i think wells fargo has a lot of issues that i'm not sure goldman would want and the move we've seen and this snapback today is more in line with the banks. i think this news has been out there and you could have heard this news a year ago >> 11% low in shares of wells fargo in general aside from today's move, but when it comes to regulatory issues, not only do they face regulatory issues in terms of the ethical volations and the ethical problems they've had, and they've also got 10% and more than 10% of the markets for deposits already which makes it a very large player. >> right i don't know how much goldman's deposit share must be much lower than that. both stocks -- you can't do a cash deal this big, right? wells fargo is significantly bigger and the market cap which is 98 billion and is at more than a decade low and is significantly bigger than goldman sachs market cap they would have to do stock. they're both trading at well below tangible book. it's hard for me to have the wells fargo board think, you know what? now is the time for us to sell that just doesn't make sense to me

take a look at goldman. it's only up 1% but wells fargo is up 6%, american express is up 6% and that is helping lift the dow, certainly. after some early weakness in the sector, the big bank names from goldman to wells, bank of america, all began surging. his report yesterday began with chatter and speculation that goldman could possibly merge with maybe wells fargo. but even as jpmorgan today pooh-poohed that prospect saying it would never pass regulatory hurdles, charlie is reporting it's not just wells but pnc and blackrock and possibly american express could be potential goldman partners. then you had nat alliance's andy brenner telling clients fox business presiden business's reporting is what fueled the 600 point surge off the dow from the bottom earlier today. we have moderated a bit because the high of the session for the dow was a gain of 256 but we are still up about 195. >>> let's get to some pop stocks as we call them, both up and down. it's the end of an era for delta. the u.s. air carrier annou

hatzius at goldman sachs, u.s.nemployment rate of 25%, correlate in your call on dollar resilience with dr. jan hatzius' unemployment rate. jane: i think the dollar may wobble a bit when we get bad u.s. data, but really this is the safe haven currency right now. from that point of view, the dollar tends to gain when there is bad news about the u.s. economy, generally speaking, and it goes with that news with everything else as well. this is why the dollar is the safe haven, because it is the global payment system currency. people need dollars. right now no one wants the yen. people are moving out of the yen. can outperform, but it is going to be a dollar story, i think, until people are ready to move back into emerging markets in a big way, and that could be some way off. tom: right. i am not yet, jane, on the sixth watch. i am brazilian real. 'sdon't know rabobank relationship with brazil. but you know we are all watching brazil, the horrific pandemic realities. but all of a sudden, everyone is looking at an ever

goldman just jumped into the sandbox, and it is a big deal.ed pretty far above where they expected. we expect them to press very cheaply. bny mellon also launched recently, and they have a couple of etf's that are zero. we expected goldman to be down there, but they basically decided they weren't going to go down there. this area is donated by vanguard and blackrock. one basis point change in fees can move billions of dollars, and goldman basically decided we are not going to compete on price with this move. why do you think goldman went that route? what is the strategy? know for can't certain, but there has to be some sort of strategy here. these products are completely redundant. there's at least 10 etf's very simmler to what they have offered, and they are just not worried about offering the cheapest product. what we think they are going to do is sell these as packaged portfolios to clients. what other clients have done is follow this model where you otherassets from products with competing issuers and bring them to their own products being

peter oppenheimer of goldman sachs.s is bloomberg. ♪ staying connected your way is easier than ever. you're just a tap away from personalized support on xfinity.com. get faster internet speeds with a click. order xfi pods to your home in a snap. or change your xfinity services with just a touch. all in one place. you're only seconds away from all of that on xfinity.com. faster than a call. easy as a tap. now that's simple, easy, awesome. francine: economics, finance, politics. this is "bloomberg surveillance." i am francine lacqua let's get to bloomberg first word news. viviana: we begin with gilead sciences. it may send $1 billion -- spend $1 billion for treatment for covid-19 at how much revenue can it generate on companies -- generate? it is givingcall, away the first 1.5 billion vials of the drug. -- shareholders. china may have chosen not to contain the coronavirus. speculation from president donald trump. he has seen evidence that a lab in wuhan was the origin. it is possible it got out due to a lab mistake. they

we know david solomon runs goldman sachs. goldman would want to run it.lie would want to run it. maybe they would both run it. but clearly at high levels, this deal is being discussed and i'll tell you, goldman sachs, people believe goldman sachs has to do something. they have to -- their business model is unsustainable long term to make as much money as some of these other big banks. wells, goldman sachs business model would be able to compete with jamie dimon's jpmorgan chase, which is the king of banks and has that business model. so be prepared, watch goldman and wells, and again, watch morgan stanley. this is being discussed internally about a radical shift in their business model, and it will be interesting to see if they do it. if there's one guy that might do it on wall street, i know james gorman, it would be him. back to you. liz: charlie, thank you very much. look at the volatility index, the fear index is spiking right now. about 6%. it had been up 11% but you can see the market starting to come back. when we come back, the top wall street par

goldman sachs is the name we hear.dman has had a rough year, even reverie lately given what has gone on in the markets. but we understand is that there's lots of chatter out there from bankers that goldman sachs is going to find a merger partner, possibly a big bank. the names we keep hearing is pmc bank which recently sold out in black rock. the big money management firm. it could be looking for something else to do. another firm is wells fargo. the bank in l.a. has been in a lot of trouble lately over the phony account scandal looking to jump-start itself. the name has been in the mix as well. u.s. bank is always been in the mix. what i understand, officials have looked at that deal, they walk in the past and one of the reasons why they walk in the past is because of management issues. who would control it? usually when goldman sachs engages in these talks, neil, one of the main regions five a breakdown is because goldman was to run the show, but they don't have the size anymore to run the show. the banks that they a

that was the question when you were managing goldman sachs.s not been much of a problem but now the fed is worrying about things like commercial real estate. do you see any risk for the financial system? lloyd: anyone that says there is no risk for the financial system on the horizon is blind or crazy. not talking as an insider now, observer, i know the balance sheet and liquidity of banks were extraordinary. i don't necessarily mean that as a compliment to the people running the banks. legislation post the financial crisis, the way the federal for liquidity and safety, solvency, have been extraordinary. banks have been well capitalized, and it has worked out pretty well. most historical critics of the banks would have to acknowledge, they have been very liquid and safe. can i contemplate something goes on for so long, massive defaults, all of that? sure. but i would say on a list of 25 things to worry about, that should not be on the list at all, right now. david: beyond the financial system overall, our banks less attractive as an investment

that was a relatively bear wrish no note out of goldman sachs. and one of the arguments is t si won't act as a typical hedge that people might think of gold for example. where do you stand on that issue in particular? because clearly you are a long term structure augu structural bull on bitcoin so where do you stand? >> i think that it is a great hedge and it is a broad hedge against the fact that we are moving to a world where we will monday size oetize our debt at . only time we've had deficits like that is world war ii. so if you just keep applicanprir assets find a way to go harder so bitcoin is a heenlg to readge global uncertainty you know, it is funny, i talked to charlamagne before she wrote this piece and i got her story, but i keep thinking that she owns wealth management, they have old conservative clients, and i think that you are missing thes bigger picture. like that paradigm is shifting and it might not shift next year, but the probability that it could shift is a lot higher than it was when you look at the deficits that the entire

goldman wants to run it, obviously. really want to hand over the reins to them. that's where the u.s. bancorp deal fell through. we will be monitoring this closely. back to you. neil: you always do and so much more, my friend. best in the business. charlie gasparino monitoring everything and anything. news breaks, he's on it. all right. >>> we are also on a trend in new york that has a lot of folks worried. people renewing their leases, not happening. in fact, it is down, it is tumbling. what does that mean for cities not only like new york, but elsewhere across the country? when it's very clear a lot of people want out. after this. right now is a time for action. that's why usaa is giving payment relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. discover all the ways we're helping members today. i come face to face with a lot of behinds. so i know there's a big need for gas-x maximum strength. it works fast. relieving pressure, blo

goldman spent two years in prison. after that, the government also deployed another weapon against her. it deported her from the united states where she had lived for more than 30 years. she and 248 other radicals the government was eager to get rid of were shipped off to russia just before christmas of 1919 on this decrepit ship. in a way that feels familiar today, in 1919, the united states was swept by a frenzy about deporting people. no less than three people eyeing the democratic and republican presidential nominations in 1920 were campaigning on promises of mass deportations. when this deportation frenzy began in 1919, it was a very stormy time. the war was over. during it, the cost of living had soared. we were in the midst of the biggest strike wave in american history. one in five american workers went on strike during the year 1919. these are chicago police called out because of a steel workers strike in chicago. the year 1919 was also a year of some of the worst racial violence in american history. why? in p

this was something emma goldman said. she and her longtime comrade alexander berkman were put on trial in 1917 for organizing against the draft. and she begins, "gentlemen of the jury," because of course in those days there were no women on juries. and here's what she said. "gentlemen of the jury, we respect your patriotism, but may there not be different kinds of patriotism? our patriotism is that of a man who loves a woman with open eyes. he is enchanted by her beauty, yet he sees her faults." it is really one of my favorite quotations, and i'm condensing it from her full speech, which i think you could pretty easily find online, because again, anything of that era is out of copyright. the books are going to be on google books. if you search a few phrases from that quote, you can find the whole speech. >> thank you. i think that's a wonderful way to end. we so appreciate you being with us, adam, especially in a changed format. your willingness to be flexible is really quite extraordinary, so we thank you, all the histor

goldman sachswith is next. on.p. paribas shares rise resiliency.k to the chief financial officer. this is "bloomberg surveillance." i am francine lacqua at the bloomberg european headquarters in london. we are waiting to hear from the german court of legality, coming up shortly. meantime, this is what i'm looking at in markets. the markets are on tenterhooks on this ruling from the german government. i have to say, u.s. futures are climbing. sentiment being helped by expectations more economies will move toward easing of lockdowns. oil on the course for its longest winning streak in nine months. what else i am looking at, earnings. we had b.n.p. paribas rising, setting aside problem loans but warning full-year earnings will take a pounding from the pandemic. rallying after it reported a 35% plunge in first quarter profit. plenty more on that, and of course we are waiting for that ruling on the legality of qe from the german court, but first let's get straight to bloomberg first word news, with viviana hurtado. viviana: we begin with an internal u.s

goldman had worst states but we will come back to that. the government moved quickly to suppress anti war demonstrations. anyone who refused military service was sent to prison or locked up in camps like this one in fort douglas utah. here is one such resist or an anti war activist and social worker named roger. he was sent to prison. we will come back to him. one of the things that really characterizes this was the the rise of vigilantes. organization sprang up around the country. the american protective league was one of the largest. this was the batch that its members got to where. i think you can read it on the screen. operative auxiliary u.s. department of justice. they did indeed have justice department support. at the end of 1917, the american productive leak had more than 2000 200,000 members. it was made up of men, only men. they were too old to fight. they wanted to feel like they were defending their country. what did they do? among other things, they carried out what they called slack or raids to find people who were not regist

one of our speakers to the goldman has had trouble with his computer so we are doing a little improvisation here but we will have him just on audio. we hope that you can hear well enough to do it this way and let us know in the chat box. hello to all of you. i'm so happy to see there are so many of you. my name is olivia and i'm one of the owners of labyrinth books. i want to start by thanking our speaker david marwell and david goldman for agreeing to switch to this new medium. it's the medium of livestream and we are presenting that tonight in partnership with their very good friends at the princeton public library. i think we are all gripped by the precarious and frightening reality of this moment but there are so many of us in this is one of those antidotes. we are sharing the next hour tonight. briefly before i introduce our speakers i just want to say quickly that david marwell's book "mengele" unmasking the "angel of death" available at labyrinth or your nearest and dearest local bookstore. all of us in the independent bookselling world are trying to find a way to find your support i

i want to start by thanking david goldman, to switch, for me very new for all of us in the region of live stream. we are presenting that in partnership with our good friends at the public library. we are all gripped by the precarious and frightening reality of this moment. so many books conserve as antidotes and only one of those antidotes and we are sharing the next 45 minutes or our tonight and before introduce speakers in detail, and step aside or minimize or whatever it is we do, i want to say quickly, this fabulous book "mengele: unmasking the angel of death" is available here at labyrinth or whichever is your nearest and dearest local bookstore. all of us in the independent bookselling world are trying to find a way through to the other side of this crisis. if you want to buy this book at labyrinth it will ship for free, place the order over the phone we will post to the chat box that are also on our website. that will be the easiest way to get through that book. we want to ask a question, the best way is to ask a question at the bottom of your screen, better than putting them

up to us china relations strained over the course of the pandemic we have the latest for you plus goldman sachs predicts india will suffer its worth recession than 1709 and finally johnson and johnson announced it will discontinue sales of as baby powder in canada and the us you have a patch show for you today so let's go and dive right in. tensions between the united states and china continue to increase as china condemned the u.s. following us secretary of state my pompei with tweet congratulating taiwan's newly inaugurated leader. we warn the united states that taiwan's independence is a road that leads to destiny can given some more support for taiwanese of independence is doomed to any damage to china's core interest in any interest in your indian chinese internal affairs so it will be rigorously counterattacks. the spokesperson also urged the u.s. to lift the newly impose sanctions on telecom giant wall way as relations between the 2 countries continue to strain meanwhile coven 1000 cases in india are surging the country reported more than $5600.00 new cases in 24 hours this was the

i was just going to give you the last question, david goldman. [laughter] so, please -- >> that's a lot of pressure. >> no, no, no. >> so, david, why, why did mengele become mengele? why did he become the trope, as you say? do you have a theory? why did we -- >> well, i mean -- >> yeah. >> why did he become the kind of symbol of -- >> yes. >> -- the holocaust, of auschwitz? i don't know. i think a lot of it has to do with the way, the fact that he became such an attractive figure for people who create popular culture. i think that's, you know, i have a, i have a google alert on my phone which gives me a message several times a day every time mengele is mentioned in the world press or on any tv show. i got one this morning that one of the great german actors who portrayed him in some crazy film died yesterday. every single day mengele is promoted as either, east in a historic -- either in a historical sense, sometimes the inaccurately, or he's invoked. lately with the coronavirus, there are lots of metaphors or comparisons of mengele, whether we n

and david goldman is a distinguished lawyer and he is the founder and chairman of the fellowship at austerlitz for the study of professional ethics. this is a very special nonprofit organization and through a graduate student brought it together to examine moral and ethical issues that arise from their chosen profession. in a fundamental premise of their work, i will quote some of the material, the reality governing can break down or be distorted with devastating consequences. i think with this principle and insight, we are squarely inside the story and i will let david and david take it from here. >> thank you. i'm hoping that people can hear me, i am disappointed that it makes it impossible to see me although i did have a tuxedo. i'm disappointed. >> i should say that david and i have known each other for many years and the problem with that, we often finish each other's sentences. so one note of warning, that is if david answers a question that i'm not yet asked, that will happen or i might skip asking a question that i have in mind that arity heard david answer. so the q&a session will be

goldman sachs said $40 by the end of the year. $60 by 2020 one.at the aussie play because you are just seeing the australian dollar ignore the china bashing narrative and focus on the oil being above $30. sayingone common idea you want to buy the dollar, sell the yuan. they are saying they are looking at policies with greater immediacy. what does that mean in terms of orp?risk of ni we've got a trending story that has gripped the emirates. emirates group is considering slashing 30,000 jobs. this would be the deepest cut yet of any global airline in the industry. the has been forced by hibernation of coronavirus. we are joined on the phone. rate to have you with us, leanne. 30,000 jobs. put that in context. what does that mean globally? >> yes. 30% of the entire emirates group workforce and these cuts could be the deepest in the sector but airlines around the growth -- globe are cutting jobs after the pandemic destroyed travel. they are planning on making 12,000 jobs redundant out of 100,000 jobs and also 100,000 workers at the four largest u.s. ca

today goldman sachs to a buy you added to wells fargo. >> yeah. >> tell me why. >> so wells fargo isuge laggard and i've owned it all the way and now yields 8% and it is well capitalized. their liquidity cover ratio 121% the regulators expect 100% the common equity tier 1 capital is 10.7% they have got a good capital structure, a good yield and new ceo who's done a very good job pre-covid. fees up 2% in the quarter. expenses down 6% this is a laggard. i don't not like goldman sachs but i prefer in financials morgan stanley both down and trade the same valuation. >> jim, you do own goldman sachs which i did mention upgraded today, target 207 bucks to a buy and the banks having a good go of it. people think that rates will go up you know if you get some -- even a little bit of an inflation you get rates to rise a bit. is now the time to buy the banks? >> well, yes again, if you believe that we'll come back without a second wave of this virus then people get the jobs back and then you don't have to talk about mortgage forbearances and the banks come back on that but on goldman that's no

goldman is up 2.6% right now. the report does cite a company memo which also says goldman is looking into the feasibility of testing all staff and visitors for the coronavirus. separately, bloomberg reporting that capital one financial is planning to keep most of its employees in the u.s., canada and the uk at home, working from home, until september. so obviously, we've got conflicting moves here, but we do know that here in the u.s., goldman and capital one are waiting just a few more months. >>> let's get to norwegian caribbean cruise line. the stock is plunging after warning, not a good warning at all, that with ships docked due to the coronavirus, there is substantial doubt that the company can continue operating. to stave off bankruptcy, it has laurened e launched a $1.6 cash and debt offering. investors are selling this, down 21.8%. your kids may really hate online classes, but shed, the investors absolutely love it. look at this stock, up 35% right now. it's an e-textbook and online education service stock

we are joined by goldman sachs' head of the urban investment group.also joined by bloomberg's sonali basak. thank you for joining us. explain to us how much and where this money went out of goldman's coffers and into small businesses around the country. margaret: sure. we made a $500 million commitment to make small business loans available to businesses around the country, and we wanted to make sure that capital reached the most underserved businesses until we decided to employ that exclusively through community now over ad we are month and a half into that program, and we have been really excited about the data we have seen so far. these lenders operating in rural areas in the south to dense parts of new york city, to california, to ohio. they have been able to make loans that are very small. if we look at the median account of businesses they have served, it is just three. these are your barbers, tailors, the real small businesses that i think we have all been concerned might not be able to get this capital if they didn't have a banking relationshi

dislocations now out of goldman sachs and the big coin news this week when they said that because it's not suitable investment for those clients does not generate cash flow like bonds relies on a greater fool to pay more in order to profit yeah it's been said that money is the bogle the number pops it's essentially means that there's a monetary premium and it's also true i use case for any commodity and essentially you know gold has the highest monitor and most of those for use will be that money a big growing is sure monetary agreement is the purest form of money so anytime you see this propaganda coming out you know clearly interest interests like goldman sachs just ask yourself the question what is money oh to be around and i miss you go in on those 5 streets of disability you're really orderly recognize scarce once you arrive there i think it becomes very clear where this eagles are on its own. yet it's ironic because goldman sachs sells negative rate bonds that have negative cash flow and they're caught time and again stealing. i don't know what gives them the right to say anythin

yet it's ironic because goldman sachs sells negative rate bonds that have negative cash flow and they're caught time and again stealing. i don't know what gives them the right to say anything all right robert pre-lit thanks for being on the kaiser report that's going to do it for this edition of the kaiser report with me max kaiser and stacey arutt want to thank our guest robert breedlove he's over there c.e.o. of parallax digital if you want to catch us on twitter our skies are report until next time by up. to new. day only. please. give me that much. time we said. is not. the most companies you know. please when i meet with. companies he will speak to all of those people even though he goes from beneath the masses to see you just pull you through and call. someone something that. you see him in the middle you kind of these people will. think they. will tell you a list. and . certainly a we are entering a new stage in sas. not just the needs. i think we. already passed the peak of this willingness to be most global and most. progress in terms of developing development of technology we c

goldman sachs this way?t at all. >> tucker: yeah. he's threatening the goldman guys. i'm just guessing larry and dan. i have a feeling goldman sachs is essential in new jersey. gentlemen, thank you for coming on tonight, godspeed to. >> thank you, tucker. >> tucker: as we told you a couple of times on the show because it really is a scandal of the season, many thousands died because of the way andrew cuomo mismanage new york state's nursing homes. one of the people affected by this in the saddest way is our own janice beam. she lost both of her in-laws inside of the nursing home in new york, and she joins us next but that story. stay tuned long days in the plant, or late nights stocking shelves doing all we can to get you the milk you need. we hope it makes your breakfast a little brighter. your snacks more nutritious. and reminds you when it comes to caring, there is no expiration date. milk. love what's real. yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transf

goldman sachs now says it expects a 39% drop in g.d.p.n the second quarter but a massive, i think 29% increase in the third quarter. it is not a v. it is more of a very steep swoosh. does that kind of recovery make sense to you? >> this is what i would call the -- recovery. it is very important to ifferentiate when it is listed automatically, activity picks up by definition. the really important question is what's happening afterwards? and you could say if you have run out of ideas, you could also call it a square root sign. a mechanical recovery and then it is flat. i think powell's speech yesterday kind of reminded stock market investors that there is a possibility after a mechanical rebound it will be pretty flattish because of so much uncertainty that is still lingering and also because of e more lasting repercussions to have blow that balance sheets for companies are suffering now. anna: we talked about negative interest rates in the u.s. you were not sure what difference it would make but it seems to be catching. look at guild marke

well i'm a little taken aback by the confidence with which goldman sachs predicts the future i don't really think anybody can do that no disrespect to them i can't either but you shouldn't claim it i have no idea what's going to happen 6 months from now and i doubt anyone else knows we are in uncharted waters we do not know what the ramifications of this crash is not know how long it will last having said that india is a very crew or country and it crams an enormous population into very close to living quarters as you can see and therefore it is ripe for the kind of spreading infection that we see and that was no one who has been known for decades the failure in india as in so many other countries not just india was to failure to prepare to have stockpiled their dental later the masks the gloves the testing kits to be able to clearly identify what your problem is where it is that was the problem it was a problem in this country to the united states but if more severe in india and the price that is being paid in illness and death yes it is going to be staggering and like in the united

he is threatening the goldman guys, i'm just guessing, larry, dan could i have a feeling goldman sachss essential in new jersey. gentlemen, thank you so much for coming on tonight. godspeed. >> thank you, tucker. >> thank you, tucker. >> tucker: as we told you a couple of times on the show, because it really is the signature of scandal of the season. many thousands died because of the way andrew cuomo mismanaged new york state's nursing homes. one of the people affected by this in the saddest way is our own janice dean. she lost both of her in-laws inside the nursing home in new york. she joins us next with that story. stay tuned. ♪ >> tucker: new york has by far the country's highest death toll from the coronavirus. more than 5600 of those dead were in nursing homes. probably a number of reasons for that. but one of them was government policy. a policy of andrew cuomo, which requires those nursing homes to admit patients who had tested positive for the virus. it was insane. governor cuomo has not been asked much about it. he did appear on cnn yesterday. the interview probably went as

coming up, goldman sachs and morgan stanley economists see signs of the world economy is starting to recover from the coronavirus. we will discuss this next. this is bloomberg. ♪ manus: it is "daybreak europe." goldman sachs and morgan stanley economist say there is evidence that the world economy is starting to recover from the coronavirus. the restrictions placed on businesses and consumers. that as governments increasingly ease back on virus restrictions and open up their economies. , senior executive capital.t arctk two major houses talking about the foothills of recovery but what is the bigger risk -- the economic data versus the consumer? consumer confidence is key and that has been shattered. seen the data coming in on consumer confidence. the numbers for retail sales are important. but no surprise. one of the main risks we are facing is the aspect of the market which is looking at the financial market and considering it as a positive recovery relative to the real economy. people like warren buffett have warned about the future. it still remains that we do not know the extent

my pleasure thank you all let's start with goldman sachs projecting this 45 percent right will there also projecting the industry d.p. will that rebound by 20 percent this year by the 3rd quarter what will happen to india's caste system and is it going to further exacerbate the wealth inequalities that already exist. well i'm a little taken aback by that confidence with which goldman sachs predicts the future i don't really think anybody can do there no disrespect to them i can't either but you shouldn't dream it i have no idea what's going to happen 6 months from now and i doubt anyone else knows we are in uncharted waters we do not know what the ramifications of this crash is not know a long it will last having said that india isn't there crew or crunch and it crimson enormous actuation into very close living quarters as you can see and therefore it is ripe for the kind of spreading in traction that we see and that was no one has really known for decades the failure in india as in so many other countries not just india was the failure to prepare the hash tag the game delayed is the

goldman to bring that investment banking relationship in consolidation.ese are the names that have the lower valuations, did godmans, the morgans. >> right. >> the environment being what it is, it makes it hard to see them as the acquirer and hard to be thought of being acquired and the names go away. >> we are talking about the back end of this. i would be surprised -- typically recessions are not periods where you see a lot of healthy bank m&a and so i don't think that's going to happen now. what we're talking about the forces that are aligning itself to what happens on the back end of this. and then another thing i'll say is that we think the operating environment at the end of this to include very low interest rates which means banks that are more spread dependent will have more pressure on them to think about combining with banks that have more fee income and the banks can -- we saw more merger of equal type transactions last year and see those mergers as we roll out of the recession. >> final question to you is where does fin tech fall into this you

goldman saying that vaccine hit the markets. the wall street high price target on that stock and it seems that that is what gave a lift to sentiment which carries three into the asian session. a lot of green on the screen although not quite as powerful a move high in the msci asia pacific index as we saw in the u.s. yesterday. we recouped the losses to trade pretty much flat, but of course, sentiment, a little bit more subdued than we saw yesterday. same for european futures. the 10 year yield jumped seven basis points. overall, in terms of the dollar, not a huge amount of movement but yesterday, the euro strengthening the most in six weeks. we have some progress in terms with the to help challenges of coronavirus and we see the euro stay above 109 and the wti june contract expiring today, but how different things look from a month ago. maybetting against moderna be a risky proposition right now . an experiment of vaccine showed signs it can create an immune system response to fend off the new coronavirus. a new record intraday

goldman sachswith is next. on.p. paribas shares rise resiliency.

they've trimmed their stake in goldman sachs and pnc financial by b about 6%.b through these numbers but some interesting themes between david and warren buffett back to you. >> dom, clear ly david's underwater if he's only been buying back in march wells fargo one of the few stocks below its march lows as we stand today but warren buffett if he was trimming a couple of the banks, wells fargo as of the end of march wasn't one of them >> was not one of them however the big notable one like i said is the goldman sachs position an 84% reduction in goldman sachs and about a 3% trim in jpmorgan so some portfolio move there is but u the largest one that catches the eye for sure is the goldman sachs position being trimmed. the pnc one is interesting but not nearly as large as others in the portfolio, but the gold one was the one that caught people's eye. >> the only thing to mention is the timing of the selling. we don't know the average price but goldman is one of the banks that's rallied the most since the march lows and stands as a factor of the big six, the best y

goldman sachs was the biggest loser all day then cat went lower than jpm and goldman sachs.s were a weak spot s&p 500 down 2%. every sector lower hardest hit, real estate companies. industrials, financials and energy utilities faired the best. nasdaq also got hit today. some of the big tech names that have been powering this move higher under pressure, microsoft, amazon, apple late in the day. 2% close lower for the nasdaq. the russell 2000 hit hard and the this is the one that's been hit all year down 20% now year to date. coming up, find out which countries melinda gates should get an a for their handling of the pandemic joining us first, tony and paul hicky. still with us, mike, first to you. on whether the narrative in this market has changed from opt mims around reopening and stimulus and testing treatment, vaccine advances is that still the case or is that sort of getting tired and yielding into something not as rosy? >> i think the narrative still exists i think it's the orientation of most investors at least trying to look in that direction, but you know as prices go

and 9:00, peter oppenheimer will join from goldman sachs, the equity view forward. stay with us.loomberg." ♪ viviana: software aimed at helping companies to safely reopen their offices that will help orchestrate shifts for when employees can work on site. cells forcing the software also will manage emergency response procedures -- self-worth saying the software also will manage emergency response procedures. india'sg in geo-platforms days after facebook agreed to invest in the business. geo is from lance industries. it is controlled by asia's richest man. he has been trying to reduce debt. flash. sure business -- that is your bloomberg business flash. thank you. where were you the first week in january? what were you thinking? what would you think in the first week of january but the classic phrase "sell in may and go away" for all of us, things have changed. it is a good time to speak with marcus ashworth. now.ins us right marcus, in all the years you've been doing this, what does the silly phrase mean to you? what does it actually mean? confess, i never really paid a vast amoun

we have goldman sachs on that list how do you think about goldman, goldman sachs and morgan stanley in same sentence any more given how different they are how do you think about those two institutions >> look, they are both, goldman sachs and morgan stanley less exposed to loan loss so the biggest issue right now, the depth and duration of loan loss they are relatively more protected. take a look at goldman sachs they are in mark to market firm. they mark all their assets to current market ovalsevery day and trading below book value as a deep value investment goldman sachs makes sense. capital markets are doing quite well you had record high yield issuance for the last two months this quarter trading is still going strong we found that out at our wells fargo financial services conference last week so they are poised to benefit and not get hurt as much the jury is still out on goldman sachs, their new initiatives like the apple cart and all of that stuff but that's relatively small. goldman sachs should still go higher but i'll reiterate, citigroup is our number high data pick and high

goldman sachs revising their forecast higher as well.o longer do they think 15% is the peak. 25% is the peak, that his depression era like numbers -- that is depression era like numbers. sayingsecretary powell not just the on employment but how long it will last. when you have long gaps in unemployment in your career, it can leave long-term career damage. thank you for breaking it down for us. i want to dig into the jobless numbers now with tom thibodeau. usnk you so much for joining . talk to us about how these numbers break down. in the tech market specifically there have been huge layoffs at airbnb, lift. -- lyft. do we know how unemployment is holding up in the tech industry? >> cyclically when we have these layoffs, they tend to lay off the people who are in sales and marketing operations, finance. they keep the brains of the operations, the tech capable people on the staff, people responsible for uber -- user maintenance, the different cybersecurity fields. nobody wants to lose those people during these types of downturns. they are

the silent invader was written by tom goldman, produced by roger wolf. directed by jack simon. script research by rose me and a mcdonald. the silent invader has been brought to you by the westinghouse broadcasting company in cooperation with the american medical association. the united states public health service and the university of pittsburgh health center. the symptoms are quite familiar, and you will often come up with the correct diagnosis. yes, it looks like a cold, a common cold. runny nose, headache, akin us, very often a slight fever. those are some of the symptoms of the common cold. how do we get an till that happy state? we have colds simply because of cold? because of ice? snow and low temperature? no. the funny thing about colds, where it is coldest, the and habitant hardly ever get cold. explores tellers that as cameras are cold free, unless they come in contact with visitors from outside of their frozen world. if it is not just cold weather, what is it that causes so many of us to catch colds? scientists think that most colds are caused by extremely small micr

secretary of state mike pompeo will join us to discuss relations with china former ceo of goldman sachs about the outlook of the economy and the ceo of paypal and also talking to the ceo of hilton and aflac ceo will join us and our media guru from lion tree hard to think we are going to pack it all in in three tiny hours. >> that means no screwing around at all today is what i think >> go for it then. >> three hours time for everything. with err going to have to talk that a-holme mnuchin. i'm paraphrasing i'm not saying it. i like mnuchin i like him a lot no one knows what started it >> we should talk about other stuff. we have opinions on this we all are talking about twitter and waist our time with people with two followers >> how many followers does axl rose have? probably a lot we are in the middle of a pandemic the economy is shut down we are in the middle of a pandemic trying to figure out another stimulus package it doesn't take long to fire off a tweet. i still don't understand that is a good use of time >> you are going to preach to someone that they shouldn't be responding to