. >> j.p. morgan, my biggest bank position is bank of america, but j.p. morgan does report next week they kick earnings awesome we know there's going to be a noisy quarter. net interest income, margins should improve dramatically. we know the informs ms. president bank,ing part of the should be terrible, absolutely terrible, particularly year over year with the sp ark c frenzy. we moe it's going to be terrible then the other parts are credit. how is the consumer holding up are they seeing any loan losses? any tick of that anything that will be interesting auto loans as well i still think it's early to see problems there as well then, always want to hear jamie's view on the economy. what is he seeing? that's important to me as well the stock's obviously down a lot. hasn't been at this level in term of p.e. fine with the yield. i mean, it's cheap. >> we were talking at macy's having avoided the inventory problem because the data on their credit card shows weakness and softening early on in the yore you have to wonder, when does that get seen in other places,

j.p. morgan, tim? office i could never do it from this office again. >> looking good. j.p. morgan of all of the banks they are looking better than all of the rest. it has been an unpopular trade but they are about to outperform in the last six weeks. if anything they are rallying around release of interest rates. >> up next, final trade. nurse mariyam sabo knows a moment this pure demands a lotion this pure. gold bond pure moisture lotion 24-hour hydration no parabens, dyes, or fragrances gold bond champion your skin >>> time for the final trade. let's go around the horn. >> if i didn't love him, which i do, i wouldn't do that. he is a part of the tribe. >> take a look at lmd on the long side. you are looking for good charts in a tough market. this definitely touches the breakout level. i think he goes higher. >> it may come in at a great point about the cost of twitter. when i looked at the november expiration the options was about 30% probability that the stock is below 50. dated 52 and less than a 5

j.p. morgan's bank earnings call.e about this idea, he got a lot of questions about his recession calls, but he basically said at j.p. morgan, the >> in credit are not showing up and it is still healthy. -- the cracks in credit is not showing up and it is healthy. david, we have bank of america on deck. does that seem right? david: certainly on the consumer side. don't forget, these high interest rates have been terrible for the stockmarkets and bond market can be very good for the banks, particularly at j.p. morgan, wells fargo, bank of america. they have big consumer businesses and the difference is what are they paying in deposits versus what they charge for loans? as rates go higher, they simply taken more money. the key metric for j.p. morgan will be $62 billion for jade -- this year. the other side is investment banking, not very strong at all. ipo's driving up, not a lot of murders -- of mergers. it really depends what part of the bank you're talking about. a big, broad franchise like bank of america or j.p. mo

j.p. morgan's results where you said there is no hurricane in these results. reference to the comments that jp diamondhead made. -- diamond had made. maybe we see a profitable picture and how would you characterize what you have seen? >> good afternoon and thanks for having me. there has been a lot of negativity in the media and rockets broadly about the economy and we are in uncharted waters as it relates to the fed and the tightening. this has significant links and revenue -- and i think market participants have been focused on the risks rather than the rewards. we are -- you are seeing those rewards manifest themselves and the numbers we have seen so far and fully cognizant of the fact that these results are backward looking. the economy is likely to slow but there are no hurricanes in no crisis in these numbers. >> if we are looking or anticipating a recession, at least the market is pricing something of that effect in 2023. it seems like everything's going great when it comes to a trading revenue perspective. is that going to hold at the economy does go t

we've got citigroup, j.p. morgangiants that reported today, the set of earnings heavily scrutinized as to the direction of where we go towards the end of the year. let's take it to the cio for greenwood capital, the lens is what has it in theory. but we will have not such a soft landing according to jamie dimon, talk me through the net interest income, and how important that is and where we are with wall street banks. walter, good morning. walter: good early morning. there is going to be a couple of dynamics at play with bank earnings. on the one hand, net interest margins, and the traditional banking business taking deposits is going to be really strong because interest rates have added up much more aggressively than people anticipated. and we have banks that haven't really had to raise their deposit rates so that spread will be significant. you are going to see big beats i believe on that metric for a lot of these banks. everything outside of that traditional business is kind of in the tank right now. you look at h

francine: grace peters, head of investment strategy at j.p. morgan private bank.e will have more on the u.k., recessionary risks, u.k. consumer inflation hotter than expected as the prime minister prepares to face mp's later today. is her job safe, we will be asking shortly. this is bloomberg. ♪ tom: i'll come back to the open. 26 minutes into the european trading day. european stocks pairing early gains, not just up .1%, worth noting that banks in the u.k. are taking a hit on the back of this story from the financial times that the chancellor is looking at a windfall tax on banks and energy. gilts a divergent picture, yields at the front end up at six basis points, the 10-year up eight basis points for the 30-year off four basis points, money flowing in the long end. we will break down the latest moves in fx markets, from the dollar to the yen flirting with 150. this is bloomberg. ♪ francine: welcome back to the open, 30 minutes into the european trading day. inflation in the u.k., cpi returns to double digits as food prices soar. liz truss faces pmq's with her p

myles bradshaw, head of global aggregate bonds at j.p. morgan asset management joins us for his reaction. good morning, do you see the boe having to continue its intervention be on tomorrow? myles: the short answer is probably. the more complicated question is to separate the short-term pressures of market volatility from longer-term dynamics. bigger picture, because of the tax cuts, the u.k. needs to issue more debt and therefore the price onds to be hired to attract new buyers. we are all focused on the accelerator, which is volatility has created leveraging pressure amongst ldi accounts, which has created risks of financial instability and that has brought the boe into the market. i struggle to see how the boe stepping back in a couple of days' time will not put more pressure on the market, and we will not see greater volatility which will then require another policy response from the bank. it doesn't have to take the same form, but it seems like they will have to do something to stabilize the market until you get some confirmation about the

j.p. morgan himself used to go out and say, i'm going to bail out certain companies myself.ou are called the j.p. morgan of crypto. does that bother you? sam: it doesn't bother me too much. it's the right thing for the industry. your goal is not to make a fortune for us doing this. our goal is to make ok deals and not get our faces ripped off. do as much as we can to balance the industry and that was the higher goal, trying to back up rather than maximizing on these deals. i would have loved other people to do it. i think that would be great. david: so, you went in, you bought some companies. were those investments profitable? sam: mixed is the answer. some of them will turn out to be more profitable, some will not. voyager, there is $70 million and i do not think we will see that again. we make judgment calls such that things turned out well, they'd be good investments. if they turned out bad, they would be bad investments. but we limit what we could lose from it. david: why do so many young people seem attracted to crypto? i know there are people all over the world of all

over the past two years, j.p. morganbank, bank of america and legacy home loans have each implemented programs to help bring more homeownership opportunities to communities of color. i applaud that work. and i look forward to seeing what we will do to create more opportunities. further, hud is soliciting actionable feedback on the availability of small balance mortgages. we want to know what barriers prevent you from originating these loans on 20 recommendations for how we can increase the volume of small mortgage loans in fha programs. people who live in less-expensive or rural areas often find it difficult to get a mortgage for a lower-priced home. today, we released a report assessing the limited supply of small mortgages and how that impacts affordable homeownership. i hope this report and your feedback help us identify steps we need to take to make change in the small dollar market. we need your partnership. our agency and the entire biden-harris administration strive to close the racial wealth gap through investmen

pro russia hackers claiming to attacked j.p. morganacking more than a dozen airport websites. eric is here now, so what are they doing? >> sandra, we know that vladimir putin, for example, is bombing russia and ukraine. now a russian group is claiming it is attacking our country. that group is called killnet. they say they attacked websites of 14 u.s. airports yesterday. one of the airports were los angeles international, chicago o'hare, and atlanta heartsfield jackson. some were offline a while, others were slower, but officials say no airport or operations or airlines were affected by killnet. water line today they claim they have hacked and disrupted the website of j.p. morgan chase bank. chase is aware of the claim and monitoring the operations adding at this time they have not experienced any operational impact from this situation. and fox news saw no evidence of any issues when we visited the websites and a bank branch, the chase website, operations and the atm machines are working ok today despite the claim. but the use of cyber

over the past two years, j.p. morganbank, bank of america and legacy home loans have each implemented programs to help bring more homeownership opportunities to communities of color. i applaud that work. and i look forward to seeing what we will do to create more opportunities. further, hud is soliciting actionable feedback on the availability of small balance mortgages. we want to know what barriers prevent you from originating these loans on 20 recommendations for how we can increase the volume of small mortgage loans in fha programs. people who live in less-expensive or rural areas often find it difficult to get a mortgage for a lower-priced home. today, we released a report assessing the limited supply of small mortgages and how that impacts affordable homeownership. i hope this report and your feedback help us identify steps we need to take to make change in the small dollar market. we need your partnership. our agency and the entire biden-harris administration strive to close the racial wealth gap through investmen

wells fargo and j.p. morgant estimates if you look at the year today returns or performance of the stocks. you see the real read and the indication there has been paying for these banks. city reported a 20% profit declined citing challenging markets. investment banking was down 60%. wells fargo with a proven earnings beat but there were costs tied to that scandal. let's focus on jp morgan because the prophets shrank but customers are healthy and other good news for investors -- they may receive that -- may resume their share buyback next year. they gave a guidance increase on their net income which came in at a record 9.17 -- 9.7 billion, a 17% drop. its quarterly revenue was nearly 33 billion dollars. investment banking fell by 47%, less than expected. a slightly different story for morgan stanley. it beat on fixed income. its investment banking was down 55% and the ceo is suggesting headcount is under review. suggesting there may be some cuts in the ranks. job cuts are big issue on wall street but from what we

something we heard from from j.p. morganr is the correlation between what we have on wall street and with asia. certainly seeing that today, because a major driver for us is what we see in the new york session. . but actually, on a longer-term basis, on the 60-day moving average here, we are seeing the correlation with u.s. stocks trending lower. what is driving that is what we get in china, given that makes up one-third of the benchmark here in this region. something else were watching today as well is whether we are seeing the true bottom for markets, since we did have the bank of america survey saying that everything is screaming capitulation. will receive the bottom as they predict, of stocks in the first half of next year? paul: screaming capitulation. they sure know how to write a headline, don't they? [laughter] hong kong chief executive john lee will make a global pitch that the city is back in business, when he delivers his first policy address later on wednesday. for more, let's bring in our chief north asia corres

hugh gimber, market strategist at j.p. morgan still with us.'m interested by these bullard comments as a question, and how you look at possibly an entry point for those on the sidelines at this stage. if one of the previous hawks within the fomc is looking at a pause in 2023, is that an opportunity on the sidelines? hugh: the change is the fed needs to start bringing growth considerations back to their mandate. their message has been clear throughout 2022, frankly, we will do whatever it takes to bring inflation down. and if that means we weakened the economy, then so be it. if anything, they want to weaken the economy to bring inflation under control. at this stage, you look at the fed and bank, what data matters to them? it is headline inflation, they want to get it down and aside from that they don't worry about weakening the labor market or slowing activity. as we move into q1, that should start to change provided that the fed is seeing enough encouragement that inflation is trending lower. at least going from nine to 8, 7, rather than the

, just soaring today rather after j.p. morganazon.com, saying its top internet pay, not just the big tech. you can see travel stocks rallying as well, the banks, the builders, the question becomes how long can this rally sustain, given it feels like every rib over the past couple months has been sold, but a big rod rally today. guy: it's amazing to watch. a few other bankers and the makes, katie, thank you very much. that was today, let's talk about the next one he for hours, huge events coming up. let's start with today, san francisco fed president mary daly speaking at 1:00 p.m., you got joe biden, the president and vice president delivering remarks on the reproductive health care access, 3:30 p.m. eastern, you have a court hearing on whether alabama violated voting rights. tomorrow, what we have? alix: opec-plus meeting in person, this headline an hour ago as they look at 2 million barrels of oil a day cut according to delegates. the u.s. economic data is including services index, manufacturing's fell short so the service will

j.p. morgan picks an uer the rally name here "techcheck" just getting started. this is redefining storytelling, at the speed of now. this is tracking and publishing your content in real time. this is the system you built, captivating a global audience. this is how. airtable. our internet isn't ideal. my dad made the brillant move to get us t-mobile home internet. -which... we have to share our signal with the entire neighborhood. yeah, now we do some weird things to get our speeds. well... i'm up. -c'mon kids. this sucks. well if you just switch maybe you don't have to be vampires. whoa... -okay, yikes. oh sorry, i wasn't thinking. we, uh, don't really use the v word. that's kind of insensitive. we prefer pro-lunar. yes, much better. tesla cutting prices on the model 3 and y in china just months after raising prices. those cuts coming after they reported a top line miss in 3. elon musk reporting that china is experiencing a recession of sorts. shares hovering around the 200 level. >> a major perf

. > >> today several financial institutions are closed including bank of america and j.p. morgan chase. if you plan to go to the post office, you have to wait until tomorrow. libraries and the dmv and government offices are also closed due to the holiday. > >> better luck next year was the the message from the blue angels angels with heavy fog rolling through for hours yesterday. so much so that the blue angels said it was not safe to fly. a big disappointment for all of those braving the massive crowds crowds and traffic to see the show that never was. > >> now we check in with jessica. jessica. there is fog as well as as we monitor the golden gate bridge which has been socked in most of the morning. > >> this is the golden gate bridge and i promise you it is there. the marine layer will state dance and at the golden gate and the heart of the bay into the afternoon hours. it is starting to pull out just off the south bay. clearing conditions this afternoon. the black mountain camera where it is a blanket of clouds this mor. this morning. daytime highs today are mostly sticking i

when the president talks about a slight recession or j.p. morgan a recession, the question is how many people will lose their jobs? it's about 3.5%, and that is practically a 50-year low. bank of america said it could go up to 5.5%. folks are expected to lose their jobs, but the question is how many? >> rahel solomon, thank you. >>> let's go to waterbury, connecticut. the decision has been reached against alex jones. the jury is coming back into the courtroom now. again, this is the penalty phase. a judge has already determined that jones and his company free speech systems are liable for defamation and emotional dis distress. so we're going to hear their decision in just a moment. we have areva martin with us. jean casarez will be back in just a moment as well. ar areva, i'm going to come to you, but be prepared for me to cut you off if we start to hear from the judge or the jury. your expectations as by cwe com this moment? >> i expect there to be pretty large damages awarded by the jury. as you said, this isn't a question of liability. the judge

today let's start with j.p. morganing, the numbers were -- they were stunningly strong i say surprising because if you spend any time listening to ceo jamie diamond recently, he's painted a pretty negative picture of both u.s. and global economy although i think he's actually -- i won't say misquoted. i didn't think he put the right words on it. he did a great job of setting the barlow with the stock plunging from $173 at the peak a year ago to $109 at the close yesterday. jp morgan delivered a terrific set of numbers this was a clean beat with a 10% revenue growth year over year and revenues at $3.12 per share. that was 22 cents higher than expected while the corporate investment banking business struggled, jp morgan is cleaning up in consumer and community banking up 14% commercial banking is up 21% those are astounding numbers i've been telling you the banks make a fortune when the federal reserve raises interest rates because they can take your deposits they pay next to nothing for and invest in short term treasuri

this highlights the gap between j.p. morganof america, morgan stanley, goldman sachs driving bigger portions of revenue from the investment banking, deal action, what is going on with markets. what does this say about the larger story from that perspective versus idiosyncratic execution stories? sonali: the ceo of morgan stanley likes to think of this as a balance, when one business is not doing well the other will. all of wall street had that balance, it is eroding. what happens then? for morgan stanley, you have net revenue wealth management. $6.1 billion in line with expectations. it is rising compared to prior years. again, there are some serious issues when you think about the future here in the next couple of years of what investment banking looks like. the cost of doing business here when fees are simply eroding. jonathan: mr. goldman continuing to repurchase $2.6 billion worth of shares. what did we learn? sonali: morgan stanley has been the most attractive. they have more flexibility, they are also the richest of the b

for bank of america and j.p. morgan, they were the most beloved of this cycle, but are they the most vulnerable into next year? jon: great reporting as always. thank you for the latest on the goldman sachs story. that is sonali basak. developing news tied to twitter. the team breaking this now. twitter froze the equity awards accounts for employees on monday as that deadline to seal the deal with elon musk approaches. ed ludlow breaking that news. walk us through the significance of this. ed: these are the accounts twitter employees check based on stock compensation. the check for status and a notice was placed on those accounts monday. essentially it told them they had been frozen. the ability to trade. there was a quiet period in place anyway, but the company is anticipating this deal. twitter shares pushing higher. it is a sign to the market twitter is proceeding as expected to work to close this deal. the deadline installed by the delaware chancellery judge is 5:00 p.m. on the 28th. but there have been confusing sig

you've got basically the premier name, which is j.p. morgan, i think, if we're thinking about investment banking we're thinking about trading in terms of commercial banking. that's number one. black rock and morgan stanley on assets management side, it's hard to imagine the numbers would be that great when you have declining prices. their numbers are tied directly to aum that is a function of declining market prices, although some aren't going to show in the recent quarter. people are going to look at that, factor that in i'm not ants paying the stragglers in terms of reporting to release any information that's new we're going to find out what we need to know by the end of next week. >> large caps are one thing. small caps could feel the impact of the economics faster and more intensely than any other part of the market in fact, they already have in one direction. let's look at the other direction. what are you doing >> taking a look at the iwm. a lot of weakness has been attributed to currency exchange rates and weakness abroad. i think the f

inflation news earlier in the week, it increased the probability of a recession and we heard from j.p. morgan. they said if unemployment goes up to 5% or 6%, and i think that's conservative in a recession. i don't think we have had a recession where the unemployment rate was below 6%, that they would have to substantially increase loan/loss preserve. i don't think it's going to be a strong place for relative out performance in 2023. banks usually aren't in slowing economic growth situations, and relative to first republic work do own it. it was a really tough day. net interest margin compression. they're having interest values there. looking forward, chs what we see with the stock $100 is good support pay attention to that. credit quality is pristine with a bank like this pay close attention to that, heading into difficult economic environments a bank with a balance sheet that look like first republic is somewhat interesting here, and the last thing i'll say about them, which was part of our interest when we bought it, their net promoter score, it is through the roof dpi compared to a lot of

yvonne: joining us now to talk more about that is the executive director of macro sales at j.p. morgan australia. the hawkish fed, a pivot or not, things will be squashed -- for now, but it is that still the base case? >> i think we should be listening a bit more to the fed speak last week. i think we can either continue in that vein. i think the views from brainard and evans, it is logical that they would pointed out, but what the fed speak is trying to really enunciate last week was that rates would not be reversed in quicktime next year. i think that is the message the market is needed to hear for some time now and it needs to become entrenched and expectations. think for investors that had already become that way, but certainly there was still some pricing which probably needs to reflect the risk of rates staying higher for longer. it sometimes gets forgotten and people think the sooner we have this recession, the quicker it can be. certainly, there is a risk that the fed needs to continue in the vein it has done for the last few months for the next few months and into next year. i

j.p. morgan chase reported its highest net income on record at $17.6 billion.y also raised guidance for the year as they reap rewards from the fed's interest rate hikes. jamie dimon says u.s. consumers and businesses remain healthy, but flagged headwinds from inflation, the war in ukraine, and oil prices. citi put a dent in revenue. the fed's battle against inflation also took a toll on citigroup's wall street operations, with fees dropping 64% in the quarter. rishaad: let's have a look at some of the moving parts of these markets. certainly a few are tech washers. alibaba down 3% even though it could be buying back stock. shares could match tencent in that endeavor. a lot of focus naturally on what they had to say, what xi jinping had to say because he did valve victory in the -- did vow victory in the tech space. a quick word also on the price action elsewhere. here we go. yvonne: chips are lower. down some 2%, despite their third-quarter profit rising 16%. that did missed estimates. the oil space. macau casinos, oof. this is bloomberg. ♪ millions have made t

j.p. morgan had an 11% drop.s it moynahan that said you have to squint -- he had to squint to see any pressure on the consumer. will goldman continue this positive run? >> goldman reports in a few hours. there is going to be a big elephant in the room which is this potential restructuring. we see the bank potentially bringing together a number of business units. investment banking and trading in one unit. these are things that the ceo did not want to do. we see the potential of the consumer banking unit being disseminated across the firm. expectations are low. this is a different type of bank. revenue down 60 percent. fees from investment banking down 54%. this is part of a strategic problem that solomon has. he needs to bring the price-to-book ratio to a better place. francine: not all banks are created equal. can you break it down? is it more that the retail is not doing as badly than expected? >> the biggest banks but they are so different. you have a really entrenched consumer. some more focused on investment

the ftse, we are hearing calls from j.p. morgan saying some of these stocks are quite cheap on a worldwide basis. the question is what happens to bonds, i'm looking at treasuries, valerie helping me figure out liquidity issues we could see. overall there is not the optimism there was last night. global equities holding some of the advances we saw overnight, but there are also sharp swings in chinese stocks and other key markets in asia following wall street optimism from the early u.s. earnings reports. we also looked at the banks in europe that weren't as bad as they could've been. the cac 40, the ibex in spain gaining .6% and i always look at commodity stocks including brent crude. gold spa 6006 hundred $50. -- gold spot $6560/ .we know that janet yellen s&p futures pretty much flat and of u.s. dollar index 1003 hundred $40. let's go to our mliv managing editor, market, you are looking at central bank balance sheets, good morning. mark: good morning, fran. this white line shows combined balance sheets of the four trump largest ce

there is a proliferation around environmental social and governance questions, which according to j.p. morgan% $45 trillion under management so hugely important, climate change to racial and gender justice concerns about worker advocacy, voter rights, crime control. it's opened up a wide array of issues notwithstanding the fact that board members are not elected at the same time the last year has reminded us we don't only have a strategic role thinking about how companies evolve over time, we have to block and tackle in the here and now to have a more tactical way when things go awry whether it's pandemic or financial crisis. i did publish an article around march or april of 2020 east, i basically talk about how as a board member who are incredibly concerned about operations, are people safe? are people able to walk into the computers? two people have access to healthcare? can this company run? do they have debt or are they able to, can they use cash flow to cover the responsibility's? then you think about other considerations such as the broader marketplace and how we step up in a world that

we will be watching carefully when we start seeing bank reports next week with j.p. morgan hear what they say, particularly about the home loan market. how many write-downs will they have to take for those leveraged loans they cannot sell? if you look at the supplementary leverage ratio, the various leverage ratios, the fact that they significantly reduced a lot of that proprietary trading, they are in pretty good shape. the market recognizes that. i think in this case, it is proven to be the case, it engenders the confidence that was needed to prevent the banking system having as much systemic risk. guy: a lot of people don't know what is going on at the moment. their strategies for dealing with not knowing what is going on is going into cash. is that the right strategy from your perspective? ellen: certainly from a personal financial planning standpoint, you always want to have some cash. in terms of going into cash right now, i think that is not really that wise. you see equity and fixed income markets significantly negative year-to-date, with equity markets down double

j.p. morgan said the selloff could reach 5% in equities.hat is the best protection in this extremely volatile environment considering treasuries are not safe anymore? treasuries are volatile which is usually an asset class that is not stop you were taking look at individual puts for individual stocks and they are moving higher. there is a lot of puts versus calls. joining is now is what's the best protection right now? i think it's commodities at least going back a year in reverse. credit is the place to go apparently. a lot of money is going here and you see the markets with cash being pulled out so is there cash waiting to be deployed? some of its being deployed in the private sector. walk me through what you see, best protection? i will go back to commodities and i would say definitely oil. opec cut production because they are expecting reduce demand but also they are trying to make a balance between the paper markets and the digital markets. you are starting to see brent prop up and i think 100 is around the corner and it's headed in th

the coca-cola bundle -- >> j.p. morganmond and his counterpart at goldman sachs say that a recession in the u.s. and europe is increasingly likely. they spoke at a future initiative conference and we had -- in riyadh. >> and so you get to that point where you see change whether it is labor, the demand-side, you are going to that >> conditions are tightening. american consumers, eventually the excess money --it will probably happen midyear come in next year. we will learn what is going on with our other gas prices. >> we are already starting to find out. speaking at the saudi arabian future investment conference taking place currently in riyadh. the consumer, judging by the data already seeing significant impact. the element is this rapid slowdown in the housing market. lower economic growth has been hit harder already. it will feed up the income ladder. >> those people lovelock in their mortgage rates when they were at rock-bottom levels are doing pretty good because of the equity that they have built up. one thing that is

the chairman of j.p. morgan take eight meetings down with people he's a figurer head. >> reporter: grassley is asking if the fbi is doing due diligence. republicans promising oversight on capitol hill if they win back the majority next month. >> dana: thank you for that update. we'll have much more from james freeman from the "wall street journal" in a moment. >> he's weakened gun laws and flooded our streets. >> my record being attacked. ms. abrams will not want to talk about her record. my focus is helping you fight through 40-year high inflation and disastrous policies in washington d.c. she supports these policies. >> bill: we are on the roll with these debates. brian kemp against stacy abrams faced each other once again. first round was 2018. that was hot. jonathan suri has more from atlanta on this match. >> reporter: adding to the mix, libertarian shane hazel trying to insert himself. it was a match between republican incumbent governor brian kemp and democratic challenger stacy abrams. sparring on issues

the banks served are bank of america, citigroup, goldman sachs, j.p. morganwells fargo and morgan stanley. leading this investigation is missouri attorney general eric schmitt who says the un's environmental social governance policies, esg, require banks to set carbon dioxide reduction in investment portfolios. that is all very subjective. joining us now is the missouri attorney general and missouri senate candidate eric schmitt. mr. attorney general, your state has already divested your state pension funds from places like black rock over these esg concerns, which is fantastic. explain how this move today represents the next step? >> missouri is leading that investigation with 18 other states into the six largest financial institutions in the world for this net zero banking alliance. it is in partnership with the united nations, with the stated goal of having a carbon neutral portfolio by 2050. that might sound good to the coastal elites. and might sound good on some term paper at harvard or some white paper roll at a liberal think tank. for the rest of amer

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

su keenan joins us now and the message from j.p. morgan, wells fargo, city, the big guys are ok.t least for now. there is a letter that bank rates were not terrible and that seems to be enough for investors, at least for now. thank earnings kicked off with four of the biggest banks out there, everyone waiting to hear because it has been shown this was a brutal year so far. especially investment banking. we knew there would be a sharp drop in profit because of the deals and ipo's, but they were fine. you're looking at year-to-date losses, so that is the brutal year. their investment banking revenue fell more than 60% from a year ago. wells fargo surge with an earnings beat but there were costs tied to a private scandal. jp morgan, its shares under pressure for the year. it gave an optimistic look forward. a 17% drop from a year ago -- its quarterly revenue rose to nearly 33 billion -- record net interest income. it did have a mixed assessment of the economy going forward. morgan stanley missed on fixed income, the ceo indicating they may have to cut jobs. this got a lot of attenti

jamie dimon from j.p. morgan chase saying we're likely headed to a recession by mid 2023.he said we have a economic hurricane ahead of us. so you know, these ceos are looking at their businesses and the economy overall and seeing how policy is having an impact. in that interview, david solomon said there would be issues with this administration and how it proceeds forward. it's those policies that would impact how long said recession would last. so that's what the big ceos have -- they have their pulse on the business out there. that's what people need to be thinking about, especially ahead of the mid-terms. policies matter. >> as we are learning closely. brian, would you have a bone to pick with mr. solomon, mr. bezos on the bloomberg projections? >> you know, i have a bone to pick with those guys on some things. on the projections of a recessions, i don't have a bone to pick. i think we're in a recession. we've had two quarters of negative gdp. that's a recession. the question is how deep it gets. what all these ceos are saying, their concern it gets deeper. they live in

j.p. morganowered the price target on spotify but maintained the overweight rating writing though the backdrop pressures advertising growth we believe the underlying fundamentals of spot's advertising growth remain solid. and the ceo said they'd like to increase prices for their premium subscription telling me we've done more than 46 price increases in markets around the world and many of those have had way more inflation and economic issues than the u.s. is currently experiencing and despite that our subscriber numbers have held up better than expected he also took a swing at apple saying apple unfairly rejected spotify's app for selling audio books but they're continuing the fight against apple in the uk. >> when it comes to streaming we've seen a lot of players adopt an ad-based model for lower prices is music moving the opposite direction they have so much pricing power they can afford to get more to pay for premium? >> it's interesting because if you look at what the numbers were that were b

. >>> the j.p. morganis not what is worrying him most about the economy. richard quest has a fascinating conversation with him. richard joins us next. moving his money i into his investment account in r real time and that's... how you collect coins. your money nevever stops workig for you with merrill, a bank of america company. wayfair's way day is back! get low prices on thousands of items for your home. shop bedroom furniture from $7. and area rugs up to 80% off. shop way day before it's gone. at wayfair. ♪ wayfair, you've got just what i need ♪ >>> the ceo of one of america's biggest banks issuing a new warning that's not about the possibility of a recession. jpmorgan's ceo, jamie dimon, says it's everything else that's worrying him most that's going on in the world that worries him even more than the possible recession. >> i think the most important thing is the geopolitics in russia, ukraine, america, china, you know, the relationships of the western world and that would have me far more concerned th

company to advertise with kanye west, joining the ranks of footlocker, his talent agency, bo, and j.p. morgan. that is a look at your top stories this morning. >>> good news, bad news, san francisco drops to the third most expensive city in america, as boston edges out to second. with a median rent price for one bedroom is , $3000. the east coast city climbed nearly 6% in the last month. san francisco sits at $40 below that. neighborinsaiv $2600. re supreme as the most expensive , with rent costing more than $3800. >> that is tough. >> we are talking a one bedroom, we are talking teeny , tiny, like the size of a parking space. >> the only difference is $40 between us and boston. we'll see how long that lasts. >> and we looked for an apartment last year, coming from the midwest, it was shocking. the price you pay for paradise?[ laughter ] >> it is 6:10, the mayoral candidate layout the goals for the city . i see it in my office all the time. kids getting hooked on flavored tobacco, including e-cigarettes. big tobacco lures them in with flavors like lemon drop and bubble gum, candy flavors that

on the other hand, j.p. morgan, which has been bullish all year, has suddenly said maybe we will trim a little bit. still that conflict between those going on. when looking for a bounce and one for a bit more of a drop from here. plenty of consternation, but i think overall, the bear market narrative is still strong and the bounces are seeing their market rally. rishaad: the dollar though? >> as paul mentioned, we are still in up bear market rally, but you can tell whether it is fx, bonds, equities, the markets just want a relief rally. i'm sure a lot of the traders might be down so they are looking for a relief rally that can be sustainable. so the dollar weakness is a narrative that traders want to price in. they are looking for holds from u.s. data like inflation, the u.s. economy could be in deeper recession next year. yvonne: how much of what we are seeing is sentiment improving do to what we are seeing with sterling right now? where next for the sterling? >> certainly what has been yesterday surely helped ris

what was striking was net interest income, really good returns with j.p. morganfriday, a record. give america also set a record. -- bank of america also set a record. they brought in 13.8 billion, a good sign and a higher interest rate environment. tom: you've also talked about the restructuring at goldman sachs, what can we expect? will they post similarly robust earnings? or is it more challenging? charlie: goldman is reporting later today and there will be a big elephant in the room, which is the restructuring. it is looking like they will try to simplify the bank into three buckets, trading and investment banking, asset management and wealth, and than a catch all with tech and other operations. wells fargo has some interesting input, they said this could help goldman find efficiencies, help transform the bank into the global bank it has been trying to do. when you look at some of the estimates for what earnings can be, you understand why this is happening. revenue expected to be down 16%, fees from banking down 54%. there is no surprise that a big restructuri

proliferation of areas such asvi environmenta, social and governance questions which according to j.p. morganow represent about $5 trilliony of assets under management. so hugely important everything climate change to racial and gender star, concerns about worker advocacy, voter rights, gun control, it has really opened up a wide array of issues, notwithstanding the fact the board members are not elected. but, at the same last year has reminded us that we don't only have a strategic role thank you how companies will evolve over time, we have to block and tackle in the here and now she be able to adapt tactical way to end things will arrive. whether it's the pandemic or financial crisis. it will not belabor the point, i did publish an article in the harvard business review rent march or april a of 2020. i basically talk about how, as a board member we were initially and incredibly concerned that operations people are people safe? are people able to log into their computers to the mexican healthcare? i think of the financial health of the company. in this company rhino selected have a lot of de

j.p. morgan's matt boss reveals his four top retail picks for the holiday season fears of an iphone productione you inside the market zone. power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity >>> we are now in the "closing bell" market zone. cnbc markets commentator mike santoli here to break down the crucial moments of the trading day and we have steve and matt boss we'll pick it up with the broader market the dow is down about 100 or so points, pulling back on the final day of the month, nothing extreme. s&p 500 lower, every sector down except for energy right now, mike santoli, as we close out overall a strong month question is what happens next. >> big question. obviously there's a lot of focus as you m

j.p. morgan and chase kicked him out of the bank, talent agency caa dropped him as a client, twitter and instagram suspended him, not a good day for ye at all. 15 years ago he dropped the good life, he said having money is not everything, not having it is. now he's learning. cnbc valerie castro with the details in our top story at the bottom of the hour. >> reporter: with more than 100 million albums sold, the artist known as kanye west is arguably one of the most successful in the music business, transcending beyond lyrics to conquer the fashion industry. the partnerships with companies like adidas now disappearing as he doubles down on anti-semitic comments, posted to social media, saying he would be going devcon three on jewish people. >> i care about me, i care about my people, so for me to stand up, and don for bid demand god for bid i step on people while i'm at it >> the term is not factual. >> last month, he announced the end of his vesey apparel partnership with gap and happy with the wa