baird analyst expects j.p. morgan to emerge from the pandemic stronger than it's peers given its diversified franchise and other factors. now, if we dip into the bloomberg, we can see that bank stocks as a group are enjoying their biggest gains to the s&p since 2000, again on track for their best annual gain since 19 -- in many years. and so there is a concern about whether stocks will behave well unless that are very strong results. interesting to note, citigroup will be following j.p. morgan on october 14 in terms of its reporting. and it may have to address recent scrutiny over its bonuses. three of c.e.o. the lieutenants are eligible for as much as $5 million in bonuses apiece. and that's tied to certain targets. but you got wells fargo's bank analysts saying there's no specificity on the targets. he says that's kind of like charging us for a dinner before we know if we're getting hotdogs or caviar. so that will be an interesting issue on that call. back to you. haidi: hotdogs than caviar. we are continuing to mon

j.p. morgan chase did report 6% total loan growth largely from its investing banking division, consumer loans were down and commercial loans down 5%. lending conditions are improving but it will take time. that overshadowed the record quarter for dealmaking given what is on track to be record year for mergers and aquisitions. the advisory fees and investment banking helped push the firm's net income to $11.7 billion, j.p. morgan's ceo jamie dimon touted their strong results despite the effect of the delta variant. there was talk about covid recovery and he did talk about how they had done well despite supply chain disruptions. what weighed on the stock in the latest session was the fact that you had concern about consumer and commercial loans going forward. j.p. morgan chase again has done well your today to, and jamie dimon pointed out the results were padded by a $2.1 billion reserve relief. the bank did lower its outlook for charge drops in the credit card business from about 2%, down from a p

two or three weeks ago j.p. morgan was 152. earlier today it traded 172. $20 on j.p. time high. bank of america also i think the setup isn't great. i like the banks, not like they are super frothy, but j.p. morgan had good numbers in january and april and july i think the bar is getting high. it's getting high enough that i think people might be disappointed i am staying long. i am not going to trade around it i have taxes to worry about and i don't know when i would get back in, but i am not that excited or hopeful we will see a big run in the banks next week >> the action going in makes a big difference we have seen time and time again. >> i know you are a football fan and playbooks are a big thing. playbooks for banks, for karen's point she doesn't like the setup. for good reason. we have seen them sell off on the back she is spot on i think there will be an opportunity in the form of some of thesean bks they will trade at a discount to tangible book, citi being one of them >>> up next, final trade ♪♪ ♪♪ at vanguard, you're more than just an investor, you're an own

the j.p. morgan chase head of commodities and strategy, plus we will speak with michael, the ceo of a company after that company beat earning estimates and boosted its forecast as well. amanda? >> on the markets, we are powering off with a weakness. we are in positive territory. the nasdaq is coming back to life. in toronto, a little bit weaker on the day, but the internals are getting interesting. as far as we know, tech is trading off today. facebook and meta. the company forming on his facebook is actually trading up. i can't get past google. one that jumped off the screen a starbucks. this is evidence of how investors will react if you disappoint on the cost and outlook. starbucks is sharply lower. the yield remains a big story. we are looking at inversion of the fed. there was it about growth. as you noticed, we are watching apple and amazon. two heavyweights in the market, losing more than $100 billion in combined market value after they started notice that it will be eight light holiday season

j.p. morgan will kick off the earning season in ernest tomorrow we're watching oil close above 80 for the fstir time since 2014 we're back in a moment ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ >>> we continue to keep stock of the energy market. oil closes above 80 yesterday for the first time since 2014. again, yesterday, jim, j.p. morgan came out, said if you adjust for inflation and the intensity with which we use energy, relative to gdp, that the market can sustain itself with oil anywhere between 130 and 150. >> i agree with that think about how much milk cost and how much gasoline it costs and h

i think it looks a lot like 2019 j.p. morgan is only half loans today.falling because they're not making many loans, they're not buying many loans so they've invested in securities that's the story across the industry even though the fed has grown deposits by 30%, lending is not growing. we're at a 50 year low for assets it's like the end of world war ii, the banks are all buying securities and that's not driving net interest margin as much as we would hope. >> you're right. maybe we need to find another term i don't like to call goldman sachs a bank, j.p. morgan a bank i understand they have a banking unit but they're different from the small and local banks that we use around the country. these are trading companies that may have a bank inside them. to your point, chris, 50 year lows on lending. if that's the case, who's actually lending money these days >> the new platforms the non-bank lenders, whether you look at mortgage, autos, consumer lending, that's where the orga rig nation is happening banks have been so badly limited and neutered by people l

take a look at holy down, that just 9% at the highs of the session j.p. morganroduct maker they see it going to $21 a share but that momentum, shares right now down a penny. home depot slipping to the bottom of the dow after capital downgrade in the home improvement chain ended blows to hold the firm blaming the ongoing supply chain crunch and the potential for the fed to raise rates next year which would affect your purchase of a home and they moved to the sideline. home depot is down two thirds of 1% and lows is down half 8%. no time to die the big screen back to life, could crypto be the real hero for theater chains amc seth is here on the fox action next. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business i

j.p. morgan peaked out a couple months ago i don't know how it sets up. banks tend to set off post earnings only to sell off a week or so later. u.s. bank corp, that continues to be a bank that flies under everybody's radar skin >> minnesota based, of course. tim, what will you be lockoking for for banks? >> i think you will have weaker margins, not offset by activity. a lot of these banks are positioned for a better consumer, probably unnaturally low credit concerns. i think you will see a few more credit reserve releases. that's good for the banks but no one believes that. we feel we they could be at peak kol reins. -- tolerance >> banks sell off. they have done thismore times than not bank of america is up 45%. i am long bank of america and citibank, and i stay long, but you can no longer say this is attractive if you are a trader i think you follow guy and pick these up in a couple weeks much i stay long because i am an investor i feel like dan has a snarky comment. >> mel, you go to me last. everybody has said what needs to be said. the last two days

i mean, obviously you like j.p. morgan, but it's pretty close to fully priced it was a great quarter, put up fantastic numbers and everything just clicked that sets a high hurdle for the rest of the banks. we own wells fargo, it's a self-help story. they need some help. they have to get through the regulatory issues. they've got plenty of capital, they need to be able to grow once they're able to grow, the earnings will move a lot to the upside i think what's really important in this banking space today is how much capital the banks have, and how much of the assets and the balance sheet is short term investments that's yielding almost nothing so the ability for the banking space to make less money isn't predicated on a steep yield curve it's predicated on being able to deploy all of that cash, the short term securities, into loans. i believe loan demand is going to pick up substantially as we go forward as america sort of works off all this cash from all the stimulus that it received, you know, from the federal government

j.p. mo morgan's at 624 million so less flattering of the bottom line beat than perhaps yesterday for j.p.et income net interest line came in at 11.2 billion, forecast was 7.6 j.p. morgan on that line was up about a percent year over year and they are seeing loan growth in a way that j.p. morgan was more guiding to seeing loan growth in the years ahead. strip out their ppp loans drawing down at this stage they saw 2.3% growth quarter over quarter. definitely focus on that the fee income side, also strong 11.7 billion the forecast was 11.11 and like j.p. morgan good on asset management investment banking 2.2 billion, ahead of forecast and includes a record all-time high for advisory m&a is huge. and similar to skbrrks morgan on the trading, good in equities, that's a beat. a bit of a decline year over year in fixed income trading still 2 billion, nothing to turn your nose down down quarter over quarter for expenses, it was high last quarter, flat year over year, nothing fantastic but not bad like it was last quarter and the stock, unsurprisingly jumping 2% it was down 1% yesterday in sympat

we saw the j.p. morgan numbers it was a matter of where was j.p. morgan in terms of where was the stock trading. i mean price to book there is a lot of other names that trade very inexpensively, bank of america, citi, some of those names where they have the ability to give a great number and move to the upside >> breaking down the banks we will break it down ahead. >>> but first our chart of the day. why one bad apple doesn't spoil the buh.nc we will explain. don't go anywhere. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones this halloween, xfinity rewards is offering up some spooky-good perks. let's partner for all of it. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for f

up certainty which are searching for direction with an hour to go before the closing bell rings j.p. morgan chase david kelly is going to talk about the i word, inflation and what about the s word stagflation meanwhile kelley's boss is in a bit of hot water with a crypto crab will talk to the man that got approval from the security exchange commission to launch the first bitcoin centric etf and what j.p. morgan ceo jamie dimon has to say now about bitcoin you'll hear what jamie said it will get the reaction. a big-name following wall street and main street's against companies as they pack up and head south famed investor kathy would the latest essay i moving to florida we have one the top commercial real estate as executives in the state about the sunshine state boom were headed straight to chicago midway airport what is happening what's the latest for southwest and the struggles to get the pilots back on planes and the planes off the ground in the air will take you to chicago will begin with breaking news rin cameras on capitol hill because at any moment we could see movement on the debt c

j.p. morgan, excuse me for calling you jamie, mr. ceo, good to see you. why, from your perspective we need to raise the debt limit immediately before october 18? >> you can call me jamie, that is fine. appreciate you having us here. anyway, there are five points i want to make, number one is morality points, we teach our children we are supposed to be meeting obligations, i don't think the nation should be any different. we should never even get this close, there huge economic costs borne by companies and lawyers trying to figure out what this means is something like this ever happens, it's already affecting the stock market. we should get rid of the debt ceiling, we don't need this every couple of years. number four, the actual default would be unprecedented, the things we know it would do are very bad and it could potentially far worse, the effects would be cascading, it could go anywhere from recession to complete catastrophe for the global economy, i don't know anyone who would take a chance like that. number five, america's role is essential, we are

i'll ask j.p. morgan the strategist and that is next ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ it's another day.happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. the new sensodyne repair and protect with deep repair has the science to show that the toothpaste goes deep inside the exposed dentin to help repair sensitive teeth. my patients are able to have that quality of life back. i recommend sensodyne repair and protect with deep repair. what makes new salonpas arthritis gel so good for arthritis pain? salonpas contains the most prescribed topical pain relief ingredient. it's clinically proven, reduces inflammation and comes in original prescription strength. salonpas. it's good medicine

. >>> j.p. morgan ceo jamie dimon says he still thinks that bitcoin is worthless but acknowledges his customers disagree. >>> and more fall out for southwest as they cancelled 360 more flights yesterday when the carrier says they'll be completely back to normal. it's tuesday, october 12th, 2021, and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. and andrew, welcome back >> thank you >> we're going to check -- >> it was just one day. >> i know. we missed you. you're back. >> it was columbus day. >> one minute and we miss it. >> do we call it columbus day? >> yes >> i do. >> we do >> i did we do. >>> if you want to look at the u.s. equity futures today, things are flat, dow futures up by only by about 3 points, s&p down by less than a point, nasdaq up by about 22. that's after back-to-back losses with friday's declines after the weak job numbers the declines about .7% for all three of the avera

meera pandit is joining from j.p. morgan asset management global market strategy.e get her take on what is happening. this is bloomberg. ♪ ♪ guy: from london guy johnson and alix steel in new york. this is "bloomberg markets." bunch of banks driving bank earnings. there were other results out that we are going to focus on. you also have this metal and energy story having a significant impact. abigail doolittle is going to dwell on the numbers that are outside the financial sector because we do not want to ignore those. abigail: hard to believe there is something beyond the bank earnings but we have a number of big names that have reported, starting with unitedhealth group. shares being re-ordered -- rewarded after beating both top and bottom on estimates. the race to the outlook for the full year. the results are better than fear due to covid disruptions. walgreens had been higher in the premarket and now down 3.6%. they put up a strong quarter, traffic improved, the vaccine helping sales. however, they announced a $5.2 billion investment in village md. pairing pri

the j.p. morgan c.e.o. told the essence tuitt of international finance that anxiety around stable coins and the asset class more generally is growing in washington. simon repeated huts long held views on bit coin but differentiated between his personal plans and how j.p. morgan will deal with it. >> i think that bit coin is worthless. but i don't want to be -- i don't care. it makes no difference to me. our clients are adults. they disagree. that's what makes markets. so if they want to have access to buy or sell bit coin, we can't custody it. but we can give them legitimate access. vonnie: global hours 24 hours a day on air and bloomberg quicktake powered by 2,700 journalists and analysts in countries. shery: inflation is the big theme as we continue to see those commodity prices rallying. and it's really interesting because you are seeing inflationary concerns being felt across the world. we have seen, for example, the likes of colombia having to hike rates for the first time in five years. last week, but

this is the question i have looking at j.p. morgan earnings, especially with with spec to the fact that small business optimism has been fading on some of these supply chain disruptions. tom: i was once at the dorchester hotel for the lme conference, and they were arguing over banana futures. this is not hilarious, but it is timeless. we are leaving asia. asia picks up. we are going back to asia. here you have a major german bank saying we have got to get on board base metals. jonathan: this was what, eight years ago, when they left this particular business? now they are talking about going back into it. great reporting from sri natarajan on deutsche bank. i guess the good news for deutsche bank investors is we are no longer talking about trying to cut our way to growth. they are looking for sources of that growth now. maybe that is the upside to this story. tom: i would do a quote on aluminum, but i can't find it. save me. jonathan: go to metals, go to aluminum, is at the top. we are positive 3%. lisa: what is going on? he is saying

j.p. morgan chase had a better result in the mna business so watch those j.p. atch what's happening in apple this on the heels of a bloomberg report saying the company may have to scale back targets for i-phone production this year for the new models but as much as 10 million units due in part to supply cane issues coming from the supply conductor companies. apple shares down a half a percent they have been a lager this year. speaking of that story, let's check out some of the stocks that are a part of the apple supply chain they want texas instruments and broad com are mentioned specifically down three-quarters of 1%. watch skyworks, qorvo and cirrus logic. those names in the apple supply chain ecosystem could be feeling some of the impact from that big apple story. watch those aims keep it right here we'll have much more "squawk box" after the break big day of news coming up. gang, we need our paranormal services to be more versatile. i know a group who can help us. not those new age shamans again. i'm talking world-class business experts. data geeks, strategi

we'll talk about that as we brace for cpi, retail sales and j.p. morgan earnings in the morning. let's get to the judge and the half. >>> carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center, why one of wall street's mouft trusted strategists say stocks are sitting on the edge and what is the most important level you should be watching right now we're debating it with stephanie link, degas wright, and jon najarian the stocks are seesawing once again today. right now we're green. dow's up 55, nasdaq's good for a quarter of a percent, that's 35. there's the russell in the green, as well today all right, josh, beginning with you. that strategist i mentioned, the most trusted tom lee says the market will keep ping-ponging for a while and he points out the 100-day moving average as the key level. what's so critical about that is we're right there and we're just above it now and right before i came on the air, we were right there. the s&p closed at 43.61 yesterday. the 100-day moving average is 43, 6054, and do you feel we're in a tenuous spot, josh,

j.p. morgan, 900,000 barrels daily demand. tamar: yes. i've seen estimates up to two million a barrels a day of additional demand. obviously it all depends really on the weather. the weather will impact not just the demand for heating but also how well wind performs and how well hydro performs which will impact how much crude oil is actually needed for power and heating. so i would be a little bit more conservative in the sense that i do think that the market is already pricing in a very cold winter. and learned its lesson last winter was very cold and on the on a protracted basis europe and asia. so i think that's already priced into the market. and really i think the only issue will be if it gets very cold very quickly that might really cause that fear factor in the market. but if on average temperatures are -- where they were last year, i think the market already priced that in. shery: what are you expecting in terms of power, energy market changes in china given now the crisis that they face? tamar: yeah. so it's been a perfect storm

so for me i own j.p. morgan, i own goldman sachs, and a lot of times, you know, the trading revenue from those banks does really well. and so that's what we saw, too, trading was up but really also, the investment banking arms as well so when you look at m&a activity, equity financing record breaking i.p.o. activity in the past six months but m&a is huge. you see the ceo of morgan stanley coming on saying m&a is on fire right now. and the consumer is strong they're paying off their debts >> well, money is cheap or free, the bankers sitting around on zoom with nothing to do so they're going to sit around and make deals the core business of these banks didn't appear to be that great it was a lot of the reserve requirements but if you're talking about another type of banking, investment banking, which sounds like you are, you think we should look at more pure play investment banks, names we don't talk about much, the paul j. -- pjt, a former 30 year morgan stanley lead banker now with his own firm >> absolutely. th

among them, j.p. morgan, morgan stanley, bank of america.y had their best quarter ever in investment banking with revenues jumping 67%, to $2.85 billion. bank of america saw a 65 percent jump. j.p. morgan almost tripled their advisory fees from a year earlier. that was obviously a huge positive. on the other hand surprisingly, we also saw a massive jump in equities trading revenue. that was driven by the serious volatility we saw in september. citigroup for example posted a 40% jump in that area for the quarter. shery: loan growth has been a key issue for banks and they remain challenged. any surprises this time around? investors reporter: were certainly very concerned about that. we did see a couple of those stocks selloff pair that is because while they are doing really well in dealmaking, loan growth still has not come back. most people are still using those stimulus checks to pay down debt. while they are starting to spend a little bit, they are not yet borrowing money. we saw consumer growth down and that was 2% as well as 5% at wells f

what ultimately they're going to do i agree with most of the j.p. morgan note. i think now the question of how quickly how the magnitude of the upside is rallyiealized and thas the way you have to think about getting into apple i'm not going to get out of apple and you have a return to the previous all-time high if you expected that to come soon i think this is more really about broadcom, more about texas instruments which both of those names are so critical, whether it's the wireless component contribution or the oled display contribution from each of these names. the second derivative trade is impacted here. i don't know if steve has skyworks on, but that certainly is going to be impacted here so i think it's the derivative of apple by the way, scott. i don't think this news is surprising to anyone i mean, we clearly have a very critical challenge here for the entire country and the world as it relates to the supply chain disruption to these semis and they are so integral in everything that we're doing. so i'm not going to sell out of apple from this. i unders

of j.p. morgan chase who brought us to new york soon after that, we went to indiana and to elkhart county. he said something that was powerful. after visiting pinnacle assurance, he said if each of us would do what pinnacle does and take 5% of our work force and make them use apprentices, we would change this country. that's the reason i left my business. that's the reason i spend 50 hours a week at krierwise -- careerwise because i think we can change this country so that 10 years from now we won't be talking about the same problems. thank you. >> thank you, noel. appreciate that. ms. navarro? >> good morning, everyone. thank you for my invitation to speak today. i completed my registered apprenticeship with pinnacle assurance in denver and became a full-time worker as a business development representative at pinnacle. i didn't know what path i was going to be in. i would probably pick something random and would have got stuck in something that wasn't fulfilling. that's what a lot of people my age

j.p. morgan's results yesterday? ms to be the same high point it was delivering earlier in the year. >> jp morgan will report on the third quarter. they posted their best quarter, a record for m&a overall. advisory almost tripled. equity underwriting jumped 41%. they are looking ahead [indiscernible] this bodes very well for their global fears. mark: as the story of loan growth, something real focus for investors, are we seeing it as a continued good story? candice: this is an area that is important particularly looking ahead. we have seen executives point to early indications that small businesses and consumers -- [indiscernible] jp morgan showed there are some ways to go. loan growth was 6% higher than a year ago, but thanks to the wealth management arms. consumer and commercial loan growth -- that is where a lot of investors are focused. [indiscernible] it is expected to be sometime before they return to pre-covid levels. anna: that will be inching to see what those loan story does. [indiscernible] santander's chai

will be interesting to see if we see people follow quietly paid jonathan: in the statement from j.p. morgants their clients are the people who are turning around to them and saying we want to make sure people come to see us are vaccinated. the clients were pushing it and jp morgan responded. lisa: how similar of a story will that be for the airlines. mandating vaccines, those will feel more comfortable getting on those planes. at one point -- at what point is it driven showing discretion for those that do prioritize. jonathan: incredibly divisive conversation still on topics like this one. lisa: they are politicized and perhaps that's a messaging problem. jonathan: lisa abramowicz, jonathan ferro, tom keene. we bounce back from yesterday's big loss. yields higher two basis points. this is bloomberg. ♪ ♪ >> what the fed does is essential. >> i think it is clear inflation is going to remain elevated and that will be an issue. >> appointment is important for market, it is earnings. >> you have to worry about the service sector and those connected to travel and leisure. >> it is hard to underst

alex from j.p. morgan private bank. trade figures coming through as well. yvonne: total trade value. that is rising 15.4% in renminbi terms. that's according to customs we see so far. that's the only line we are seeing so far. the dollar terms we are waiting for. the total value rising 15.4%. not really exported growth. rishaad: we will get the numbers very proper soon. first word news, let's get to new york. vonnie: the international monetary fund said the global economic recovery has lost momentum and is becoming increasingly divided. but it still sees a robust rebound from the pandemic with it expanding five point 9% worldwide this year. that's down to 1/10 of one percentage point. chief economist says she sees inflationary forces as transitory. >> we would like to see brought them -- broadband inflation at the levels we are used to seeing. if that spirals out of control and you end up with high inflation numbers, is there enough people in general? there, we are not seeing that yet. vonnie: the u.s. is not headed for stagflation that developed in the 197

j.p. morgan kicking off big bank earnings on wednesday. haidi: as always, another weekend we take a look ahead at not just evergrande, but other property developers. we have another coupon do, but it is this looming debt wall and world of worry for a number of these chinese developers, just beyond evergrande. this is the first high-profile real estate company to run into serious trouble. a lot of economists are saying this is the finals the age of the biggest real estate booms in history. you've got to imagine there will be more casualties here. shery: investors will have to wait for all of that at the start of the week. as well as another cut to u.s. growth forecast for goldman sachs. economists blaming a delayed recovery in consumer spending. let's bring in our global economics and policy editor, kathleen hays, and our mliv editor garfield reynolds. kathleen, let me get started with you. this goldman sachs downgrade coming ahead of more key u.s. eco-data. what are you watching? kathleen: this was not a massive cut in their gdp outlook ,

as we've just been hearing from betsy gray sick, j.p. morgan will be a firm focus. tory will be interesting next week. earnings from bank of america, you morgan stanley, you have citigroup come you will wells fargo. friday goldman sachs plus retail sales. we will find out what alex has been up to. alix: i'm definitely buying stuff again but now i'm thinking christmas. buy now, stockpile for christmas. coming up, constance hunter joins "balance of power" with david westin on bloomberg television and radio. this is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg

j.p. morgan's net income to $11.7 billion.eo jamie dimon says the bank has weathered supply chain disruptions well. on capitol hill, the house has approved a short-term increase in the government debt limit. lawmakers are sending the legislation to president biden just days before the treasury was at risk for running out of borrowing authority. there is likely to be another partisan confrontation over spending and debt in less than two months. opec is sounding a cautious note on the strength of oil demand, despite international crude prices surging above $80 a barrel for the first time in several years. opec has revised down estimates for global oil consumption. this year, the cartel says the spike in natural gas prices could boost petroleum use in some areas, but hurt it in others, like refining cutting is 50% of customs protections for northern ireland and up to 80% of checks on food imports. the agreement keeps northern ireland in the civil market, as opposed to the rest -- the single market, as opposed to the rest of the u

investors are also taking into account this report that we got from j.p. morgan that says bond yields will rise as the u.s. recovers from the pandemic but it will not be enough to keep ahead of inflation. joining us now is liz mccormick. thank you for joining us. walk us through this call. >> like you say, they say we will get economic recovery, we will have nominal yields pick up a little but not enough investor to keep up with the pace of inflation that makes the real yield negative. they say they put this strategic review out that is looking out a couple of years, so it is not just a few weeks.they are sayind look for negative real yields to last, and total return in treasuries could be negative. they are looking for other ways to pick up the yield in fixed income. alix: that will be alternatives taking more risk? liz: they don't want to call at risk but they say you have to give up some liquidity, a little more volatility to pick up yield. they are looking at securitized products. they think the consumer is strong, which makes sense. consumers have money from

yeah blackrock, goldman sachs, j.p. morganey are all coming to the conference and would say the same thing. they like the city of london, but they are hedging their bet. putting some jobs and power. they would say, we are an industry, finance insurance is an industry that brings in 160 billion pounds a year to the british economy. you tip your energy and arguing with the french about this issue of finance. p.m. johnson: in 2008 and 2009 there was only one politician that spoke up for the city of london bankers, and that was me. i know that the city of london is crucial, not just for our country, but for the whole of europe in this hemisphere. and that's why i think it is profoundly an interest of our partners to ensure that we do have good relations, we do continue to see proper flow of capital and services between london and parts of europe. and i'm sure it will continue. if you want to raise money around europe and financier merger, london is still the place to come, and always will be. but i think the interesting thing abou

j.p. morganse's jamie dimon and citigroup's jane fraser. it is a strategy shift by the white house. president biden's team is trying to broker a deal to scale back his ambitious economic agenda. advisors are weighing liberal policy priorities against moderates' concerns about inflation and tax hikes. in michigan, he called foes of his plan "complicit in america's decline." fed chair jerome powell has game support that could gain him a second term to lead the central bank. more than half of republicans on the central banking committee are backing him. his most vocal opponent is democratic senator elizabeth warren. saudi aramco is close to claiming the prize of the world's most valuable company from apple. the oil giant has soared. its market value now sits at $2 trillion, not far from apples people and $3 trillion -- from apple's $2.3 trillion. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gu

if you are a company like j.p. morgan chase, or accenture that is having apprenticeships move into the hundreds. for them, they do business in all 50 states. those companies -- those competencies that they help create through all of the branches throughout the country. that is the powerful tool. it's something senator portman said that resonates with me. this is a complex model. as an intermediary, managing all of the various moving elements, including the registration program, which we support so they can register. if the resources are the same, the outcomes will be the same. so i think the next few weeks here you have an incredibly hard job. i will tell you that an investment in workforce to move this forward, i believe will move the country forward. registration, is it a key component question mark at the same time, without the resources for intermediaries, for chambers, four associations that will bring businesses in and basically handhold until they learn the system. we won't be making any difference. in 10 years fro

let's bring in a cheap asia strategist at j.p. morgan.from the bloc, really asking, does -- from the blog, really asking, does this guarantee stagflation? not just natural gas hitting these new highs. it is coal, iron ore, food prices at a decade high. the high risk of stagflation, does that change your strategy? tai: i think in the near term, what you could see is an acceleration of inflation on the back of these energy prices, commodity prices. meanwhile, there is a slowdown due to covid in the economy. you could see the diversions of growth. there is a fact we are still in the recovery phase. i expect them to join in in 20. while inflation is a concern, i do not think we are running into the stagnant growth. i am not that pessimistic about further stagflation in the long term. haidi: we are hearing from morgan stanley that they are worried about the increasing gap. there was a peak in july, and how investors seem to be receiving delta and the economic recovery, when does that start playing into earnings expectations if the consumer sid

j.p. morganit up nicely if you're bullish, the ideal expression for that is to buy stocks higher earnings and dividends for energy stocks. they have canceled 60% of the russian deponce try index and that drives the ruble and the strong currency ripples through the other domestic names. some shelter from the kind of wiscoff sentiment. wells fargo, asset management they've come out that they've been moving assets out of china and into russia. the bonds are a different picture here. that is the currency going stronger. >> obviously, that is boom time for russian assets. how long could this last? what are the potential risks here? are there any threat of sanctions at all? alex: we know that things can turn around very fast here and there are still lots of ricks out there, of course. for now, geo political tension first these, investors are generally shrugged off the crackdown on political rivals that is accompanied the company's recent parliamentary election. and the same goes for sanctions. the last

i say my old buddy jamie dimon, j.p. morgan, excuse me for calling me calling you jamie mr. ceo. it is good to see you. wyatt, from your perspective do we need to raise the debt limit immediately before october 18. >> mr. president thank you you can call me jamie that's fine. thank you for having us here. their five quick points i want to make. number one is a morality point we all teach our children were supposed to meet our obligations. i don't think the nation should be any different. number two we should never get this closer huge economic costs already being borne by companies and lawyers trying to figure out what this means something like this ever happens. it's already affecting the stock market as you have heard from some of the folks here. number three we should get rid of the debt ceiling we do not need to have this every couple of years. number for the actual default, actual default will be unprecedented. the things we know it would do will be very bad. it could be potentially far worse the effects of the cascading so it day would be bad but the cascading could be days

the american association of retired persons at aarp, bank of america, citibank, intel, j.p. morgan, nasdaq, the national association of realtors, and a raytheon. joining me today to talk about the need to raise the debt limit. wewe have not failed to do that since our inception as a country. we need to active. these leaders know they need to act. the united states pays its bills. it's who we are it's who we will be god willing. that is called the full faith andth credit of the united states. let me be clear, raising the debt limit is paying our old debts. it has nothing to do with new spending or what may be coming this year or other years. it has nothing to do with my plans on infrastructure building back better, both of which are paid for but not in the queue right now. it is about paying for what waco and preventing a catastrophic event occurring in our economy. i am glad these leaders are here to talk about the real world impact this is going to have on people and our position in the world. today's discussion will be partisan it shouldn't be. raising the debt limit is usually b

that will include money center banks, j.p. morganica, wells fargo, citi and the like right now xlf is up 35% on the year outperforming the s&p. but is now the time to reach out and try to buy financials after such a run or if you own any is now a type to peare back some of your exposure. there is a way to maintain upside exposure using options. specifically i was looking at risk reversal. one of the things you have when using risk reversal, meaning buying a downside put and selling at call, that's what sets up some of the asim tris i was talking about. i could sell the december 37 put, about 5% out of the money and use the proceeds to buy the 41 strike calls and also the 43 strike calls so selling one put and buying two upside and still collect some premium that's a function of the fact that the downside are so much more expensive owning xlf you will have no exposure at the down 5% or the up 5%. if you end up owning it, you would own it at up if it rallies because you own two calls, your participation could conceivably, if we got a b

they lag their rivals, j.p. morgan and bank of america.nk she is trying to bring the breath of fresh air, and she is in it to win it. romaine: she has only been on the job for a few months. what are some of the many strategies she has communicated? with regards to what citi will look like into her tenure? >> one of her big focuses is wealth management. citi has long punched under its weight in that area. they were forced to sell off to morgan stanley, a huge win for morgan stanley. they have turned that into this powerhouse. you see them wanting to get bigger in this business. romaine: but we have not seen the type of acquisitions then we have seen out of morgan stanley, for example, and even jp morgan to a certain extent. >> late last year they got saddled with two consent orders from regulators, and one thing that was actually said, if you want to do any acquisitions, you have to run it by us. i think a lot of her strategy and thinking is around organic roast, looking inward and finding the gems hidden in the rough. taylor: and it's not

last year, j.p. morgan chase announce that had for months it had been in talks with the post office about potentially putting chase bank atms in post office lobbies across the country. that's nice. that's nice for chase bank. particularly nice for the head of the post office, louis dejoy, who at the time of those talks had a large personal financial stake in j.p. morgan chase. oh, really? all that on top of him promising to increase the cost of sending mail this year, specifically for the christmas season. tis the season, everybody likes to mail things for christmas, so he's going to give the american people a special christmas present this year of specially hiked postal rates just for christmas, and that's on top of the new plan he has just started implementing to make the u.s. mail service permanently slower, and permanently more expensive. except apparently for christmas when he's making it even more expensive than that. happy mary, mary happy. enjoy the holiday. and now he stands accuses in federal cour

your favorite analyst reiterates overweight though she did cut the price target from 164 to 166, j.p. morgan reiterates and overweight piper sandler, 180, 175 respectively on the price target ubs, 175 is the price target there. is there anything to be concerned about for the longer term out of this quarter, pete, or is that just trying to find something out of nothing >> yeah. i think that's probably more likely, but i think that the reality is we do know that the supply chain is a bit of an issue and regardless of that, you take a look at what they actually put up, scott, and you hit on it and the reality is when you put up a record quarter for revenue and you are dealing with supply constraint, i think that's a major issue that's amazing that apple was still able to produce what they did and when you look down the line and you look at ipad and you look at some of the different category, they absolutely knocked it out and so when you look at services up 26%, absolutely extraordinary how do you get revenues to get up that percentage, as well? across the board they did extremely well despite

basically out today saying it will want derail the recovery and there's still risk on equities and j.p. morganays for all intents and purposes the same thing while the asset repricing is largely behind us and persistent with growth and credit going forward via stronger earnings. so a lot of calls over the last couple of weeks, josh, that stocks need to pull back, that they're going to pull back maybe we need to just chill out. >> well, look, i'm the person that comes on when the dow is down 600 points and tells you don't make too much out of this and don't make too much out of this where it is the new status quo. it would be hypocritical if i would come on on a day like today where everything is bright green and act like this is super important. so i want to, like, maybe just moduleate my enthusiasm. i'm long, you guys know i'm both, but what is really constructive, i think, my opinion is that a lot of the hardest-hit sectors are bouncing very aggressively here with this move higher. it's not just the hundred largest, you know, large-cap growth names like the arc complex is bouncing and lookin

j.p. morgan also said that. the market is getting a rebalancing. we know reports were in the last trading day of october, and the markets are pricing in, not only one, but now to rate hikes by the end of 2022. it shows that the market is wrong. are you in that camp with greg peters? do we need to be careful here that some of this could be technical and not necessarily some of the fundamentals going on? >> there is actually a technical component going on. you can see that. it is very wide. especially compared to historical levels, there is uncertainty. whenever you have the uncertainty, and whenever it is in regards to face cream, or when the rate hike starts, whether it is into powell still being the chair, whatever it is, that is running us, there is uncertainty. i think that is driving some of the spreads. i think it is driving things that we are seeing. some of the technical components that are there. as you say, we are at the end of the month. it is not as big as you see at a quarter, but you have a rotation going on, with a bond market where t

more volatility and investors want to look at alternatives for the portfolio what i mentioned is j.p. morgans. jack: that is part of a great special supplement running and barron's on alternative investment ideas, thinking for years cover story, to read more checkout the supplement and the rest of the magazine and barron's.com don't f lenin scholarship should not be in control of the currency. it's a serious -- >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: happy weekend, everyone. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. another wild week for stocks. the month, the quarter for the markets ending lower. former raymond james vice chairman fred lane is here on how to manage your portfolio right now. plus, democrats in disarray as house speaker nancy pelosi struggles to connect her divided party behind a massive tax a

jack: supply chain, bottlenecks rising prices passing phase that a normal cosmic tomato j.p. morganrategist david kelly. davidson must have been the show again thank you for coming andre. >> very glad to be here. jack: i thought i'd heard just about everything i thought about inflation until i read your note comparing it with logrolling. can you explain that analogy and how you think the price surge will shake out? >> is talking about -- make the thing with logrolling you stand on top of a log eventually end up in the water. when you have high inflation we have had periods of flawed high inflation in the past but they do not last that long but we have very high prices for things like oil, everybody is making money. everybody's making money and producing oil suddenly it goes up in the oil prices full. i think that's generally true for inflation. it's like two people on a log trying to fight against each other than they're definitely going to end up and they drink. trying to maintain a recession both are acting against each other. if got very weak growth will bring inflation down. hig