goldman sachs.bank of america did very well. goldman is like morgan stanley, but what i'm looking is, hey, how is their investment banking business going to do and how is their trading division going to do is it going to compensate for the asset managers they're trying to grow as well they're highly volatile earnings so it will be interesting to see. i think we're in front of where they're going to restructure, so that's a really interesting question going back to where they were before normally when companies do that, it's more of a defensive move so i like to see how this is all going to sort out. >> any questions in tparticular that you'd like to hear answered by david solomon >> yeah, i think capital markets will be interesting. goldman is in the forefront of that so what is the activity? we've been hearing about public to private is that happening? what are the capital markets doing? rates have really jumped again, goldman is a leader in that area. and the asset management business where are th

it is a goldman sachs do over.porate restructuring as far as letting go of initiatives. tom: this should be above the radar. is this a bank of failure? it is a big deal. jonathan: bank of america numbers could be due any moment now. we are bouncing back. this is bloomberg. >> keeping you up-to-date from -- with news around the world. newly appointed u.k. chancellor set of plans to bring order to reassure markets after liz truss' academic program triggered weeks of economic turmoil. a shortening of a planned universal energy support. >> no government can control markets. but every government can give certainty about the sustainability of public finances. that is one of the many factors that influence how markets behave. for that reason, the prime minister and i are committed. on friday, she listened to concerns about budgets and confirmed. >> meanwhile, hunt will address parliament with more details later. china said to stop selling lng in order to assist -- ensure its own supply for the winter heating season. they

goldman sachs coming up. goldman coming up later this morning.netflix after the bloomberg. >> keeping up to date with news around the world with the first word. just 10% of britons have favorable opinion by him but -- of prime minister liz truss according to a yougov survey. these, one day after trust was forced to pull back on the bulk of her economic vision. some 80% said they had negative view giving her net favorability rating of -70. russian missile and drone strikes targeted ukrainian power infrastructure over the past week have failed to knock electricity supply off the grid for any prolonged period according to the international energy agency. strikes of targeted powerplants and electricity substations across the country. chinese junk dollar bonds have dropped to a record low as the crisis is showing signs of improving. the notes are dominated by real estate firms in the average price fell below $.56. it hit that level before in august before government support fueled a rally. at&t is counting on stimulus dollars to help fund its broadban

goldman sachs president and ceo john wall drin joins us. we'll talk about deal making and the big reorganization big tech earnings on deck. margin contraction in focus. not stopping a fund manager from going ahead of their results we'll talk to them in just minutes. brian -- >> contessa, thank you very much those are individual names let's talk about the macro markets. they're looking good stocks overall rising for a third day. the dow, s&p and nasdaq, nasdaq up 1.7%. the dow on pace -- i know a lot of people don't watch the dow, but the dow is on pace for its best month since november of 2020 basically two years. here is what else is moving this afternoon. xerox shares falling after the company cut its full-year revenue guidance they blamed inflation. they blame supply chain constraints. by the way, weber is up 30% after its biggest shareholder offered to buy all the outstanding shares this is weber, the grill maker twitter shares moving higher in the past 20 minutes or so. david faber reporting equity investors and musk's deal for twitter

goldman sachs, it's traders once again helping to rescue the bank's earnings results from a sharp slowdowne currently saying in investment banking. goldman ceo addressing some of the challenges the last hour. >> global economy continues to face significant headwinds. inflation remains high. central banks are raising interest rates at a pace not seen in decades. meanwhile, equity markets are well off the recent highs, to put it will instability and ongoing energy shocks. gbp growth expectations are declining. guy: show knowledge, traders to the rescue. what did we learn? >> it is a good thing becaus they are not just rideing and a small way, they're beating 41% jump bigger than anywhere else you see. beating and equities in a down market, that the biggest in terms of revenue. this past quarter more than morgan stanley, traditional hero in the business and more than jp morgan which was a leader in the last quarter. let's fast-forward a little to investment banking. there may be pressures into the next year but i have to say also even though investment in getting was a little lighter as a who

and goldman sachs restructuring within that investment bank as well.es at the top of the list with energy and telecom, a safe haven tilt this morning. at the bottom of the list, consumer products, technology lower .7%. nasdaq fell and close lower by more than 3%, the s&p lower 2.5% friday. the university of michigan survey confirming inflation is persistent and the fed will have to do more. let's go to the bank of england, it has confirmed it will terminate emergency bond buying as the new chancellor jeremy hunt is due to make a statement on britain's fiscal plans at 11:00 this morning. for more, we are joined by bloomberg's lizzy burden, breakdown the statement that be a we confirmed they did ramp up bond buying friday. >> this statement is intended to call markets while they have wrapped up bond buying. they are saying various repo facilities are available if needed, the broader message is the bank of england now wants to refocus on fighting inflation but it's there if necessary. this is the message andrew bailey tried to hammer home at the imf over

goldman sachs sees fed rates peaking at 5% in march boosting its forecast.futures and treasury yield start the week next. former president lula da silva beats bolsonaro in the brazilian elections seeking -- signaling change raid plus financing the turnaround. credits we set to tap at least 20 banks for a capital increase to help fund another multiyear revamp. we check in now on your markets. the story for credit suisse playing into that. currently the last time i checked the top of the list but we will break that down shortly. broadly across the benchmark the currency down, losses of about 10%. the lack of conviction with a very significant week indeed for these markets with the federal reserve, the expectation. more importantly arguably is the guidance from jay powell and whether he suggests the frontloading of hikes is coming to something of a conclusion. goldman sachs raising their terminal rate forecast but they expect 75 followed by 50 basis points. the dax down. the ftse 100 off. with the boe and their decision coming on thursday. let's get back to the

according to the report, goldman sachs is planning to combine is trading all into one unit and we should again that these are the two areas that goldman is known for. it is the scene of massive profits. they also plan to merge as and wealth management into another unit. goldman-s consumer banking arm would be part of the new unit. bloomberg reported that the ceo had great plans. david solomon to bring more into the consumer retail giant and bring goldman into the banking retail world but it is a plan that had to be ditched. because of the shares which are now down some 20 plus percent and shareholders really wanting a better return on investment. a third division is going to be acid transaction banking, the financial technology platforms, specialty lender green sky. this is all according to the journal. to sum it up, they are taking the bank and putting all the units into three major divisions. the reorganization of the report could be announced soon. wednesday in asia and again, a major change for the bank coming at a time that many consider a brutal time for the banks but most bank sha

as goldman sachs, we have a higher peak. that the vergence in yields's ins that we are seeing weakness coming through the four for the end and wheat prices, russia withdrawing from that safe passage agreement and we have seen wheat prices spike up 5.5%. let's get to all of our reporters from around the world to break down our top stories on the u.k. grain story. he is normally here is the coanchor on "bloomberg daybreak: europe" but manus will join us from the conference at the center of the energy markets. the u.n. and turkiye have agreed to have ukraine wheat exports continue today. for more on this, we are joined by donna because aleuts go and sybilla gross. what does this latest development mean? can grain shipments keep going or will it be difficult now? >> it is a very good question. nobody knows. yesterday, turkey, the united nations, and ukraine agreed that shipments should still move and today we are expecting ships to come out of ukraine with grain. russia said that it cannot guarantee the safety of passage, so it

goldman sachs really has traded right along with morgan stanley. even though the business mix is quite different between the two. it's interesting, because it's not as if goldman is really held back by the same concerns that the bigger retailer banks are, which is credit and things like that it's really just about deal activity and the fact that investors tend not to really want to pay up that much for trading profits, even though goldman has proven it's a franchise and it's relatively consistent it's just not something that they've put a multiple on in this environment. >> it's hard to tell the sustainability as well goldman sachs up 2.3%. netflix is up double digits in a week but lower ahead of the bell mark, what do you expect? anything different than what the market is expecting? >> i think the real question, we already know the ad product is coming out in early november across 12 countries and we know what the price points are. what the market wants to know, are you coming into this from a position of weakness or real weakness they missed two q

several big name companies reported before the bell and in my opinion it's goldman sachs.: we just went through that. it's doing well on a valuation basis. you heard greg and everyone talking about this on wall street. the fact that the stock is trading less than book right now, which make it is attractive in this type of environment. the bond trading picked up the slack and profit dropping from last year and better than expected and sales beat and as you know rejig internally with goldman sachs now being split into three different divisions and combining trading with investment banking, consumer fintech and includes the apple card division in the other two. stu: the market likes their reorganization and selling for less than book. susan: also banks to well in rising rates environment and we've seen, i would say some pretty good earnings from the banks side including jp morgan. stu: rates going up, that's a fact. then hasbro. they missed -- adon't know what that means, they're down -- no, they're up, they're up. susan: i would say hasbro, yes, they missed on bottom line an

what are we hearing from goldman sachs?abelle: goldman sachs has done an analysis here and have looked at some of the key terms. the ones that disappeared or dropped insignificance from this party congress to the last 15 years ago, there were terms like economy, market, reform. compare that to ones that rose -- security, people, socialism -- it does give clues to the broader outlook for xi jinping and the party moving forward. goldman sachs says it is not an inflection point for policy changes. they are looking at where covid zero goes from here and they say we are not going to see any sort of pivot until the second quarter of next year. they are sticking with focus areas like common prosperity. as for what they see in terms of the equity market, goldman sachs is sticking with their preference for a shares over offshore equities. this chart having a look at a-shares, we are trading at about a 50% premium. a little higher than the five-year average, around 32%. kathleen: what about the reaction from hsbc? annabelle: they are

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

goldman sachs sees the same boost does not apply to consumer business. tomorrow goldman sachs is reporting they are watching the trading figures because they have been coming in above expectations and they have been strong in other places. they are expected to bring in $3 billion. they are expected to announce a third large restructuring of their business lines under their ceo who is entering his fifth year on the job. there are a number of executives who are rising amid this reorganization, the question is what does it mean in terms of potential future targets? a combined trading unit, an asset management unit, alongside a separated transaction banking unit that has the consumer businesses in a different unit. while these businesses have different expectations moving into next year which many executives see as a tough economic environment. haidi: we have seen the correlation between how banks do and the s&p 500 does and perhaps the chart on the bloomberg showing that very well. we are have started earning seasons -- we have started earnings season. anna

thank you for joining us -- goldman sachs asset management, i should add. thank you for joining us. >> it is very much focused on how much further rates need to go. what is interesting, i think, is that central banks have traditionally contingent -- conditioned us to think about two years forward. we are now having much more emphasis on data dependency, as your previous color just said. headline inflation, ok, we are paying attention to that. the fed is focused on core inflation, and you see the consensus there, use just -- you just put it up on your screens. the fed is not going to blink on this, even with unemployment beginning to take higher, even with the activity data beginning to weaken. it is all about spot inflation the fed is not yet privy to. yvonne: the risk of overdoing it, how big of a risk is it? >> the fed has had so far, and there is criticism implied, but given where inflation has gone to, the variable lacks monetary policy, means you do not see the full effect of rate hikes for one to two years in the future, so if you go back to where you

beyond goldman sachs we hear from j.p. morgan tomorrow. jamie dimon speaking in d.c. today.s will be the bellwether here not only in terms of profitability for consumer businesses but the street will hold -- hone in on what kind of provisions we might see in those consumer businesses and mortgage business in particular and the pain that might feel. when it comes to the consumer and every trading desk that might have exposure to mortgages across the street. alix: i stole your tease, sorry guy. guy: she just needs to be back tomorrow, that's what i said. because tomorrow is good to be a quite busy day. the next 24 hours let's talk about that. jamie dimon will be speaking at the aif. achievements on the infrastructure law. friday of course over in asia. alix: just talking a jp morgan, wells fargo and the boe emergency bond market buying ends. guy and i are headed to the table. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data pla

canadian banks are likely, goldman sachs announced they were restructuring.rspective, brilliant guy but when he talks about there is a chance of a recession, really? charles: he knows there's going to be a recession and here is why. he just hold in his consumer business in some other units, they tried to launch a consumer, kind of average joes, that thing called market switch. neil: they used to be -- charles: that is what they tried to do. by any estimates, pro and con. neil: the private bank and jpmorgan. charles: they have a wealth management division and creative consumer thing -- >> this is a tough one to be fair. >> one of the reasons there's a recession. in any event consumer strategy is on track for all that sort of stuff. they are not getting rid of marcus. marcus makes a lot of money by taking the deposit and lending it out short-term. they don't have the infrastructure for credit cards so this is a failure on the consumer strategy. they don't get rid of markets and make money doing what i just explained but other stuff they had plans, goldman sachs

goldman sachs strong in fixed commodities decent tailwinds during the quarter but a massive slump in rd. no indicationgoldman sachs wil escape that during the quarter interestingly we're anticipating a reorg. heavily telegraphed in the media today, which would basically be the second reorganization of g goldman's business during ceo david solomon's tenure at the firm over the past four years or so, making it look a little like it's pure in terms of a standpoint seas management in one, investment and sales another bucket and consumer consumer businesses including recent acquisitions in a third bucket something to look for tomorrow announcements on that front as well as, of course, what it's done in its core competence with regard to investment banking and salesman trading. >> thank you, leslie we'll look for all of that and an exclusive interview with david solomon on roblox. shares surging huge turnaround for a stock down nearly 70% from a record set just over a year ago investors cheering on stronger september numbers out from the gaming company daily active users closing in on 58 mi

goldman sachs has been around 10, 11 times earnings.would say american express was that classic great company, not a great stock a year ago there were good expectations for the company. they are one of these companies that benefits from inflation when the prices go up, they get paid a percentage of transactions so, if there's 10% inflation and everything holds constant, their revenue will naturally grow by 10%. i think there were some high expectations built in. and the quart over quarter, her customer numbers weren't great they did well versus a year ago but not so great versus a quarter ago. so people are worried their business is slow >> yeah, for sure. and just when it comes to, i guess, the broader financial area, you mentioned goldman sachs. again, it seems as if people are wary committing to these stocks because it feels as if there's obviously heightened recession risks out there and you don't necessarily want to be buying before we get to the valley. >> absolutely. but what is the best adage for investing and it's hard for us t

goldman sachs predicting a deeper recession for the u.k. in 2023 after the tax return.unt says they'll no longer be proceeding with cuts to the dividend tax rates as the bank of england ends purchasing of u.k. government bonds. so we've got the u.k. story as well. is this what you're expecting also from the mack he crow story in the -- macro story in the united states, that things will get tougher. that's why we're focused on guidance for companies that report earnings this week. >> sure. i mean, i think if you look at -- if you look at the economy in today's day and age, things really move very, very quickly. we wrote to our clients a couple of weeks ago how we thought this u.k. scenario was a shot across the bow in terms of mark to market moves we've seen particularly on the interest rate side an conversely what we see governmental agencies doing in terms of trying to alleviate the inflationary pressure. so i think what you see what happened in the u.k. in particular is on one hand you have the central bank that's saying we want to raise rates to he slow down the infl

goldman sachs earnings expected to cross the tape any moment. so far we've seen strong numbers. e stock is up, as is goldman. we'll be right back. ♪ medium latte, half-caff, no foam. quite the personalized order. i know what i like. i've been meaning to ask you, carl. does your firm offer personalized index investing? hmm? so i can remove a stock that doesn't align with my goals. i'm a broker, not a barista. what about managing gains and losses to be more tax efficient? not a wizard either. looks like schwab personalized indexing can. schwaaab! learn more about personalized indexing at schwab today. what should the future deliver? (music) progress... (music) ...innovation... (music) ...discovery? or simply stability... ...security... ...protection? you shouldn't have to choose. (music) gold. your strategic advantage. (music) visit goldhub.com. hi, i'm jason and i've lost 202 pounds on golo. being a veteran, the transition from the military into civilian life causes a lot of stress. i ate a lot for stress. golo and release has helped me with managing that stress and allowing me to

we're -- goldman sachs reporting this morning. we are also previewing netflix earnings.merican crime out of control, voters are sick and tired of it. who they are blaming for the historic rise in crime across the country. plus, three weeks away from election day, why republicans are poised to outperform democrats. don't miss a moment of it. you're watching "mornings with maria" live on fox business. ♪ my dad was a hard worker. he used to do side jobs installing windows, charging something like a hundred bucks a window when other guys were charging four to five-hundred bucks. he just didn't wanna do that. he was proud of the price he was charging. ♪ my dad instilled in me, always put the people before the money. be proud of offering a good product at a fair price. i think he'd be extremely proud of me, yeah. ♪ living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause stat

we've seen executives say they want goldman sachs seen as the american consumer as a "lovable teddy bear ceo has tried to woo the likes of reese witherspoon into partnership. what the big take shows today, the big final goldman was trying to create of gateway products for american consumers like checking accounts will no longer be offered to the mass market. they will be focused more on wealth and management clients, a smaller pool of customers. why is this happening? it is tough to crack the american consumer, it is expensive, the technology is hard and it is a very competitive landscape. dani: when not even reese witherspoon can save you, you are in trouble. thank you as always, charlie wells. coming up, a not so golden return from the golden week holiday for chinese investors. this is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe," i am dani burger in london, and is cranny is in istanbul. let's look at what we will look out for this week. we have the ecb's dovish philip lane speaking. manus: wednesday, ppi hitting the tape. hot print cpi, 4.5% expected. 75 basis point

. ♪ alix: we have a bloomberg exclusive involving goldman sachs. ass action lawsuit against the bank alleges misconduct by managers at every level. goldman fought to conceal names in the suit. they are among the most promising -- prominent men. >> this is been going on since 2005. a couple of weeks ago, the filing showed egregious behavior going back almost two decades, but what is interesting is that it is not the most egregious stuff that caused the attention. the clash erupted over the last few months over complaints that were not nearly as ugly as the worst ones here. what raised the stakes was the individuals involved, because they were two prominent figures. one from the consumer and wealth division and the other is gary cohen who went to join the trump administration. goldman adopted the stance that instead of judging the complaints, they will close ranks and put in an effort to make sure those names never became public. guy: talk about the context, what is happening more broadly. tell me what the original lawsuit was about. >> that is an imp

. >>> and goldman sachs is planning to reorganize according to bloomberg, the bank would merge the businesses under another umbrella which is a third division would house transaction banking. the portfolio platforms specialty lender and ventures with apple and general motors. >>> and elon musk reversing course over asking the pentagon to pick up the tab when it comes to free starlink internet in ukraine. tweeting on saturday, the hell with it. starlink is still losing money and other companies are getting billions, we will keep funding the ukraine government for free. in a letter, the company said the use of starlink in ukraine could cost close to $400 million over the next 12 months. that is according to reporting from cnn oh, well, seema. you never know. >> he just tweeted two hours ago he will add a donate option to starlink the story continues. bertha, thank you. >>> turning back to markets. james bullard is leaving the door open that the central bank will hike 75 basis points in the next two meetings in november and december speaking this weekend on the sidelines of the imf and world ban

goldman sachs expecting the fed rate peak at about 5% in march rate that is higher than previously predicted they are expecting the lift of the benchmark to 5% in march. that is 25 basis points than earlier expected. we have gone from potentially a pivot to perhaps the narrative that central banks will need to do more. shery: a dovish take when it comes to the bank of canada or the ecb has been felt across the market. . . look at where wall street ended the 10-year yield falling to 4%. u.s. stocks also had their best to-week performance since november of 2020. we continue to watch moves on the asian session on monday as we have seen some economic data filter through with perhaps more indications the fed fight against inflation might be working. we saw u.s. pending home sales sinking last month. it is also earnings season. iran that is right -- annabelle: that is right. in terms of the set up today, we are looking to take their cues from wall street. aussie features last up 1.3%. new zealand in the green. dollar wise, it is in a tight range ahead of the fed decision. beyond the fed, there are

when it comes to goldman sachs, a very different story.ce some challenges, not nearly on the same scale as credit suisse, but when it comes to that, they're starting to walk that back. how big of a shift is this and why are they doing it? charlie: this is a really great story on the terminal, and it is talking about how goldman had dreams of becoming a centerpiece on main street in terms of retail banking. and executive at the bank at one point said he wanted americans to think of markets as a lovable teddy bear, a more positive association with goldman. but what we are seeing is backtracking. there was effectively a funnel the bank was trying to create to bring in the everyday consumer. these are things like checking accounts, robo-adviser. those are now being offered to a more limited set of wealth management managers. this is a consistent change that goldman has had. tom: how much of this is down to regulatory concern? charlie: they were moving very quickly. i believe it was the consumers cfpb asking questions. anytime you see a bank tr

thank you for the latest on the goldman sachs story. that is sonali basak. developing news tied to twitter. the team breaking this now. twitter froze the equity awards accounts for employees on monday as that deadline to seal the deal with elon musk approaches. ed ludlow breaking that news. walk us through the significance of this. ed: these are the accounts twitter employees check based on stock compensation. the check for status and a notice was placed on those accounts monday. essentially it told them they had been frozen. the ability to trade. there was a quiet period in place anyway, but the company is anticipating this deal. twitter shares pushing higher. it is a sign to the market twitter is proceeding as expected to work to close this deal. the deadline installed by the delaware chancellery judge is 5:00 p.m. on the 28th. but there have been confusing signs from both parties, commentary about what the intentions of both sides are. these accounts are frozen and staff were notified monday. what was interesting is that was technically a day off for twit

we've got goldman sachs tomorrow, netflix as well.kind of third-quarter earning season are you expecting and importantly are you expecting to hear dire predictions about 2023 when we get the guidance? >> yes, so i can't imagine guidance being that strong. i think this will be a relatively okay earnings quarter and what you see with bank of america. their net earnings are down year over year. almost 3 quarters of a billion dollars, maybe more in this quarter last year than they did today yet the stock is up because of lowered expectations so this is coming back to our classical earnings quarters where analyst estimates have come down, come down and then you get slight beats by these companies and it's looked at some sort of success. i don't know that the guidance will be as dire as it will most likely end up. i'm -- i think earnings estimates are too high going into the rest of this year as well as in to next year. you are seeing global pmi, two of them have been contracting which is not a good omen for earnings and in the u.s. you hav

as we said, goldman sachs saying it is a bullish call. any rally we get in energy prices helps to fuel those inflation fears on the market, plus the opec-plus decision. >> it was an interesting decision. going into it, there is a tight rope opec-plus members were walking. the demand disruption, and wanting to maintain price stability and price advantage. we got this firm review from the u.s. president pretty much immediately. defended by the ministers making that decision. saying it is necessary to protect the industry and their own economies from the risk of a global slow down. it is fair to point out, because they are using these outdated data predictions, the only oil supply will have -- the supply will fall by half the amount. just adding another risk to shocking the global economy. >> i wonder if the opec-plus members wonder if it is headed for a slow down. this is a bit of a preemptive move. the federal reserve are looking at the rising risk of recession on one side and inflation rates staying stubbornly high in the u.s. it is the r

they are trying to bring goldman sachs to the masses, if you will.sn't worked out, it has been expensive and is not making any money. it is a very crowded space. manus: david, thank you so much, unfortunately time is against us. bloomberg markets: europe is next. this is bloomberg. ♪ ♪

i see the goldman sachs is downgraded. i'm actually long that for myself, for some of my clients. le aredown grading some of these brokerage firms far too much. goldman would be my favorite. i would say think forward and remember in another year or so, these mortgage rates will have to come down, the fed will have to get their foot off this gas pedal and we'll see better times but market will price that in months before it happens. cheryl: with goldman sachs in particular, the thinking goes in particular with goldman, it is investment banking revenue, it is commodities, it is fixed income trading. all of that, it is not going to be a good quarter, not going to be a good year but for any of them. in particular goldman is a little more sensitive to that. as far as jpmorgan chase, i see your point. look jamie dimon is still running that bank and his comments about the economy, he has been very clear. the one thing i'm curious about is with wells fargo. wells fargo the biggest chunk of their business is mortgages. more west coast than east coast but we've seen a shift in housing. deman

we do have goldman sachs still coming tomorrow morning.have about $5 trillion in market cap reporting this week, and next week, over $15 trillion reporting. so we could see that violent sideways movement really shakeup. guy: yeah. today feels sideways. earnings season continuing will be a massive catalyst. that is katie greifeld on what is happening in the markets. what is happening in westminster is we are awaiting the arrival of the chancellor of the exchequer. i was under the impression he would be speaking at 3:30 p.m. u.k. time, about now, but it looks like that will be pushed into the next hour now. as you can see they're on the left-hand side, they are sitting before asking questions. the exceptional question will be taken by penny morton, effectively standing in -- you can see her here -- for the prime minister, he will not answer this question. it's interesting that liz truss has decided not to be in the house. as we await the statement we will get in a few minutes from jeremy hunt, let's go to lizzy burden who is standing by. she

goldman sachs is out there saying it's 75 basis points this we say, 50 in december, 25 in january.ound about those numbers. if that was the case, what would the market do? >> it's not headline worthy because the fed funds futures largely if not entirely discount that. i actually think it'll be 75, 50 and then a stop, look around and listen moment and that's really why the market rallied last week. that also in a sense of a red wave coming. i think the fed actually comes up for air and doesn't do that last 25. if we get the full, you know, 5%, it's baked into the cake as they say. stu: a red wave coming and what you're predicting from the fed would give us a nice market lift. >> yes, indeed. stu: all right. jason, thankers for coming in with us. back to ashley, you with us please? headlines on rathion, please. >> i do indeed. the whistle blower said the company paid him $1 million after suing them. the former engineer bruce casius said the company punished him after he was told to submit false gps test results to the u.s. air force. take a look at uber. they've begun showing ads for

as a former finance executive himself at goldman sachs, but also in hedge _ himself at goldman sachs,e thing i want to pickup— in hedge fund land. one thing i want to pick up on is that whoever comes next we _ to pick up on is that whoever comes next we assume, whoever the next prime _ next we assume, whoever the next prime minister raised and there is lots of— prime minister raised and there is lots of chatter about a general election. — lots of chatter about a general election, this crisis did not create the mess — election, this crisis did not create the mess. this mess was created by the mess. this mess was created by the coronavirus pandemic, the ukraine — the coronavirus pandemic, the ukraine war, it has been made worse by liz— ukraine war, it has been made worse by liz truss's — ukraine war, it has been made worse by liz truss's actions. it is the equivalent— by liz truss's actions. it is the equivalent of seeing a smouldering fire and _ equivalent of seeing a smouldering fire and instead of trying to put it out you _ fire and instead of trying to put it out you put— fire and i

neil: goldman sachs releasing economic bond market at 2 in the morning.an: apple devices out of nowhere on a wednesday afternoon or morning. but that's kind of the surprise element. now, in terms of sales and selling, you know, we've had some pretty good albums in the last year or so, drake, kanye, and this is taylor's tenth studio album. as you said, no las vegas residency, which adel has. neil: or months and months of sold out shows. susan: this plays into -- can i get into business again? it plays into apple's earnings next week and apple music, streaming services make up about 25% of their sales. but also drives social media. neil: is that the popular venue for this? susan: spotify was crashed but usually spotify, pandora, apple music type of release. however -- neil: these were all music services you mentioned? susan: they're all music services, yes. talk about social media because there's social media buzz with the album releases and call them drops these days. yes, snap though, i think, dragging the entire sector down along with them because their

damien courvalin is the head of energy research at goldman sachs .berg radio for in-depth analysis from the day's newsmakers. we are broadcasting live in our studio in hong kong. more ahead. this is bloomberg. ♪ ♪ haidi: a quick check of business flash headlines. the judge overseeing the elon musk twitter casas's trial remains on track for now. she says the court has not yet received an agreement both artist to put the case on hold. twitter shares remain below musk 's $54.20 share offer as many questions remain around the offer. credit suisse stock resumed its decline, falling 4% at the firm announced needs to leverage its banking operations. hsbc said credit suisse had no immediate concerns around look aegean funding. according to reuters, the fifth national bank says it is monitoring the situation. shares down 54% this year. virgin atlantic pulling out of hong kong for good. the u.k. airline is canceling flights and closing offices in hong kong, ending a 30-year history in the city. one key factor is the closed russian airspace, which extends the f

goldman sachs, home depot all higher. dow up 275 and nasdaq down ever so slightly.n to this one, a new study shows more than half of workers want to work overtime or work more shifts. they want to work, they want to make money. mike rowe is here with us this morning and knows all about this kind of stuff. you co. you know all about the real contrast to quiet quitting. these people want to work. >> i want somebody standing off camera with a football at all times to bounce it off the head of anybody. stu: would you react as well as that guy did? >> probably not. yeah, so that stat to me simply proves that we can't paint with a broad brush. we can't say that this is what workers are doing today anymore than we can say this is what teachers are doing today or really anything else. the people that want to work today are doubling down. they're coming in very early, they're staying late, they're doing whatever it takes to do. the people who don't want to work are not coming in. whether they quit quietly or loudly or exit the work force, nick has become a friend of mine, ec

given what are good ruesults >> goldman sachs later today devin ryan, thank you. >> thank you, frank.'s get a check on the top stories with pippa stevens good morning, pippa. >> frank, starting with intel. looking at a lower valuation for the ipo of the self driving car unit citing insiders with mobile eye with a $50 billion valuation now expected to fetch under $20 billion and sell a smaller number of shares the journal says selling at a lower price and fewer shares means they are hoping to push up the value of the shares once they start trading intel is expected to detail the new valuation expectation today. >>> sticking with tech microsoft confirmed to cnbc it is cutting more jobs after its call for growth to slow. axios reported the layoffs on monday said the kucuts impacted fewer than 1,000 workers this is three months after the company announced a round of layoffs affecting 1% of the workers. >>> the faa pushing for boeing to review safety documents for the new model of the 737 max jet. the agency has been unable to review the company's submissions for the 737 max due to informa

as david solomon of goldman sachs reminded us, recession is still very much out there. >> when you find inflation is embedded, it's very hard to get out of it without a real economic slowdown. so i, too, am in the camp we likely, likely, have a recession in the u.s. going to have i think, most likely recession, might be in a recession in europe. >> reporter: now, nobody is forecasting a recession or anything like that of the 1980s, but you have to remember, there's an entire generation of people who have no experience of slowdowns, recessions and tight money with interest rates up 4%, 5% 6% 7%. so, john, the scenario is glooming. what really worries people here, what worries all this is geopolitical risk and how it could get a great deal worse. >> yeah. a lot of danger points all around the world. richard quest in riyadh. great to have you there, my friend. thank you. >>> opec+ -- russia and saudi arabia are "weaponizing oil and gas." that from the u.s. former ambassador to saudi arabia. how he thinks the u.s. should react. >>> and brittney griner back in a russian courtroom this hour t

goldman sachs to billion rajah fbes forecast by bloomberg economics. estimates the probability of a recession in the us in the next 12 months at 100%, city economists jp morgan and fitch. they give an estimate of 670 us gdp in the first and second quarters has been consistently declining, which already meets the criterion of a technical recession to by the end of the year, growth could be close to zero, with the state debt exceeding $31 trillion for the first time in history . inflation is rising today. it is over eight percent. trying to contain her fed. chose the path of excessive tightening of monetary policy, increasing the interest rate at the next meeting, which will be held in early november, the rate may be increased for the fourth time in a row. the growth rate of the american economy is close to zero, inflation is in the region of eight percent, the problem is that this the level is not slowing down, as much as the us fed would like the job market is overheated there is a risk-complex wage price spiral, and the debt will continue to rise. the

anyway, pinterest is a big winner today, goldman sachs upgrading that stock to buy from neutral hiking 24, implying upside of 30%, citing strong potential revenue growth earlier in tech check, listen. >> laid out a really interesting long-term narrative about where he wants to take pinterest, a focus around commerce, a focus around bringing more shopping to the platform, and we think this is really the future of pinterest. it's not as much a social media company as we believe it's more of a commerce engine. >> julia boorstin joins us, covers the stock why, julia is so goldman so bullish on a company that's really struggled post-pandemic >> it alwl comes down to the fat that maybe people were thinking about pinterest wrong and this idea that it should be thought of not as a social platform but an e-commerce engine i have to point out that today is bill ready's 100th day as ceo of the company he was brought in because he has that e-commerce background, because he understands the potential of this to be a platform to drive e-commerce growth so goldman sachs looked at how some of the chann

microsoft -- >> it's important to point out goldman sachs up 2% today, great. but it was not a good quarter. the thing happening now, though, is we all knew it would be so i could say the same thing about the stock ioped, jp morgan they didn't tell you it would be a good quarter it's whatever. it's what the market already know was taking place. >> i want to hear from stephanie link she's on the committee today, too. i wish you were sitting right here and forgive me for taking some 7 1/2 minutes to get to you, but you heard the conversation so please take part >> sure. so i wish i was there, too, but it's great to be on. look, i think we got very oversold in the short-term, but there was a lot of negative sentiment. there still is a lot of negative sentiment and at the same time actually the economic data hasn't been horrible it's not telling us we're in a recession right this very moment especially if you look at retail sales with industrial production today and utilization, jobs we know are very strong yes, housing is terrible that is the bad part of what's go

this isn't goldman sachs but it means a lot.apital, liz run by the best media banker in the country or one of the most noted a guy named aria burkoff, the guy that did the discovery-time-warner deal but sources are telling us close to the company is that they're planning and are in the midst of i would say significant layoffs. they only have 120 people apparently that work there but they are going to do something close to 10% a little bit under i hear. they are going to call its workforce and i think this is an ongoing thing and the reason why it's not necessarily what's happening, the people that is still okay although the numbers volume is down but numbers are pretty good. they are worried, and predicting , a slowdown in the markets and in media deal flow going forward. if you think about it, this just makes sense, liz. disney, you go down the list of every major media company, even the aforementioned discovery run by david zaszov, everybody is in cost cutting mode right now trying to figure out how stream ing could work, how

an idea of ​​economic activity can be obtained from a number of sources, this graph is based on goldman sachsns, and here you can see that activity in russia is significantly higher than in european countries, for example, the recovery of the automotive industry is underway. that is, as the british edition states, the russian manufacturer managed to replace the supplies from the transad, and the monthly import of goods in russia in dollar terms is almost guaranteed to exceed the average level of the last year, the united states has been focusing on fighting rising prices for some time now. the main economic priority of the united states is to reduce inflation and maintain stability in the labor market. our economy remains resilient in the face of global economic challenges. many of the world's major economies are also facing high levels of inflation and should continue to pursue policies to bring it down, however, according to jeep's ceo. morgan chase is tightening the policy of the center of the banks. it could eventually lead to an early recession. if our economy if a recession is ahead, we

at a time when goldman sachs is saying we should not be pricing in a fed pivot. they remain short equities in the short-term. >> i think this is the part now of the policy cycle where we are seeing opinions diverge over where the fed and central banks in general can go next. after a few rate increases over the summer, we are starting to see some of those filter through to the economy. what we are seeing is really not great. risks of recession at the forefront of investors' minds. that is starting to get borne out in the economic data. you would expect to see this division. versus some of the more cautious attempts that say, we are now starting to see signs of the economy buckling under quite an unprecedented cycle of policy tightening across the globe. interesting again that you pointed out the caps in each group. too early for a fed pivot. on the other hand we have lael brainard, we know she is quite unowned of, but she is acknowledging the impact of the fed's tightening cycle in the world economy and how that will feed through to the u.s. and a negative way. fr

how much is opec challenging the inflation picture and the fed as put by goldman sachs?ta: you have a supply demand situation, in addition to the fact that opec economies are looking at balancing budgets. this whole morning it will lead to about one million, or a balance rate. energy prices are expected to stay higher. i don't think this is the only instrumental factor in keeping energy prices higher. inflation is driven a lot by energy prices. that is a sticky part of inflation that is not going away. this is a phenomena across 80% of the world. sticky inflation driven by higher food. so are a number of other central banks. dani: what if the fed does not pivot because inflation is conquered? but they pivot because we have liquidity issues continuing to snowball and worsen. may be they need to step in and help the market, what is the probability that that is how the fed pivot unfolds? anita: that is always the possibility. i don't think this is a market or scenario where everything is definitive. the fed is driven by data. we are seeing companies give guidance going forw

now just having a look at the first british premier to work at goldman sachs. this is our first word news. rishi sunak reappointing jeremy hunt as he assembles a ministerial team to tackle what he calls the profound economic crisis facing the you say he has to strike a bit -- facing the u.k. home secretary is back days after liz truss fired her over a national security breach. elon musk has pledged to close the acquisition of twitter by friday. sources saying the lenders will provide $30 billion of debt refinancing and they are putting the finishing touches together on the final credit agreement and apparently are in the process of signing that documentation, marking one of the last steps before actually sending the cash to musk. australia warning of mounting debt and deficits in the years ahead, even as the treasurer held down spending in his first budget to avoid further fueling inflation. figures show the deficit will widen from 1.5% of gdp this fiscal year to 2% in 2025. that will be largely driven by spending on disability programs. >> the global economy t

goldman sachs, led to the fact that the average life of proved world reserves was halved from 50 to 25. at the same time, oil and gas continue to be the main sources of energy in the world. they account for more than half of global demand eu decision about the centralization of purchases of fifteen percent of the gas consumed by europe and an attempt to push through the idea of ​​​​a price ceiling is a direct path to an acute shortage of energy resources and a further increase in costs. in essence, lifting ceilings is an attack, not only on the basis of the market, but also on the foundations of sovereignty, that is, the idea, in essence, is that about the abolition of the sovereign rights of countries to their own resources, because the right countries that do not have enough resources they are needed more than the wrong one who has them. us sami of course, these restrictions do not apply. although experts and politicians have been openly accused in europe for years, the united states is called in the name of provoked energy companies, that is, on the problems of its allies. maintaini