tom: people that cover apple, sri covering goldman sachs.omaine is the stoxx. -- is the stocks. tom: romaine is locked in. romaine: pfizer still benefiting from the covid crisis. this is a company that came in above estimates on the revenue side by about $1 billion, and actually raised its full-year revenue estimates about $8 billion to $9 billion above what it previously forecast, above what the street was looking for. a lot of this is because it expects to make more money off of this covid vaccines than previously expected. on top of that, it's none covid drugs doing pretty well. cvs health did report a bump up and revenue growth, but a lot of that had to do with raising prices on some of its prescription products. it is still being heard by the covid crisis because a lot of people aren't coming into that store. they are not buying that front of the store merchandise they would normally sell with all of that foot traffic. that is still waiting on them going forward. an interesting move at twitter. you are starting to see a lot of activity

goldman sachs says they want people back. as that happens, that will put transportation systems under pressure for the people who commute into manhattan. right now, the public transit is being avoided. you are down something like 70% capacity. how do respond to that? financially, you can't run them long down 70%, can you? governor murphy: number one, the prior coronavirus relief funds or the american rescue plan money, or perhaps what is being debated now, the infrastructure plan, we need that help. secondly, we have fixed what was broken, and use the pandemic to fix it faster, so i think people will find a clean, safe, reliable system. thirdly, one of the ways we will get to 70% vaccination is to get our business community to be proactive, just as we are at the state level. we had a good call with the chamber of commerce on this topic this morning, getting businesses to be forward-leaning into this, as we are at the state level. i think the transit community reality will be slow to recover, but when folks come back and parti

. >>> and your rbi, just 11 stocks, goldman sachs says hedge funds and mutual funds love right now, theist, the names just for you it's wednesday, may 26th, and this is "worldwide exchange. ♪ >>> well, good morning, good afternoon or good evening, welcome from wherever world you may be watching. i'm brian sullivan, it's 5:00 a.m. that's early here's now the markets are setting up their day stock futures they are higher once again right now, could be another good day in the street of dreams, dow up 87, and the dow and russell 2000 did break a streak on tuesday, a fairly new day today, volume was down, still, we are seeing futures high. overall, it has been a pretty rough month of may for technology nasdaq 100 on pace for its worst performance, to all the way back in october in the meantime, what's hold is new again. and the oldest commodity of all keeps moving higher. of course, that is gold at its highest level since january. gold higher up by eight bucks, 1902 and creeping back towards that $2,000 per ounce mark and of course, we've got to check the most volatile market of all recently

>> well, goldman sachs taking a side, i just think it's a nonstarter. bitcoin has gone from $0 to 40,000 without them, and obviously, i don't want care what side they are. if they are partial to see here to yum, that is -- [inaudible] whoever has the most money has a stake in what the code does and how it changes. hsbc not liking bitcoin is a nonstarter as well. again, we didn't need banks to get to this point, and we don't need them now. goldman sachs, to me, is just good promotion because they did have an employee who moved over to coinbase, so this is just them changing the narrative at this point. liz: could argue everybody's a little behind on this, gil. i mean, maybe the answer lies in the price action when it comes to the power of which of these two banks really is most strong. the power of the price of ether, over the last 12 months the ethereum price has outpaced bitcoin, around 1,000 perth. you do have -- 1,000%. you do have ethereum jumping today while bitcoin is recovering by 17%. what is your thought on this leaked report by goldman that fo

scharf, david solomon worked before joining goldman sachs since october of 2018. welcome mr. solomon, ms. jane fraser worked in mergers and acquisitions in goldman sachs before joining citi in 2004. welcome, ms. fraser. mr. jamie dimon began his career as a stockbroker in -- and turned at goldman sachs before working at american express and citigroup, serve at -- welcome mr. dimon. brian moynihan served at fleet boston bank -- he was named ceo in 2010. welcome and finally mr. james gorman joined merrill lynch and work for more than -- he served as ceo since 2010. welcome, mr. gorman. mr. scharf, you are recognized for five minutes. >> good morning and thank you for the opportunity to be here today. just over a year ago, when i last appeared before congress upon assuming my role as ceo, we are on the verge of the pandemic and i cannot help but look back and think about how little we understood about what 2020 would bring. on the pandemic struck, we all came together to stand up unprecedented at a scale and speed it had never been done before. the process was not perfect, but w

you can thank one goldman sachs. goldman sachs shares surging again.you have not been paying attention to the bank, you should be. around november 1st, goldman shares took off. it has doubled in a year and booming since the fall goldman sachs at $367 a share. it was at $185 a year ago. you go, goldman. >>> the crypto market. everybody out there is talking about it bitcoin up a bit ethereum down a bit. dogecoin is down a bit 62 cents off the high of 69 cents a share. it is higher from the constant moves. there is no pre- or post-market crypto they trade constantly. dogecoin, i know you are watching for good reason dogecoin at 62 cents we will get more on the markets and your money in a moment >>> right now, let's get you up to speed on the morning's big news the fed warning rising asset prices are posing increasing threats to the financial system. the word of caution coming in the central bank semiannual financial stability report it reads in part, asset prices may be vulnerable to significant declines and should risk appetite fall. take note. that is a

david kostin will join us from goldman sachs. part of it is about the end of this pandemic, and mom during the steps and where pfizer has been -- and moderna steps in where pfizer has been. jonathan: in the moderna study, 93% to 100% effective in a study of 12 to 17-year-olds. from here, the process continues. the company will submit for regulatory authorization in early june, and from there you imagine this one gets rolled out. tom: to me, it is about the quiver of solutions. it is not anymore one target, one silver bullet. it is a quiver of solutions for nations that are in the headlines, and too many that are far behind. lisa: the question now is below that, what about younger adolescents? and are we almost out of the pandemic? tom: stock moving 2.2%. we really need to frame the equity markets. futures up 15, dow futures up 92. jon ferro notes 18.36 on the vix. that is a david kostin number, isn't it? jonathan: after a really tidy rally in yesterday's session. growth has made a bit of a comeback. is that just a little bit of a

well, richie here, richard johnson here obviously came from goldman sachs and he'd say, no, he wasn't benefiting the goldman sachs brigade, he was benefiting ordinary people with his fellow schemes is help out to who to eat outside the more controversially. i mean, the subtitle of the book where you say, why work doesn't pay as people start to emerge. obviously the pandemic is still going on here. why does work not pay? i mean, that is a question that the vast majority of people in britain probably talking about is they come off low and back into jobs if they're lucky. well, basically the, the architecture of renting capitalism. make sure that most of the income from economic growth, all from changes in the system go to the owners of property, financial property, physical property, or so called intellectual property. and this means that less and less going to people who rely on labor of that incomes. so we have this growth of the precarious on which i've written several books and we've got what i've called in the book prospect of a triple k. in the sense that before the patent damage

goldman sachs may want them back by june. they lot of them are up -- come back by june and if you are not back by september we're gonna have an issue. but there you see it office space leasing is falling. we continue to question just how much space will really be taken. new space. even what it will be and obviously won't be occupied by companies that are already paying for enormous amounts of space for wh which employees are not showing up. >> i do think the big issue here, david solomon has do what he has to do right now lay down the law before in the next three weeks there is an exodus to the hamptons. >> i think they are doing that. >> yeah -- >> -- not just him it is any number of those who run these large organizations and financial services do want people coming back but you have to say june with the expectation that you get to september, if people still aren't coming back, then you have a much more serious conversation. >> the moment they come -- carl t moment they come back, the restaurants spring up, the retailers sp

su: the goldman ceo making it crystal clear. in the u.s. are to be ready to go back to work by mid-june. an internal memo shows in london, we're already starting to see signs of normalcy, staff should be ready to be back by june 21. goldman's move follows that of jamie dimon at j.p. morgan chase. they are looking to bring workers back in rotations, starting in early july. we are also learning that can britain's citadel is expecting their workers to be back by june 1. haslinda: people are talking about a hybrid set up. employees may have to give up their remote desks. that won't be easy. su: a major survey of bosses in the financial industry say 80% want to get rid of the remote stuff. vanguard is attempting to adopt a hybrid work model, where workers forget monday through fridays to work from home, some hedge are also considering that. a survey that was done shows employees want the flexibility. back to you. yvonne: thank you. don't miss our exclusive interview with the boston fred president on thursday. that is at 610 -- 6:10 a.m.. plenty

goldman sachs is having a joint venture with china's largest bank. goldman will take a 51% stake. will boost the u.s. firm distribution network and access to wealthy customers on the mainland. icbc has 680 million personal banking clients and nearly 17,000 outlets. goldman sees investable athletic -- assets surpassing $70 trillion. u.s. chinese education stocks rebounded after reports of a tutoring ban in beijing was denied. it called speculation about a ban on tutoring classes during summer school vacation, calling it untrue. the slide in chinese education adr's again friday after president xi jinping spoke about the need for tougher regulations on afterschool education and tutoring institutions. x on shareholders are set to vote wednesday on a bid for investors seeking a commitment from the company on climate change. an activist investor group led by a hedge fund named engine number one is looking to replace all of the oil giant's board members with those more open to clean energy. blackrock has backed three of the candidates. haidi: turning to commodities. oil is holding near $

of goldman sachs and other major figures in the democratic party said that if sanders was the nominee they would vote for trump trump was distasteful in that he didn't bring the gravity and decorum to the management of empire that the elites want they knew biden would do that and when you look at his plan remember biden on the campaign trail had said that he would when he got to office right to $2000.00 stimulus checks that got reduced to $1415.00 minimum wage has collapsed his infrastructure plan is not is clearly going to be whittled down by the senate and his relief package is essentially handing large sums of money to states and to corporations that's just another version of trickle down economics so then how does it work how is it that all my friends and the folks that i interviewed from time to time on the right can't have it so wrong they say he's a communist a socialist but he's going to absolutely give away the country to all the poor people and the rich are going to be a lock i mean they literally have have a could worse view of him than you do explain that to us. well but t

coming up after the break, goldman talks about the miss on the jobs number as the u.s. $300 weekly supplement cal unemployment benefit to address the labor shortage we're back in a montme llenge ev. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) keeping your oyster business growing has you swamped. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> an hour into the trading session. let's look at the biggest leaders on the s&p 500 you see expedia leading the way up more than 8 % the laggards on the s&p at this hour is monster beverage down more than 4 % >> all right back to the job shocker this morning. as we said all morning long, 266,000 jobs shy of the 1 million estimated by the street. now the chamber of commerce is calling for the end of that $300 weekly supplement cal unemployment benefit the chamber says

goldman sachs will take out 51% stake, it will boost the u.s.ds distribution network and access to wealthy customers on the mainland. icbc has 850 million personal banking clients. goldman sees investable assets in china, surpassing -- in china surpassing $70 trillion by 2021. there was a pay rise in a recent study shows two thirds of ceos have a billion dollars in assets with an increase of compensation. capital one financial spots had the biggest pay rise at 161 percent. however, not everyone got an increase with the ceo of bank of america, wells fargo seeing their pay decline. shares are set by investors seeking a commitment from the company on climate change. an activist investor group, led by a hedge fund named engine number one, is pushing to replace four of the oil giants board members with those more open to clean energy. coming up next, authorities raised to clamp look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for

goldman thing about the outlook sophie: goldman analysts are seeing outperformance of taiwan stocks comingtrong earnings growth as well as attractive valuations. the market is trading at a 20% discount to asia excluding tsmc. taiwan stocks to overweight and goldman set an expectation for taiex rising with peak economic growth and taiwan already priced in when they see the forecast. haidi: coming up, anger year after real tinto destroyed-- -- after -- taking a look at the slow pace of change for governments and corporate strengthening protection laws. this is bloomberg. ♪ shery: a quick check of the latest business flash headlines. u.s. payments company square preparing to offer checking and savings accounts, taking aim at banks like j.p. morgan. no announcement but evidence appears in hitting code in a recent update to squares app for apple devices. the code also shows integration with existing debit cards for businesses and suggests it will --forgot monthly service charges and fees tied with minimum balances. gains made a final pitch to curb the app store market power at the close of hear

goldman thinks we could hit $80 even if iranian oil comes back online.different from metals this morning, that is down to china, isn't it? manus: absolutely china, retaking control of the market on the commodity side. you may have the offer of goldman's $80 on an aggressive return, i give you the bid from barclays, just over $70. mind the gap. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. t

goldman sachs says be careful. fragility around bitcoin, up 5% this morning, between $33,000 and $39,000. that's the range you've got on bitcoin. goldman sachs talks about the fragility of bitcoin. they wonder, could ether -- let's get the first word news. leigh-ann gerrans has that from london. leigh-ann: china will now allow couples to have a third child, and attempts to raise the birth rate. for many years, china limited most families to have only a single child. that policy was relaxed back in 2016. now the oecd has raised its global gdp forecast for this year, but the paris-based group warns that the recovery will indeed be uneven and that living standards for some people won't return to pre-pandemic levels for an extended period. the new forecast calls for 5.8% growth in 2021, up 0.2% from the last outlook. in israel, prime minister benjamin netanyahu's opponents are moving closer to ousting him. one of his former allies has agreed to form the alternative government his rivals are trying to form. israel has h

yeah i would say goldman sachs is a clear winner the reason goldman is a clear -- i should say best practitioners over a period of time. what doesn't work is one single donation, one single check for the black community and then zeroing out that line item does not work so goldman what they also did right was getting a black woman leader to the table to identify how best to use those resources jp has been, jpmorgan chase has been a clear winner in that they started their work prior to the diversity tipping point. they were already investing in black talent and were saying, we're investing in black talent. sephora, doing significant things over the last two years, before the diversity tipping point. from racial bodies in retail study. netflix, $100 million investing in financial institutions, it is significant. those are some of the best practitioners. you know, unilever, they did something very significant to really advocate for not discriminating against textured hair right? that's a policy issue. at the policy level. those are companies that are really, i'm going to say, companies to follow. be

hall was supposed to be, become like the backbone of goldman and really done it. and it really was a very, very different culture goldman and then at hall and many of the my people i related to and didn't feel at home dissatisfied with the investment banks, business practices, a number of former whole trading company employees leave goldman sachs in 2003 boat at joins u. b. s, which is planning to open a new trading floor in stamford. he is tasked with creating the infrastructure from the ground up. i remember the 1st time i heard about high frequency traders the there's an elevator with the person who's very, very senior in the business now. and he was complaining about how they would interfere with the trading profits of the desk he was running. but that they didn't make that much money and i was, that was so, so interesting is that the strategy class made a huge amount of volume, but not much money at all. and we were like, why would people do that? you know, why would you do all that work and make such a small profit? many was surprised by the rise of high fre

real quick, if you are at goldman, you're going back to work. goldman sachs saying u.s.d prep for a return june 14. u.k. staff, june 21. so your train is going to become more crowded now, guy. guy: absolutely. there were four people in the carriage this morning. alix: picking up. guy: this is my indicator as to people coming back to work. previously, i had my own carriage on the train. now there are four people in it. in percentage terms, that's a huge factor. there are still 70 odd empty seats, so a long way to go. this is bloomberg. ♪ ♪ guy: pfizer now positive on the day. it posted some really big numbers. first quarter earnings, they are turning around a little bit. they were negative a little bit earlier on. it is turning out to be a fairly volatile session, but now up by around 0.5%. the numbers were really solid. the call is ongoing. you can follow it or listen to abigail doolittle right now. abigail: you're right right about the volatility on the day, up big in the premarket, then down, now up. . they beat adjusted earnings in a big way. sales of nearly $14.6 bil

and goldman sachs said they deserve their multiples, but analysts hosting say antitrust investigation, the greatest threat not sure i've sign it laid out clearly or forcefully on wall street yet another thing perhaps those mega caps have to contend with this year. >> i think it's true, but, guys, a big difference between tech overall, and look at apple, microsoft, amazon. they're right now, a lot of red on the screen trading higher than beginning of the month. that's in contrast what we're seeing with a lot of these growth stocks. yes, there are issues of antitrust, but how long is it going to take that to play out it's going to take a really long time, carl in a way of antitrust, the biggest worry. that might be bullish for some of these large names >> yeah. i think goldman would certainly argue the bigger threat is actually capital gains reform, tax reform, corporate tax reform more on that later we'll get to all of this with our first guest this hour. just downgraded tech to neutral recently this morning says the tech stocks could decline an additional 7%. take you down tho that 20

goldman sachs say you want to allocate to companies in the u.s. that allocate globally.o you want to be long u.s. with a global lien? yves: i think, first of all, in equity context, [indiscernible] whether or not you're going to be slightly overweight is a function of the kind of -- is there a big case today for more value that would lead new toward europe as opposed to the u.s., over quality group -- growth that would lead you to favor u.s. equities rather than european? i don't think so. consistently, with what's happening in the bond market on the 10 year yield, and by the way, interestingly, consistent with the extension we see that the rotation in the market is actually fading. they're not really tradable, so there's no trend leadership anymore. the demand is probably waiting for evidence of whether inflation is on a more sustained ride or temporary type of increase. annmarie: you say that earnings for s&p 500 companies this year should be 2019. are you worried about potential tax hikes in the united states hitting margins and inflationary measures hitting margins t

guys, back to you. >> wow, a lot of folks buying cars, thank you. >>> still ahead, former goldman sachstreet's culture needs to change amid the burnout at banks. banks. we'll be right back. proactive s for market events before they happen... and insights on every buy and sell decision. with zeron online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. see yourself. welcome back to the mirror. and know you're not alone. because this is not just a mirror. it's an unstoppable com

dan goldman, thank you so much for joining us tonight, i appreciate you being here. >> thanks for having tried to put in some context, at least in terms of my personal understanding of all this stuff, how important it is that the investigators in the giuliani case are taking these public facing steps right now, these steps that can't be hidden, going to his office, going to his home to collect electronic devices. what do you think is most important for people to understand about this case and what point the case is at? >> well, i think it's an indication, once you go overt, and it kind of went overt last fall when there was reporting about bill barr and the deputy attorney general jeffrey rosen squashing the southern district's efforts to get this search warrant. but when you go overt, you know that this is sort of dotting the i's, crossing the t's, in a situation like this. giuliani himself has acknowledged, he's at least been told or his lawyer has, that the southern district and the fbi got his icloud account pursuant to a search warrant in 2019. i would imagine there have been other

fiscal spending. >> it was interesting in that goldman sachs note. they are saying now is the time to buy this because, yes, china is flagging that it's going to have more government intervention. they really want to curb those price pressures that are at three-year highs from spilling into consumer prices so whether that's greater oversight in terms of those futures markets, curbing speculation in the market, but against this backdrop, we are seeing just the strength of u.s. demand, this fiscal stimulus coming through is going to propel that u.s. demand so i think against that backdrop, against ongoing supply constraints as well, we have seen some signs of easing on that front but together, that does suggest that we are still in this period where commodity prices will be supported even if china is going to take marginal steps to try to intervene there. anna: we did see the bloomberg commodity index retreated a little on those chinese comments. thank you very much. thanks for joining us. good to speak to you this morning. you can get analysis and ins

goldman says it looks extreme relative to the central bank's guidance.expected to an inch rate expectations lower over time and underscores that there is a long way to go for reaching job and inflation targets. goldman reckoning that a ramp-up in the size of the qe program should also further pushback rate hike pricing. haidi: iron ore, futures are still heating up near 190 in singapore. what is the outlook when it comes to what sydney is saying? sophie: they see the price outlook going higher, anticipating new highs of $200 per ton for iron ore in the coming weeks. this will see an extended deficit in the markets, and rising global steel prices should keep iron ore prices from sinking back to producer cost levels of below $100 per ton we could see further gains from here. haidi: musket the first word news with vonnie quinn. vonnie: sources tell bloomberg president joe biden is open to various possibilities on the way forward of passing his for trillion dollar vision for a better america. bloomberg has learned that includes breaking his proposals into mu

you have goldman sachs, j.p.setting a schedule for when they expect people back in the office. is there a feeling among some of the people you work with that rumors of the death of the office have been greatly exaggerated, given the idea people want to be around other people? barry: for sure. there are couple of things that stood out. the four partners said we would come in, and everybody else it was optional. we were surprised we had 20 people show up, including jonathan novy from chicago, shocked everybody. he has been vaccinated for months so he was comfortable doing that. it is still masks in public places. everybody in the firm is fully vaccinated. what you learn is a lot of the work we all do day to day, you can walk in your spare big room at home or your office, shut the door, and do the work. that is just your particular work. it is not the work of operating a firm. you have to be able to maintain a corporate culture and have everybody understand the firm's goals and the way we operate. we met yesterday f

jonathan: that is the line jeff currie of goldman is pushing, too.ead a of any three aspects -- amrita sen of energy aspects. thank you. they go on to say, "it is often better to travel than arrive from an investment perspective. we think it is better to be more selective and a tad more defensive." tom: i would say on this monday after jobs there's 14 opinions out there. the bulls reaffirm, the bears reaffirm. as we heard from our guest an hour ago, it is going to be a lot of fun the summer. jonathan: i agree. the line from morgan stanley was execution risk. going into the data, exit cushion risk. i think we sought -- the data, execution risk. i think we saw that in a lot of places, and we saw it on the data friday, too. tom: how do you recalibrate your gdp guess? the morgan stanley call is boom gdp, then it gets slow somewhat quickly. amrita pushed against that. jonathan: i don't think demand is the question. it is executing the supply side of the story that gets a little trickier. tom: fair. jonathan: there's a seasonal factor in the friday point a

is goldman sachs going to have a shakeup? sridhar: goldman sachs has had a recent shakeup. was forever ago. come on, is goldman sachs next? sridhar: i that david solomon to some want to leave anytime soon. jonathan: the copresidents role, how on earth does that work? sri: at least at this firm, the morgan stanley today is extremely different from the morgan stanley of 10 or 15 years ago. you have a firm that is not a pure play wall street investment bank anymore. it is a wealth management arm that contributes nearly 15% of its overall revenue, so it kind of makes sense to pick someone who has charge of the entire investment bank, and mb -- and andy saperstein, who has really built a wealth management powerhouse, starting with the e*trade by, possibly the biggest bank deal since the financial crisis. it has become a major center of gravity for the firm. at morgan stanley, you had to have a situation even without any inside knowledge. the best guess anyone would have had was the most logical outcome here in trying to figure out who will be the top deputy to james gorman would

abby joseph cohen went of goldman sachs, indeed -- abby joseph cohen of goldman sachs, thank you very indeed. coming up, amazon's huge push into entertainment. we are going to talk about that next. this is bloomberg. ♪ ♪ guy: 24 minutes past the hour. live from london, i'm guy johnson. alix steel is in new york. this is "bloomberg markets." let's talk about the future of bond. amazon reportedly in talks to buy mgm studios, its biggest push into entertainment. mgm's library includes bond. some classics in their, "dr. zhivago." alix: "gone with the wind." guy: dave wilson is here to tell us more. dave: the information in "variety" that a deal is in the works, saying amazon has been talking with metro-goldwyn-mayer for weeks, and possibly a $9 billion deal. why would they decide to go this route? using about all of the competition that amazon is now you think about all of the company -- you think that amazon -- you think about all of the competition that amazon is now facing. netflix, disney+, paramount+, hbo max, apple tv, youtube tv. you have to think about a way to combat all of that

we will break it down with goldman's global head of acquisition finance.loomberg. ♪ ♪ alix: live from new york, i'm alix steel, with guy johnson in london. this is "bloomberg markets." go taxes tax is holding its annual leveraged finance conference -- goldman sachs is holding its annual leveraged finance conference. joining us is someone who works with clients thing to finance deals, christina minnis, goldman sachs global head of acquisition finance. also with us is bloomberg's ed hammond. usually, one of us is at the beautiful california conference, but this is fine, too. it is good to have you here. is the world of big leveraged buyout back -- of big leveraged buyouts back? christina: it is good to be with you. i do think that the world of the large lbo is back. the conditions in the market are very robust, and as we had many conversations over the years, the dry powder of our sponsored clients is significant, so we are very bullish on 22 anyone. ed: one of the things that we keep hearing about any market is a return of the plug deal. a lot of sponsors o

today, david kostin of goldman sachs some grated -- of goldman sachs upgraded his earnings estimates.highlights the divergence between the top down strategists and the bottoms up analysis. the white line s&p we know is near record highs, but the blue line is the bottom up analysis price target, how bullish individual stock calls are. the yellow line is the top-down strategists price targets. the macro guys that are adjusting the price targets like lori calvasina, rbc capital markets head of u.s. equity strategy, that joins us now. divergence between the bottom up and the top-down is the widest we have seen in four years. what does that do? what does that mean we are looking at price targets? lori: i can tell you what we have done on our side, and we do compare ourselves to the bottom up consensus on the earnings numbers. we look at valuation multiples in the context of 2022 eps, and we have haircut next year's earnings for corporate tax hikes, which takes our number from that bottom up consensus down to 200, so we think we are being a little bit more aggressive than your typical stock

solomon, did goldman sachs underwrite saudi aramco's ipo? >> we were one of the underwriters, yes. sen. kennedy: how much did you make? >> i don't know off the top of my head what our underwriting fees are, but we can certainly come back to you. it would have been millions of dollars, but i don't know the precise number. sen. kennedy: mr. moynihan, was of america one of the biggest underwriters of one of the biggest oil and gas companies in the world? >> i don't know off the top of my head, but we will get back to you with the details. sen. kennedy: i think you were, i will save you some time. wells fargo, where you one of the underwriters for saudi aramco? >> i don't know the answer to the question, senator. sen. kennedy: you were, i will save you some time. how about citigroup? do you know? >> yes, we were one of the underwriters, sir. sen. kennedy: how much did you make? >> i'm afraid i don't know how much that was, sir. sen. kennedy: ok. mr. dimon, was j.p. morgan chase one of the underwriters? >> yes we were. sen. kennedy: how about mr. gorman, morgan stanley? >> yes, we were.

i learned what to wear at goldman sachs and learned how to think there. i was taught how stocks move, a process that can be counter intuitive for people watching the disaster it was today. my teacher david darsh asked me what's the key determination of stock prices jim, why do stocks go up and down profits. said nope. sales. nope management he said the number one driver of stock prices is the bond market. especially the u.s. treasury market it's so much bigger than the stock market literally every asset, everything is priced off the bond market. which brings us to what happened today. one of the things that pushes up bond yields is inflation you need more yield to compensate for inflation eroding the purchasing power of a dollar so when you get the raging inflation number, bond yields spike. nothing is worth more in the future if there is inflation stocks are long gated assets valued based on the future earnings potential and those future earnings are worth less in a world with higher inflation. just if you only take that away, they're worth less it's par

. >> daniel goldman, i appreciate it. thank you. it's fascinating. i want to get more perspective from someone who knows a thing or two about former presidents' finances from his extensive reporting over the year, timothy o'brien. also jim acosta and dana bash. tim, given with trump in a legal setting, he wants to sue you for $5 billion because he didn't like what you wrote, his net worth was much lower than what he thought it was, how serious do you think the grand jury is? >> i don't believe he is receiving it well. i don't think anybody would an ounce of common sense would be happy to be subject to criminal probe that's now part of the grand jury proceeding. so i think you're going to start to see him lash out. you can probably set your stopwatch to how soon he'll go after vance and after the process. he already has gone after tish james last week of course obviously. this has enormous weight. as goldman just pointed out, we really don't know where it's going to lead. there is a lot of evidentiary issues for the d.a. and the new york state attorne

goldman is moving for taiwanese equities to be overweight. on all corners of the market. we will be covering base metals. the economic outlook with selena laying. right is markets open in hong kong and china. but that is all coming up. that is just about it for "daybreak asia." market coverage ahead as we look forward to trading at the start of hong kong, shanghai, shenzhen. china open is next. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exercises to choose from. incredible for improving flexibility and perfect for enhancing yoga and pilates. and safe for all fitness levels

shery: goldman sachs is in the process of hiring new staff.on an unprecedented hiring speed -- hiring spree in mainland china and hong kong. how far along are we in this hiring spree? reporter: they are in the process of basically having signed up or having signed up these three to 20 new people, including 70 to focus on investment banking. they also have plans to add another 100 employees through the rest of this year. it goes hand in hand with the other investment banks, who are also hiring in mainland china, as they all pile into this market, which is slowly opening up to investment banking, securities firms, asset management. for goldman, it is part of a five-year plan they launched late in 2019, which was to double their workforce in china to 600. that's on the mainland. they have a lot of people in hong kong, as well. paul: the bank in the process of hiring greater 20 staff. where they going to be doing? you mentioned a longer-term plan. we expect to see more stories like this in the near future? reporter: i think a lot of them will be f