let's talk about jp morgan. it's pa rt of let's talk about jp morgan.g to be able to hold obto passporting rights so they're moving to other european capitals so they can keep their clients inside the european union once we leave. what's going on in their thinking when it comes to where? it depends on the institution. there are all sorts of factors at play. we haven't seen any particular things about tax. everyone thought it would be tax deals. ireland does have a low rate of corporate taxment it is a low tax environment. it depends, it seems to depend on where they have been established before, property costs and just the individual circumstances, jp morgan for example was big in dublin and it is getting bigger. frankfurt, we have seen a similarthing. bigger. frankfurt, we have seen a similar thing. the banks moving to frankfurt have been there before. brussels lured lloyds of london's headquarters which nobody thought would happen. it hasn't quite played out the way we expected. thanks, dominic. good to see you. that's it from business live today. the

we spoke with jp morgan meta ceo sjoerd leenart. ipo's in excited about the broader region. are quite a few drivers. we have the government agenda of trying to privatize companies and create a private sector. that is a key driver. and that will go over 2018 and 2019. and private companies, they will need to take advantage of an increase in investor demands coming in the next three years, driven by development and changes in the market, and the stock exchange and accessibility of the market. yousef: how big overall -- how big of a real are you playing? gulliver confirmed that they have the aramco ipo, will you do the same? >> we do not talk about the deals until they are out in public, but we have been here for 80 years and we have helped key institutions for many years, so we expect to play a pivotal role not only in the mna, not 'sly the ipo's, but the mna and financing. shery: jp morgan just doubled market shares in the middle east laughter, where do you expect bright spots to be this year? debt hask, you know, been a big driver of opportunity for banks and that will conti

when jaime diamond, ceo of jp morgan chase, testified with the house financial service committee on the london wale's debacle he layed in the risk control. ---laid. they were going to fix that. and i said, i asked, just a month before this you signed a quarterly certification required by law with criminal penalties that you had adequate risk controls in place. i don't remember doing that. i don't remember that discussion. well, tell me what you do generally? tell me your practice? what do you do every quarter? call in your staff? write you memos and sit and brief you? behind them, all the rows of lawyers, jp morgan chase lawyers, were having facial ticks at the very least because the questions were about things for which he had criminal liability. that is something congress tried to do to make sure it got to the ceo's desk with no apparent affect at all. some do the right thing. we have had companies come to our office and say hey, i hate to tell you this, but we had someone make a mistake at our company and there was a billing error and we overbilled all these people and we want to pro

as you can see jp morgan down 2.5%, bank of america down nearly 3%. can the retail ice age causing michael kors some major frostbite at this hour. shares are plunging 9%. michael kors, super hot since its ipo a couple of years ago. it's a luxury fashion company. but it issued a gloomy annual forecast and announced plans to shut more than 100 of its retail stores. not the discount stores but retail stores over the next two years. let us get to more of that comey news and, again, it is that james comey will publicly, publicly testify in front of the senate intelligence committee about what he says to president trump and that president trump asked him to back off probing into michael flynn's relations with the russians. michael flynn of course was the national security chief that was first picked by donald trump. but then had to step down because he apparently hadn't revealed a whole bunch of clicks with the russians he had taken money from speeches, he had been a consultant. so let me get to fox business blake burman who is at the white house. a flurry

jp morgan had record revenues, sandra. do you know what they did to mortgages? down 18%. investment banking up 34%. what about citi? the banking services are down 5%. institutional business up 16%. here's the thing. if you can trade all day long with algorithm then you don't have to take the risk of lending to main street. those people are on the edge who can pay a mortgage if you give them a shot, but they'll never get it because they never have to get it. jp morgan never has to give them the loan as long as it's set auz it is. >> sandra: chris, we just learned on healthcare, the white house saying they're getting closer and closer. we want the health care bill to pass this week, sean spicer said, but said the president is not instituting a timeline for that health care bill. chris? >> we're back in the same mode that we were on the first round with trump care. hurry up, hurry up, nobody likes it, run away, run away. the issue here is they need legislation that not only can pass out of the republican conference, but will work and be popular. they need something here. so

one tweet i highlighted from jp morgan.ace for the —— space will be repurposed. we will turn to all the latest sports news. we have a statement from fifa, on the rout concerning sulley muntari, the rout concerning sulley muntari, the ghanaian football. caught up in a racism row in italy. we will also have an update on the champions league semifinal. thick, southern clashing king. give us thick, southern clashing king. give us will be stuck under clear skies -- if us will be stuck under clear skies —— if of us under grey skies. it will be a very chilly night. here is the forecast over the next few hours. this evening, overnight, hearty cloud in the sky across england, wales and northern ireland. the far north, spots of rain. city temperatures, right in the middle of town from outside town in rural areas, maybe two degrees above freezing. cold enough for grass frost. beautiful sunny note tomorrow morning, in the north, thicker cloud, maybe spots of rainfall. in the orkneys. from the lowlands, southwards, stunning in the after

. >> we start with jp morgan chase. clearly the banks have suffered. this is not the environment for them. but why do you pick that stock right now? >> well, we see the economy expanding at a sufficient pace to improve loan demand. and loan demand really is the driver of bank stocks and bank earnings. so we see jamie diamond as a terrific ceo at the helm of this bank. the balance sheet is very strong. and therefore very well capitalized. we see the risk being relatively low here in terms of any problems. and the bank has made significant investments in technology across its platform for both consumer banking and for its asset management business which i think is a little bit under the radar. we see a lot of good value here for long term, looking at the next three to five years with a nice dividend and strong dividend growth. >> okay. let's go to sky works solutions. you say it's well capitalized and with consolidation in its particular area, it will either acquire or perhaps be acquired. >> right. hi, sue. sky works is not one of your household names,

the 21—year—old is set to start with her masters in human development in august. jp morgan has boughte chief executive earlier this month, who set up to 1000 jobs would move from the capital in a bid to secure its european business. let us take a look at the travel situation: let us take a look at the roads: good morning. it's a very warm start out there this morning. very humid air. quite muggy and sticky. it is a bright start and we are already starting to see one or two breaks in the crowd system glimmers of sunshine. if that happens in the afternoon, the temperature will get afternoon, the temperature will get a bit warmer. a warm and sticky day but we should stay mostly dry until this evening when we start to see a little bit of rain pushing into the north and the west. another hot and humid night. the temperature not dripping down too far. perhaps drive towards the south and east. the rain arrives through on wednesday afternoon. it's going to be quite heavy and boundary as well. another warm day. those thunderstorms continued overnight wednesday into thursday morning. as it does

he hired an old friend from jp morgan days.g the personal conduct of the person who was hired and the relationship with jes the person who was hired and the relationship withjes staley. he said it was an honest mistake and he looked into it. hr said it wasn't a whistle—blowing incident. he thought he licence to track down the person who sent it. he was wrong and this has been referred to the financial conduct authority. those are sub divisions of the bank of england. some shareholders think he might be infora rough some shareholders think he might be in for a rough ride with them. there is no rules about how senior managers are supposed to behave and these question marks about his judgment and his temperament are going to be taken very seriously. now, as far as shareholders go, if it was just down to them, i think that he would be safe. generally he's popular with shareholders. he turned the bank around. he restructured. they like what he has been doing, but as i say, it won't necessarily be down to them if he loses the confide

jp morgan were the worst performance on the now. -- the dow.e than 120 countries, i am paul allen, this is bloomberg. >> some big interviews ahead on bloomberg television. , malcolm turnbull gives us a one-on-one interview i had of his trip to the shangri-la dialogue in singapore. signs of trade we see across the region. we will speak to our own haidi lun at 5:30 p.m. hong kong. nexen daybreak asia, our exclusive interview with morgan stanley's james gorman in beijing. this is bloomberg. ♪ >> this is daybreak asia. yvonne: i am yvonne man in hong kong. a quick check of the headlines. ever graham says it raised nearly $6 billion in its latest sale of holdings in hung down real estate. when the deal is completed, it will be a must three quarters held by a real estate unit. southool is claiming it's korean rival is undercutting prices on washing machines. it says offers products that excessively low prices. describe samsung algae as serial violators of u.s. trade laws. afteraland is jumping earnings estimates by 10%. shares up 3%. the carrier sees

[applause] charge students the same amount we are charging jp morgan chase. [applause] [cheering] so, anyway, ultimately, we go through all of this because the united states government is having profits on student loans and they've already been budgeted. so all the prophets have already been built into the budgets. in order to push the bill through, what it had to do is come up with a way to pay for it. you have to pay to get rid of the problems. they would have to pay taxes the same rate as middle-class families. i know this is so sad. [laughter] there would be more than enough money to drop the interest rate on the student loans. the. we can spend o it on tax breaks for the richest among us or that very same money. we have hundreds of thousands of people who are just trying to get a start. trying to make something of their lives. this kind of choice is a choice about our values. it's a statement of who we are as a people. the answer to that was easy. we make the investment in our kids and future. the answer is already out there and walked in with a whole bu

jp morgan in number three. citi falls down to fourth. that speaks to citi's global reach.nie: can i ask about the "other" category? in the u.s., 15%. fattery, other is a chunk of the total. alex: there are other big banks that are listed. they are little further down this year. still a decent amount of time. think about credit suisse, ubs, not just the, boutiques that make up the other category. then you get your livelazars evercorps. vonnie: there will be a lot of annoyance that citi has risen -- alex: as long as you don't work at citi. vonnie: is it luck of the draw? alex: they have a good health care practice, and also the surprises the intel mobilize deal. i spoke with bankers at other firms, and they were surprised that citi landed advising intel. citi not really known for its tech practices. it is known for medical instruments and health care. i think they had strong relationships at intel. they often work with bigger banks. gohaps, this was citi's around, but i think they have strong ties to that company. it is a credit to some of their hastionships that citi built.

yousef: next on "best of bloomberg markets: middle east," jp morgan ceo for middle east, turkey, anda gives us his outlook on the region. >> it is 12:30 here in hong kong>>, i am deborah mao with an update of our top stories. indonesia's economy expanded last 10 forecast. the economists were expecting by .1%. the biggest economy has underperformed in recent years on the back of weaker commodity prices. a republican bill to replace obamacare has staggered to the house, and now goes to the senate, where it seems to have little chance of passing in its current form. causeicans are wary could millions to lose insurance. the president said that obamacare is essentially dead. catastrophe,n a and this is a great plan. i think it will get even better, and this is a repeal and a replace of obamacare. make no mistake about it. aviation enters a new era, with the maiden flight of a plane made in china. it is scheduled to take off at 2:00 p.m. from qinghai, as china tries to bring the stranglehold airbus and boeing has on the passenger jet market. global news, 24 hours a day, powered by more tha

according to a person familiar, the banks includlocal units of nk of america, jp morgan, barclays, citigrouporities investigating whether or nothe parties coordinated is a price -- suppressed prices and increase yields. no one is commenting. steps todss taking shore up sagging stock prices and boost profits. its will cut about 10% of global workforce. salaried workers will make up the majority. that is your latest bloomberg business flash. vonnie: once again, we are awaiting national security adviser general mcmaster set to hold a press briefing at 11:30 eastern. we will bring you that live. this is bloomberg. ♪ vonnie: we are awaiting general mcmaster. he will be holding the press briefing. we will be bringing that live in he was originally going to give it a long sean spicer to talk about foreign trip. he is moving it earlier. solor as we know, it is a press briefing. mcmaster told reporters last night that the reporter -- report was false. he was referring to the washington post work. while we wait for general mcmaster, let's get back to the white house. what are we expecting from h.r. mc

guest: huge financial backing one was associated with jp morgan. and had a huge fortune. they had a husband and wife team. host: not unlike today when a lot of these magazines have millionaire backers? guest: like jeff davis. host: and "the weekly standard" and all the web sites. guest: "the new republic" was never intended to be a profit-making enterprise. crowley knew the magazine was going to lose money. host: go back to robert valentine because it was so important to your book, when you started reading in the -- did you have to go up to massachusetts? >> great place to do research. beautiful building. host: what year did you go up there, do you remember the year? guest: 2010, 2011. host: did you have pull run of the boxes? guest: i had enough of the correspondence. i had all this correspondence not only between valentine and his wife and frankfurter was writing valentine's wife. and one of the original members of the house were writing. and they were all writing letters and frankfurter was writing valentine when valentine wasn't in the house. i had correspondence of t

bank of america, jp morgan are on pace for the worst day since march 31.gan on pace for its worst day since the middle of january. compassanalysts at point research saying that with the and certainly in d.c., whether or not president trump will be able to pass tax reform, that the rally them banks could reverse. until last week, financials had been the top sector out of the elections, suggesting we are seeing an entire reversal of the trump trade. look at volatility, a big story. this is g #btv 4979. in blue is the vix. purple is an fx vix. white is a bond vix. all falling out of the election. on this new round of drama in d.c., we see a big move up except for the bond index. investors are going towards those bonds. and what might be next for stocks relative to volatility? a one-yearbtv 8664, chart of the vix. volatility has dropped. but today, the vix is above that 200-day moving average. this is called an island reversal, suggesting the vix will go back up to 16, possibly 20. that would tell us we will probably see a stock selloff continue. that will mak

>> jp morgan is another one.ook where the hiring is. >> people want to work in the white house. >> when we come back, president trump ready to unveil what could be the most lucrative arms deal in american history. ian bremer weighs in as "squawk alley" returns. i joined the army in july of '98. our 18 year old was in an accident. when i call usaa it was that voice asking me, "is your daughter ok?" that's where i felt relief. we're the rivera family, and we will be with usaa for life. some build walls to keep people out. but these are walls that welcome you in. within these walls, california's educators create safe places for every student to learn and grow. where teachers open minds to history... unleash creativity... and show our kids the future. some build walls to divide us. but the california teachers association knows these are walls that bring us together. because quality public schools build a better california for all of us. >>> good morning, everyone. i'm sue herera. anthony weiner, pleading guilty in a

here we have this concern once again being highlighted at jp morgan.ss on thing, on banks, how long does the trend last? >> mine is the internet and what they call the mem of the day, which is covfefe. i think the president should own it and say it was a told covfefe. i think it is going to come like the world smurf, going to mean everything. so covfee for watching "power lunch" everybody. let's go get some covfefe. >> hi, everybody. welcome to "closing bell" on this wednesday. i'm kelly evans at the new york stock exchange. >> i'm mike santoli in for bill griffeth today. is everybody afraid of amazon? seems like it. telling cnbc amazon is scary right now. find out why coming up. >> cole is saying it is the most more -- anyway, we'll talk about it. hillary clinton will be interviewed in just a few minutes at the same conference out in

they marched to jp morgan, tried to block the entrance there. more of a financial piece to that.rotesting what they call the corporate backers of hate. that would be wells fargo and jp morgan for making loans to ice to build detention centers and for private prisons. so a big day of protest as i said, neil. this is the -- this is where it all started. it was a square about -- oh, i don't know. a mile or so from here off to the east hay market square. big rally, big bomb went off there. we hope that doesn't happen today in chicago. neil: yeah, also the protest for leash. remember that americans, workers were entitled to that. >> eight hours of leash. eight hours of work and eight hours of sleep. >> all right. thank you, my friend. always good stuff. all right. you know, when you look at what the president wants to do on tax cuts and all, a lot of people even in his own party saying you know what? we like a lot of these efforts. we like the substantial nature of the tax cuts, and we think the president will fight tooth and nail to make sure. then that budget agreement to keep the t

events that happened in the united states in 1915 and 1916 including the attempted assassination of jp morgan, a bomb put in the vice president's office in the capitol building by that same person, two diplomats were pushed out, and the last chancellor of germany, and the detonation in new jersey which was then the worst act of terrorism in united states history only surpassed by the act of september 11th. there are claims they were trying to buy newspapers. there were allegations to prove there is no new idea there is allegations the germans were trying to rig the elections and they were behind pancho villa's raid in 1916. there is a wonderful cops and robbers story about falling a sleep on the elevated train line, woke up and realized he was at the wrong stop and jummed out of the elevated card and the american secret service agent trailing him grabbed his brute case and is running down the detroit with his gun trying to flag down a taxi and the papers show the german government voufb involvement to disrupt the american industry. the u.s. government for reasons i would be happy to talk abou

jp morgan down 4%. big moves for these stocks. investors worried that the agenda won't come through, we won't get tax reform, regulatory reform. apple down. 3.4%. big moves for stocks that normally wouldn't see this kind of action. dupont down 3.2%. american express down 2.3. boeing down 2.1. what is interesting about this sell-off, started very orderly. no panic selling. volume turned out to be lighter than usual. at 2:48 in the afternoon, 354 pounds lost on the dow. the fear index now for stocks at a four-week high after achieving a low of -- a ten-year low last week. ten year treasury yields as people are flocking for security and safety and moved into gold, which is up 2,250 as people opt into the safety measures. we went on the streets to see what people say about the sell off. are they worried? this is what they told us. >> i think people are concerned about the presidency and a lot of optimism after he got elected. >> we've had a 20 purse run up in the last year. this is like a 1% pull back? it's absolutely nothing at all.

stotesbury was a prominent philadelphian back in the day, william stotesbury from jp morgan and company money guy. >> that william stotesbury. >> okay. >> here we go. >> the reason we can joke about this hiss is because this gas line, it is natural gas, being spewed in cherry hill, it seems to disperse pretty quickly and fairly opened area here. there is no, hopefully no risk of explosion. >> you can actually see it earlier this morning, coming out. >> i think steve has gotten close enough, hopefully with the mask on this time to hear it, listen. >> reporter: well, we have good news. we will use eyes, ears and dose of good old common sense which i always say is in short supply in tv news. we don't hear hissing, we don't smell the natural gas and we see guys all gathered around. two guys that had mask on are taking a break. you can see the guy getting out, we watched and then now he hears me talk bit perfectly on coup for us. so great work. this video that we are returning now to this gas main burst is four hours old. so this happened sometime before 3:00 a.m. that is when we got here. w

in terms of individual stocks, johnson & johnson upgraded at jp morgan to overweight, seeing an acceleration in the second half. cisco also in a fitting from an analyst upgrade ahead of the company's earnings report on wednesday. nvidia continue to gain following its earnings report, its price target raised that goldman sachs. the best percentage gain in the qorvo.0 is quite lo it is a reminder to watch those filings. they are just a snapshot of what fund managers held, sometimes stocks move, sometimes they don't, and in this case they did. we will continue to keep an eye on that one. ,.s. stocks keep melting higher ignoring the latest chatter out of washington. earlier today, the blackrock cio for fixed income discussed how trump's rhetoric on protectionism has not really come to pass. exports, including chinese exports into the u.s., pretty impressive. we have not seen any initiatives. others willand continue to work on bilateral agreements come in and around nafta and tpp. better tradeint of packages for the u.s. trade has been impressive to say the least. >> is the president having his c

i mean jp morgan down this much, i'm getting tempted. what can i say?bull market somewhere. i promise to try to find it for you right here on "mad money." i'm jim cramer and i will see you tomorrow! >> welcome to the, where entrepreneurs seeking ane, investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪ he's hoping to whet the sharks' appetite with his idea. hello, sharks. my name is les cookson. my product is the carsik bib. i am seeking a $30,000 investment in exchange for 15% of my company. now just imagine for a minute, that you're driving down the street with your beautiful little child here

jp morgan up nearly 400 percent. think of bank of america down about 50. one of the few bright spots today is target among all of this. target up one and a third%. they are beating earnings expectations into raising the profit forecast for the year a bright spot today. let's take a life look at airport -- air force one. at the coast guard academy these as news breaking the president will be meeting with full -- for potential candidates. this unfolding as present trump faces an alleged bombshell. the president ask the former fbi director back in february to end the federal investigation into the former national security advisor. it not only sparks questions about whether they try to obstruct the justice system by adding to the pylon effects. with the latest meeting with the russian diplomats. blake burman is a big busy guy these days. in two big pieces of news from the white house press secretary. as he just briefed reporters. coming to the white house here within minutes we believe meeting with the present trump throughout the afternoon will be for candida

it just shows you how golden man sacks, jp morgan chase and others have done well.perhaps makes it more difficult to argue in favor of getting rid of dodd frank. >> the reason they rally so much is they know that trump is going to get rid of dodd frank. >> some say it hasn't taken place though right? hasn't taken hold of these banks. >> it is complicated. >> it is indeed. >> as is everything in d.c. these days. so what constitutes a successful trip for president trump? this all in the wake of a rough week here at home. a live report from saw day rab i can't next. -- from saudi arabia next. "how to win at business." step one: point decisively with the arm of your glasses. abracadabra. the stage is yours. step two: choose la quinta. the only hotel where you can redeem loyalty points for a free night-instantly and win at business. [fbi agent] you're a brave man, your testimony will save lives. mr. stevens? this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances. when this bell rings... ...

advisor, the executives speaking at the jp morgan conference yesterday, warning of a deceleration invisor growth.ck-based revenue similar to what has been made of in the past, but they got specific and shares were down 4.5%. glencore has had to made a takeover approach for bunge, according to a person with knowledge of the situation. bunge shares jumping on the news. how exciting. what a difference 18 months makes for glencore. back tou cast your mind september of 2015, going into early 2016, glencore was in a really tight spot. the debt was being sold off. real concerns there, there was a going concern that they had this debt load, they had taken on too much from estrada. there was real concern as to whether they could keep going. if preceded the success of 12 months, 18 months. they mostly delivered on the cost-cutting plan, selling off non-core assets. they had a deal where they sold 49%, giving them a new balance sheet. the blast was this excellent profile this month in which they publish the agricultural unit at glencore, under some. -- it was unsung. they wanted to buy assets i

they include local units of bankamerica jpmorgan -- bank of america, jp morgan -- authorities are investigating the parties coordinated to increase yields. the finance affiliate of alibaba made the decision after losing ground in china's digital payments market. ant financial wants to improve performance before its filing. it was valued at $60 billion last year and. managed to escape the problems that have plagued other american retailers. first order profit beat estimates and the company raised its full-year outlook. home depot keeps benefiting from rising home prices. that is your business flash update. julia: coming up, ford is said to be shrinking its global workforce. targeting salaried workers. we will give you all the details, next. from new york, this is bloomberg. ♪ julia: this is "bloomberg markets." i'm julia chatterley. scarlet: i'm so it through. 40 is -- i'm scarlet fu. ford is shrinking its workforce by 10%. part of an effort to boost profit and a lagging stock price. keep, talk about the timing of this. -- keith, talk about the timing of this. is this in response to the slowdown

one of the reasons you didn't see jp morgan and morgan stanley and goldman sachs as the counterpart totrump organization, we know deutsch has been willing to do business with more unsavory partners in countries that other banks weren't, so at the end of the day, couldn't we look at this after looking under the hood and say this is how deutsch operates. they may have lent to president trump and gotten the money or offset it with a bunch of european investors those who wouldn't necessarily do business with other banks? >> that's entirely true and look we do know a lot about, you know, deutsch bank's moscow operations, for example, between 2012 and 2014. it has a new ceo. it's clamped down a bit. if we go back to the money that donald trump owes deutsch bank, looks like about $300 million, it's at a rate that's sort of below prime. 75 basis point below prime. that's fascinating to me. this is somebody, donald trump, so toxic to other banks they won't come up with a price for him to borrow money. they just won't lend it to him. so if deutsch bank is saying we're going to lend you this and

thing were algorithms not people at all and that was receny fide when sension being said why is jp morganown, there's no way he's going to do that. we see the cycle play out with just about everything and what wall street is, what the market is, more importantly, is a discounting mechanism and when i say the market, 100 million people, very smart people, and they quickly realize oh, okay, he goes to wisconsin, he meets with the dairy farmer, the next thing you know we're in a trade war with canada over milk. then, you know, he talks to the president of china, and oh, it turns out north korea is a little more complicated, so people understand this is the way things work in the president's mind and their e'okay with it at this point and come to realize not everything that should quote/unquote be looked into is going to be looked into. and not every single tweet is going to carry with it some sort of action. so the pharmaceutical executives are breathing easier, the bank executives are breathing easier and this is the way things typically go with the street. the reaction and subsequent react

for example jp morgan banks to grow to the size that they are.ess news this afternoon... the steel company, liberty house, is to create an extra 300 steel jobs liberty house, is to create an extra 300 steeljobs in south yorkshire. the new jobs 300 steeljobs in south yorkshire. the newjobs come on top of the 1,700 it said it would create in february. the move comes as the firm com pletes february. the move comes as the firm completes its purchase of tata steel's speciality steels division for £100 million. online delivery firm just eat says sales rose a6%t to almost £120 million in the three months to march 31, with uk orders up 17%. the figure would have been higher except for an early easter and one day less of trading because of the leap year. housebuilder bovis homes says it's made "clear progress" in addressing customer complaints over the poor quality of its properties. the kent—based firm has had a challenging year — its been subject to two failed takeover bids from redrow and galliford try. before we go, let's take a quick look at the mark

specifically goldman sachs and jp morgan. he say listen, we need these policies.eet has been fairly happy about the move that he has made so far. we've been very focused and looking at the situation. when you look at this disgruntlement against the fbi director i think it can happen one way or another. the way it happened has sort of rattled a lot of people and it will come back to haunt him and it will lead to instability in many different areas politically and on the economic front. this is a rash move that we saw last night. we don't know exactly why this action was taken at this particular moment. >> everybody agrees that it was can happen to your point. is it as important to exactly when and let's face it just last week the idea that he said there were hundreds maybe thousands of e-mails sent and there was really a few of them. every time he opened his mouth he compounded the problem. once you have insane is time for this got ago wasn't that the perfect opportunity to pull the plug. there were mixed messages that came out. >> the letter that came out from the

so jp morgan was $93 beginning of march.ou see it down today, and of course 10-year bond yields lowest in a month. other high beta names, for example commodity stocks were very active today. semi conductor stocks like micron and broadcom active today. dollar hit a new low since the election, that helped in commodities but didn't help commodity stocks at all. transports had a rough day but very similar circumstance, naysayers says the transports topped out several months ago as well. you see here hitting new lows for the year. low volatility names survived today, generally defensive names, colgate, proctor & gamble, coca-cola. all had fractional gains. overall, what happens tomorrow and interest in buying on the dip. we hear about people very interest in buying, 5% down so they can buy more. they're not excited about buying up here. let's see what happens in the next couple of days. >> see if they take 2% or 3% down or miss it. bob thank you very much. time now for cnbc update with sue herera. >> hi, kelly. here is what is ha

the law was repealed in 1999 which created the too big to fail banks like citi group and jp morgan chase that got so large. since then, there have been many proposals including my own bipartisan bill with senators mccain, can't well and cain for a 21st century glass steagall that would break up the banks and modernize the wall between commercial banking and investment banking. now i want to look at the history of this. the president and this administration have said repeatedly that they support a 21st century glass steagall. it was in the republican party platform. donald trump said it specifically a few weeks before the election. you said, quote, we need a 21st century glass steagall at your confirmation hearing. and now you have just said exactly the opposite. you know n the past few months, you and the president have had a number of meetings with big banks ceos and lobbyists, is that the reason for reversal on glass steagall? >> no, not at all. there wasn't a reversal. >> that wasn't a reversal. >> let me explain. the republican platform did have glass steagall. we during the campaign

jp morgan does not see him obtaining a majority there.e have to look to french bonds as well when they start trading on money for a gauge of that risk on sentiment. he saw the gap between the french and german 10 year yields narrowing in the lead up to the vote. that premium really falling to a 2017 low ahead of that, but that narrowing may slope it when it comes to asian reaction, we have japan coming back online. we may get more of a sense given that liquidity will come into the picture. japanese markets looking at a stronger start after that break, but shares in south korea at looking at a weaker open. we are on the eve of their presidential election on tuesday. >> quite a bit of catching up to do for japan. thank you. let's look at first word news. rosalind: chancellor angela merkel's christian democrats have defeated the income and social democrat in northern germany. is gaininghe momentum ahead of the election. the victory also gives the cdu a lift in germany's most populist state. it is seen as the main bellwether before the nation

naazdaq and jp morgan has a turn. the rest of the financials outside of banks doing less well.ip size, disney, home depot united, health seeing the best losses. disney down, tech in the red, utilities leading the way. risk off nature off today. it's the fourth day of gains in the row for them. >> getting you caution up on the deadly suicide bombing in england. this death count risen to 22, 59 people counted as wounded some relife threatening injuries, others remaining missing. isis claimed the bombing. police arrested another 23-year-old male in connection with the attack. >>> the s rt retailing fall more than 20% today. phil lebeau looking at the auto part sector. phil we'll kick it off with you. >> melissa, let's take a look at what happened with auto zone this morning. this was a company that missed the quarterly earnings report and missed by a wide margin. there you see the final results coming in at 1144 well below the $12 estimate. as for rev, lower than expected. what's going on with autoson, the company said delayed tack return hurt sales in the quarter. spring sales we

tiger management took a new stake in jp morgan, but decreased position in bank of america and dissolvedgroup. they called both citi and bva and a stake in morgan stanley. we look forward to more filings of berkshirehathaway, and persing square, guys? >> big news from value act this afternoon. it's not about the stock picks this time. >> it's not. it's about a change in management there. jeff ubben, fearless leader for years now, decided to step down from the day-to-day oversight of the investments and handed reigns to mason who will be cio in july. that's according to reports in the financial times and dow jones, and it's interesting because we heard jeff ubbens speak at a roiter roiter -- rio ease, and said this is a young man's game. >> i was surprised, lely, thank you. what do you think of it? >> seems from the excerpts of the letter i saw, seems orderly. about cultivating the next generation of leadership, not about performance or anything else. i don't think -- i think it's a challenge for a lot of hedge funds, a lot of partnerships to goat to the next generation. they really are f

matt boss, retail analyst with jp morgan chase.r one ranked retail analysts by institutional invest every he has a neutral rating on both macy's and kohl's. matt, i am going to start with you. listen, stocks at a seven-year low. now trading just over eight times forward earnings. here is the thing we always heard about macy's and perhaps why may may get a bid about it the rumors about it. retail, their actual physical locations of real estate have value. at what point does this stock stop falling because investors realize it will start trading at the value of its real estate and the retail business effectively you'll get for nothing? >> look, it's a great question. what i would say, i do not think the department store sector is yet at a bottom. we put a piece out on monday, actually talking about square footage in the u.s. and how overstored we are versus the rest of the world. we think there's a 25% cut that still needs to happen to the overall shopping center retail. that actually would imply nearly a 50% cut to the department st

stocks like bank of america, jp morgan, wells fargo, are going to be the ones that we think are goingt. jonathan: let's wrap things up quickly. 2350 is the year and target. why the competitive is him? relative to the expectations on the street? >> well, we have a process and a discipline. we have long-standing models that have been expressly accurate with respect to the market. we don't raise our numbers just because the stock market goes up. the majority of our competitors raise their numbers in january and february. we have been kind of treading water here as of late. on a near-term basis, we are headed into a seasonal period where things are slowing down. we will raise our numbers of the fundamentals dictate. if we get a full back from the markets and it is going to accelerate into 2018 then we will raise our numbers. at this point we don't know it yet. jonathan: it is so nice. belski, bmo capital markets. looking forward to the conversation coming up on this program. soft versus hard data. after a week of divergence, preparing for a slew of economic reports coming this friday. lat

banks, the law was repealed in 1999, which created the too big to fail bank like citi group and jp morgan chase got too large and since then there have been many proposals, including my own bill with senators cantwell and mccain for a 20th century glass-steagall that would break up the banks and modernize the wall between commercial banking and investment banking. now, i look at the history of this. the president and this administration have said repeatedly that they support a 21st century glass-steagall. it was in republican party platform. donald trump said it specifically a few weeks before the election. you said, quote, we need a 21st century glass-steagall at your confirmation hearing. and now, you've just said exactly the opposite. in the past few months, you and the president have had a number of meetings with big banks, ceos and lobbyists. is that the reason for the reversal on glass-steagall? mr. mnuchin: no, not at all. there actually wasn't a reversal. senator warren: that wasn't a reversal? mr. mnuchin: no. let me just explain. senator warren: i'm ready. mr. mnuchin: the repub

at 10 :00, jp morgan holds its annual shareholders meeting in wilmington, delaware. at 11:30, the u.s. treasuries will sell for $5 billion in four-week bills. back to our top story about what president trump did or did not say to the russian foreign minister last week and whether put national security at risk. reportedington post" information that trump disclose information with the russian foreign minister last week and subsequently "the times" follow that story. our national security adviser h.r. mcmaster said that he did not disclose sources or methods. >> the story that came out tonight as reported is false. the president and the foreign minister even reviewed a range of common threats, including threats to civil aviation. at no time, at no time, where intelligence sources or methods discussed. and the president did not disclose any military operations that were not already publicly known. david: joining us now is our chief washington correspondent, kevin cirilli, and marty shanker, both in washington. what do we know about what actually happened in the oval offi

investment banks, the law was repealed in 1999 which created the too big to fail bank like citi group and jp morganse got too large and since then there have been many proposals including my own bill with senators cantwell and mccain for a 20th century glass/steagall that would break up the banks and modernize the wall between commercial banking and investment banking. now, i look at the history of this, the president and this administration have said repeatedly that they support a 21st century glass/steagall. it was in republican party platform. donald trump said it specifically a few weeks before the election. you said, quote, we need a 21st century glass/steagall at your confirmation hearing. and now you've just said exactly the opposite. in the past few months you and president have had a number of meetings with big banks, ceos and lobbyists. is that the reason for the reversal on glass/steagall? >> no, not at all. there actually wasn't a reversal. >> that wasn't a reversal? >> no. let me just explain. >> i'm ready. >> republican platform did have glass/steagall. we during the campaign and i ha

we have jp morgan, bank of america, citigroup, and wells fargo all trading lower.ut of the election until last week. we started to see a reversal from those march, early march highs. divee see the banks die again. where is the volatility? this is a long-term chart. in white, we have the "fear gauge." we see record lows. in blue, the uncertainty index. it has been near its record high. higher. to taktick perhaps now we are starting to see a little bit of catch up. time will tell. alix: you so much. still with us is savita and michael. industrials all off by 1%. the vix really jumping. what is the followthrough? michael: will this be sustained? that is the key issue.a perfect example, we are down about 80 basis points . this will give you the time this year the market will close down more than 50 basis points. we have only close down more than 50 basis points 4% of the time as opposed to integrate years, it is 20% of the time. we have had is low volatility environment. thesthis type of news and headlines will shake things up. alix: well below the five-year average of