business away from parts of the market that it not high growth. your capital markets do well when the economy is boring.