he was considered a possible successor to jamie dimon. we will bring you more details in just few minutes. no shortage of headlines and news today. let's check in with julie hyman. abouts. market close in two hours time. is it doing anything for equities? terms of the headlines coming out of washington, no. we are seeing higher volume than a 20 day average. i, for one, anticipated lower volume today sent at the very least able were taking a pause on trading to watch the hearings. that does not appear to be the case. the dow and nasdaq each touching intraday records. the upward momentum has resumed. financials are a big part of the rally today. is a big, big move for the it financial index stop seems to be a lot about what is going on. you mentioned jpmorgan even before the headline coming out. j.p. morgan shares up by 2%. regional banks doing well today. take a look at the treasury market because that appears to be what is driving this rally in the financials today. not take much. even a marginal move in the treasury market appears to be

glass ceiling -- it is in the form of jamie dimon.er] >> possibly, possibly. many incredible executives have come out of jpmorgan. i imagine the same situation might be a similar one where he got to a very senior level. there probably isn't an upside or much in the near-term horizon, and there may be greener pastures -- greener pastures and other organizations. >> there are some people left however. it is not that jamie dimon has given everybody out. there are four people with operating responsibility, plus marion lake who is the chief, financial officer. daniel pinto who runs the commercial bank. >> we want to take you back to the house floor where they have just had the rollback to dodd-frank, of course, this is a significant legislative move from the house to roll back which was one of obama's matt compass minerals. this does not mean anything yeah -- this was one of obama's major accomplishments. there is a high hurdle in the senate. >> the committee chairman will be taking this up. he is writing his own legislation. he has said t

and jamie dimon says u.s. infrastructure is "embarrassing," this as president trump is set to kick off his construction initiative today. we will get the latest from j.p. morgan's ceo. matt: we did see the qatari stock exchange open down more than 5% right now. qatar until we open european markets. 5.3%,tari exchange down 5.5%. take a look at european futures. screen, so you can see futures trading across a number of different markets here on my terminal. you can see a little c next of the german market and the italian futures. we see closures in sweden, norway, austria, poland, portugal because of pentecost. markets will be closed for trading today because of that christian holiday. i also want to show you the bund trade. trade, anda bund investors are selling off german debt, pushing yield higher. 0.283, soit's only at although the yield is rising, it is rising from a low level. guy: let's talk about what is going on. interesting that germany had a solid day friday, closed monday but solid on friday. i'm goi

jpmorgan ceo jamie dimon is optimistic about the president's economic agenda.old bloomberg exclusively why he is hopefully even though he disagrees with the white house stance on trade. updates are coming to the apple watch and apple tv at its annual worldwide developers conference, with much more still to come. let's get a check and where stocks are moving with julie hyman.

there are people it is not as if jamie dimon has driven everyone out. are 4 people with operating responsibility plus marion lepert the chief financial officer. gordon smith who runs the commercial and consumer bank. and mary erdos who runs jp asset management. >> the house floor just past the rollback to jobs. is a significant legislative moves from the house to rollback which is one of obama's main accomplishments. there is a high hurdle in the senate. >> it will be the senate banking committee chairman who is going to be taking this up. he is writing his own legislation. he said he hopes to consider the choice act. he also wants to work with democrats, which significantly changes what is feasible and likely to actually go somewhere. >> hopefully the nightmare of dodd-frank will be gone soon. we can hopefully get capital back into the economy. too much capital is sitting on the sidelines. what we know is the big banks have gotten bigger, the small banks have gotten fewer, the economy has lagged. ♪ apple's conference kicked off in san jose, california.

and jpmorgan's jamie dimon says u.s. infrastructure is "embarrassing," this as president is set to kick off his initiatives today. ♪ manus: welcome to "bloomberg daybreak: europe," our flexion morning show in the city of london. i'm manus cranny. anna: and i'm anna edwards in westminster. good morning. this was always going to be a week where we focus on the u.k. story, the u.k. political story. today we do that with an attitudes of sadness, given the terror attacks over the weekend, the third in just three months in this country, and we are told that five other attacks were foiled within that period. this is a time when we were going to talk about the election. politics is very much at the fore. political reaction to the events at the fore. we need to check out what's happening in the markets, reacting to the u.k. political story, and reacting to the news out of the gulf overnight. manus: absolutely, they are front and center. this sterling market is a classic barometer we use, fairly immune to the terror attack over th

next, a we speak to the morgan chase ceo, jamie dimon. that is coming up next.. ♪ francine: this is "bloomberg surveillance." check on your markets. mark: stocks are down today. a few stocks are closed today for a holiday. leday jobs report -- saudi the lines cutting ties with qatar. attack killedrror seven people. we are down a 10th of 1%. sterling is up by two point 4%. in may, it rose. buffeted by been the polls, which signal a tightening race. to add tog uncertainty 11 days before briggs and negotiations begin. to 2012.y goes back highest since january. we are nowhere near the record levels we were before the brexit referendum. 2014e also circled the scottish referendum. we are nowhere near those levels. qnb index.ar's -- qe index. cutting ties with qatar is a moved to punish the region. that is a massive decline for the qe index today. francine: jamie time and -- jamie dimon talks about staying in the paris accord that trump abandoned last week. i hope it may come back in some form or fashion. i am confident wilbur ross and steve mnuchin are negotiating a t

julia: up next, here with jamie dimon had to say about trumps trade negotiations.up 15 minutes, bloomberg technology with an exclusive interview with apple ceo tim cook. everythingughts on from new technology to the trump administration and the tech sector. stay tuned for the conversation coming up at 5:00 p.m. eastern. in a bloomberg exclusive, heorgan ceo jamie dimon says has faith in the trump administration's trade negotiations with china. he sat down at the china summit in beijing. >> i was in favor of tpp. i hope it may come back in some form or fashion. what i am very comforted by the fact that wilbur ross is we speak, trade negotiations with china. if they want to do something with nafta, i would love to do something with that. we have wonderful, peaceful neighbors in mexico and canada. things that are unfair on trade, we will deal with them. .et's be a little fairer i am for free and fair trade, and sometimes it isn't there. craig said the united states take part -- >> should the united states take part in the agreement china is pushing forward? they are p

jpmorgan ceo jamie dimon is optimistic about the president's economic agenda. he told bloomberg exclusively why he is hopefully even though he disagrees with the white house stance on trade. updates are coming to the apple watch and apple tv at its annual worldwide developers conference, with much more still to come. let's get a check and where stocks are moving with julie hyman. right now the indexes are not moving up a lot. julie: not really, after the records for the three last week. we settle back once again. the gains we have seen were not dramatic ones. it has been slow and incremental progress. volatility continues to be very low as well. take a look at the bloomberg. we have vix and yellow and a correlation between stocks in the s&p 500. this is something that has been a part of the conversation about low volatility that we were not seeing much correlation between stocks. that was one of the things that was tied in with volatility being low. correlation appears to have bottomed, at least for the short term, and is going back up to stock movements are a

jamie dimon saying there is still work to be done on the council. >> the iger one was more interesting the president is in charge of the country, and jamie dimon in the past has said for patriotic reasons i want to stay there and influence. clearly he's cloudily criticizing the decision to pull out. >> you are hearing it from business on all sides. the question is can this white house continue to be the pro business administration that it wants. think of how many jobs announcements we have gotten from some of these big companies since trump was elected, hire america, manufacturing in america, does there stall that momentum a bit? >> oil prices about a 2% move to the down side. some airlines in europe and automakers in europe up about a percent. and vestas wind in europe down so not a massive market reaction. economists saying this might influence the u.s. economy in a long, long term if it's enfor enforced. in the short-term, no real market impacted. >> stocks closing at another record. >> meal prep delivery service blue apron filed for an initial public offering last night. landon dow

told stuff there's no nobody in the justice department has a can of raid the spray on them and jamie dimon the cockroach but it's also your pension fund your pension fund means you'll because it's going to has to pay out pensioners retired right now and they are assuming an eight to nine percent return treasuries are only returning less than two percent or two percent so they they need ilda in there they're desperate there and they're calling up jamie dimon every day saying come on you got to got to find me some yield if you don't find me ill i'm going to go to another bank so he's he goes to the car dealership hey you got any subprime auto loans so it is a feedback mechanism and i want to say you know i mean this is like a step down from housing because member af. the subprime crash many americans moved into cars they moved into their cars and that was the one thing in the way america infrastructure set up and of course hasn't got us trillion dollar infrastructure plan going you've got to have a car so i guess i assume this is a sure bet you're going to win with this but this kind of remi

there is a big class feeling that jpmorgan and it is in the jpm of jamie dimon grid >> -- many incredibletives have come out and i mentioned a similar one where he got to a senior level inside the organization and the probably isn't enough upside for him and there may be greener pastures in another organization. left in kavanaugh's there are for people with operating responsibility on the operating committee, plus marion lake who is the chief financial .fficer we want to take you back to the house for with it just passed the rollback to god frank -frank, which was one of obama's main accomplishment. there is a high hurdle in the senate. the committee chairman will be taking this up. he is writing his own legislation. he said he hopes to include or consider the choice act. he also says he wants to work with democrats on that with -- which changes what is feasible. hopefully we can get capital back into our economy. too much capital is sitting on the sidelines and will be no is the date banks have gotten bigger and our economy is life. ve. ♪ ♪ worldwide developer conference kicked off and 1

the man often seen as the heir parent to ceo jamie dimon is leaving. we have the details. >> i don't know how we'll fit it all in. >> i don't either. >> starting with eamon on the testimony and reaction from the white house, and elsewhere, eamon? >> reporter: that's right, bill. a lot of astonishing moments in today's testimony as you played some of them. one of the most astonishingfuls comey's essentially unprompted admission that he had leaked a version of his memo he made about his conversation with the president through a professor at colombia university to the "new york times" in order not to leave his prints on it. this is that whole interaction. >> president tweeted on friday after i got fired that i better hope there's not tapes. i woke up in the middle of the night monday night because it did not dawn on me originally, there might be corroboration for the conversation, a tape, my judgment was, i needed to get that out into the public scare. i asked a friend of mine to share the content of the memo with a reporter. i did not do it myself for a

. >> jpmorgan jamie dimon had positive remarks about the prime minister. >> how would you say, what was he receptive to. >> he is very open, receptive. >> biggest sticking point you would say? >> i don't think it was a sticking point per se. >> other big names included irene rosenfeld, centered around challenges american companies face doing business in india, which includes regulation and strict rules that make it difficult to invest in the country. modi and trump will engage in a discussion on topics like security, defense cooperation and combatting terrorism, key concern for both leaders india expressed interest in purchasing high tech drones from the united states. some officials question whether the purchase would add to india tensions with pakistan overall, hearing this meeting is more relationship building and less about deal making. >> in terms of business leaders that met with modi over the weekend, very public how much apple is pushing in. the other companies you mentioned ceos of, who already has big exposure to india and looking to increase exposure. >> walmartwe didn't ment

jpmorgan coo is leaving the bank, the possible successor to jamie dimon, making the announcement.s a big glass ceiling at jpmorgan and it is in the form of jamie dimon. >> [laughter] possibly. been,k jp -- i wonderful and talented executives have commanded jpmorgan and i imagine this is a similar situation, where he got and therer level probably isn't enough upside and there might be greener pastures in another organization. in 2014,kavanaugh the the presumed successor, there are some people left. hass not as though dimon driven everybody out. there are people on the operating committee and the chief financial officer, and they are daniel pinto, gordon erdos and mary marianne lake. >> we went to take you back to the house floor, where they have passed the rolled back to dodd-frank. there is is a significant legislative move from the house to roll back one of obama's made accomplishments. this is not mean anything at. there is a high hurdle in the senate. >> in the senate, a chairman -- is actually writing his forlegislation and he hopes them to consider their choice act and he sai

we will be joined exclusively by the jamie dimon, chairman and ceo of j.p.gan chase at 8:00 a.m. in dubai and noon if you're watching from hong kong. yousef: the deal to extend the -- we discuss why and break down is ahead. this is bloomberg. ♪ yousef: this is "bloomberg markets: middle east." tracy: i am tracy alloway. its biggest drop in four weeks amid questions over the effectiveness of opec's deal to help rebalance the market. this as u.s. production continues to grow. russian energy minister told bloomberg that the deal should not be seen as a failure. if we had not extended the deal, i believe we would have at not a percent as you mentioned, but probably 50%. yousef: what has been happening with u.s. rigs? in lateex coming friday, and 11 consecutive week of gains. we put this together on a chart seating get that additional perspective. your top panel is u.s. crude production. your bottom panel is u.s. crude. you could see it up once again to 733. you consider that back in may 2016, that is more than double of that level. the chiefg tim fox economist a

vonnie: that was an exclusive terview with jamie dimon scharme and c.e.o. of jp morgan. n air traffic control. that and more for the week we bring in kevin who joins us from in washington, little bit? to set the tone for a week in which we're bound to see a lot more come out of washington, particularly thursday with the . a big week, this push off with infrastructure is it an effort to change the debate a former f.b.i. comey testimony. >> good morning, vonnie. that's what the administration is hoping. they are hoping this infrastructure week, which will be nvalled later today, which based upon a plan put forth by house transportation committee chairman bill shuster, will be able to carry some momentum forward ahead of these controversial hearings this week. can i tell you the president will head to cincinnati, ohio, later, for a rally where he will again meet with business leaders. again trying to move this testimony. that is all anyone will talk about on wednesday and thursday. vonnie: how much credit will this infrastructure plan buy the president? it looks like so far

we will be joined exclusively by jamie dimon. >> that is one to watch.ur top story, a claim of responsibility for the terror attack in london. the rampagell from on london bridge stands at seven with dozens more injured. let's get the latest live from london right now. the third terrorist attack in london in three months, bring us up to date, what more do we know? state in the last hour has claimed responsibility for the attack, campaigning suspended for a second time in that election, a truce brokered by theresa may as she addressed the country from downing street saying, enough is enough, extremism has been tolerated for too long. seeking more wide-ranging powers to tackle extremism. thatis significant is frequency, three attacks in the many months, two of them in london. if it affects the election remains to be seen. office, irive to the heard new york senator chuck schumer say there is no imminent threat here in new york, from what he can tell, but i imagine in major cities across the world that there are heightened alerts . what is the situation in

jamie dimon, lloyd blankfein, exxon, they are all wrong on this issue? >> they are.side rather than the reality side. we will continue to be leaders in clean energy. that will happen. that was the u.s. energy secretary rick perry speaking with tom mackenzie. the latest business flash headlines. airlines topping $59 million as it prepares for a shareholders meeting in hanoi. the carrier plans to invest $130 million in new projects and will raise capital in the fourth quarter. thecompany hopes to raise number of passengers by 10% to 22.6 million this year. >> a rise in full-year profits for qatar airways. income rose to $529 million. the state own carrier added 10 carry 32 million passengers, a rise of 20%. >> that is almost it for us here on "daybreak asia." i'm to look at what is coming up. u.k., borisfrom the johnson saying everyone -- tripe, the was challenge for the leadership of theresa may. butveryone is backing her, george osborne saying she is a dead woman walking. rishaad: we will discuss that. also, from the university of hong kong, professor of european stu

morgan and jamie dimon coming up at noon.eadlines, aws word of caution for beijing coming from camera via singapore. canberra via singapore. yuan malcolm malcolm turnbull said smaller nations could bound together in the face of a bully. >> a co-worst of china would find its neighbors rescinding demands they cede their autonomy and strategic space and look to counterweight beijing's power by bolstering alliances and partnerships between themselves and especially with united states. the pboc is committed to plotting a neutral policy course according to one of its deputy governors. speaking at a conference in beijing, the bank said it will continue to neither loose nor tight monetary policy in order to ensure stable liquidity. his comments, mid of drive to reduce financial leverage which has sparked concern of excessive tightening. drawn up a $10 billion supplementary budget to help meet the president's drive to boost jobs and wages. if passed, the government will billion for $4 jobs, the majority in the public sector. south kor

jamie dimon did not say why he was leaving or if he will be replaced.e is sad to see him go, but respect his decision. tone,striking a defiant saying it would can withstand pressure as long as necessary. saudi arabia and allies have yet to submit any demands to resolve the crisis which has seen diplomatic ties severed. qatar is accused of supporting extremist groups and shiite militants to destabilize the gulf. and many -- moody losing an appeal that it broke the code of conduct in hong kong, resulting in a fine. the securities and futures commission had said that in 2011 report on public companies fail to explain their judgment and did not ensure the accuracy of claims. that ruling raised concerns about the cycling -- a stifling of critical commentary. global news, 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. engle.phen this is bloomberg. yvonne: a big story making headlines today, coming out of washington. the former fbi director, james comey has accused the president and white house of lying. ramy has

if you're jamie dimon, you will say look which banks are in the best position in terms of balance sheetofitability? the biggest banks, the most diversified banks. the only bad news we could find was most of the credit cards exposed providers. lobbyistse for the and big ceos. guy: to take that point on board, how do you follow this? it depends on what kind of investors get interested in what they ask for. if you believe that rates can rise, and even if you incorporate credit losses, the banks will still make a ton of money, may be should get involved. saying, why don't you merge? is there a quicker way to grow? is the market growing faster than we intended? investors have been too reliant on the passive idea to sit back and wait for money to flow. it depends on who is buying into the banks and what is their request for the next five years. in europe isy radically different to what it is in the and and it states. banks are on a european recovery. you have to be selective. you talked about the north-south in the european recovery story. if hilderbrand -- as hilderbrand says we are heading

lloyd blankfein, jamie dimon, gm, ford, they are all wrong on this issue? >> they are wrong. it from the political side rather than the reality side. we will continue to be leaders in clean energy. that is going to happen. focus oncoming up, we the follow-up from the british election and look at the prospects for the pound. ♪ >> almost 10:00 a.m. in hong kong and singapore. than a clackum evening in new york city -- 10:00 in the evening in your c-suite on said in a evening. rishaad: markets dropping back as friday's technology selloff spreads to asia. the traders says britain's political drama. embracesa may conservative rivals. business confidence is already plunging. rishaad: victims of the election fallout. the weaker pound is cutting the u.k. earnings. >> machine orders slumping in japan. it is a big week ahead for central-bank action, of course. and wellwell flagged expected to go for that rate hike. we are listening for more details on how that unwinds, how that $4.5 trillion balance sheet will proceed. governor kuroda is expected to keep things unchanged, but under pre

or two percent so they they need ilda and they're they're desperate they're they're calling up jamie dimon every day saying come on you gotta gotta find me some yield if you don't find me he'll going to go to another bank so he he goes to the car dealership hey you got any subprime auto loans so it is a feedback mechanism and i want to say you know i mean this is like a step down from housing because members. after the subprime crash many americans moved into cars they moved into their cars and that was the one thing in the way america infrastructure set up and of course trump hasn't got his trillion dollar infrastructure plan going you've got to have a car so i guess i assume this is a sure bet you're going to win with this but this kind of reminds me of like leading up to the great depression the previous massive crash before the two thousand and one is a lot of that was about all the loans for radios which seems like quite simple and silly today but they were very expensive back then and everybody wanted a radio in the house and it was extended on credit everybody was buying a radio on

lloyd blankfein is echoing calls from jamie dimon and calling for the u.s.d more on infrastructure. he tweeted come always impressed by the condition of the airport, roads, cell phone service, etc. the u.s. needs to keep up. tim cook says any tax on u.s. companies overseas earnings should be mandatory with the proceeds going towards upgrading infrastructure. apple has $267 billion in cash reserves, most outside the u.s.. he says he supports the proposal for a one-time 10% levy. be a our view, it should repatriation that should be a required tax, and so you are not asking the people that have had earnings from their international subsidiaries if they would like to bring back money. must payaying that you the government experts in now over some time. haidi: indian stocks fell ahead of the central bank's decision. in april, the governor raised the repo rate to 6% while keeping the benchmark repurchase steady at 6.25%. that is global news. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg.

we are being joined by jamie dimon of j.p. morgan chase. that is at 2:00 p.m.n sydney, midnight in new york, 12:00 in hong kong. we are watching mining and commodities, a big heart of the world bank outlook. we have an interview with fortescue mining. that is after 11:00 in hong kong. oili: interesting as we see and iron ore prices were they are. there is a claim to the u.s. -- london bridge terror attack. several people were killed saturday night days before the country votes in a general election. sebastian joins us now. get us up to date what we know. far isr: what we know so that the vans hit for passengers on london bridge saturday night. populace ando the london, tourists as well. the islamic state has claimed responsibility for the attack. details are still unknown. police continue the investigation and make arrest across london. what is striking about this attack is the frequency, the third in the last few months and second in the general election campaign. a few weeks ago there were 22 killed in manchester, and there was a similar one on westminster br

he is not going anywhere unlike jamie dimon. cancer scare, and neither of them are going anywhere. leaving gavel -- goldman sachs to go to the white house and other people leaving j.p. morgan, both look as entrenched -- vonnie: an article is then mrs. gary. >> it is bittersweet. he recognized it was time for was a greatnd it opportunity. lloyd is not going anywhere. vonnie: thank you, bill, for joining us. our tv contributor. let's get a first word news update. mark: president trump said house majority whip steve scalise, who was wounded in yesterday's shooting at the baseball practice in arlington, virginia, may have brought some unity to our long divided country. speaking at an event on workforce initiatives, he gave this update on the condition. : it has been much more difficult than people thought at the time. he is in some trouble. he is a great fighter and we will be hoping he is ok. mark: the president and first lady visited scalise yesterday. he is the third highest rates of was shot in the hit. -- the hip. more surgerie

morgan chase's jamie dimon. china has told the u.s.stay out of its affairs in relation to a probe into 3-d thingies who went missing last month -- three detainees who in missing last month, they were investigating labor conditions at a factory that made shoes. the activists have been detained under a new law for illegal eavesdropping. starbucks selling meals from snap kitchen at a stores in houston, snap didn't let by the former weight watchers ceo and focuses on healthy ingredients. starbucks is trying to compete with chains like mcdonald's. they will add another test market soon. that is your bloomberg is this flash sprint and t-mobile -- sprint and t-mobile to -- merger work to happen, it may not be financing. this is bloomberg. ♪ ♪ this is bloomberg markets, i am vonnie quinn. takes ag m&a reporter closer look at the potential merger between sprint and t-mobile. he has some exclusive reporting and will tell us what kinds of terms are being talked about. is too early to know if sprint and t-mobile will attempt a merger. according to

. >> jamie dimon also said he was receptive and a strong leader.ow in today's first face to face meeting between modi and trump the key will be relationship building and establishing trust for years they enjoyed a strong relationship with india seen as a strategic ally and economic and defense partner and also a way to countier balance the role china has been playing in the region but in trump's presidency india hahn been part of the foreign policy discussion dominated by china, russia and mexico i'm being told by a senior indian government official that modi will be prepared to have that discussion around the trade deficit and the visa program and defense but he is coming in to learn more about how trump views india and whether he will prioritize this relationship going forwards prior to coming to washington modi has been engaging with leaders across europe and he also has talk with vladimir putin and russia if modi doesn't get that confidence from trump in today's meeting he could look elsewhere. that's why this meeting is so important. >> busy d

jamie dimon has even been a strong supporter. a lot of consensus on the issue.d really come down to a couple of line items in the budget to promote these types of programs, which would again be something that is a bit -- which would be a win in terms of the advocacy on this issue. also, trump first advocated on -- issue on the track campaign trail and she had push for paid maternity leave and family leave, something that some republicans don't like but it has been something that america has lagged behind on. look for her to be at the forefront of several of these meetings tomorrow and wednesday. david: the white house's billing this is a big policy address, kevin? >> i spoke with a source earlier today about what we can address in my source said that there will be some ceos there and couple of lawmakers, outlining a vision, they could call on congress to come -- to pass some type of legislation or budget item. david, therese, could be a series of executive orders. that could be decided, whether the president will sign an executive order on apprenticeship program

he was considered a possible successor to jamie dimon.ng you more details in just few minutes. no shortage of headlines and news today. let's check in with julie hyman. abouts. market close in two hours time. is it doing anything for equities? terms of the headlines coming out of washington, no. we are seeing higher volume than a 20 day average. i, for one, anticipated lower volume today sent at the very least able were ta

jamie dimon has done a great job but there's no successor i took myself out.urselves out. >> let's get to the opening bell [ applause ] the s&p at the bottom of your screen [ bell ringing ] the bill brother it is toll brothers 50 years celebrating their 50th anniversary over at the nasdaq it's amarin, cardiovascular health. congratulations to toll brothers today. >> yes, you know, the tolls have been old friends because philadelphians and doug yearley runs it now, they all come on "mad money" and they are a fabulous success story i remember when they were a little builder just started and now a national builder, beautiful luxury homes congratulations to home. congratulations. >> really quick, may ppi did come in, the core 2.1, we haven't had a two print in three years. >> i think again, that gives the fed the cover. we need the fed to have the cover, because i no he a lot of wise guys are saying oh, just when autos roll over, when we had weak employment. as my friend steve liesman would say they have to get back to where we just kind of a normalized level not

need to upgrade our infrastructure, and i do not think you find anyone who would disagree, like jamie dimon that our airport and other roads, bridges, asset are in need of upgrades, but there is some degree, even on the democratic side, that president trump should have started with infrastructure, that it could have been some support at the beginning of the demonstration to get a package through, and now that well has been poisoned. it is unclear how much support you can expect at all from democrats. and it has been a big fight over what level of spending is appropriate to get to that $1 trillion in overcome and democrats want to see much higher number than republicans certainly do. they do not want to see anything that looks like a stimulus package like president obama had in 2009. that is a fundamental disagreement before we even get a bill to start in congress. vonnie: again, we are awaiting an infrastructure plan from the president of the united eighth. we are you heard from the special assistant who said it will be a 99-one plan, focusing on safety, national security, and of course it

listen to what jamie dimon had to say.'m an american patriot and i want to help the president of the united states. when someone is piloting the airplane you root for the pilot to go off of hard an advisory group because it's just one issue. no one is going to agree with every president on every issue. i don't want to overreact. david: why isn't jamie dimon right? we oh him as a patriot to help them be better? jb refers to it as one issue. there's an immigration ban. there's arithmetic that doesn't add up. there's climate change. capitalism and selective deals. this is hardly the first and only minor issue. this is a central part of philosophy. as the united states believe in a community of nations. preparede should be and i would hope any business leader would be prepared to offer the president advice. that is a very different thing than lending your prestige and that of your company to joining an advisory board of his creation. that is accepting a presidential appointment. third, where does this principle stop? jamie say

even the power companies -- >> jamie dimon didn't step off, but -- >> no, he didn't step off, but he'sosed to it. >> yeah. but it's interesting, i mean, we're talking about a white house bill that has been reaching out a great deal to the business community. i mean, i can't even -- >> yeah. >> i can't number how many times at this point we would -- we'll go to the round table in the white house where you see the leaders of business in this country. what was the disconnect here in your opinion in terms of the president and his team obviously not saying, you know what? we don't agree with you? >> the president was not listening to business, i can tell you the ceos i have talked to, he's not listening to them. not even listening to rex tillerson, secretary of state, who is opposed to this decision. he wasn't there yesterday either. i think he -- i think he's gone a different direction and i think it will hurt the country. you saw it in the job's report. i think the economy peaked back in january and february. you see it in the auto industry, they're pulling back. you saw the carrier decis

the man once seen as a potential successor to jpmorgan's jamie dimon is leaving the market after 13 yearsoperator inief 2012. his rapid rise of saw him in the running for the top job. zames wasnot say why leaving. he says he is sad to see him go but respect his decision. a defiant tone in continuing isolation, saying it can expand the pressure for as long as necessary. have arabia and its allies yet to submit demand to resolve the crisis, which has seen diplomatic ties severed, along with land, sea, and air links. shiite militants could destabilize the gulf. moody's has launched an appeal against the judgment it broke qualcomm regulatory codes of conduct, which resulted in a $1.4 million fine. the commission said a 2011 report on companies failed to properly explained judgments and explain the accuracy of its claims. concerns of critical commentary. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am courtney collins, this is bloomberg. guy: thank you very much. let's talk about what is happening in the united kingdom. counting i

jamie dimon brought this up time and time again.re is all kind of reasons, you see far more upside tan down side. i see et to hold. i'm sure there is stuff on the carts. >> you think? >> now once that had mission of games. he thinks there is a buy. let's go off the charts. >> hey, when it comes to the banks, i'm telling you we want to tap the financials. there are carts in the group the private equity names the insurance companies the banks have been the big laggers and this first chart is the big reason why. we're looking at ten year yields. just like energy, you can't expect energy to out perform with crude catering. you can't expect banks to out perform with yields the way they do. we broke out recently. that's bad. and today, yeah, we get a little sign of life. but we that ill to reclaim that 200 day on the bounce a. key failure up 221. so interest rates in a down trend. that's a problem. you see the next problem, you talk a lot about it on this sew. for good reason as it pertains to banks, the 210 continuing to get flatter. you

the relationships will be strained, some have not like jamie dimon of chase.the other companies have more to lose. for those that can move forward without a reprisal we'll see them part ways and focus on the things they have been focused on including mayors and governors that want to move forward with green energy not just for the environment, but because it is outpacing old style energy. >> some major colleagues and universities in the college as well. ron, what do you make of the president's assertion that getting out of the paris deal was fuelled by job creation. >> it's just not true. on it's face, it is not true. we have seen the pace of solar jobs outpace coal jobs. coal mining employment speaked in 1923. production at a high because of innovation, not globalization. the president say it's will help great jobs, but there are more jobs in clean energy like solar and wind. certainly in fracking like a natural gas, has added jobs to the economy as well. on it's face, it is not accurate. it is more of an excuse for the president to deliver on a campaign prom

talking with jamie dimon about china and asia. ♪ "bloomberg surveillance."from london and new york. a lot of our time is talking about the u.s. jobs report today. a lot of our time is focusing on accord of which president trump yesterday said he would pull out of. we're hearing from the commissioner of climate change for europe. he is saying that actually they will not be able to renegotiate the accord. there are two questions. this is on the back of the news conference we were following yesterday in donald trump said he would renegotiate. also, whether a private sector company or alliance could take the place of the u.s. there are a lot of legal issues we need to keep an eye on. china, the ftse index comprising china's largest companies surged 6.4 percent, climbing to the higher level versus the larger shanghai index. the performance is being driven by government policy, including a regulatory campaign to curve leverage. dave andod back to mark. this is the news we had today. overall, david, what is your take on china? we had interference or intervention in

the likes of jamie dimon and jpmorgan have an clear, they want to return more capital back to shareholdersut u.s. banks in terms of your competitive at crisis levels, capital levels are in far better shape. return toset to shareholders. manus: our guests days here. -- guest stays here. the world's largest food company plans to repurchase $21 billion of stock. is this the concession for stakeholders? this is bloomberg. ♪ manus: summertime in berlin, 8:18 a.m. the euro is on the march. a bit of france and germany quite you get on the march, point 13. one we have notvels seen since last year. let's get our business flash. : thank you. toshiba has sued western digital four $1 billion in damages and stopping the company from interfering. it needs more time to reach final agreements over the sale of the business but reassured that is on track to complete the deal by next march, it has wanted and agreement with other investors by today's annual general meeting. buy [inaudible] the dutch company will offer $38 .8's -- $38.58 a share that is 27% above the closing level. $1.7 billion of stock. deuts

according to jamie dimon, the urgency of tax reform cannot be understated.how much -- how receptive is the hill to that? >> you know, it would seem you would want to focus an agenda on infrastructure and tax reform. at the moment they have gotten themselves very clogged up, when i say they, the white house, pushing health care reform. i don't think the senate is going to be able to do health care reform before the summer. that clogs everything up. you have two very important things that were key to the trump agenda really improving infrastructure which he sort of made a big deal of yesterday, but then didn't send anything up to the hill. likewise, tax reform. he says his bill is doing fine but he actually hasn't written a bill or sent it up to the hill. >> we got a lot of cars kind of backing up on the freeway, feels like. you mentioned health care, infrastructure, tax reform. you think there's a method to this madness or is this a lack of discipline showing through? >> i think it's a lack of discipline. i tried to figure out what is the method here of clogg

echoing similar calls from jamie dimon.l of $5.8 billion, according to people familiar with the matter. santander speaking to advisors about a possible stock sell if it decides to go ahead with an offer. amazon prime will be available to low-income shoppers at a discount. those with a valid electronic benefit transfer card will pay $5.99 a month for perks like free shipping and unlimited streaming of movies and tv shows. some analysts say the move will help amazon better compete against walmart. and that is your business flash update. today isbig debate who's going to buy the homepod? people onee a lot of social media that excited about it. julia: do you have a home device already? not have one. joe: it seems like you have to inaugurated with the smart home device of some kind. is it $349 or $180? betterlet's go with a tool, and actually, i don't know yet. the aesthetics are also highly important. [laughter] joe: coming up, what you need to know for tomorrow's trading day. this is bloomberg ♪. scarlet: we have a packed day

jamie dimon, as you remember the president's initial explanation for firing comey was the rod rosenstein, among other things, that memoranda or the paper that he submitted and that excuse quickly fell apart during the course of the president's interview with lester holt. >> monday you met with the deputy attorney general rolled rosenstein. >> right. >> did you ask for a recommendation? >> what i did is i was going to fire comey, my decision. >> had you made the decision before they came in the year? >> i was going to fire comey. he made a recommendation. he's highly respected, very good guy, very smart guy. the democrats like him. the republicans like him. he made a recommendcation but regardless of recommendation i was going to fire comby. >> so why is the president now backtracking on this? >> well, one of the things that we know about the president, what's politically expedient is what's best for him, and we know this is a president, looking back on two years of -- since trump's campaign announce president and throughout the campaign we've seen a president with regard for the facts an

and jamie dimon, it's not your stock. >> oh, wow, man. >> we start off what it looks like for a retail armageddon once again. now covering your year-to-date lows t. main calls were, once again, department stores. macy's yeting crushed 8% a. retail sell-off in the other department stores. is this the retail bottom? if not, what do we need to know and see, to see that we've hit rock bottom? >> guy. >> the retail bottom in the names you mentioned. macy's, you say valuation, karen can speak to this probably eight times forward earnings. you talk about negative eps growth. you say, where is the core? i'm not sure. you look at a nordstrom's, it's had an interesting move over the last year, year-and-a-half. you say at 13.5, 14 times forward earnings. why can't it trade? different companies i know, i get it. but that whole space the anchor stores are in a lot of trouble. i don't think they're tradeable at these levels at all. >> well, there is a couple things going on with me i think are significant. so i like valuation. it's cheap on valuation. but it really should be. so one of the things th

jpmorgan ceo jamie dimon protects that the bank's headcount will keep rising despite automation.ie dimon says that jpmorgan is using bots, but that will not stop the banks from opening retail branches or hiring private bankers or expanding in africa. the european union has slaps google with a record fine. they said it abused its market dominance in the shopping search service. the company has been given 90 days to change its behavior. google is reviewing the eu decision in considering whether to appeal. coming up at 9:00 a.m. eastern time, the interview with the european union, edition commissioner. alix: let's take a look at what google stock is doing. the number looks big. 2.4 billion euros, the biggest fun yet. for google, it is just eight days of revenue. if it does not comply with the rules and come up with a plan that they will tell the eu and 60 days, they could risk a fine of up to 5% of its daily revenue. that issue is not just necessarily this particular fine , but it has to do with building on this case to make more cases against google. the eu is currently examining g

jamie dimon said today, quoting: the urgency for tax reform cannot be overstated. in the early phases of june. again, nothing concrete at this point. where is the urgency at this point from the administration in. >> again, that's subject that's going to be discussed today with the leadership. something the president has talked about. as i just mentioned, secretary mnuchin and director cohn have been out talking to industry groups. we haven't had come come comprex reform since 1986, so it is a big undertaking. when you're talking about the magnitude of this on the corporate and individual side and the impact on our economy and job creation, we need to get this right. we need to involve stakeholders from a variety of backgrounds, and that's what the president and his team are doing. someone asked the other day where our skype folks are. david from fox 29 in philadelphia. >> sean, thank you very much for taking the time here. we really appreciate it here in philadelphia and the greater delaware valley. we do have a question about the president's budget proposal, speci