hasn't been a failure it's the exodus from this industry can you comment on the culture dynamic at goldman sachsthere is the sense, goldman going back to being goldman is going to be good for the stock and the morale internally. getting this behind them even if it is costly is still a good thing. that's the track that solomon is on i don't think there's any doubt that purchasing something in september 2021, which is soort o the peak and selling it today is going to lead to a loss. that's sort of well established. goldman going back to goldman, that's probably good. >> hugh son, thanks. >>> guy, you were watching the banks. what do you think this might mean for solomon at the bank and his strategy >> goldman sachs, the culture is strong the opposite of not cutting bait on things that didn't work is staying with something that is bad and knowing it is going to continue being bad you have to give them credit as traders, that's the disciplined thing to do. the exposure has been rather good 303 should be good everybody has to put a bull's eye on his back. i think he's gone a great job. in terms of ba

alex: we start with goldman sachs, warning of a sharp slowdown. the trading business is said to be trending down more than 25% this quarter. goldman is working on what would be his third round of job cuts in under a year. qualcomm says artificial intelligence related sales will double this year but that will not enough to ward off a slowdown. they say chip revenue may make up 25% of company sales. total revenues are expected to rise 5% this quarter as broadcom's slowest growth in years. the ceo of pelletier says new developments are so powerful he is not sure if they should be offered to some customers. speaking exclusively to bloomberg, he is worried about providing tools to local law enforcement agencies. it would be used for surveillance. >> usually we wait and have to find people, now we have customers in the u.s. calling us every day. >> you say the demand is huge, can you quantify it? >> we had a number of down calls in a year in like a month. we are offering things so powerful that in reality, i'm not sure we should sell this to some of our

alix: before i let you go, goldman sachs laying off mds. merger monday. we just saw a handful of deals come through but what it is telling you is there is such a huge hiring spree on wall street. jp morgan, another 40 folks across different levels of seniority. it is still not a robust enough market to keep people on staff and the question is how much do things have to turnaround before you stop worrying about job cuts again on wall street. guy: i'm hoping the new seats at the studio in new york are comfortable because i expect you're going to be spending a lot of time and then this week. alix: it rocks like this. what is this? >> i think they look very stately. come join is on it. guy: alix has complained all with her the show about how comfortable they are. they are apparently too comfortable for alix steel. this is bloomberg. ♪ alix: stocks really going nowhere. it tech is trading heavy. abigail is tracking the non-moves. abigail: earlier, we had the nasdaq 100 trading higher after the open. now down. i think it has to do with tesla. let

shery: we have goldman sachs being a little more positive on the outlook for china stocks.t are they saying? annabelle: they are saying essentially equities could start to recover in the second half, but it is interesting when you take a look at this chart, which considers more technical factors at play, and that is the strong resistance we see from the 200 moving day average, because we are approaching that once again. there is one point that the csi 300 managed to rise above its 200 day moving average line and stay above it for us. you look at the technicals, it suggests there is still quite a ways to go before chinese stocks can really start to recover on a sustained basis upward, but goldman sachs, they are saying in the second half we are going to start to see a tactical recovery. they are more focused on offshore equities in particular, but the reason they are saying that is they do believe we will see stimulus coming through. they are also expecting the earnings outlook do start to improve as well, and we have been tracking geopolitical tensions that have been easing

no comment from goldman sachs.omething coming out of that board meeting, you know, making this at least the -- cheryl: official, okay. >> but we've got to confirm -- cheryl: and they should also tell all of us how to say his last name correctly. >> montag. cheryl: i apologize. i said something like montag, what am i, a shakespeare play? >> there was a guy, correct me, guy montag? cheryl: i don't know. >> i always call him guy montag because it's in literature. cheryl: goldman -- so general with goldman, i've got to say, it's one of hose banks though -- i've been doing this over 20 years, you know, goldman sachs isn't going anywhere. they may have rough patches. maybe solomon is the guy, maybe he's not. but i do is have to say they're still, like, the gold standard,. >> for investment banking, one of the problems competing if you're goldman, two-trick pony against jpmorgan, jpmorgan has all the businesses make money whether rain or shine. it is huge. it is an investment bank and spreads costs over vast, vast firm fo

my next guest is head of private equity at goldman sachs asset management.s over $450 billion of assets under management and $179 billion of funds raised since 2019. he is here for the conference in berlin. welcome, thank you for joining. it has been a challenging year. dealmaking, fundraising, financing, it's all been moving very slow if not near a standstill. what will be the lasting scars in the industry from this period? michael: thank you for having me. you are right, it's been a challenging year so far. inflation, higher interest rates and therefore much higher financing costs have led to a significant slowdown in dealmaking and will probably take some time for dealmaking to get back up. i think it's important to look that if -- important that if you look at the cycles, there might be opportunities to buy right now. it's not necessarily that when we look back in 10 years, this is a bad vintage. it could be a good vintage. dani: what are those opportunities? i know folks are being more picky. michael: there are a number of catalysts for dealmaking still

goldman sachs is warning of the sharp slowdown in his investment bank. o the gains a year ago. the trading business is trending down for than 20% this quarter. goldman is working on the third round of job cuts. it works to restart deliveries of the 737 max aircraft after a four-year halt. dave, says the market is large enough to support the company. china is boeing's largest source of revenue. airbus currently leads the market. >> alan joyce as he is in no rush to take on a new job as he prepares to retire after 15 years in charge. taking a look back at the highs and lows of the tenure. i'm going to resist the partners here. it has been an interesting journey. would have been the highs and lows for them? >> event in alan joyce's career, for this injury -- industry, it is punctuated by extra ordinary events. that is probably one of the events that people remember. to tackle a labor dispute. that is a really close call. it rips through the critical systems and puncture the left-wing. they limped back to singapore. if you look at the highs, it has delivered

dani: goldman sachs international ceo richard gnodde.ollowing morgan stanley in removing their relationship with odey. looking at some of the currencies. that is not currencies but equities. we are looking at a softer dollar heading into today's cpi. one of the other big movers, away from some of the exuberance and stocks is looking at an offshore yuan weakening to a six-month low. cutting it short term policy rate. does that mean the all-important mlf rate will get cut? and what does th when i was his age, we had to be inside to watch live sports. but with xfinity, we get the fastest mobile service and can stream down the street or around the block. hey, can you be less sister, more car? all right, let's get this over with. switch to xfinity mobile and get the best price for 2 lines of unlimited. just $30 a line per month. i should get paid more for this. you get paid when you win. from xfinity. home of the 10g network. dani: good morning. this is "bloomberg daybreak: europe." market positioning. tech shares fuel gains by global equitie

. >>> crude prices slide amid growing demand while goldman sachs cuts the outlook and he tells the financeanager he is operating in a tough environment. >> this is uncertainties and sentiments i believe within the next month or month after, i don't want to bet and gamble. >>> and novartis shares snap after the deal to buy up a company for $3.5 billion to expand the portfolio for kidney diseases >>> good morning welcome to "street signs." we start off by looking at markets and how they are trieding we picked up on a -- how they are trading. we picked up on the u.s. board with concerns of being in a bullish market there is debate if this has legs given the leadership is con tr constrained to a handful of stocks we have mixed action from asia and the focus this week is very much on central bank action. we have the fed meeting to watch for on wednesday will they pause or hike? the language is key. ecb on thursday and bank of japan as well in addition to the inflation data tomorrow. in terms of how markets are faring in europe, it is a positive session stoxx 600 is up .60% recovering the losses

goldman sachs is not going to make big decisions here.ts in strategy and there has been a lot of griping but this is year five for david solomon. tom: the article in 2021 was a huge article and tom montag as adina sarah -- is a dinosaur like me. montag talked about working for goldman. he was dead set against it so what will he bring to the board? sonali: he has confidence. the other way to look at this is this is a question of the next five years at goldman but not the last five. while we talk about the consumer, it's a drop in the bucket. it had been at drop in the bucket for the revenue. they had been performing and beating on their core business model. they've expanded their leads and met -- and acquisitions and mergers and the trading desks abgenix for nearly well. tom: this is what i don't get. over the weekend, there was a lot of gossip which we don't do on this bank. all of it centers around how david has screwed it up. has he? sonali: i don't know if you been hanging out in the hamptons but there is a question of what -- of white

morgan and goldman sachs are said to be reviewing links with odey asset management. law firm representing odey said he strenuously denies and disputes these allegations. odey asset management says it does not recognize the picture painted by the ft's reports. general motors has become the latest auto giant to join tesla's electric vehicle charging network. ceo mary barra says the deal will allow its ev's to gain access to 12,000 tesla supercharger ports starting next year. ford made a similar announcement last month, moving the u.s. auto industry towards a single charging standard. and that is your bloomberg business flash. francine: sarah hall's in london. president -- donald trump is the first former u.s. president to be indicted on federal charges. what will be the fallout? we will discuss that next. this is bloomberg. ♪ francine: welcome back to the open. 21 minutes until the trading day. future is to higher starts. the cac, the ftse down. we are watching for the inflation trajectory. let's get some of the stocks that are moving this morning. happy friday, by the

and how do you use generative a.i. -- >> i mean, you know, goldman sachs has used a.i. for a long time these large language models and generative a.i. super interesting for us i think the thing that we're most focused on is we have an extraordinary data set that's proprietary to goldman sachs and as our ability to build models around that data set does that allow us to serve our clients in a much more effective way. i think the answer is yes, and we're super interested in the way that technology can allow us with our proprietary data to strengthen the leading position with our clients in businesses like banking and markets >> we need another interview for that topic david, appreciate you taking the time today. >> it's my pleasure. thanks for having me good to see you. >> you too david solomon the ceo of goldman sachs. back over to you, david, at the studio. >> sara, you have a few more interviews as well today to come what do you got? >> yes we're going to talk to ray dal leo in the next hour, founder of bridge water who has strong views and made headlines about being i

of the week and some pretty tough news to swallow if you are on the investment banking side at goldman sachsn have had multiple redundancies. we know there is speculation of a 250 senior bankers to go. a pretty risk off tone from clients. this is john waldron who spoke at the alliancebernstein conference yesterday. he said it feels like we will have a contractionary period for a period of time. this is hunkering down. but bankers can always see a truck coming towards them first. dani: maybe they want to head to make of america, not that it is much better. their ceo says we think we will have a/quarter. -- flattish quarter. if goldman sachs is talking about 25% drops, maybe a flattish quarter is ok? manus: if you are a star trader you are probably ok. there is a whole community in zurich from credit suisse that will have to look elsewhere for their opportunities. it is progress, it is jobs day, what will the whisper number become 250, and if it is that maybe we get a hike. dani, good morning. dani: exactly. should we stay or should we go? the jobs number might tell us just that. manus: "shoul

goldman sachs cuts the forecast for brent. look at how u.s.utures are coming online in the asian session after the s&p 500 inched further into the bull market territory. a gain of more than 20 percent from october. we are talking about the august peak of last year, around the 4300 level. technology resuming the climb further up, seeing upside from that sector as well. with mega cap giants. we have been talking about what might happen today for the fomc rate decision and perhaps expectations that the fed could pause tightening. treasury yields gaining ground across the board. the 10 year around 373 after we had unexpected rate hikes from canada and australia last week. now, we are looking ahead to this week's fomc meeting at a time when the dollar has also been under pressure, down for a second consecutive week. it has not necessarily helped oil prices, at least. haidi:s it is uncertainty of the global outlook and the plethora of central bank decisions on tap this week causing continued jitters in oil. it has been a continuation of the flip-flo

goldman sachs cuts forecast for brent. shery: a look at how u.s.utures are trading, upside early in the asian session after the s&p 500 pushed further into bull market territory friday. we are talking about the 20% plus gain from its october low. now around the peaks we have seen in august last year, around the 43 hundred level. technology resuming its climb higher. this all ahead of the fomc decision this week. there is expectation perhaps we might see a skip from the fed. we saw treasury yields continuing to gain ground in the new york session with the 10 year yield around the 373 level. the two year yield close to the 460 level and swap trainers pricing in one third of a chance we could see the fed hike this week. about 90% odds for a hike come july. of coy's -- course, oil prices have been under pressure as we have seen in the regular session as well given concerns about the broader economy. haidi: the concerns could see a bit of a tepid start to trading in asia. let's look at japan. a ninth straight week of gains when it comes to the nikkei 22

cheryl: it's goldman sachs. >> it's goldman sachs, one of the most prestigious investment banks, everyally rich people and big corporations. so kind of the sort of palace intrigue of what goes on in there is very interesting. i will say this, there are former and current ceos of goldman sachs that hate each other because there's always coups there like hank paulson dislodged jon corzine. of course, corzine wasn't a fan of hank. corzine went on to be senator and governor of new jersey, hank went on to be the treasury is secretary during the financial crisis. so there's always -- clear little, solomon took the job of blank fine, so you can see where there might be tension. it's not behind the scenes. it's boiling over in public. cheryl chester who's got -- what's the beef here? >> i think it's mostly, well, it's blankfein essentially, you know, telling people he doesn't like the fact that sol solomon is a dj on the side. cheryl: interesting, okay. >> now, why would he say that? part of the reason why he's saying that is he's annoyed that the solomon people are saying that the reason why

as we are just discussing, goldman sachs downgrading their oil outlook.have some ground to make up for that. i have a different goldman sachs story to bring us. this one is significant. they have raised their s&p and target. they now say it will be at 4500. and that the rally in u.s. equities will broaden, stoking greater gains for the gauge. what do you make of this call? it has just been tech but it will be broader and more consistent a rally in u.s. equities. >> great to be back. it certainly involves this kind of call. i am more undecidable james was saying earlier. the u.s. does not look overly compelling. but there are some things we need to keep in mind. one of those things is the resilience. there are more corners of resilience. there is some upside to be seen in certain corners here. >> if we have seen credit cards start to pick up, what signals are you looking toward to see some of the strength of that consumer? >> precisely. i think it is pretty universally acknowledged that we are going to be looking at a slow down. the problem is who in this

goldman sachs ceo david solomon will join sarah eiser this morning.interview from the world medical innovation forum in boston that's at 1:00 p.m. eastern. >>> another news alert wall street journal says the white house plans to let chipmakers from south korea a and taiwan keep operations in china. some are concerned it could weaken u.s. controls and designed to slow down the technical advancements. >>> and the s&p posting a fourth straight weekly gain and brushing off the highest point since last august ahead of the key cpi report tomorrow and fed decision on wednesday. let's bring in sarat sethi sarat, great to see you. >> good morning. >> sarat, a lot of people are worried about the market oracle ahead of the report and expected to make a.i. announcements and pushing the nasdaq higher. are you concerned about the rally and are you concerned over what we will see from oracle to keep the rally going longer? >> yes, i am having seven or eight stocks be the market is not good for the overall market we need broad based participation. if you see the valu

. >>> let's turn now to a developing story on goldman sachs. "the wall street journal" reporting that the federal reserve and the s.e.c. are looking into the role the bank played during silicon valley bank's final days. leslie has the details >> yeah, melissa, goldman sachs diss closed that government bodies were in touch with the firm as part of a broader probe into the downfall of silicon valley bank. the fed and the s.e.c. are investigating and the justice department hass subpoenaed goldman as part of its investigation into svb "the journal" cites people familiar with the matter in the reporting. an attempted capital raise took place right before the bank failed "the wall street journal" said regulators are looking into investors in goldman's trading division were communicating about the portfolio sale those are supposed to be separate divisions that have kind of a wall in between them now, i haven't been able to confirm specific details about the investigation, but a spokesman for goldman sachs said in a statement, quote, as we have publicl

this is as citi and goldman sachs join a growing number of banks cutting the forecast for gdp. brink of the confidence trap after the boost of the covid reopening is fading let's get more from katrina eli. >> thanks for having me. >> let's talk about the easing it is targeted with the goal of stimulating housing and spending how effective is this in the short-term what comes next? >> that's a good question. we have seen almost a way of modest and honest monetary stimulus unleashed we saw today that the prime rate was reduced. that will not change the status quo that the domestic demand is roaring back over the pol policymakers would have liked when the china government abandoned the zero covid policy. we saw that spending and investing, but that has not taken place. now policymakers need to release targeted stimulus to prevent that sentiment that seems to be gaining traction from taking hold further >> you mentioned the consumer in china to spend at a rapid rate why haven't we seen it what is going on that people don't want to spend in china >> it comes down to sentiment. i thi

we are a couple of weeks out from a major article in the wall street journal that called goldman sachsr with itself. again, a lot of unhappiness inside that firm. so having the support for the ceo and chairman of goldman, pretty much answers questions about speculation, about what solomon's future might be. haidi: what are some of the major challenges ahead for goldman? su: so many are asking, can goldman get back to doing what it does best? it used to be called the gazillionaire maker in that people who work there end up becoming billionaires, many of the partners, they do very well. so it makes sense that the frustrations inside goldman have become increasingly public and escalated the pandemic even as the company had record profits, and they have intensified in recent months. this, despite the ceo david solomon publicly admitting his mistake in rapidly moving into consumer banking. . it resulted in blown national goals for the bank, and that a folk -- that affected bonuses. shery: bloomberg's su keenan with the latest on goldman sachs. we have more to come. this is bloomberg. ♪ haid

goldman sachs has not launched anything lately.assets and late filing and under, -- matt: are they asleep at the wheel? eric: i think they are under new management. katie: i think we need to get goldman on the show. still ahead, we are going to drill down into morgan stanley's ts with who manages the funds next. this is etf iq on bloomberg. what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. conventional thinking delivers conventional results. at allspring, we break away with purpose. harnessing data-driven insights and boundless curiosity. we dissect the market from every angle. helping to build portfolios that redefine what's possible. ♪ because investing isn't one size fits all. ♪ allspring. purposefully divergent. matt: this is

goldman sachs says the market for ipo's could be set to boom again.ut us with the details. -- annabelle joins us with the details. >> what goldman sachs is relying to gauge this is an internal survey which tracks a number of factors. a lot of different things that it is tracking to try to determine the appetite for ipo listings in the united states. to put it in context, the reading has climbed to 93. it was back at seven in september. that is a huge jump in that period. we are getting quite close. goldman sachs in their internal barometer see that hitting near 120. in terms of what we have seen so far they have ipo issuance in the u.s. around 95% lower today than where it was back in 2021. we are well away from the highs. cava is providing quite a shining example. best that has surged since its debut. the shares nearly doubled on the first day of trading. it is looking positive for investor appetite in terms of listings. 2024 may be more realistic than the second half of this year. haidi: also looking quite positive for bitcoin for a change. >> that

sore subject, but now that jp morgan is at the top it is going down well for them but not for goldman sachs lost the spot was in but by the end of the year goldman had gotten that spot back again. that is one caveat we should note at the beginning of talking about this. this is only halfway through the year. i get, 20 18th was the last time that goldman was not on top for a six month. -- six stretch of time. a lot of bankers have been left -- let go because of the ordeal in the industry. three rounds within one year of layoffs. there is pressure inside goldman in particular and it's all over the street because it affects the top and bottom lines. and and you hear conference call about -- after conference call about how dealmaking should be picking up but it isn't. volume has fallen 42% this year, it is a 1.3 trillion dollar figure right now, bear in mind to put it into context, there is one point $5 trillion in unspent funds looking for homes and deals. obviously the environment is just not conducive at the moment and when deal volume falls it rapidly affects the banks and shareholders. >>

goldman sachs has lored the the odds of the -- lowered the odds of a recession. that's the threat, they say. has the threat actually receded? stephen moore takes that on shortly. >>> california governor gavin newsom claims governor ron desantis' flights are worse than president biden's. >> this is a stunt, it's kind of pathetic. >> will you require the same standard to joe biden? >> they're coordinated, there's a different spirit. stuart: a different spirit? we'll try to explain that one for you. >>> billionaire george soros passing the torch to his son alex, and alex says he plans to be more political than his left-wing father. of kelly o'grady has that story from l.a. next. ♪ it ain't me, it ain't me, i ain't no senator's son, no. ♪ it ain't me, it ain't me, i ain't no fortunate one, no ♪ i got into debt in college, and no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with low low fixed rates, and borrow up to $100k. sofi get your money right. starting a new chapter can be th

julia: honestly i feel like goldman sachs is one of the very last bullish people. there has been a bearish sentiment after oil couldn't rally when saudi arabia had the surprise output cuts. they were not happy that oil prices were this low and they unexpectedly cut production by 500,000 barrels per day. even the oil markets said they had a miniature jump and then they paired them all. it's a bearish sentiment all around. for the bulls, it's not a good place to be trading. matt: julia, thank you very much, talking to us about the incredible falling price of oil. coming up, salesforce having ai strategy and other earnings are high because of ai potential. we discuss the strategies, next. this is bloomberg. ♪ you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants.

goldman sachs among others have downgraded its forecast for chinese economic growth. china is still struggling as it tries to emerge from its post-covid zero isolation. francine: thank you, both for joining us on this nice round up on this monday morning. mark cudmore and bruce einhorn. you're getting breaking news. sartorius was -- shares dropping 14% after it cut its forecast. one of the big plunges we are seeing as they are not only cutting their forecast but worry about what is coming up ahead. ubs executive ermotti speaks of a culture change at the lender. that is coming up next. this is bloomberg. ♪ but by the third or fourth cup, your stomach might not feel so good. if that sounds like you replace your afternoon cup with 5-hour energy. it's perfect for when you're feeling coffeed-out. coffee in the morning... 5-hour energy after. your stomach will thank you. discover 5-hour energy. ♪♪ >> i found the fed's action a little confusing. i understand the arguments for not hiking at this meeting but those arguments would not point towards signaling to further rate inc

goldman sachs also president and ceo says the u.s.ould be avoiding a recession, but still faces the possibility of a mini stagflation. he spoke to us at bloomberg invest in new york. >> there is likewise a lot of positive impulses. the fact there is cross current, this is the best predicted session that has not happened yet. and it may not happen. we are dealing with a lot of crosscurrents. in our business, that can tend to make clients sit on their hands and be more muted about their positioning. we have tougher capital market environment, it has not been as robust as we saw coming out of the endemic recovery. what i am reflecting is more about the activity levels and crosscurrents, the continued debate about will be or will we not have a recession, have rates that stay higher for longer, until we get more resolution on that debate, will be in a much more challenging period. i can see center is for the second half of the year gets better. we got through the debt ceiling, last week, when i was making those comments, for on the precipi

but if you're goldman sachs can make a lot of money with it. you do make this point in the book they say hacking is not cheating. right. and that's really important. but i think it's it is. it's interesting to me because, you know, you talk about peter thiel's use of the roth ira loophole and which is, you know, a tax code loophole that allowed him to. are you going to explain it? tax free is a $4 billion tax free forever. yeah. so that seems like a cool hack, but i i just if you got billion dollars. right, exactly i was trying to figure out actually where to stash my $4 billion, but am i'm wondering, i mean, you that's not a cheat. but isn't that cheating? so it depends what we're talking about. it's not against the law. right. right. so. so follows the letter of the law it breaks the spirit. we can argue it's unethical. we can it's immoral. but so, so up to me, we have a set of rules. the tax code or, you know, the rules of basketball or the rules of football, rules of the game. and you're not breaking them. you're finding a loophole. so my f

goldman sachs at 25%, where do you fall?> we fall in between but a mild recession that's pushed out. the fed funds futures mark was having significant rate cuts by the fall that is not showing up. there is a chance of the one or 2% or rather 25 basis points for the end of the year. the economy has a solid underpinning obviously as the leg affects come in and see more destruction in the labor market. we're also watching operating margins on the equity side because we know that companies are going to cut if they have to deliver shareholder value and they are being pressured by margins. they will start cutting and that will be more layoffs. that cuts consumer spending and leads us to a recession. katie: to the point that we've seen some of these recession calls get pushed out, we've seen rate cuts that get pushed out. is recession and unnecessary precondition for the fed to lower rates? >> i don't think it is. and eric year ahead we published late last year, we saw a gradual easing of the fed rate later this year. that wasn't r

. >> not too slow of a beaker getting news from the banking sector like goldman sachs and j.p.gan and we get bank stress test coming next week on wednesday and a sense of how the banking sector and the capital returns at the banking sector can do as well. >> the banks running on treadmills. >> were getting it the fed's favorite inflation measure or so they say the pce price index supposed to rise 0.1% that would be dumb with 0.4% on a month over month basis if it comes into hot maybe we get the rate heights and if it comes in cool maybe the pause can last a little bit longer. a couple weeks ago we were talking about how airbus was outpacing boeing and we sell real proof this last week in the paris air show in the open their wallets and gain more share. >> absolutely paris air show for the companies just wrapped up. it was a record show, things are pretty good for the entire commercial airspace industry but 1100 jets ordered in paris that is the best show ever with a 2018 mark of a thousand planes in farnborough. airbus took about 800, but we took in 300 so with big win for airb

this after goldman sachs cut its forecast for the third time in six months.cks on the board at the open including woodside, beach energy, ampex and s oil. a busy hour ahead on daybreak asia, standard chartered will tell us why they are skeptical about the sustainability of the broader stockmarket rally. in the former japanese finance minister official joining us for a preview of this week's boj policy. plus we will speak to ubs about the chip industry next up cycle. the market opens in sydney, soul, and tokyo are next. this is bloomberg. ♪ it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. >> this is daybreak asia we

dollar. 20 more to come on daybr shery: now to a bloomberg scoop on goldman sachs. ave learned the bank is adding to add montag to its board. he rose to second in command at bank of america after leaving goldman 15 years ago. su keenan joins us with the latest trade this coming at a time when frustrations within the firm are becoming more public >> a lot of questions about the culture at goldman and it has only been a couple of weeks since the wall street journal did a story titled is goldman sachs at war with itself? the board is tapping a prominent goldman sachs veteran who was also a close ally and supporter of ceo david solomon. according to people close to the matter. while it is routine for boards to make changes and the board is meeting in india, the appointment of someone who once worked closely with solomon likely signals the ceo who also serves as goldman-s chairman is shoring up support. perhaps squelching any questions about what solomon's future might be as he approaches the five-year mark. montag stepped down in 2021. he left goldman to go to bank of am

they like europe over at goldman sachs. they do not like the u.k. for that reason.ow. we are hopefully going to talk to ben smith. the stock is up looking potentially at a big order at the paris air show. the outlook today i think saying interesting things about u.k. housing market and what is going forward there. that song down 7.60% over two days. the closes next. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. (jennifer) the reason why golo customers have such long term success j.p. morgan wealth management. is because we focus on real foods in the right balance okay, great. so you get the results you want. when i tell people how easy it was for me to lose weight on golo, they don't believe me. they don't believe i can eat real food and lose this much weight. the release supplement makes losing weight easy. release sets you up for successful weight loss because it supports your blood sugar level

reid whitten. >>> goldman sachs is the latest bank to cut the outlook for the chinese economy.rimming the forecast by 0.46% to 0.54. the signs of recovery is hitting a road block with expectations for full read. if you see that, the economic forecast is con contting forecast is con conttent coming through. >>> the german chancellor olof scholz will meet the premiere and trade delegates in berlin today. this is the first such meeting since the pandemic began and as scholz will look for the derisk from china he will meet with the president before visiting the chancellor >>> let's go to corporate news with china astrazeneca is planning to spinoff the china business according to the financial times. the drugmaker is considering a number of options including a separate listing in hong kong or sha shanghai it could protect china from other nations. you see more companies like astrazeneca to spin off china economics. >>> the italian government ruled that the top investor cannot choose the ceo despite a 37% stake in the tire maker business the move is part of the plan to protect pirell

we get the view as goldman sachs international ceo with an exclusive interview. that is next. this is bloomberg. ♪ tom: welcome back to the open. we are 11 minutes into the european trading day. it gains of 0.5%. risk on across equity markets. risks in the u.s. pointing to upside. strong labor data out of view cables during the pound currently versus the u.s. dollar. gdp at 1.25. else selling off. it yields up seven basis points on the front end. 471 on the two-year. let's get to the conversation with goldman sachs, the international ceo richard gnodde is saying the bank is seeing green shoots that signal a pickup in ipo's. speaking slowly to francine lacqua he discussed the potential job cuts, market volatility and the european banking days. -- banking space. >> to start with, they are in a much stronger place and they have been for 15 years. so, if you look at the strength of balance sheet capital ratios probably three times what we were going back to 2007. liquidity much, much stronger. and really, the underlying strength of the belt sheet is strong. so whatever lies in fro

. >> what's going on is that there have been several months of discussions playing out between goldman sachs and american express pertaining to whether american express would be interested in taking over the relationship that goldman has with apple this is a very difficult partnership to move, and we should start out by just talking about that in general, when you start out with a co-branded credit card program, that can be challenging to move. but add to the fact that in a relationship between goldman and apple, there is also goldman providing back end support services for apple's recently launched by now pay later program, as well as the recently launched apple savings account that goldman is housing the deposits for what's been playing out is discussions to essentially see if american express interested in taking over this relationship and this is all happening at a time when goldman is looking to pull further back on consumer lending. >> exactly it feels from this partnership, apple has received all of the benefits but goldman has had to pay in terms this isn't exactly a huge money makin

on these pce numbers, by the way, this market is on fire year-to-date we know that i am reading goldman sachsport right now goldman says telling clients this morning we are entering the best seasonal period of the year for u.s. equities the first 15 days of july, has been the best two week trading period of the year since 1928. according to goldman sachs so we will be watching the first two weeks of july, to see if that holds, let's bring in former cke restaurant ceo heritage foundation andy puzder with us former white house council economic advisories actinghav university chair economist tomas philipson, all with me this morning for all-hands-on-deck on numbers tomas let me kickoff with you reaction to pce report. >> well i think it was in line with core what people worry persistent core a little down but i think the real issue for the fed you know what is going on with housing, and housing at the same time the biggest component of these both cpi and pce but also the worst measure in terms of the lag. if you look at housing you almost have to look at outside of pce because if you look at it

. >>> still ahead, goldman sachs lowered odds of the u.s. recession. why they say the financial outlook is getting better. hihis name is bob. woolite prototects your favorites from fading, pilling, and stretching. so you can wear them as long as you love them. >>> deal to cut spending is getting a positive review from goldman sachs. the bank lowered its probability for u.s. recession in the next year from 35% to 25%. goldman sachs also credits reduced stress on the banking sector, but it is also predicting another quarter point interest rate hike next month from the federal reserve. >>> martha stewart is on a so-called rampage to get americans back to the office. in an interview with footwear news magazine, stewart slammed the hybrid work model calling it ineffective. she says that look at the success of france where their stupid, you know, all for -- blah, blah, blah. that is not a very 24r50i6ing country. should america go down the drain because people don't want to go back to work? average office okay peace is st occupancy is still about 48% of pre-

thank you >>> coming up, everywhere you turn, there are more media stories about discontent at goldman sachsour banking reporters sees something different shaping up that's next on "the exchange." ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with global secure networking from comcast business. it's not just possible. it's happening. >>> welcome back to "the exchange." a tenth up, a tenth down, still coming off a big week for the markets. although ending on kind of a, should we call it a win? here are some of the movers we're focused on today another day, another analyst note on sofi we got two today actually. both downgrading the stock to neutral on valuation concerns. both positive long-term. piper lowered its price target from 650, and shares ha

goldman sachs lifting their urine target on the s&p 500.this market to broaden out beyond the mega cap story. to weigh in on that, liz young of sophia is joining us shortly. equity market this morning, futures positive by about 0.2% on the s&p 500. you know the plane already, but here it is again for those of you who are just tuning in and have it played before. talk about cpi tomorrow, then onto this guy called chairman powell on wednesday. ♪ >> the market is going to pay a premium for that scarcity of growth. >> barring some sort of crazy financial market event, i think we should have a fairly stable move here. >> core's remaining really sticky. it is really unclear that the trend lower extents. >> the overall state of the economy is better. certainly much, much better than people expected it to be. >> it is certainly possible through a recession slowdown. part of that has already been brought forward, if you want. announcer: this is bloomberg "surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathon: chairman powell tw

, is probably getting some good advice from the likes of goldman-sachs here and has been an importantms of, what are we going to get as players here for stepping up and saying yes to all of this, given that we were willing to accept a lot less to stay at the pga, so to speak, than go to liv golf. so, that's going to be a key issue here there's a lot of potential money on the table, and the question is, how are you going to guarantee equity or cash for these players? and are they going to align themselves -- it's going to become even more complex negotiation. there's one guy who also could probably step in here and help in monahan's absence, and that would be randall stephenson, you have to believe. >> what? >> well, he knows his way around an m&a deal, whether you like it or not he made a lot of them. >> oh, my. >> not all of them are that good, but he made a lot of them. did randall. and of course, randall is on the board of the pga so, there's an update for you right now. of course, we wish the best for mr. monahan and for his health >> i will say that this is -- the scuttlebutt, th

we have an exclusive cnbc story about a meltdown goldman sachs could be facing. we will have details, coming up. >>> this make or break our begins with the check sector, nasdaq on track to break a win streak. text funds are seeing their largest outflows in 10 weeks. it leads us to our talk of the take. he joins me here at poorest nine. good to see you. >> thank you for having me. is tech exuberance fading? it has been a strong run that nobody predicted, year to date, month to date, and now down on the week. >> not extreme, but every rainstorm has to begin with a single raindrop, if that is what you believe. >> so, this is a rainstorm? >> i'm not saying that, the saying is apropos. you have had a terrific run in many of those names, as many are aware, and 50 is up almost 200% year to date. the law of large numbers? in at some point, so it wouldn't be whether in retrospect or in the moment, out of the realm of possibility to argue that most of those games have been realized, and perhaps some giveback or at minimum, a pause wouldn't be out of step. >> you don't thin