hsbc, why isf them goldman doing this?top of bank the landscape, we're talking about a bank that is -- has consistently shown great performance of keeping its share of the dealmaking. now, deal volumes are down. you had a bad year for bonds last year. they're down 80% compared to the same time last year. the market fall into down 65%. a bank thatng about has had operating costs go up last year, for a few years, last year they went to $25 billion. where do they recover those things? cutting jobs is one way of doing it. they are joining other banks, as you mentioned, that are having to do this now. matt: i am looking at ma go right now on the terminal, the function you spend a lot of time with. if you look at this, you can see evidence of your statement. deal volume has really come down , and the deal count has absolutely tormented -- plummeted. will that stay this way? don't expect that to pick up a , with all the consolidation we are expecting in oil, and health care? h: interestingly, goldman sachs thinks volumes will go

curr goldman sachs global head of commodity will be staying with us.ng up, a quarterly gain in the past 30 years. streak snappedng yesterday. go the inevitable rate hike send old into a meltdown? jeff currie reveals his forecast, next. go to go on your bloomberg. gold suffered its biggest monthly decline since august and may. ♪ good day to our viewers worldwide. crude on the move. some losses in the session were down by about one percentage point at $48.56. speaking at the old market, it will change in the second half of the year. the oil market will be good in the second half of the year. iraq currently producing 4 million barrels a day. ."gan: this is "bloomberg i am megan murphy. cold inching higher for a second day after snapping the longest losing streak. this comes after a dismal may. is still with us. on gold been the bear for quite some time. i don't think your position has changed. walk me through your stats. jeff: we are focused on three factors. one, higher interest rates. the market prices in on 29 basis points of a rate hike going int

matt: i am sure if goldman sachs was still a partnership, they would hold on.f you are a publicly traded company. guy: the circle of life in investment banking. matt: that is exactly right. what i think is more interesting, and the results are going to come out at about 4:30 9:30 innew york, about the u.k., the stress test. there is a lot riding on this. the bank of america could raise its payouts and dividends and stock buybacks by 53% if it passes these tests. that amounts to $9.1 billion in payouts over the next four quarter's bank of america could be handing back to shareholders and investors, who have been waiting for this. are is why the stress tests so important. obviously, it is not just the bank of america. of: we ran a whole load european stress tests after the financial crisis, which is said the irish banks were solid. it turns out, they weren't. matt: i remember. guy: we looked across the atlantic and said, the reason the u.s. banks are in such good shape is because the fed went in there and straightened them out. is there a perception stateside tha

what is behind goldman's illicit assessment?ce to say that goldman likes the sound of the province policies. here, we are talking about his bow to boost infrastructure stranding -- infrastructure spending, also the promise to invest more in farming and cut red tape, if rightly and successfully implemented. economy is already one of the fastest-growing growing in the world. q1 gdp came in at 6.9%, exceeding growth in china. the other thing encouraging goldman's view is what it is hearing in its meetings in decisive, hehe is has a strong political will, he is also key to delegate work. in goldman's words, everything points to growth oriented and business finley policies that will benefit the secular growth of the philippines. investors are pretty upbeat. if you take a look at the philippine composited index, it is up about 7% since two. take duterte won. lots of optimism. angie: but with optimism comes risk. what should investors look out for. look for several things. how lawmakers respond to plant tax changes. the world bank says

betty: that was jeff currie, the global head of commodities research at goldman sachs. the environment for global investment banks getting tougher, leading to cuts from goldman sachs at hsbc. we will have the details, next. ♪ mark: this is bloomberg markets. it is time to get you caught up on the market action around the world. let's start in asia and how the markets traded and initiative the day. you saw that rally that we saw in china, that actually pared back, part of that had to do with chinese factories. chinese factories showing some resiliency as the latest gauges further stabilized. stephen engle reports from hong kong. >> china's official manufacturing pmi health eddie at 50.1, the same reading as april. factories have shown some level of confidence, another gauge of private sector manufacturing in china shows more pessimism. the index came in line with forecasts at 49.2, but is still the eighth consecutive month below 50, indicating bearishness. this shows the recovery in china is tenuous as -- tenuous at best. banks tend to report cash at the end of quarters

what is goldman saying to defend itself?> goldman is countering that they are an unfortunate victim of the credit crisis and not the bank's wrongdoing. conducted a it perfectly proper business relationship. the trial will last about seven weeks. it is one of the biggest trials of the year in london. it is surprising it has got this far. we should see witnesses lining up to testify that libya lost hundreds of billions of dollars ade $300 million worth of profit. rishaad: thank you for that. jeremy hodges there. is get you up to speed with what is going on market lies. asia-pacific. 1.5% down when it comes to the topix there. india flirting with the gain line in the hong kong market. they are on lunch at the moment. the nikkei 225 down. china is not as pronounced as it is elsewhere. you can see that with the nikkei, he hang seng 0.25% down. mounting concerns about britain's future in europe. or more precisely, britain's lack of teacher in the european union. recent polls suggesting that britain could be about to leave the euro

trump was back out on the campaign trail today and julianna goldman has the latest. >> the presidentr as i'm concerned, he's incompetent. now he's going to be campaigning for crooked hillary clinton. >> reporter: campaigning today in florida, donald trump spared no one. >> i watched this poor, sad mitt romney this morning. don't or the get, this guy let us down, folks. >> reporter: not even prominent republicans who are speaking out against the billionaire businessman. >> i think his comments time and again appeal to the racist tendency that exists in some people. >> i am the least racist person that you've ever met, believe me. >> reporter: trump spent the week doing damage control, holding meetings with nervous party leaders and donors, trying to convince them he can stay on message and wage an effective general election campaign. but just as trump began calming the uproar over his criticism of a latino judge, he revived a racially tinged assault on senator elizabeth warren, who on thursday called him a thin-skined racist bully. >> she says she's native american, and i said, pocaho

2013, goldman made a dbries of bond sales for 1m and raised $69 for the fund.t was unusual, by putting its capital at risk, goldman got $593 million in fees and commission. that is above average. rish: very quickly, what else are you us investigate looking at in relation to 1mdb? 1mdb is being investigated globally. it's been investigated in at least 10 countries. in the u.s., one other investigation that has been going on was the new york fbi suspicious property transactions in new york and l.a. rish: great talking to you. adam, our kuala lumpur bureau chief in singapore today. manus: coming up, the orlando massacre sparked the latest emotio get ready for the rio olympic games by switching to xfinity x1. show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. the last 90 minutes of .he trading day in tokyo dur ♪ rishaad: your

goldman is cutting the number, and mary meeker who used to be a real, real force in the business on theell side that is, and she is in private equity or venture, and goldman, and so analysts will now look at their numbers and come out and do the same thing, and cut estimates, and so it is purely a momentum trade from the longer term holding standpoint and going out a year or two, it is a hold, but it is nothing that i am excited about right now. >> and doc, you are on the other side of this? >> yes, i don't believe there is anything new in the things that steven is talk about as the thr three-year refresh is different story than mary meeker is addressing. again, respect to her, but however, i don't think that anything that she mentions in the note, scott, is new. it is overall, what we are looking at with apple is do we believe that apple is the next twitter? in other words, do they screw up and not get instagram? because that is one of the things that we all thought that twitter should have gone after, and of course, facebook got it instead. i think that with what echo is for amazon, t

goldman has been reducing staff and six to whether a slump.n second largest shareholders refused to sign off on the axis last year of two of the carmakers board members. at the first board meeting, the german state abstained from a vote to ratify the actions of 2015 of martin winterkorn and current vw brand chief people both are under investigation for possible market many relation linked to the timing of public notification of the scandal. that is your bloomberg business flash. francine: let's talk about the media sectors in and in even start to the boxee this -- box office start. finding dory which turned the tide in the record weekend for an animated feature. -- bhanu baweja is still with us. i love this. they go. overall, sequel fatigue. not all films are critical. >> the summer box office -- they get 40% of their annual receipts during the summer. it is a make or break time for the studios. the summer has started off their week, down 20%, year-to-year. still very early. there has been a lot of disappointments. the teenage mutant 10 -- the

okay, goldman is make something comments on oil.et me just see if i can find these comments for you. we're looking at goldman sachs, indicating that they anticipate oil prices of $45 to $50 a barrel in the coming months saying u.s. oil production will decline. putting the market in deficit. that's coming from goldman sachs. we see the prices stabilize somewhat. we're somewhat shy of $50 a barrel as seen on the screen as well. euro 2016 minnows island held off portugal to the 1-1 draw. portugal's nani after half a minute of relentless pressure but then birkir bjarnason rallied with some slack portuguese defending to end island's vital points celebration. in yesterday's group, hungary stunned as you korea 2-nil. david alaba nearly scored after just 28 seconds. nearly. but hungary managed to soak up austrian pressure until midway in the second half when adam szalai scored. austria went down to ten men and substitute. zoltan stieber capitalized. chipping the goalie three minutes from time. we need to take a short break. check out the ma

it gives you a sense of just what goldman sachs is looking for there.s is a widespread practice within the financial industry, regulators want banks to monitor the employees' embarra-mails. they're told they're monitored but not told what they're looking for. >> not a happy camper that, is a sweet and endearing phrase, isn't it? >> it s but it indicates some disgruntlement. something in a a banker is upset about. anything that registers any emotion is something they're going after here, particularly with all the f bombs and f bombs on this list. anything where there is a real point of convention or conflict that, seems to be something they want to watch for. >> why would they look for f bombs? bankers and traders don't swear. >> it's interesting. interestingly, michelle, i'm told that this list is generated back in 2008. i'm told they now updated the e-mail security procedures add goldman sachs. can you not send an obscenity on e-mail in goldman sachs without it popping up a dialogue box that says are you sure you want to send this e-mail. it contains a

rishaad: goldman sachs sees growing risk of outflows from china.hey think the capital flight could go over to selloffs like with those we saw in january. it is in its longest losing streak since december. david cameron suspended himself against the claims that he is scaremongering. exactly three bees before the eu referendum. delighted we're holding this referendum. it is a promise i made, and i will carry out the instruction of the british people. thankfully, i think the job of the prime minister is to warn about potential dangers. say they are bullish for british business. he was speaking to bloomberg. are five point 2 million businesses, hardly any of them trade with the eu. yet, there bound up by the red tape and regulation that comes with being part of what is called a single market. actually, but it is a protectionist customs union. as for as international trade is concerned, we will be free to strike our owed trade deal -- with the rest of the world. i'm very bullish for british business. shaad: paris of the second-highest alert level in mor

goldman sachs says yes. the bank warning that capital over intoould spill another selloff.will talk china and the weakening yuan. that is next on "the pulse." stay with us. ♪ mark: welcome to the pulse, live from european headquarters in london. we are getting some pmi data out of the u.k. on services. we have seen an increase to 53.5 from april's 52.5, which was the lowest in at least three years since the series began. the confidence index of manufacturing and services has 59.1, so53 from services rising, the composite index rising as well as the service is part of the economy has been the stall wart, the reason why the u.k. economy has grown for 12 straight quarters as manufacturing remains in the doldrums, but it pick up in the service part of the economy. we had seat a slowdown which pushed the pmi number to the lowest in three years but still above 50, the line signaling and acceleration and contraction. sterling, little change, euro at 77 pence. -- nejra: the stoxx 600 is up 4/10 of a percent ahead of the all important jobs data out of the u.s. energy producers are l

almon.et you to haslinda is goldman's optimism they surprise?.nda: in a way, there was so much apprehension before within the investment community. that heman pointed out is looking at 5% gdp. and also promised to invest more in farming come almost 50% of filipinos are in agriculture. so that is an important incentive. if these fossils -- if these policies are effectively put in place, it could lift the economy. 2.5% growth. we are looking at 6.9% growth for the philippines in the first quarter. one thing that is encouraging goldman is sharing positive feedback on the president in will,, strong political all pointing to growth and business-presently -- business-from a policies. is up.m all you has to do is build on that momentum. angie: all right. but it is all about perspective. glass half full. what about if it is half empty? what should investors look out for? haslinda: a few things. to plannedrs respond tax changes. as for the world bank, as is often the case, the speed and the implementation remains highly uncertain. an indicator would be w

goldman cites too many questions in the u.s. election to the fed and whether it will hike rates and how much, when? to britain's possible exit from the european union, the referendum vote is june 23rd. dave and busters getting major play after the company raised yearly outlook, approved $100 million buyback program with better-than-expected numbers, dave and busters looking good for all of you planning the birthday parties. you're spending a lot there. >>> to politics, the punditry ramped up to high gear as republicans and democrats feverishly work to plan in the wake of last night's primary wins by donald trump and hillary clinton. newspapers around the nation screaming the historic headline, on the left, the "new york times" pronounces she has claimed the democratic nomination. the "wall street journal" marking her historic win, and smack in the middle. the "new york post" called her the first lady. guess what, the twitter verse heating up history, gabby giffords tweeting speaking is hard for me but come january i want to say

goldman says we may be stuck in this range for awhile. let's start markets and fed today, jim, a lot of discussion about whether it would be a good idea for yellen to say let's have a presser in july on the off chance we move. we might be able to explain it better. >> i think that would be terrific. i think yellen has been the person who has been the least yelling. she doesn't yell. she is considered. when you have someone considered as she is. she is looking at the data. a lot of people criticize the fed. i'm not going to. she is trying to arrive at the right thing. imagine if you tighten it and they got the 38,000 number. they don't know what they're doing. the evidence shows they do. the endless criticism of all federal reserves and all of central banks around the world bothers me. i don't think -- i'm a fan because he had to reverse rate hikes. i don't know what japan is doing. they seem erratic but i'm not a critic of the fed. i think the fed is trying it do it right. i think yellen will do it right today. >> gundlach, series of slid

. ♪ vonnie: breaking news on goldman sachs. down 1.6%.have the department of financial services in new york clearing goldman sachs about its .elationship with imbd $6 million with the bond sales, they want goldman to report on its internal review of those $6 billion worth of bond sales. joining us, the federal reserve .nd the sec in examining t immense problem is one way that the u.k. votes to approve the referendum on june 23. the opinion from the former ecb president. he appeared on "surveillance" from paris and described how a brexit would affect the u.k. and europe. of all, let me say that i hope very much, profoundly, that we will have a brexit. it would be a contact -- that we won't have a brexit. it would be a catastrophe for the u.k.. decides to stay, it is an immense problem for the u.k., in my opinion. the prime minister is absolutely right to stress the importance to say "yes" to remaining in the european union. continent of europe, as you know, france and the others, are asking the u.k. to stay. they are unanimous in welcoming

goldman sachs did too. they got an approval for the new multiple myeloma drug.his is one that's really really focused on -- at the conference they presented a 61% improvement in progression free survivasurv. even better, not long after asco. j & j presented to the hematology conference, they presented information on the drug. the patients showed a 63% improvement versus those who were taking just revlamid and dexamethazone. analyst analysts believe the government will allow j & j to use their drug. one more reason to own j & j. thanks to the amazing turnaround of outscores, really, because of this drug, that's been what's moving the stock from 110 to 117. the final winner for the big oncology con fab. this is a smaller biotech company. focused on immunotherapy. they take your white blood cells and then inject them back into you. at the conference, juneau presented positive results. first one called jcar 14. it showed an amazing 94% complete response rate. a 50% complete response rate of non-hodgkins lymphoma. however, this drug still has some serious side effect

goldman sachs have been wrong several times on the price of oil, as everybody has.ems to me, the facts are consumption is going up. we are now at 97 million barrels a day. francine: from emerging markets. paolo: the chinese and indians are driving more. in the u.s., they are driving more. consumption is going up one million barrels a day. down mainlys going because shale oil is down. nigeria is in troubles. canada is another area. there is some rebalancing. no doubt, i believe the oil price will be in the region of maybe $55 $55 -- $50, the rest of the year. i personally believe there is a cap. beyondprice of oil goes $65, shale producers will start all over again and pushed prices down. francine: can iranian production increase? we understand that companies are wary of getting into the market. i don't know if they are concerned about possible sanctions or it is difficult to do business in iran. what is your feeling? slowly.t is moving very iran production is going up slowly, but going up. there has been a number of contracts between western companies and iranian co

. >> harley-davidson, hog, goldman sachs is upgrading thoem a neutral from buy. cutting the six month price target to $50 from $5$55.

goldman sachs is on a big cost-cutting situation.l news each day every day, from 2400 journalists and 150 bureaus around the world. if you're a bloomberg user, just go to top go. back to you. anna: rishaad salamat in hong kong. asian stocks have fallen for a second day, as the yen weighs on japanese shares. with more on that, here is nejra. crucial of course, but general disappointment about what prime minister abe had to say about the lack of a stimulus program. nejra: we're at the beginning of a month weather is a lot at stake. of course we have the ecb meeting, opec, the fed, the brexit though. not a lot of risk-taking, globally really. as you say, asian stocks down for a second day. we are seeing the pacific index up by a tense of 1%. japanese stocks jumping but most of the month, largely down to the stronger yen. the yen is heading for its first three-day rally in a month, holding gains after a surge of more than 1% over the dollar yesterday. yes, abe pledged to delay the ax hike read any of back a widely expected stiglitz -- fi

announcedr microsoft the $26.2 billion acquisition of linkedin, goldman sachs was

constellation is working with goldman sachs t on the offering.he company is expected to list in toronto as early as this fall. resorts international rebranding -- renovating the property to create two hotels. one will be called the park mgm 00 rooms. house 27 the other will be known as the nomad las vegas. match theer aiming to convenience of services offered by amazon and other e-commerce companies. that is your bloomberg business flash update. did the market overreact to this morning's lackluster jobs report? decline -- one-day jeff rosenberg shared his perspective on bloomberg earlier today. can we just talked for a second on the reaction -- i characterize it as an overreaction. there's a lot of factors here. it certainly big report, but we and saytake a step back we expect payroll growth to grow. this is a weak report, but let's not go overboard. that's payroll growth to slow. this makes june a very, very high hurdle for the fed to go. the markets are pricing that in. it will focus on us on the next report. jon: monday, janet yellen has

he borrowed money from goldman sachs. and now he's going to go after goldman sachs.'t work that way. goldman sachs owns him. remember that, folks. >> seth: they own ted cruz. hope they kept the receipt. [ laughter ] so that was the persona donald trump created, a political outsider self-funding his campaign who wasn't beholden to lobbyists or super pacs and would stand up to big banks like goldman sachs. but what happened to that donald trump after he won the nomination? >> donald trump is saying that he will not be self-funding -- [ buzzing ] -- his campaign for president as he goes on. instead, he's looking to raise about $1 billion. >> now he's hiring lobbyists -- [ buzzing ] -- to run his campaign. and beginning a major effort to enlist donors -- [ buzzing ] -- to pay for it. >> donald trump has just picked up the support of a major republican donor, oil billionaire t. boone pickens. plans to host a fund-raiser for the super pac next month. [ buzzing ] >> the trump campaign announcing a national finance chairman as they headed to the general election. steve mnuch

>> goldman sachs -- >> that's not true. >> flat is the new up.ook at some of my mutual funds and see what they've done this year. this is investable advice. but again, wait another year or two, and i'll come back on this program then -- >> i wait another year or two at your level of recommendation, i'd be out of business. i'd be broke. >> you would be able to retire. >> peter, good to see you. >> nice job, mel. >> what do you think? >> i know we've got to go to break. i believe this, one of the unintended consequences of this fed is to empower other central banks to act in kind. that's sort of what pete is saying here. just because the u.s. is doing it, doesn't mean everybody else should. but they are. this negative interest rate, we talk about over $10 trillion of negative sovereign bonds, it's inherently something wrong there. it doesn't mean the stock market can go higher to tim's point. >>> the one dow component traders think could hit all-time highs. how you can get in. the race to the blouse hewhite heating up. they may want the latest prod

goldman sachs was able to tie that directly to the affordable care act. gary: what donald trump has -- charlie: donald trump has a fastball 80 count middle of the plate and he's winning. in order to make he had people with pretty high credentials. gary: charlie, you have got best source that i know on the street. so yes or no recession before the election? charlie: i would say -- then who would be president? gary: it does matter if we are officially in a reseg for donald to win. it matters if he can execute explaining it. sandra: i'm going to talk about the yale economist who called it last year. he said the economy will determine the election. anthony: the republican candidate could win. gary: thank you sandra and charlie for joining us. "wall street week" will be right back. >> announcer: we are >> announcer: we are celebratyou both have ay with a perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck, ruining your perfect record. >>yup... now, you would think your insurance company would cut you som

goldman does this annual 5% cut of jobs every year. so this is over and above that.them do something similar in the trading division where they cut up to 10%. we don't know what percentage of jobs this is, but we do know that the job cuts were in the key cities globally really. hong kong, london, new york and you know, we know it's dozens, it is at the managing director level, at the executive director, vp level. if you look at just how deal volumes are this year, that gives you a kind of indication of what the banks are going through, not just goldman, but banks across the state. betty: uber got a big vote of confidence from saudi arabia. the wealth fund investing $3.5 billion in the silicon valley start up and will get a seat on the board. this cash infusion will help the company fund its costly global expansion. this is a huge, huge cash infusion for uber. exactly how are they going to use this money to expand? >> it does seem like a massive amount, $3.5 billion, which is the biggest single investment coming into uber, and bringing their cash pile to about $11 bil

we dig into the ripple effects, including job cuts a goldman sachs. bank as it gets closer to its inflation target. economyorld's largest may be close to hitting a bottom. scarlet: market minutes, major indexes closing mixed. higher withslightly six out of 10 major groups gaining ground. this is on the

morgan and goldman sachs along with oxford in the july camp. forecasters are in the september camp, which is kind of the new median including bank of america, ubs, and then december deutsche bank and rbc for just that first hike of 2016. the futures market you can see here currently pricing in just a 50 basis point funds rate through november. just 60 all the way out to february 2017. and when you look further out the curve it isn't until late 2017 that the market begins to price in a second hike. fed officials went into the march meeting projecting three hikes, and they've lowered it to two coming closer to the market. markets will look carefully at next week's forecast from fed officials which come out with the policy statement on wednesday to see if fed officials back down again going from the two hikes expected to one and meaning the market once again has it more right than the fed, carl, on its own funds rate. >> not the first time. maybe not the last, steve. thank you so much. >> right. >> steve liesman. let's bring in david kostin, chief

manus: report says that goldman sachs used prostitutes and holidays to

morgan, citigroup, goldman sachs, morgan stanley, wells fargo, state street.bank stocks to the downside. the bank index rose for tens of a percent in thursday's trade. the fed could exempt them from stress tests. those banks include bb&t and zions bancorp, those that have less than $250 billion in assets. he hopes the fed will have those changes in place in 2017. the idea behind all of this he says is that you can have smaller banks fail, but with the larger banks, they need to be much more resilient in the face of an economic downturn. let's have a look at some other stories we are tracking. two former deutsche bank staff are facing charges over the rigging of interest rates. yorkas a supervisor in new and the other a london trader, accused of manipulating libor. to investigation has led charges against some 15 bankers and brokers with two convicted at trial and others pleading guilty. local airlines earnings are set to soar as the plunge and oil offsets passenger growth. the international air transport association is expecting net billion, reach $39.4 3.1 bi

goldman traded horriblily for arile. you could see it rallying into earnings july 16th. >> still ahead, voting ended in the uk. we'll bring you the latest are as results roll in. tell what you to expect and when right after the break. i'm melissa lee and you're watching "fast money" on cnbc. meantime, what else is coming up on "fast." >> called shows. i took the blows. ♪ and did it my way >>> and if the uk decides to go their way, and leave the eu, we've got the one commodity that everyone will be begging to buy come tomorrow. we'll explain. >>> plus -- it's not just england that has all the drama. ♪ we shall overcome >> it got a little crazy in our congress last night and my have been an unlikely winner in the highways torque congressional city. we'll tell you the stock when "fast money" returns. ♪ >>> welcome back to "fast money." as the votes on the brexit referendum start to roll in. could be in for a wild night of trading. sara eisen in london with details. hi, sara. >> reporter: hi, melissa. all about the currency

according to goldman sachs, she presented and up beat view of the economy even after the weaker thant jobs figures on friday. goldman sachs still saying there is a greater probability of the than ourg in july world interest rate probability function. sterling.k for just after 5:00 a.m. u.k. time, you saw a 1.5% spike in the pound, causing many to be surprised by the suddenness of spurring talks of fat fingers, algorithms, and stop losses. stirling is rising almost 1% against the dollar today. it fell in intraday 1.1% yesterday. releasedls were showing the leave camp where ahead. today, thekly central banks, the australian central bank holding rates at a low 1.75%. they failed to provide policy guidance and that is sending the aussie higher against the dollar, trading betting that last month's cuts will be the last. francine: mark barton with your asset check. our next guest is joseph o, managing partner at amber capital. they have an eight u.s. of $1.5 million with the majority of their exposure to the u.s.. thank you so much for joining us . you have a lot of exposure to southern eu

morgan and goldman sachs?st year, when the results were released, they pass, but they said we have made a mistake with the numbers reported an hour capital would have been $4 billion less in this stress environment, then they failed retroactively. all these are part of the qualitative issues, which are of what to be on top their risks are, what their positions are, the multiple trading positions, all of them have to become piled -- have to be compiled. i guess they are still struggling. mewas a big surprise for that after having passed the qualitative side for so many years that they failed this year. it they need to be on top of all the time, and maybe this year they did not do it as well as previous years. scarlet: there was a situation where a couple of the banks were aggressive with their capital plan. for instance, they were putting in they want to do buyback more shares than they thought the fed would approve. that.is no downside to might that be one reason why it morgan stanley did not, looking better i

goldman sachs paid hillary clinton $2 million to give it three speeches.she be as hard on wall street as a donald trump says he is? is one of the other going to be bankers? worse for conor: the treasury secretary appointed in may of 2006, people thought it would be great for banks. but we saw the opposite, the banks were in the early stages of collapse. now, elizabeth warren became treasury secretary and wall street freaked out about that. but the capital analysis this housing should keep getting better. it could be one of these things where it will not be as bad as people are fearing. new world sen from investments, thank you for joining us. scarlet: we have breaking news, puerto rico has declared a debt moratorium on debt obligation bonds as well as other debt. this was from a e-mail statement , a moratorium on debt, including general obligation bonds. it will stop the tobacco tax transfer. again, these are headlines out of puerto rico. allowed for concessions to allow them to recover, but the economic fundamentals have not changed, it is a patchwork sol

looking at these moves, goldman sachs down seven percent and jpmorgan down almost 7%. help me understand which ,iversion or fundamental reason fundamental concern about a global growth slowdown and a slowdown in profits at these major banks. guest: the first issue is the reassessment of economic growth as a consequence of exit. that is the first thing finance a markets have to grapple with. firms that benefit are these key large global investment banks create these banks cannot be as profitable as they will be if they have to move locations. london is next for nearly efficient place to run financial services. >> talk further about that. can london stay a key center of financial services if the u.k. is not in the eu? many trades.s it is insurance, pensions, lots and lots of businesses. they u.k. has been a leader in global services for two centuries. that will not change overnight because of one referendum vote. when we think about what products it does, we have to think does it really make sense to have a global financial center in london following the rules set by peo

versusbeen rated to buy neutral at goldman sachs. it has also been added to the conviction list.hares have risen by 30% since falling to a record low on february 11. the price target has been raised to 8.3 euros from 6.1. today.pside from today, we are at 6.9 euros. indiveor has been cut to a neutral. shares of the u.k. drugmaker than 30% after it won generic that will keep brands of a drug to keep opioid dependency down -- shares are down 10.4%. look at german factory orders from 2009 to 2016. this is a very volatile measure. is zero.ine fory, we fell 2% on demand investment goods outside the eurozone. do not read too closely into economistanalysts -- forecasts, because the chart is very volatile. acquisitioniott's itstarwood could raise revenue nearly 40%. the issue is completing their merger as early as 2017. joining us is arne sorenson, president and ceo. things are coming along smoothly. you got rid of the timeshare business to what is the next challenge? arne: we are almost there. we have three government entities left that need to approve it from an anticorruption -- anti-

juliana goldman reports. >> renaming my ticks. we call this the rock star.: trevor harris rarely makes these faces because he wants to. the 7th grader suffers from tourettes syndrome. that would be tough for any 12-year-old. but tough when you are a military kid who moves a lot. last year's transfer took him away from tennessee and forced him stew -- him to start over in a new school in virginia. >> when i was down there, kids understood my tourettes. and up here, no one understands me. in my first day i got flipped off at least 15 times. >> in school from kids. >> yes. >> reporter: there were tears. trevor among the 138,000 american kids living with the disease decide he wasn't going to hide behind his ticks. >> i have tourette's syndrome. >> he and school officials decided it to educate peers with an anti-bullying psa. >> a tick is not an insect tick. it's actually where you scream, make faces, or click your teeth. >> reporter: if it is uncomfortable to listen to, trevor's dad jeremy says that's the point. >> he realized the more kids that he knows that un

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