lisa: more broadly, why do think the goldman sachs transformation has been under by other analysts? the part of it is we are in a very robust capitalist market. a lot of it is driven by traditional goldman, strong m&a, strong equities traded, things traditional. i think, the broader transformation, markets important, and asset manager, not easy. a lot of good stuff going on underneath but the reality is result is dominated by an awesome estimate. lisa: if you look at asset management, it is the investment banking, training that came in $1.5 billion in revenue above the expectation. a blowout quarter. is this the cycle peak or is this goldman sachs gaining share from the european peers? christian: i won't exactly call it a peak. fixed income starting to slow down, m&a is still growing. we are very strong here for 2020 and 2021 will be the best years for investment banking since 2009. we know what happened after 2009. i think we are close to something that feels near a peak. it gained market share, fixed income, shares almost doubled, 7% in 2017 to 12%. today in equities, 100 basis po

we are coming to you live from the goldman sachs innovators summit in california in the heart of the ne country. this is where goldman brings together 100 entrepreneurs coming from the next generation of emerging companies with seasoned executives and is back in person for the first time in a long time. this for its 10th annual installment. i just spoke to the goldman ceo david solomon among the speakers here. and former president george w. bush, ll cool j, and so much more. we have a great show for you. we will be joined by reid hoffman, the cofounder of linked in, and kate writer and a number of exciting entrepreneurs. i want to kick it off with the goldman sachs cohead of investment banking. take a listen. >> it is unique to us because this is a conference that is designed to celebrate, to promote, to foster entrepreneurship and innovation. we do dozens of conferences every year. and they tend to be aligned around industries. you have probably been to some of them. this is different in the it is industry agnostic. it is size of company agnostic. it is designed to get 100 or so priv

goldman sachs knocking it out of the path and i get to go on a road trip. alix: all three amazing things. we are deciding guy's trip. we are deciding what we are going to do. earnings and data and stocks good. the out performers in the s&p are what guy is talking about. norwegian cruise, carnival, pushing higher. travelers can enter the u.s. on november 8. small caps are really pushing higher, outperforming the major indices. all of that, surprise, surprise, leads to higher yields. down on the week for the 10-year but we are still 156. i want to point out -- 1.56. i want to point out copper catapulting higher. this is continued issues from the higher energy prices into curbing some mine supply. guy: we have data to deal with. it continues. we have the university of michigan, retail sales were strong. the university of michigan sentiment index, 71 point four down from 72.8 last time round. the market was expecting it to tick up to 73. a bit of a mispricing vis-a-vis the sales numbers. future expectations, 67.2. again, a dip and below expectations. now we get

goldman sachs up 57% year to date. well, did that bank execute in the last quarter.: they knocked it out of the park. i wish there had been more on the financial aspects of goldman sachs, particularly retail banking. can the transition journey and the pr talk of cop 26, i want somebody to show me evidence of successful carbon pricing. i have asked about this before. i agree it is key, but i am looking for a carbon pricing that actually works. jonathan: i will keep looking. i cannot find it. let us talk about how orchestrated that meeting will be. we get diplomats together, the hash something out, we have an agreement before they technically have an agreement. this time around, it seems like a struggle to agree on anything. tom: that kickoff is like davos on steroids in terms of pr messaging. we will hear the word journey 472 times. i would focus on the idea that we are fortunate that john kerry, whatever your politics, is fact-based and does his numbers. that is different from most of these people. jonathan: some uncomfortable numbers. crude, brent 85. wti 83.50. an

goldman sachs has cut the u.s.rowth forecast, downgrading growth by .1%. .1% for this year. .4% next year. the blame goes for the delayed recovery in consumer spending and the fiscal slowdown for the change. jane fully is the head of fx strategy at a bank. the size of the changes are not magnificent in themselves, not shattering in themselves. let's set the stage. a weaker than expected figure, a downgrade on the growth outlook, does it shake in any way the dollar narrative, leaning into taper? jane: i don't think it changes the dollar narrative because of the dollar is in a win-win situation. you've got the interest rate differential argument, if the fed is tapering. on the other hand, the dollar gains from safe haven. it does benefit. but it doesn't change the dialogue for other aspects and adds into the stagflation dialogue and the growth of dialogue and i think that does alter the perception of where the world is going next year. manus: let's talk about stagflation, because a buddy of mine at one of the banks s

goldman sachs for better or worse typifies that relationship. >> goldman sachs for those that don't know is a social investment bank but it's one of the financial institutions considered really elite. top harvard students like you are getting a job at goldman sachs is the pinnacle that's what you aim for for better or worse . >> there's things i'd like to have been better at and one of the things i'm good at is getting myself into corridors of elite america. there are better skills one can have but it turns out that was the skill that on accident or on purpose i happen to have repeatedly cracked . i did that in the summer of 16 when i was a student and took an internship at goldman sachs and there was something i learned that summer but it wasn't thething i expected to learn . it is an important part but i didn't learn very much about that but i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually appearing to smack of the aggregation of power so one of the ways to do it was goldman sachs had a hallmark investment which is a service day. go t

the cohead of global m&a at goldman sachs is joining us. this is bloomberg. ♪ matt: this is "bloomberg markets." . low rates and abundant cash could go to $5 trillion. here to discuss the boom is stephan feldgoise, the cohead of m&a. we were talking about $45 billion deal with paypal and pinterest. it does not appear now as that will happen. i have noticed a trend. a lot of the huge deals we hear about that we are reporting on do not come to fruition. are we going to reach a new record with a lot of little deals? >> the vast majority sits at the larger sizes. this week and last week, this will be the most active m&a market in the street. that is eclipsing the numbers we have seen in some of the markets. dialogue continues. deals happen and sometimes don't . the velocity has been extraordinary. it continues at a robust pace. >> are at an interesting point and tipping over and what will be an all-time record for m&a. the conditions are perfect here you have the headwind of the antitrust, national security. you have credit, but that has been t

we'll get more on where to invest according to goldman sachs.i and that's what they call a tease. stick around we'll have that as always towards the end of the show. >>> crypto, bitcoin is trading at its highest level since may, 57,400 remember the all-time high was 63,333 but bitcoin has been red hot the last couple of weeks. we'll get more on that in a few minutes. >>> around the world, red arrows in asia, hong kong, south korea and china, their markets dropped. europe is getting going, they're down across the board, about .7% down we're not seeing the losses get bigger, in fact, some are getting muted as futures here turn around. >>> that is your tuesday set up. before we get more on the markets and your money, let's get the key headlines that you need to know about now, including the latest on china's heavily indebted evergrande group. >> chinese property giant evergrande reportedly missing another round of interest payments to international bondholders overnight. they were due to make three payments by midnight totaling $148 million evergra

goldman sachs economist have cut their forecast for u.s.h this year and next, blaming a delayed recovery in consumer spending. in a new report they expect growth of 5.6% on an annualized basis in 20 to anyone. down from 5.7%. 4% growth down from four .4% previously. they had upgrades to their projections for the following two years. results for elections are expected within the next 24 hours according to the commission. the vote is an early test for the prime minister. he has been unable to form a consensus in iraq's structured politics on tacking domestic issues and political capital and brokering cost between iran's power and saudi arabia use -- saudi arabia's monarchy. global news, powered by more than 2700 journalists and analysts in more than 120 countries. shery: the u.s. secretary of labor says the september payrolls report shows the continued strain on employment on the covid 19 pandemic. he cited concerns of the delta variant and people changing some of the reasons for the week job numbers. he spoke to bloomberg's jonathan ferro. >

tom: jan hatzius with goldman sachs.inz and tom keene on a day of economics to celebrate the nobel prize winners. we are honored the professor from stanford university could join us. we talked to a nobel laureate and we talked to jan hatzius, let's talk to someone who has their thumb on the pulse of the american economy. we make light of it. the charge card companies led by mastercard, and i truly mean that, the mastercard economic institute, hyper-granular work on modern america. bricklin dwyer out of yale and columbia joins the charge and we are thrilled he could join us. your work is incredibly important right now about the pulse of america. what does the mastercard work say about small business? bricklin: it is really fantastic, some of the analysis we have pulled out of this pandemic. we have seen small businesses underperform large by 10% during the crisis. businesses that closed during the crisis, small businesses were about three times more likely to stay closed then large. about one in four small businesses. a p

could mark the start for our china business following their 17 year joint venture according to goldman sachsn by bloomberg news and subsequently confirmed by a goldman spokesperson. we see them continuing to double down when it comes to the chinese market. they got in approval for a wealth joint venture in china as well. let us get you the stocks we're watching this hour. sophie? sophie: keeping an eye of the shareholders here in hong kong, they have outpaced their singapore arrival over the past year. this leading into a shares derivative trading. goldman capping a 5% boost to the revenues by 2025. they expect a limited earnings upside in the near term but they will post a bigger earnings downside risk to the singapore exchange. shery: let's take a look at the yield space. we are seeing that global bond selloff continue. u.s. treasury market over the point spread falling below that 19 point basis level and lowest since may 2020. we see the momentum in favor of that flat near. the 10 year government yields rising to 3% for the first time since july. we have those numbers out of new zealand.

goldman sachs rounds out the week for u.s.gs after a surge in pandemic dealmaking for rival u.s. lenders. and a watershed moment for crypto, bloomberg learns the sec is poised to allow the first u.s. bitcoin futures etf to begin trading. happy friday to you. you made it to the end of the week and the bulls are back in charge. yesterday in your american benchmark index, you saw the biggest gains up sometimes since about march, the third biggest gain of the year and we are continuing that positive action so far this morning. we're up .4%, that more positive attitude driven by more earnings, driven by softer ppi data, also driven by better jobless claims. that also means some of the havens like the yen moving lower today, 2018 low versus the dollar. meanwhile, looking at copper just below $10,000 from that rally, losing steam this morning, but we are seeing commodities like metals and other commodities at an all-time record as some of that supply crunch really weighs on the sector. finally, u.s. 10 year yields up nearly two basis

goldman sachs' chief economist on the way forward.nt piece of this for me knowing into next year is just where they cs landing at the back end of 2022. that is a sharp deceleration from where we are. tom: i love the idea here that you fold the fiscal slowdown into what the consumer is going to do in that estimate, and that comes right over to consumption and a huge part of the equity market. i'm sorry, but this is all linked in two speculation and the investment of our retirement plans. jonathan: goldman sachs and jan hatzius they small downgrade for growth and a bigger one for 2022. drew matus of metlife coming up. looking forward to that conversation. yields are higher in germany by three basis points to just -11 basis points on tens. tom: why are we here? jonathan: you keep asking that, tom. wti just short of $82 right now. on radio, on tv, this is bloomberg. ♪ >> i'm denny clevenger with an exclusive bnp paribas open update for tennis channel. the former wimbledon winner andy murray turns back the clock i see gets in an instant cl

the team at goldman sachs, seeing slower u.s.rowth for the rest of this year and into next year as well. what does that mean for the fed's rate hike outlook? that is still ahead. plus crude oil prices continue your steady march higher. we saw earlier the wti over $81 a barrel, brent almost $84. all of that and more, coming up. this is bloomberg. ♪ >> tapering is very likely at the next meeting. that is going to take a longer middle of 2022. where is growth, where is inflation? the whole forecast growth it is much more moderate. and inflation is on its way back down to something like2% -- in that environment, i don't think they are going to move directly to rate hikes. matt: that is goldman sachs' chief economist speaking earlier on bloomberg surveillance. investors are going to be watching for the latest data on u.s. inflation, when cpi is announced. take a look at the forecast for u.s. gdp and cpi in 2021 and 2022. the white line is this year. right now forecast at 4.3%, that is the inflation in the top panel. in 2022. 3% for in

we just got goldman sachs.t is extraordinary. what is happening in this period, it's not the beating of the numbers, typically bang of america. the estimates have nothing to do what they've reported. all they talk about is the yield curve. it meant nothing the fees are out of control. i think people have to recognize, whether it be goldman sachs, these are sticky fees we got to stop thinking the of them decembering of low price globals. >> that's the key. these things last. >> they're sticky. you should not have these numbers. it's entirely possible they're a new level of the way companies make money in this business. i know we have this moment for mna, it was big. the asset management is gigantic the market went up, the bears don't understand this self fulfilling prophecy. the rich get richer. you know what also managed to be good the apple cart the apple cart, 7 million. they're not losing the money that everybody thought they were going to lose. it's a clean start so i think no a credit card, it will matter.

goldman sachs alum my. alumni. goldman sachs alumni. you have powell who has $100 million in the investments in the markets all -- half of that is with goldman sachs, the other half is with black rock. we have serious problems with corruption. as far as the infrastructure goes, i'm a democrat, but i cannot give more money to a government that's corrupt. i think the sooner we get to the problem of corruption, the more we report on it, the more we put these people out of business that are dealing in it, the more trust people have in giving more money to the government to solve problems. host: we'll go to massachusetts. on the republican line. gale, hello. caller: thank you for taking my call. you do a wonderful job. the silent majority of us who sit back and keep our peace have been silent for too many years now. we are people of massachusetts, seniors that they want to say we are wrong, we are history, we lived through it. we lived through the school system in 1776 in junior high where we celebrated our biis bicentennial. we were proud o

this prompted goldman sachs to not see that rrr cut. they see the pboc using these target monetary policy tools to keep that level of liquidity in the economy stable. shery: those scroll shocks will factor into a huge day on the economic front for china. let us bring in kathleen hays. we are expecting a deceleration in growth in the third quarter. anchor: we sure are. it is been a perfect storm of negative things for china, hasn't it? it will hit china's gdp. third-quarter gdp, we will see a couple of hours from now. but us look at a bloomberg chart. it will show you the estimate. gdp was at 7.9% year-over-year in the second quarter. now it is expected to drop to 5.0%. it is a good rate but quite a deceleration. when you look at things like ever grand and property developers spillover, hitting the economy confidence. when you look at the energy shortage, commodity prices, everything is hitting hard. there other hard reports. the pmi for manufacturing fell just below 50 with signaled growth and contraction at 49.5 in september? it fell f

jonathan: we get goldman sachs earnings, then it is on to in america. lisa: retail sales at 8:30 a.m. how much will we see a softening? how much does this come into the narrative, the idea that people are buying less? we are seeing this in the auto sector. sales are slowing in part because of how high the prices are. jonathan: prices are starting to hurt demand. we have prices starting to hurt demand. lisa: clearly that has been the case across the board. from the surveys, people saying they will delay purchases of big-ticket items because they expect prices to come down, but frankly they don't want to put it out there at this point. jonathan: at this point, futures up 14 come up .3%. just trying to be collegial, keep it at a nice even tone. the bond market is higher by three basis points to 1.54. flatter curve on the session. tom: why is sterling going up? jonathan: we have seen a decent move in euro-sterling? tom: the turkish lira is its own story. what i would say, and this relates to what lisa has been talking about, the pendulum of narratives going

morris. johnson's x, goldman sachs chancellor, just lashed taxes on fossil fuels and champagne in the country where one in 4 children live in poverty. all the same or coming up in today's going underground. but 1st let's go straight to the case of the world's most famous publisher. joining me now from switzerland at this pivotal moment is the un rubber to her and torture, niels meltzer, whose evidence has been used in julian sanchez defense. thank you so much, niels for coming back on. you have been told by british politicians, i understand not to interfere with our court to the system in this specific case. are we now know that the joe biden administration's a crown prosecution lawyer here, proxy lawyer here at james louis ques. he says, julian assange is a, his health is fine, he can be expedited to face a possible 175 years in, in the united states in jail as well. thank you very much for holding you back on the show. i'm, you know, obviously you would expect to say that, right, and they're appealing be the 1st instance decisions i can talk, you know, based on extensive a medical e

and boris johnson's goldman sachs employee to and you k. johnson. richey snack, used his budget to cut taxes on color, driving little and dislodged taxes on champagne. joining me that from suffolk in england is an award winning advisor to governments around the world, the director of primal policy research in macroeconomics and peasant. and thanks so much for coming back on big argument going underground headquarters. i have to say, because when you watch the television, they're saying, you know, not a bad budgets and a lot of slight of hand. some were saying, you know, one and 4 children are in poverty in this country, but i guess it's called 26. so i've got to start by asking you, why is they worth? johnson's chancellor. richie select, incentivizing airplane, travel, and car driving. i think that's one of the big display. is she should. i key seems to think that the financial system and the treasury sits of heart from something called the ecosystem, the environment, and it doesn't, it's very much a part of it. so what the shows you, that

also the investment banks, goldman sachs and morgan stanley.e interesting to see how they handle this expense rate of growth versus revenue growth over the next six to 12 months. jonathan: what are we learning in terms of the leading indicator for loan growth? do you see anything over the last 12 months that gives you a nice subtle signal that things will pick up? what is the leading signal you look for? gerard: there are two areas, jon, and you touched on one, the monthly data, the trust data, the credit card trust dated that comes out every month is a great leading indicator. the federal reserve data on consumer lending out of new york, the new york that, another good indicator. but number one, what we are focused on, because it is the largest loan category, and it has not recovered yet, is good old-fashioned commercial lending. what we are watching carefully is the inventory to sales ratio in this country. all-time record low. you guys have talked about supply issues over the last six months. they are intensifying today. if inventories are r

earlier, bloomberg caught up with goldman sachs ceo on where he lands on the topic.avid: there is wage and placement across all aspects of the economy right now, and the supply chain constraints, inflation, and input from products and services, this is something to watch very closely. it is not baked into the cake as to how it will play out or whether or not it will be a significant issue going forward, but there is definitely inflation. ♪ >> but to actually create greater opportunity for people, making landmark investments in public transit and rail and reducing emissions. you know, those millions of kids getting off of diesel school buses and getting asthma. they should be electric buses. i have a tendency to say more -- jon: president biden delivering comments on his bill back better program. the sec is set to allow the bitcoin futures ats to start training next week and bitcoin to the moon. investors are ready. let's bring an hour reporter, katie grunfeld. give us the scoop on this long road to get to the bitcoin etf. katie: it has been a decade and that could be

it is 20th anniversary of the call of all calls, goldman sachs, probably will never live it down. buy enron. they pounded the table on it. why sometimes the smart money just ain't so smart. we'll be right back. ♪. oh! are you using liberty mutual's coverage customizer tool? so you only pay for what you need. sorry? limu, you're an animal! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ charles: third quarter gdp estimates are dropping like a rock. delayed consumption would be snapping back later on. goldman sachs, gdp out look for this year and next year maybe a lot of opportunity or lost golden opportunity. i want to bring in university of maryland economist peter morici. let me get your outlook for gdp growth this year and next year? >> i think we'll finish the year five to 7% for the year and for next year, maybe four. these supply chain problems aren't going to go away. we're really in a supply constrained economy. all the spending is making it worse, making trade-off between inflation and growth for the fed. more difficult than it needs to be. lead-in befo

we have a very care back-to-back bull market show great earnings, thank you goldman sachs and the dow jumped 382 points after by big gain yesterday. nasdaq advanced. meanwhile the government has lifted the ban on foreign travel and approved vaccine booster shots. both of these are great for confidence because covid remains the biggest drag on this economy. now of course this is a what have you done for me lately kind of business which means next week we have another gauntlet of earnings all over again. so right to the game play. monday we get results from albertson's. typically i don't like supermarkets the margins are too low. but albertson's keeps expanding its margins. i think we stick with this one i like it since it became public tuesday morning we hear from two best of breed operators, write these two down, j&j and proctor and gamble i think johnson & johnson will tell us that its lost the liability issue with the establishment of a new subsidiary to file bankruptcy to manage the claims but that will allow us to focus on the new drug pipeline. as for proctor, i bet it goes like

romaine: julian salisbury is at goldman sachs, david hunt at p jim -- pgim. they talked about a wide range of things. we did not touch on issues surrounding inflation, the growth value debate. caroline: growth value is where my conversation with john rogers went, amazing man. he set up investments in 24, and he has funds in these small and mid-cap space that is outperformed. romaine: those people make you feel small. caroline: he was trading in stocks as a kid and was a growth man until he found the contrarian view. he went into value and at the moment this is that. talking about getting into banks, calming the inflation risk, take a listen to what he said. >> i think the s&p 500 that is so dominated large growth stocks is very expensive on a historic basis. i'm not surprised to see the most recent retreat and correction we have been going for -- through. but the small and mid-cap value sector is undervalued. there are a lot of bargains and orphans left for dead that no one cares about. it is a tale of two orchids, a large growth stocks are expensive but the

goldman sachs had a double down.nd pressure on free cash flows and pressure on steel prices next year and how that is likely to affect their price model. i think with cleveland cliffs it is a different story because they are less exposed to steel spot prices. they think their average selling price in 2022 is going to be higher than 2021, something different than a lot of steel producers. i think you could see this one make new highs shortly >> a buzz kill for investors to choose in. beyond meat closing at its lowest level since may of last year victoria, i understand you have a small short position do you still have it how much pain do you think this will feel? >> we still have our short position on beyond meat. it is not that we don't think plant based products won't do well, but beyond meat doesn't have any proprietary formula don't do their own manufacturing. their competitors do the manufacturing for them when you look at comparisons between beyond meat and impossible foods, just between the texture and taste of

banks including goldman sachs and citigroup have been investing so much in technology. lot of junior banker work is getting stepped away. things like valuations of certain industries and companies that has been happening for some time now. every bank is investing in analytics at their m&a business, three or five years ago everyone thought that it was a person-to-person business only and now we know that's not completely true. caroline: briefly, how are the apps going? >> this is worth looking at. record digital adoption. things that were harder to do online like getting a mortgage are happening easier. at bank of america, headcount has gone down. you can see the technology investments paying off. millions flocking even on the traditional banking app. caroline: thank you. let's find out more about the future of the crypto sector and banking. we heard jamie dimon way in. -- weigh in. >> i think the next thing which is already here is crypto. it's already happening. we talk a lot about the central bank digital currencies, the fact that you already have around 100 billion o

and goldman sachs cuts the forecast and oil is an issue.at the start of the trading day. expecting some weakness. we saw some of that in the u.s. on friday. u.s. futures pointing lower. is it to do with higher commodity prices? the oil price in the for in some traders' eyes. tom: the comments from the weekend are central to what is happening in london when it comes to the boe and its more hawkish push. markets are right to price in a more hawkish bank of england. the ftse 100 is down 0.1 percent. the pound is stronger. in spain, a loss of 0.3%. some of the ministers their meeting with utilities around regulations to ensure prices do not hit households harder than they already have. in france, a loss of zero point 2%. in terms of the corporate stories, carrefour and auchan and the bid has stalled for now. sector by sector, we can take a look. oil prices remain elevated. wti come above $80 a barrel. iron ore higher on the back of stronger demand from china. the handoff from the u.s. on friday was weaker on the back of the below 200,000 inch o

sales data but there was concern during the week with ceos of bank of america, morgan stanley, goldman sachsxpressing worried about inflations. today we will dig deeper into that with regards to the trucking industry and out -- how it plays a role in the issues. we will talk about that and how the company is still managing to deliver and how women drivers can play a role in addressing the crisis. a lot to talk to and a short amount of time. let's start off with a strong demand for trucks. taylor: did you know the terminal is so cool there is a spot for trucking demand index? there is wind. take a look at this. since 2014, you're up 622% on this index. what is interesting is the blip on the right, it fell on a week over week basis. it is relatively strong for seasonality. they demand and limited driver capability. it is up three times on average this year it so you are seeing a lot of big numbers coming out of the index. one company we talked about is jb. we heard from them earlier today. i want to bring in our analyst to break down the earnings and this index that we have. what stood out to

fantastic execution last week from goldman sachs. unilever and tesla.ll the talk of a chip shortage and car companies not able to meet production targets, tesla is keeping up. the stock is only done by 1% in the premarket. it is not damaging demand. consumer -- a bigger story for this quarter. a lot of companies under pressure with high costs. they have been able to pass it on, execute, adapt. the bond market just short of the highs of the year. 177. first quarter, at the end of the quarter. this morning, 167. deals coming in about a basis point. 2.11%. no drama. tomorrow we hear from chairman powell. tom: we have to talk about the success of david solomon. we sat with mr. solomon at davos. this guy was criticized up, down and sideways. keith horowitz says it's impressive execution, as you just mentioned. they go on price target. 440 up to 480. jonathan: it is too easy to say the environment changed. they were beating estimates last week by one billion plus. yes, the rest of the street did well with equity trading revenue. fred goldman executed at a muc

i think equity trading, investment banking, that moves me over to names like morgan stanley, goldman sachs i think there are great opportunities. there are very inexpensive banks that could potentially put up numbers that we could see these stocks move to the upside in a big way. names like citi that trade less than one times books i think there is a lot of room for these names to perform to the upside morgan stanley would be my favorite >> let's put your morgan stanley or square, where do you want to be, bonawyn? >> going into earnings i think morgan stanley is set up well. i think they will do extremely well there that has carried the banks through covid. short-term morgan stanley. long-term i can see a company like square continuing we talked about sofi a couple days back. i can see them starting to siphon away market share and see consternation around crypto and these other alternatives i think you need to have a little bit of both short-term what is stable and a proven commodity look at the consumer trends. they are involved in these companies. >> grasso, your take >> tnc has the best

we can talk about what we have coming up, former goldman sachs -- former goldman sachs ceo lloyd leg giving us his view on cryptocurrencies. bitcoin, 65 thousand dollars breached for the first time. can we go from there? this is bloomberg. ♪ ♪ david: welcome back to the shell. just enough -- to the show. bitcoin, under $67,000, giving back some of that. our index tracks broadly how the group is doing and we are up .4%, 67,000 dollars was roughly your high, 40 -- new life 41% over the past 30 days or so. let's get date since of why we are here? are we looking at mainstream acceptance? have a look. >> quite a rally. >> i think we will see new all-time highs on bitcoin every month. >> you look at a year ago, we were probably trading at $12,000, so it is crazy to think now we are at $66,000. >> i would think about buying it on a dip we get. >> it is getting the institutional adoption many have been talking about for years. >> when you get the large pension funds, it doesn't take much to push prices up 50%. yvonne: i love the tweet from bitcoin enthusiasts come october leads november, nov

goldman sachs at 8:30 eastern. uscp i around the same time.ng into that, this is what -- brent crude through 85 for the first time since 2018. wti $82. in and around seven year highs come up over another .8%. demand is good and supplies a problem. when you start to see inventories come down, you start to see prices rise again. you see that in crude and on copper. tom: that is right where i wanted to go. this is not just about oil. it is about everything else. as kit juckes mentioned it is the rate of change in commodities. jonathan: glencore is cutting back on production because energy prices are so expensive. another one to look at. tom: my pills will cost more money? jonathan: perhaps. let's get to the bond market. on the week, we closed out last week on five 30's, take your pick. 1.10 friday last week. backs up, about 98 basis points now. on the week it is certainly flatter if you look at parts of the curves like fives versus 30's, a lot of that is the rally we have seen in 10 and 30. this morning yields are higher to 1.54 on 10. on 30, 2.0

the bitcoin story for goldman sachs with the first u.s.rypto business under then lloyd blankfein. he spoke about why they got into this early. he talked to bloomberg's erik schatzker in the front row interview. ♪ >> a lot of bright people think it has a bright future. i'm telling you, i have a whole foot and four toes into the whole world. it is not something i gravitate to i can think of a lot of reasons why it won't work. but i remember when they were auctioning off spectrum for cell phones and saying, why would anyone need a cell phone? just pull up to a phone booth. i thought, who would carry that clunky thing? the point is there are a lot of things in this world that have worked out awfully well. >> for somebody who used to run a bank, you sound pretty constructive. >> i ran a bank. you have to celebrate fact from opinion. nobody knows the future. there's all sorts of things, there's a lot of things that in directions that i couldn't and wouldn't haven't dissipated, and no one else would have either, so to just come out and say that h

goldman sachs -- and buy the d ip. goldman sachs says that inflation is transitory.y are going to highlight the cost pressures, but inflation will peak. jp morgan says stagflation fears are going to start fading and won't persist into year end, so we continue to have that sort of buy the dip scenario, even if the headline numbers start to get a little bit heavier. guy: you could argue that we continue with fairly easy monetary policy, that should be good for risk assets. the question is risk assets are going to be talking about because if that is the scenario, maybe this energy move we are seeing at the movement, that energy stocks are still significantly where they were the last time we were at these kinds of levels, but you think about fading that move. if you are not going to get this monetary policy shift, may you rotate back into tech, away from the financials, which again seems to be the trade at the moment. going out of tech if the est portfolio -- the esg portfolio will allow you. alix: let's get a -- let's get some advice from the expert, katrina dudley, fro

francine: thank you so much, david kostin of the goldman sachs.ave plenty more on the markets and the reflationary trade, coming up. see you at the movies, or not. imax on track to be one of the top 10 months in its history. i next executive richard gelfand joins us next. i bet alix steel is a nymex fan -- is an imax fan. alix: i do, but i get a little nauseous. i'm a bit of an old woman inside. but i am an outlier, to be sure. francine: i'm not sure you are, actually. we are all used to seeing this at home on our logo screens for the last 18 months, so it will be an interesting conversation, for sure. ♪ >> this is bloomberg. ♪ let's check in on the bloomberg first word news. i'm john hyland. it is seen as a potential breakthrough for president biden's economic agenda. the president is set to announce a framework for a $1.75 trillion tax and spending packets that has a adminstration believes will pass congress. he went to capitol hill today to drum up support. the proposal includes a minimum tax on corporations, stock buybacks, and new taxes on in

goldman sachs lower its outlook for the u.s. economy for the next two years but with a caveat inflation, nation are the ceo one of the world's largest food brands said you better get used to paying higher prices. >>> and our rbi will show you the reason why southwest airlines canceling hundreds of flights over the weekend. in part because they're running out of the people. and boldly going just a little later than scheduled as nature creates a snag for william shatner's voyage into space. it's all happening this monday october 11th this is "worldwide exchange. >>> good morning, good afternoon, good evening and welcome from wherever in the world you may be watching. i'm brian sullivan, happy monday it is not maybe the most happy monday for stocks, at least right now. it is very early the futures they are slightly down, down a couple tenths of 1%. dow off 65, nasdaq off 58. nothing to go back to bed over yet. all three averages snapping three day win streaks but remember the macro markets did well last week, ended up and, in fact,

how are the heads of goldman sachs and others preparing to tackle climate change?g green will have a cost but also it is a huge , opport

we expect the same out of goldman sachs. moving towards a more consumer-based business. we expect higher interest rates and, you know, the additional volatility of the past few months to help drive goldman earnings. but when you take a look at the way the financials impact the tone of the market, it's not always a high correlation. what we found to be a little more impactful is the tone of tech earnings. leading into tech earnings historically speaking the market can be chop hey. obviously this week was a strong week but the first large tech company reports on the 25th that's took. in that week we have apple, google and microsoft jammed in the four day period and what we found is typically after those groups report, after the first one of those companies report, the market tends to push a little higher, seven out of the eight a last quarters, seven out of the last eight quarters the market has moved higher. the one time it hasn't has been q1 of 2021 this year, when interest rates were causing tech stocks to feel some pressur

morgan and i'm not coming out of goldman sachs, i like those. but cyclicals clearly do well in our current environment and also do well, particularly financials in a rising rate environment so while the fed isn't raising rates right now, after it starts to -- after it finishes tapering, we are going to be talking about interest rate increases. and so, financial services companies do really, really well there because they're able to have expanded margins. it's not just transitioning out of, it's adding to with these smaller banks. >> we are watching hli and pjt. >> must be nice to have a stock ticker that's your initials. >> right. >> i'm not sure anybody would buy bs, though they might. >> i would buy that. i'd buy it. >> you're the one. >> thanks, brian. >> thank you have a great day and a great weekend, tiffany, appreciate it. >>> ets, by the way. >>> when we come back, will those christmas gifts be there when you need them to be on store shelves? we have real-time data into the supply chains of some of the biggest retailers. >>> plus federal

it is in for another 200 point gain and getting big benefit from a strong earnings report from goldman sachs which is a dow stock. the dow is being helped by goldman. the s&p another one.7%, up again, one.8% and in for another modest gain this morning. we are spending, bitcoin is at 60,$000, 259-7. as it has been for much of the week. it had hit $82, as for gasoline, 330, painful memories of july of 2008 when gas reached an all-time high of $4.11 a gallon. yuma, arizona is a new spot for haitian migrants, to ignore the city's vaccine mandates, can't afford to fire officers because that is a place. who should get moderna's booster? mass confusion about that and j and j's booster is in limbo. former president clinton is on the mend after being hospitalized in california from a non-covid infection. hillary clinton visited late thursday. the former president is 75. "varney and company" is about to begin. ♪♪ stuart: hold on. is that a reference to the stock market, hold onto your microsoft loosely. here's how the market will open, this is friday morning, you like what you see, plenty of green acr

goldman sachs on friday.whole it might be quite soft yields have risen but not throughout the quarter only recently. the guidance perhaps more key there and not just on the rate and margin side but the loan growth side. have we bottomed every quarter of the last three or four have been an issue fixed income tailed off and then the backlog for m&a thought to be very strong and then finally i think capital return will be of interest because clearly already seen quite a lot of rich valuations and whether buybacks continue but capital requirements are coming down and a couple names with more head room and that will be a focus again. but i do just wonder as we approach earnings season and again another good day for the bank sector made the set-up tougher. >> short term there's no doubt they have so that's informing the reflex response to the numbers. ultimately when the market is taking the stocks higher it believes that there are better things rounding into view and nobody really is trading these on the first rat

goldman sachs' ceo is worried, too, but cathie wood says tech will help solve the problem. and drew brees will join us. will there be one broadcast for kelly and a different one for me depending on my point spread kelly. >> i don't want the points, but i love drew brees. another record day in the markets. the nasdaq just 150 points off the high nvidia, tesla, amazon are some of the big names we're watching. tesla has turned around today. now down half a percent kind of along with the broader markets nvidia, up 7.5%. amazon up. and consumer discretionary is the best sector. hasbro up 3% consumer staples with the weakest with walgreens and costco down slightly >> we start with the big tech earnings and key earnings. today, alphabet, microsoft, and twitter report after the bell. on thursday, it is apple and amazon so what are the important metrics to watch and how should you invest in technology jaso jason, good to see you why don't we start with a stock i know you like. walk us through alphabet/google. >> good to be with you guys. this is probably pound for pound the best tec

goldman sachs is still the king. best-of-breed, no one can go wrong buying goldman sachs.aul: you are a little bit cold on big tech. this suggests that long-term, these companies have a good story ahead of them. do you wait for a buying opportunity? it suggests you're looking for a correction. >> i am looking for a correction. what will be the right entry point? this is where individual investors get hurt. seeing a correction happen whether it be apple, i think facebook would be a good example. facebook could see a lot more pain, more downside. the fact are considering changing their name. there will be new technology companies. we joke about the cloud being an old story right now. big tech is too crowded and we will see it come down. shery: it was great having you on again. coming up, late earnings from internal -- intel and snap. this is bloomberg. ♪ shery: looking at tech earnings, intel is lower and after hours trading after a lackluster forecast for the period. snap dragging other stocks along with it after saying the supply chain crunch is discouraging businesses fro

and they're saying, we saw this hole in the don't it 15 times a, goldman sachs. now we got to read because we got paid a fee on the collateral ation of the home, the don't it. and now that everybody else in america broke, and they don't generate enough income for us to tax, to pay down the debt that we incurred by deregulation and the rivers training. going back to reagan, now they're out there a conundrum. now like what do we do? i miss with this is boom, bought the one business show you care to coordinate a branch of boron washington coming up. the pandora papers have shaken global leadership circles. as investigated reports, i've uncovered how many heads of state hide their funds offshore. straight ahead, we dive into the bombshell revelations and how those implicated how they're responding. plus winter is approaching for the northern hemisphere as energy prices heat up. with some expert forecasting oil hitting $100.00 per barrel. we'll discuss ended up rec that fall continues to unfold as the northern ireland border issue persist later on. we go over the ongo