consolidation is consolidation, where do you want to the left by j.p. morgan chase and goldman sachs, the banks have long since realized they cannot compete in an environment to it and make a regional. make originals that will walk -- like -- maker regionals like one liksvia, -- mega e wachovia. these happen before the financial crisis. there is a wave of consolidation happening and there's truth to the idea that if you walk into a bank right now, you walk into a bank of america, you are lucky if you get a teller. they want to push you to do direct deposit. it is more automated. they want to cross sell, one of the big problems bank of america encountered with the merrill lynch acquisition. that is frustrating. i would like to have -- thursday leave a 60-year-old a career it is likequent, but the time were up and i don't get the impression there are many banks that anymore. there have been these irresistible urges for them to sell out and marriage. host: our guest is coming out this fall. when will it be released? guest: coming out in november and we wil

j.p. morgan and morgan stanley downgraded the stock. stay in the region and talk about the bidding war underway for a controlling stake of a hypermarket chain. we have all the details. one bidder operates in the region, so that seems like a logical fit, but what is the rational to bid for this. >> they own a controlling stake in the saudi arabian supermarket chain, and at some point last year, they tried to find a fire business, but it's stalled because they could not find a buyer, and now they are coming back into the process as a potential buyer. the rationale is to buy this business, merge it and create a big business in the region where a century for a supermarket chain, when you have scale, you can cut down on costs and improve efficiency. supermarkets, is this just a further sign of confidence in the consumer in the middle east? this kind of businesses are increasingly getting a lot investorson from inside and outside the region, partly because supermarket a fragmented still market here. onee is market for franchise operator, but

j.p.prices will hold firm this year, easing only in the final couple of months. let's bring in paul allen. we were talking yesterday about how long prices and stay high, a pretty optimistic appraisal here, right? paul: a little longer if jp morgan's forecasts prove correct. it is a significant upgrade, up 22% from the previous forecast, $60 a ton, now $73 per time. as the year progresses, that number does get lower by the fourth quarter as j.p. morgan see $66 per time, so good news for the government and for miners, butiron ore embedded in this is a key risk, j.p. morgan noting a risk to the price from nontraditional supply growth. in other words, the higher price might motivate iron ore producers to "turn the tap on," which would have a significant impact on the price. rishaad: one of the beneficiaries of strong iron ore prices is rio tinto. they are out with numbers later on to what are we looking at? earnings span a time in which the aren or price gained 81%, so it could be impressive n

what does it have to do with the price of j.p. morgan? all this market cares, it might as well have been aerorow flynn which brings me to point number three, what do the managements of market leading companies think of donald trump? you know what they tell me? someone you have to live with, you got to make your peace with while you focus on your business. i left out the word laser out here you can't say just focus, you have to say laser focus, my bad. most of the companies i'm meeting out here have a eye quality problem. they have more business than they can handle. some because they have to hire more people because the u.s. is strong. some of it is because europe is better, china is better, latin america is better except for brazil and venezuela. when everything is better here in worldwide, trump is not much of an issue except to think whether they should take a meeting with him or not and most would rather take the meeting and be part of the conversation than risk an tag guitagonizing . the banks can make a fortune by taking your deposi

nick from j.p. morgan asset management, stays with us.anus: let's get you set up for your week ahead. today, the u.k. house of lords begins a detailed examination of theresa may's bill. donald trump addresses a joint session of congress. anna: on wednesday, angela merkel gives a speech. on thursday, we see the ipo of snapchat. manus: we round off the week with janet yellen speaking at chicago. coming up -- to.: independence take the u.k. government said to be preparing for a new scottish referendum. manus: closing the gap. borrowing spending, the default risk project. can it overtake its biggest competitor? anna: spain calling. we are live in barcelona. apple giving it a miss, samsung turning to tablets. who will fill the smartphone void? this is bloomberg. ♪ manus: it's just gone to: 17 in the afternoon. -- 2:1 in the afternoon7. hang seng dropped. juliette saly is standing by. juliette: manus, thank you. deutsche bank has cut its pool by almost 80%, according to german sunday newspaper. the ceo told the newspaper that germany's largest

please welcome back j.p. and ashley rosenbaum.eers and applause] took so long, i thought she had the baby. >> [laughs] >> come on over.

there's jamie dimon walking in, chairman and ceo of j.p.organ. >> he's got to be thrilled about getting rid of regulation since they have more compliance people probably than they have loan officers. >> they have a lot of compliance people. and obviously a lot of capital. nobody's talking about capital coming down, but they are talking about at least freeing up some of that money, i guess, that goes towards some compliance. >> when you say things positive about bankers, think back three or four years ago the reason why everyone wanted this regulation is because people felt these banks were about to go under. they still feel that. a lot of democrats say banks are about to go under. a lot of republicans say raise a lot of capital. there are some democrats realize they raise a lot of capital, but i felt the capital was the most important thing. and the reason why i worry about the european banks even today, when you're a joker bank and we have joker regulations, you have what they have in italy. we have in europe. >> your point is this narrati

economist at j.p. morgan. both. >> good morning. >> pam, let's start with that timing. this suggestion that we can do this by recess, is that wishful thinking? or are they trying to light a fire under congress? >> i think it's a bit optimistic, but certainly if people put their minds to it we can make some very good progress by august. i'm not sure we can get a bill enacted by august, but certainly if we can gelt something, you know, through one of the houses of congress by august then we can look at moving things forward this year. and that would be tremendous progress. >> pam, did you take anything away from the way the treasury secretary characterized the priorities? basically individual tax cuts, ones that would apply also to the middle class and then tax simplification seemed to be his focus on the corporate side, maybe not as much of an appetite to tackle the entire corporate tax code? >> no, i thought when he talked about wanting to spur economic growth that he was definitely focused on the need to make

officers j.p. mcardle and william rapp were called to the home yesterday. it was full of smoke, so they broke a window to get inside. they found 77-year-old fatou traore passed out on the kitchen floor. the woman's daughter-in-law suffered a stroke while cooking. she tried to get up and open the window to let out the smoke, but she couldn't move. fortunately, a neighbor smelled smoke.. and called 9-1-1. a 7 on your side health alert this morning about testing for the zika virus. two pregnant women in d-c were told they were negative for the mosquito-borne virus. but it turns out- they were positive. right now suzanne kennedy is live with whats being called a lab testing error. a d-c school- dealing with possible bed bugs. elementary school in northeast. there have been several sightings of bed bugs there. the school sent a letter home to parents- talking about the pest policy. but - it says there is not a widespread infestation. this- just a week after a bedbugs shut down savoy elementary school. we're told- the school will reopen on monday, february 27th.

reporter: officers j.p. and william were done for the day when they got one last call. breathe, couldn't see. didn't really know what was going on. reporter: northeast washington full of smoke. >> we gotta get in there. that's just the bottom line. they broke a window. >> thick smoke, just covered, all the windows and everything. you could smell it. >> we would have been in trouble in another couple of minutes. >> we both were screaming, lady, where are you at? couldn't see nothing. reporter: she was passed out on the kitchen floor. >> i saw a light, so i started dragging her to the light. out asoth carried her fast as possible. reporter: the 77-year-old was rushed to the window, to let out the smoke, but she couldn't move. reporter: the daughter-in-law told us she was cooking when she had a stroke. calledank a neighbor who 911. >> thank god he was home and smelled hope. reporter: and these officers for risking their life to save another. >> i just wanna say thank you so much! >> we knew there was serious consequences going in there. person's life in there. we knew we h

please welcome back j.p. and ashley rosenbaum.nd applause] took so long, i thought she had the baby. >> [laughs] >> come on over. >> we're back. >> "we're back."

there is deutsche bank and j.p. morgan.ihood they will a sizable fee, that will be slightly smaller than what morgan stanley is going to make on this particular deal. what does morgan stanley have to offer that is different from what goldman sachs has to offer? in this case it is the retail brokerage business. morgan stanley has what they call wealth management, which involves financial advisors called rockers. that is another distribution channel that morgan stanley has that goldman sachs does not. it is not as if goldman sachs does not have wealth management clients. they tend to be richer, and the business is much smaller. they are coveted because they might be perceived from the company's perspective to be longer-term holders than your average retail joe. we don't know what anyone does with the shares. america has bank of offer that a goldman sachs does not. it starts trading on thursday. thank you for that. now some headlines from mary barra, speaking at the economic club of washington. far that headlines so she has gr

j.p.gan which is, please, this group. >> this is going to be such a key area. and it's complicated because of course proponents of the border tax will also say don't worry the dollar will adjust almost exactly for that 20% tax. >> good luck. >> and the question is will it. and then if it does, what does that do to the exporters it hurts? >> on the currency front, by the way, we should mention the russian ruble on a weekend where putin got mentioned a lot is at a 19-month high. gold at the highest since november 16th. >> and rand gold blew the number away with incredible growth. we were waiting for him to put together a quarter and he has put it together rather remarkable flt i think that's interesting when it comes to russia by the way the only really publicly traded company i pay attention to with that is pepsico, which reports next week. i think it's worth noting there may be individual commercials that did well, but there was a halftime that was a pepsico fabulous ad. >> what'd you thin

it will taper off as the year goes on, and by the fourth quarter, j.p.pects to see the price at $66. that will be great news for the australian government because to the iron ore price equals a $50 million increase to the budget. however, there is a caveat attached to all of this. jpmorgan says the risk is nontraditional supply growth. it's iron ore producers look at these high prices and decided to rent up supply, this optimistic forecast will be revisited. one of the big beneficiaries is rio tinto. they are expected to come out with earnings later today. what should we be focusing on? is a return of this dividend policy? we will see aubt return of that policy, but the good news is that since walking away from it, it looks as if the dividend will be more than forecast at this time last year. analysts are anticipating a dividend of about $1.44. is definitely helping rio's bottom line. analysts are expecting net $4.75 come in at about billion and revenue at about $34.3 billion. but we will find out later today. yvonne: thank you. they willf australia, pus

the global market strategist for j.p. morgan asset management.uestions, sending the stocks on a tumble. we will look through all the accusations next. this is bloomberg. ♪ this is "daybreak asia." >> noble group due out with earnings today, fresh attacks from iceberg research and a report released on friday. the anonymous researcher criticized nobles accounting, sending shares tumbling. haslinda amin is here with the story. what is iceberg research saying this time? pointing to nobles contracts, saying they are not correct, saying the company is not worth its book value. any potential investor noble says beware. there is nothing new in the report. in fact, nobles operations have improved, but the market still got nervous. investors went into a selling frenzy. take a look at how it traded when iceberg released that it went down as much as 26% before ending the session 17% down. noble shares have only just begun to recover following the first iceberg report criticizing its accounting. it was at that time getting a beating from cheap commodities and

morganes including j.p. and morgan stanley have applied to lead the offering.rward global coordinators have a three-pronged ipo in november 2015. that was the company's biggest privatization deal in over 30 years. to capture investors despite giving investors less control than any other social media company. they are offering 200 million shares in its ipo between $14 and $16. $18.5alues snap at million. a higher valuation up to $35 billion for keeping control of the company. the so-called islamic state said the carried out a suicide bombing in southern pakistan that killed at least 75 people. it is the country's deadliest attack in more than two years. the sunni militant group said the news agency has targeted the shiites. they've that security forces would track down the perpetrators. global news 24 hour the day, powered by more than 2600 journalists and analysts in more than 120 countries. i am haidi lun. this is bloomberg. rishaad: singapore's economy grew at a faster pace in the fourth quarter than initially estimated. comparedn that period to 2.5%, which i

j.p.and certain affiliates have agreed to pay $800 million to resolve remaining litigation from the lehman brothers bankruptcy. the bank handed over $1.4 billion last year. this deal does require bankruptcy court approval. for februarys set 16. lehman brothers was the biggest bankruptcy in history in 2008 with more than $600 billion in debt and liabilities. sony shares under pressure. out later on. investors watching for demand for playstation consoles and gaming software. that division accounting for more than 20% of revenue. the chief executive we'll head to california, where he will temporarily relocate and become co-head of sony entertainments. ok, rbs chairman saying president trump's thinking on trade is old-fashioned. howard davies telling bloomberg data trade for with china would offset any fiscal boost in the united states. >> the big issue at the moment is we have had a run-up in the dollar and stock market with ationyou call the trumpfl trade, but now it seems the of theionist i

banks including bank of america, j.p. morgan and goldman sachs and morgan is we have the ten days.ield now down two taking small leg lower during conference. >> thanks. earnings. analyst the how close is the lenders with turn around goal. bloomberg. >> shares barclays is falling. it took a charge for accelerating the cost of bonuses. joining us now is banking reporter steven morris. swing barclay shares today. initially up 4%. 2.7%. what's going on? >> it was very interesting day stock initially. investors took a lot of cheer fact capital level prevent any losses imposed on shareholders taxpayer public. day,way through the analysts spotted potential multibillion shortfall. due to various details, very complex accounting rules. could actually affect the bank level. the sharenge in prices. the capital wasn't as strong as appeared.ly extricatingclose to themselves from this? >> yes. partnership?ld >> they've just about managed to sort out transition improvement a number of years. they'll hand off i.t. system, rebrand the afr

we are talking about the fed with j.p. morgan chief u.s. economist michael feroli. also some breaking news to tell you about. theave been following president's remarks at the national museum of african american history and culture. he also said a new immigration order is coming very soon. there will be something happening "in a little while." this is bloomberg. ♪ ♪ mark: live from london and new york, i am mark barton. vonnie: i am vonnie quinn. the u.s. dollar higher again on hawkish fed comments. --ker has joined a march hike is not off the table. our next guest knows it might be too early. increasedates production to joining us now from his office in new york is michael feroli, chief u.s. economist at jpmorgan. to us about why you pulled forward only in may and not potentially in march? we think march is a possibility but i think of the committee has not really prepared the markets yet for a moving march. i think even harker is one of the most hawkish guys on the committee p i would have thought if anything, he would have been stronger than that in terms of his d

morgan's lead to keep the momentum going to j.p. morgan's fixed income beat.e looking for barclays to report saying we also have hewlett-packard enterprise reporting the same day. the day before, hewlett-packard. a lot of focus on these two companies to see how they are both doing. >> thank you. still ahead, the imf and mongolia agree on multibillion-dollar loan -- a multi million dollar loan to help cover looming debt repayments. we have a report later in the show. pence meetsident with angela merkel p at we will discuss that in more with frank lavin next. this is bloomberg. ♪ >> this is "bloomberg daybreak: asia." am yvonne man in hong kong. i am betty liu in new york. rex tillerson made his diplomatic debut at ag-20 gathering in germany as russia press the trump administration to keep its promises of improved relations. our next guest says he sees more continuity then change in u.s. policy. a former u.s. aid and diplomat and now runs export now, a company that helps consumer brand sell their products into china. with ato start off simple question, who do yo

several big names including j.p. morgan stanley are said to have applied.hose forward global coordinators -- the country's biggest privatization deal in almost 30 years. mitsubishi has rolled out a rescue of toshiba's struggling nuclear reactor business. said the technology used by mitsubishi is completely different and any change would violate its relationships with other countries. they have asked to continue temporary conversation -- compensation cuts in 2017 as an emergency measure. toshiba shares are down for a fourth straight day. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm courtney collins, this is bloomberg. seenill ahead, the woman as a next chief executive val is to avoid moves that could revive anti-china protests. sews confusion over the israeli-palestinian conflict because someone close to the president -- ♪ ♪ this is "daybreak asia." >> a quick check of the latest headlines. furthersachs gives a boost to metal prices. into china's oak old economy -- industrial commodities have

we will ask that question, how j.p.asset management, and how kerry craig feels about chinese equities. he is not constructive on emergent -- emerging-market stocks. he says they're looking vulnerable. he says, as u.s. stocks hit record highs, what is it going to take to be that correction? e ll hear from him at 10 past 8:00 hong kong time. >> that is a big question, what is it going to take to get that correction? you mentioned the dollar, heidi. a manonomic president, -- of many assets including currency says, watch out for the dollar, it may fall considerably if we do not get a much-hyped from the fed -- a march hike from the fed. this seems to be something that is on top of minds for investors . we will be watching the dollar very closely, what is going to make it break out in the upside our downside. haidi: crucial week ♪ >> keeping the faith, warren buffett helps shareholders invest light ahead, and naysayers calling a nonsense. rishaad: china opens the doors -- yvonne: china opens the doors to more ipos. betty: go

interesting times where you have companies like j.p.n talking about using consumer data they get from their customers to offer new financial products. and some concerns from authorities about how personal information is being used. what do you make of this? bill: i think it is fascinating to watch. if it was not so harmful, it would be kind of funny. we are seeing a texas two-step. the big banks and brokers are doing two things. number one, they have descended on washington and are trying to repeal or delay the fiduciary rule, something that has been worked on for six years which is very simple. it says if you are selling a retirement account like a 401(k) or something like that, you need to do so with the best interest of the customer in mind rather than just lining your own pockets. cory: imagine. bill: imagine. that is number one. number two, they say the consumer should be able to figure it out themselves. let me just say the second piece is they are trying to restrict the access customers have to their own financial data at these b

look at j.p.organ set to open about 1% higher, a nice gain there and look at goldman sachs, another run up for that huge investment bank. i ever already gone up, what is it, ff, 20, 30%. >> 20 odd percent since the election and it's going to go up more if we roll back dodd-frank. that's the talk today. we certainly talk about president trump every single day, all day, frankly. but corporate america talking about him as well on their conference calls. you know they do that every time they have an earning report, a big conference call and talking about mr. trump. ashley: mr. trump is dominating these calls. we gave you a graphic on s&p 500 companies, the talk about donald trump, president trump directly, 114 mentions on 58 conference calls. and then we get into issues. border tax references, 145 mentions, there you go, that's the blue line, on 66 conference calls, and then how about tax reform, look at that, 256 mentions from 81 companies. so, donald trump and what he has been proposing dominating t

ayaz, the head of asia-pacific equity allocation at j.p. morgan asset management. much more ahead.sident trump edges closer to getting one of his more controversial cabinet picks conference. irmed. they are voting right now for steve mnuchin. ♪ yvonne: this is daybreak asia. betty: now, the senate is right now voting on the nomination of steve mnuchin as treasury secretary. there is a live picture of the senate vote happening at this moment. confirmed,ted to be pending one of the top or nomination battles for president trump's cabinet picks. they have been pretty tough so far. confirmed, pending one of the top or nomination battlesjoining me no. ramy: three weeks ever since the u.s. actually had a working secretary of the treasury. it's actually the biggest gap ever in terms of their wait peri od because of democratic opposition. we are still waiting for the vote count, but they expect it will be along partyline votes. we are still seeing that come in. it is expected very soon. we are expecting him to be confirmed. and then, investors, the financial world is waiting for him to get

it's hurting me and j.p.s affecting us by iran wanting to do the same thing and so it's keeping us from going back to provide for our families. >> the players are under y contract in iran. >>> a frightening hostage situation at a prison in delaware that is now over but not before the death of one of the guards. the siege ended early when police used a backhoe to breach the building. >> we lost one of our family members and it pains my heart. >> reporter: grief and shock as delaware authorities try to piece together the events that led to a deadly hostage situation at the james t. vaughn correction center, delaware's largest prison. we're now learning more about the one guard killed in action, sergeant steven floyd, an 18-year veteran. >> he's a champion and would fight for what was right. >> reporter: he was found unresponsive, authorities pronouncing him dead at the scene. >> we have to investigate what happened here, determine the facts to make sure that it never happens again. >> reporter: here's what is k

america's three biggest banks j.p. morgan chase, bank of america and wells fargo took in more than $6.4 billion last year from atm and overdraft fees. that's $25 for every adult american. you can avoid paying those fees by using in network atms. also set up overdraft protection on your checking account. >>> a walnut creek mall is being considered as a future location of a creekside apartment development with shops and restaurants. they want to tear down the promenade shopping center. the plan is to replace it with more than 100 apartments. as well as commercial space. these are proposed as market rate apartments. they consider making some of them affordable units. developers have received preliminary input from the city council. we don't know when a final decision will be made. >>> there is a new tool for law enforcement. the surveillance camera network online following a string of freeway shootings in the east bay. >>> a bridge has been cracked so bad -- they are now closing it. they plan to reopen the piper canyon br

. >>> in a couple of weeks we'll hear if more local j.p. penny stores are closing.he -- jcpenney stores are closing. they say the list of closures will be out by mid-march. >>> republicans paid their respects at the funeral of boscov after he died from pancreatic cancer this month. he was 87 years old. >>> students at st. james middle school in north philadelphia celebrated black history month with a living wax museum. each student chose prominent african-americans from the past and the present to represent. when they were touched, the students came to life there, introducing themselves and highlighting notable achievements. what a great idea. >>> now to our gorgeous friday weather. the blue cross river rink at penn's landing, it's looking soggy. looking more like a pond than an ice rink. >> hopefully you took the time to get outside. big changes coming for the weekend. glenn "hurricane" schwartz with the most accurate neighborhood forecast. >> yeah, there is no way we're going to see temperatures like it this on sunday. we'll be close to it tomorrow. back but that'

alison: williams says she has big things planned for urban-ed with a large grant from honda and j.p.rgan chase. she hopes to one day replicate the program outside of the district of columbia. i think that is what is so exciting right now. the major corporations are recognizing the work she has been doing for 15 years in d.c. and supporting it with the money. >> the results she is gett good for her. alison: life-changing. larry: nice story. still to come here, things can change in an instant. now a mary mount basketball player cheering from the sidelines getting ready for brain surgery. meet our rising star coming up. >> lawmakers could hit the brakes on teen drivers staying behind the wheel at night. i have latest on the possible curfew changes coming up. larry: we are falling a developing story out of maryland where some lawmakers are asking how late is too late to be driving on the roads. amy aubert explains why. >> maryland lawmakers are looking to change the sur few time from midnight to 10:00 p.m. for drivers under 18. >> some say it's only two hours and doesn't make a differenc

this is a j.p. morgan moment that data.ause yesterday the bonds -- interest rates were headed down and that was a consumer packaged good call to buy proctor. if you like the banks, you need that adp number and a strong statement. >> right. but if we get a lot of inflation, what are we looking at in terms of a ten-year yield, could we go to 4? >> yeah, if gdp grows at 4%, which i believe will happen if you got the tripod of deregulation -- >> what? >> if it goes to 4. >> 4%? >> if they get -- >> there's a big difference. buffett says 2%. >> no, i'm saying if they get their way with corporate tax reform. if they get their way -- >> i'll take -- i think you got two people here who will take the other side of that bet. >> okay. so it wasn't a mandate. but i'm just saying if you got all that you'd have a strong economy. but you need wages higher. you need them higher now. >> that was good. there's the opening bell. s&p at the bottom of your screen. at the big board this morning it is invitation homes sell braici its ipo. we'll t

not as good as bank of america when a rate hike comes or j.p. morgan, but number three. that's going to be dramatic. already pays out big dividend and expensive stock on price-to-book, but earnings explosion if they get three rate hikes absolutely. >> yeah. the other call we're watching ubs reiterating a sell on tesla, jim. their target is still 160 even though the stock's up 48% since election day. they talk about slowing growth, model 3 uncertainty and then this cover story musk is on the cover of "business week" in which they highlight private meetings he's had with steve bannon and how to a large degree the white house is increasingly looking to tesla as a model for the innovative part of our economy. >> as is everyone out here. tesla comes up quite a bit. not as much as amazon, but tesla comes up as why don't you guys give them more credit. not unlike what jay leno said on our show. why don't you give them more credit? no one else has been able to come up with a new car. when you speak say people involved with self-driving cars what they say is tesla is really far a

president is meeting this hour with some of the leaders of the most recognizable brands in this country, j.p. morgan, walmart, underarmor, ford. you know who is not there? uber. we'll tell you why. plus, senate showdown. lawmakers moved forward on the final vote now set for betsy devos on

j.p.organ could be the leader of a rally, but remember if people want to go back to old days 1992 playbook, this is what led. and you got a multi-year rally from it. so i have to believe that as long as that leadership stays intact, i know it sounds almost prosaic, but we can continue to rally. >> all right. of course goldman yesterday taking out that 22007 high. we mentioned going to talk to brady at house ways and means and then hatch, interestingly a list of winners and losers on this adjustment. losers are obviously, under armour, ralph lauren, macy's, but some of the winners, boston scientific, ingersoll rand, striker, coke, we'll talk about pepsi later. >> well, look, i think the important thing is to look at the makeup of who's going there. so you have target and you have gap stores. let's use those as examples. those are companies that actually deal with the masses. who voted for donald trump? the masses so to speak to use that great rubric that i think is going to play a role when

daybreak, j.p.et management cio on global uncertainty, the fed, and its investment strategy. from new york, this is bloomberg. ♪ >> the federal reserve crawls to a rate hike. the euro zone is firm. the ecb, the advisement, assumes the french government will stand behind europe. restructuring could end in a matter of months. the markets, another record high. nine straight days of it. in the last 45 minutes, the dollar rolling over. the eight euro up. .- the euro up alix: a record low continuing today. negative almost 89 basis points. gold catching a bit of a bid up why five dollars. highest level since july, 2015. there -- at of a fee little bit of safety there. >> the president is going to address congress on tuesday. today, we heard from secretary mnuchin. he will have the tax bill through, he hopes, by august. joining us now, head of the global fixed income ethics and commodities group. i love your title. left in theime segment? we will see. bob is also with us. need tolk about what we hear, want

president is meeting this hour with some of the leaders of the most recognizable brands in this country, j.p. morgan, walmart, underarmor, ford. you know who is not there? uber. we'll tell you why. plus, senate showdown. lawmakers moved forward on the final vote now set for betsy devos on tuesday. we have got every angle covered for you this morning, kristen welker at the white house, stephanie ruhle and ali velshi will be joining me. i want to start with kristen first. sanctions coming out as early as today against iran. what do we know? >> as early as 10:30. mike flynn came to the briefing room and said the administration was putting iran on notice for recent provocations, including a ballistic missile test, which the administration argues is in defiance of a u.n. resolution. the u.n. hasn't determined that yet. today the administration is set to announce new sanctions as early as 10:30, coming from the treasury department, indicating it will likely be economic sanctions. as you know, this president on the campaign trail said he was going to take a tougher stance against iran in the wake o

tackled too much, talked about too much, every day investors are actually buying into this market, j.p. morgan says today, today came out with a report that says mom and pop investors are comfortable about jumping into stocks. now, ironically, that might not be a good thing because some in the industry, the professionals see that as a sign of a mature bull marked, a.k.a., time to get out, jake. >> what happened, christina? what would it take to sustain a rally, do you think? >> reporter: well, look, the dow is up 13.5%, 2,500 points since election day. look, the only real movement that we're going to get from here is on policy. that's what's going to justify another move. the stakes are pretty high for trump tonight. wall street will be listening for details on the tax plan. when is it coming, how big will it be? remember, that treasury secretary steven mnuchin promised significant tax reform by august. they'll be looking for any hints on whether trump will shoot down the republicans' plan for border adjustment tax. that's another big issue for them, jake. so, we're going to be watchin

let's bring in stephen mackler -- stephen macro smith from j.p. morgan. great to have you with us.se interests. technology, you are hot to jobs. are fed up with people talking about a trump trade. i am paraphrasing, but you said the ignition for renewed enthusiasm was already there, so the foundation today will be his first jobs report. what is important to you today and this week? i think the most important release is the pmi in europe. they indicated things are still improving. satisfactory. everything we are seeing in bond markets and inflation swaps, picking up as well. i think that is the most important thing for us. anna: when you look at what is happening in the united states, partshave been upsetting to silicon valley. a lot of fallout between the two. just looking at his plans as we know them so far, what is it that he is doing that is going to have the most impact on the universe that you look at? is it around immigration or other policies? mark: i think the most headline grabbing policy is around immigration. in terms of these companies getting this how it that they requ

our guest is still with us here in the studio from j.p. asset management. , first comes to autos there was cost-cutting, now there seems to be in mandate. is that something we will -- now a.ere seems to be m& >> it's always something to look forward to in these high-volume businesses. autos is one you've seen over history a lot of activity has benefited certain companies in france. in general, from the sector perspective, it's looking not just at the manufacturers and distributors but some of the display are -- some of the suppliers, more than just the end retailers and manufacturers. looking at various parts that come from different parts of looking at companies providing better returns for investors than just the end. manus: the recoveries in the thatg complex, you like miners. is it predicated on growth? commodities is that it is not an open world and not a level playing field. that is a risk. risk forggest commodity producers in terms of nations are companies that produce so many commodities is quite high. if globalization gets squeeze

j.p. morgan chase has been picked to place credit suisse at the world banking group. payment processing committee may make an announcement on the decision as early as this week. they currently have a market value of $7 billion. bill gross's investors must embrace what he calls the financial methadone of quantitative easing. saying that if the european bank and bank of japan pull support, things would sink. tyson foods says that they are under investigation for its chicken pricing. they are cooperating. tyson and its largest competitors have been named as defendants in a series of lawsuits claiming that the chicken industry colluded in 2008 to drive prices higher. they have denied the allegations. that is your business -- update. tonie: it has taken years replace the regulatory structures on wall street. they won't be removed fast or easily. head of our financial regulations team in washington, d.c. dodd-frank, jesse. talking about the pageantry around this executive order and the idea that it is all theater, that very little will be rolled back, but they didn't sound

care.diology and primary pfizer is hoping to sell the treatments as part of a package and has higher j.phe process. an advisory board may be pushing ahead with a possible sale, the company interviewing financial advisors to consider strategic options. while finding a buyer may be difficult, it could attract interest from the health care sectors. company surged 11% before settling back at a 2% gain. continental seen as a laggard in the u.s. aviation industry, just passing american theines in market value, turnaround strategy push the market capitalization to $23 billion. united has advanced 54% in august, when scott kirby was appointed as president. it has outpaced the broader index for u.s. airlines. mining companies in the philippines, they are at loggerheads with the president as they rail against site closures. the government plans to shutter two dozen suppliers in the world's biggest nickel shift. we have more from the nelle -- .rom manila how bad is the fallout from this? >> good morning. you look at the numbers, you're looking at closure of 23 mines around the country, five facing

j.p. morgan securities, about has been building capital in recent years and is able to stand alone.past mother trades were guaranteed by the u.s. current. -- parent. that is your business flash update. joe: coming up, corporate america looking at the economic prospects of a trump presidency, what do american consumers expect in the years ahead? we have a chart you cannot miss. this is bloomberg. ♪ ♪ lisa: "what'd you miss?" let's turn to spain. the producer price increases jumped by 7.5% in the year ended in january. this is interesting because it could serve as a leading indicator as to what to expect for the euro area data we are expecting next week. it is important, because atb is considering tapering their stimulus and it could ignite inflation. it does appear like inflation in europe is starting to pick up. joe: a key chart for the ecb. and here is remarkable data about the u.s. by one measure, the u.s. consumers are more optimistic about the labor market than at any point since 1984. this white line is the percent of consumers in the survey that think that the enemy limit rate

mike bell from j.p. morgan. stocks get a little bit frisky on the upside this morning.is on a little later. this is bloomberg. ♪ [ alarm clock beeping ] weather. ♪ [ laughter ] cartoons. wait for it. [ cat screech ] [ laughter ] ♪ [ screaming ] [ laughter ] make everyday awesome with the power of xfinity x1... hi grandma! and the fastest internet. [ girl screaming ] [ laughter ] i've spent my life planting a size-six, non-slip shoe into that door. on this side, i want my customers to relax and enjoy themselves. but these days it's phones before forks. they want wifi out here. but behind that door, i need a private connection for my business. wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. ♪ happy friday. welcome to bloomberg markets. this is the european open. i'm guy johnson. matt miller back in berlin. what are we watching this morning? one china. trump reaffirms america's support of the long-standing taiwan polic

designed to regulate businesses in the wake of the financial crisis, but at the white house, he met with j.pkstone, and they were in attendance when mr. trump said this specifically about dodd-frank. we don't have that, but i will tell you what he said. he said basically they will cut a lot out of dodd-frank, and they think businesses can't get money right now, but the banks are not letting people borrow. i do want to show you one thing , 558e bloomberg terminal nine, look at that white line. on the left side 2010 come on the right side today, that is the amount of loan origination that has happened since dodd-frank was enacted, up 75%. lending is at a 70 year high. this goes against what mr. trump has been saying that loan originations have fallen not. he points to small businesses and a negative effect, but the numbers don't lie that that is still rising. we do have to look forward to what is happening, the trump am far on friday, but also wall street versus main street, and a lot of the people who supported mr. trump might say you can campaigned against wall street, and now you're sitting

at j.p. morgan said it is consistent with a rate hike in the first half of this year.ields at 2.48%. australia, look at the spread between the two. very quickly, big numbers falling today. we will get more details on the softbank and toshiba story. they are very close to falling to the 200 level. and the story here, the special prosecutor issued an arrest warrant. korea is on the way up, overall. rishaad: thank you, david ingles. let's go from singapore down to sydney. and we have haidi lun. flaggedjanet yellen as rate hikes ahead of the u.s. economy stays on the current course. the fed it shared told congress more increases will be appropriate if the u.s. economy fors central banks, tightening labor markets. mid-march, but jenny yellen no clear signal on exact timing. >> we have meetings every year, it means if things remain on increase our target. precisely when we would take an action, whether it is march, may, or june, i know people are focused on that. i cannot tell you -- haidi: china's credit has surged to a record high. billion, that is more than the gdp of pol

department social service in which we were both attacked and for investigating the sniper attacks with j.p. morgan chase. officials have warned us on the biggest for-profit community health systems which are the hae largest acting health information reached into call for investigating the cyber attacks including home depot. we are focusing on political reasons and intelligence agencies warned us if we do not act now, the adversaries including russia are determined to just write again. we need to get answers to these and i think all the witnesses for being with us today. and again mr. chairman, thank you for the hearing and i will yield back. >> any members that would like to submit a written statement, i would like to recognize the panel of the mrs. and we are pleased to welcome kathleen who is the acting director of the united states office of personnel management. accompanied by david devries the chief information officer at the office of personnel management and the chief information security officer at the united states office of personal personnel management, and the director of the n

j.p. morgan will be here as well as a lot of others.y're looking back at rolling back regulations put in place in the 2009 financial collapse. the president on the campaign trail said many times he wants to dismantle dodd frank. it doesn't dismantle it but may roll back some of the regulations. it starts a 120-day review period to find out which regulations can be rescinded to allow a freer flow of capital from banks to borrows. the white house economic council director was on mornings with barea bartiromo on fox business this morning. >> all banks have been under such regulatory scrutiny they have been forced to build capital and build capital instead of lending capital to their clients and allowing their clients to grow their businesses and fire people and create jobs, they've been taking those reserves and that capital and hoarding it to meet the regulatory requirements and pay for additional regulation. >> they want to get a lot of money out of the banks and flowing to consumers. one point we should point out, a slight shift in posi

he took new stakes in bank of america, j.p. morgan, goldman sachs.of things that he appeared to be more bearish about, he's been pairing back stakes and pulled back on google, apple and facebook and interestingly completely dissolved his stake in alibaba, the chinese ecommerce giant. just a reminder that these stakes are as of the end of last year so he may have traded in or out of them since then. we are digging through. >> leslie, stay there. what do you think about these moves? >> clearly from his letter we knew he bought into the sector moves that would be trump beneficiary. leslie mentioned ac supply. that's domestic housing type play as well as some industrials. i do think it's consistent. not really consistent with the kind of activist hands on -- >> he has other companies to be run. >> i don't think he's picking up the phone calling lloyd i'm unhappy with lloyd. the odd thing -- those are big stocks. big liquid stocks that he can get in and out of them. i wouldn't put too much credence on what his position is today given that that was, you kn