what we have to do to get jp morgan? [laughter] >> you did a good thing right from the start because you elected larry hogan. when you're a company you want to go to places where you're welcome, they listen to you, you have an open conversation to make it better. we have a great relationship with most of the states here. delaware, utah, you name it. it literally is to be consistent. world, to go around the if governments are inconsistent you tend to stay away. i think a lot of our audience would like to hear about this. the american public today is deeply divided along political navigate you have to through the court of public opinion, you've to hunt 50,000 employees in a private enterprise. how do you approach a collaboration and cooperation with the government in such a polarized time? is the most important thing to me. i have three daughters and four granddaughters. next most important thing is the united states of america. it is still the shining city on the hill. if you don't believe me, spend a couple of weeks on t

. >> and jp morgan's joyce chang joins us nasdaq is slightly in the red. that dip an hour ago wasn't so much off the fed minutes but rather due to that brief headline about possible tariffs on the eu. we shrugged that off again and are not too far off the highs of the session. sara has an interview with the ceo of kimberly clark in ten, 15 minutes time sara >> good afternoon, wilfred and morgan yes, i'm here in dallas. kimberly clark is hosting a leadership meeting and the brand new ceo will open up to us exclusively his first interview since becoming ceo we'll talk about everything from the brands like kleenex and huggies diapers, which ones need a turn around and what's really going on with pricing as far as what's being passed on to the u.s. consumer and inflation, macroeconomic environment and a lot more i'll see you in a few moments. >> we are looking forward to it, sara, thank you. we'll see you in a few minutes let's get right to, speaking of, the fed minutes that came out last hour. steve liesman is in washington with the latest. hey, steve. >> hey

you'll know this better than i will bank of america, jp morgan, wells fargo, citi, and i'm thinking what's our fifth, right before you hit -- >> by assets, it will drop out pnc would be above those -- would come gr before the goldman sachs, and this will now become number six >> the question is whether this is going to pressauj a larger dome notice effect we've been waiting for a decade, frankly, since the financial crisis, for. >> there would have to be a sweet spot due to size it is sort of this sort of market cap, this sort of assets that can merge, and a lot of analysts had been predicting a wave of regional bank consolidation, and here we are bb & t -- >> this is in the sweet spot recently we've seen the changes. the toughest regulatory hurdles exist if you are over $700 billion in assets. the combined number i'm seeing is 450 this has been permitted by change in the last couple of years. in terms of we've been waiting for this to happen for a long time, and this really makes obvious sense, and people are talking about will it come, will it come, but i would also say this has been tot

. >> from cnbc jp morgan rolling out the first crypto currency backed by a u.s. bank.e's what's happening, guys. companies engineers have created what's called the jpm coin it's a digital token that will be used to instantly settle transactions between clients of the wholesale payment business only the bank's big snusal clients who have completed regulatory checks will be able to use this token. the value of the token is fixed. that's important we'll talk about that in just a second each coin is redeemable for a single u.s. dollar you remember -- you may remember jp morgan's ceo, jaime dimon has bashed bitcoin he called it at one point a fraud. he and other managers have consistently said block chain, though, and regulated digital currencies did hold some promise. let's show you what dimon said back in october of 2017. >> i could care less about bitcoin. i don't know why i said anything about it the block chain is a technology, which is a good technology we use it. it will be used for a lot of different things god bless block chain. crypto currencies and digital curren

jp morgan said recently, emaar accommodative cents -- a more accommodative sense, morgan -- ,> if you look at what the fed if they want to engineer anything it will be a soft landing last year around this time we were looking up to four interest rate hikes, and now they say it might be zero. that gives you some support for credit markets. >> i think this cycle could go on longer. if they accommodate the cycle it will continue. if the fed will be more easy, a , this cycleamework could continue for a while. jonathan: 400 basis points, on high-yield, is that too type? those are not terrible returns in the environment. you have had a backup in yields and spreads over the last couple years. our message, you have to get indit risk with duration your portfolio. if you are wrong and we come off the rails, jonathan: the statements make people nervous. tight?eads too >> yes, in terms of the cycle and onthe the monetary side having to deal it is way, way, way too tight. see in terms of the balance sheets with some of these companies, it is horrible on a cyclically adjusted basis. this is a story

jp morgan investor day gets underway in new york city. they will lay out their 2019 guidance for analysts. then we get building permits for the month of december. then jay powell testifies before the senate banking committee. at 1:00 this afternoon, the u.s. treasury will sell seven year notes. now, time for bloomberg first take. we are joined by peggy collins and the bloomberg cross asset reported. let's start with brexit. saying again may and again we are not going to delight, now, she is saying maybe we will delay. the pound shot up against the dollar. peggy: this is a last-ditch effort in terms of trying to keep her own party together. there is some consensus in europe that this could be a good thing. do they delay to the end of this 2020?r to the end of it's a lot better than talking about the possibility of a no deal brexit. in the end, it all works out for a net positive. what strikes me is how much this plays into the possibility of a china reflation, dollar down story. 6:15, we are getting all these brexit headlines and rumors, t

jp morgan at 3.2 trillion.l we get some indication from these minutes about where the endpoint as? michael: i don't think so. we are getting closer to the endpoint because they have formalized their monetary policy regime, to keep going the way they are going on the top of interest rate reserves -- if you do that, you need more excess reserves. they will have an elevated level, it's a question of how much. suggest recent surveys about $1 trillion in excess reserves. that about $2 trillion of excess reserves -- then you are to $3.5at $3 trillion trillion. the fed is reducing their maturities as they come off. that is a month by month thing. it will take a while for them to get to the level they are looking at. david: some people say it should be a larger balance sheet. you have to discount it for how large the economy is. sebastian: it's important for the fed to have a large balance sheet, better control of the interest-rate policy. we don't have a lot of buffer in the u.s. real rates are at .5%. it would be unu

well, today's losses come as jp morgan analysts are urging investors to curb some of their enthusiasmade negotiations, saying the extension to the deadline was a foregone conclusion. at this point, though, sally, the announcement was the clearest sign yet both countries are closing in on a deal to end a months long trade war that has basically slowed global growth and disrupted markets. but investors say a sticking point between both sides is enforcing this deal. washington wa nts a enforcing this deal. washington wants a strong mechanism to ensure the chinese reform commitments are followed through to completion, while beijing insists on what it calls a fair while beijing insists on what it callsafairand while beijing insists on what it calls a fair and objective deal, so investors are still waiting and watching how this will all play out over the next week or so. thank you, for now. standard chartered has announced profits ofjust over $2.5 billion for 2018, which is 5.5% higher than a year earlier. the bank has a huge presence in emerging markets such as asia, africa and the middle

of jp morgans management staying with us.litical tensions a hot topic at the security conference. this is bloomberg. ♪ anna: this is "bloomberg markets ," a special edition for this u.s. markets holiday. headlines surrounding norwegian air, low-cost aviation business here in europe that had been rapidly expanding. somewhat troubled, and they decided to price an issue today. the norwegian air shares dropping as much is after they priced their issue of shares -- as much as 15% after they priced their issue of shares. another headline in the u.k. over the weekend of seeking assistance. leaders from the round the world are gathering for the annual munich security council. bloomberg's matt miller spoke to the german defense minister, and this is what she had to say. >> we came quite a long way. we have increased our budget by 36%, which is a lot, and we will 2024, the decade after wales. this will be a rise in the budget by 80%, but we know for our goal, we have to go to 2024. it,rter: how important is aside from what the u.s. wan

for example, jp morgan's jamie diamond has been a terrific incubator of talent, the legendary formerigroup ceo is the one who trained him eventually the relationship soured diamond ended up at gm and they became competitors bill belichick and bill parcels of the financial is there any. diamond tree has exploded. the ceo of barclays, frank who sold to pfizer, michael kavanaugh the ceo of comcast, the parent company of this network. that's impressive. the best executive tree i can think of descends from that of marc benioff, the visionary, founder, and ceo of salesforce.com they practically invented the software as a service model that has become so ubiquitous, and stock a long-term performer, another great move today by the way -- however, what you may not know is that marc benioff's got a real knack for fostering talent considering his grad school and what his attendants move on to other companies, they have a habits of delivering incredible performance for their investors as well. when it comes to benioff's executive tree, there are four main branches, first you have teen zoo, who w

bp got a downgrade by jp morgan. of how much oil will percolate.ollar stronger now, euro-dollar flat. i do want to point out to get beaten up last week, so the dollar rebounding today. btp the yield over in italy. at 17, offread down by 3/10 of 1%. it is like nothing is moving at the moment. david: they are waiting for the state of the union, don't you think? alix: there you go. the sectors to watch, we turn now to taylor riggs. taylor: i want to take a look at this sector since the election of president trump. it has been overall risk on rally tech. if we get anything from the stated the union, it will hit three key sectors. the first is trade. any conversation about mexico or are the sectors we are looking at, and if there is any suggestion on cam, look at many look atlike -- on chem, manufacturers like boeing. we also might get positive commentary on some of the retailers who have exposure in china. havesays china retailers started to look at more constructive discussions and continued momentum. ofada goose saying only 16% their revenue would co

plus apple matchmaker jp morgan thniwith a list of compaes at could get swooned by the tech giant muche "fast" still ahead but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. >>> long term expansion. also did give some color about different business units and segments talk about youtube said the number of youtube channels was more than 1 million subscribers nearly doubled in the last year. said the number of creators earning five or six figures grew year over year no big dramatic breakout of youtube. same kind of goes for the cloud business pichai saying it's fast growing, it was a multi-billion dollar business but no revenue run rate broken out there, even though analysts did press him on more stats and facts there. calling it one of the company's fastest growing businesses we know that business also has a new chief. thomas curian coming over from oracle he's taken over that business. >> thanks, josh. more on

jp morgan. thanks for joining us. your take-away from the stunning collapse of the talks. long-term market impact. >> good morning. hi there i would say in the near term it is driving sentiment, and as it should do. we are, you know, geopolitical risks, be it the north korean angle or india are, pakistan, or iran sanctions, for example. all of these things are important. we would see the longer term drivers to be things like the trade talks that we have with china, fundamental data earnings in the medium to long-term, we will be much more focused on the underlying economic fundamentals >> do you think this would change any of the underlying fundamentals, or is it more of a political story? i think it is definitely something to watch in terms of its impact on the balance of risks. down side risks have increased, and this adds to that. i would say it is important in that sense, but also the longevity of this tension is also another factor. as we've seen with trade talks, it as they elongated in terms of the timeline, it has fed through -- or seeped into the economic data. yo

bank corp., pnc, bank of new york melon, and jp morgan chase.erkshire dumped shares of wells fargo and united airlines as well it also dissolved its stake in oracle and decreased its holdings of apple stock. warren buffett's right-hand man charlie munger talking apple at an event yesterday in l.a. here's what he said. >> i don't know why apple stock is going up or down. i know enough about it, so i admire the place, but i don't know enough to have any big opinion about why it's going up or down recently part of our secret is that we don't attempt to know a lot of things we have -- i have a pile on my desk that solves most of my problems it's called the too hard pile, and i just keep shifting things to the too hard pile every once in a while an easy decision comes along, and i make it that's my system everything is the too hard pile except for a few easy decisions which i make promptly. >> i am going to develop a too hard pile, i think that might be a way that i can sort my life out we are going to hear much more from charlie munger coming up lat

has increasedaway their stake into jp morgan significantly. movers for the s&p 500, jp morgan is the top for the s&p 500. berkshire hathaway is increasing their position. texaco is up 2.5% on an $8 billion return. a risk to networks is up 10%. the cloud company is doing ok. they beat the numbers that were lowered. the last three stocks are nasdaq stocks. we are on a weekly winning streak for the three major avenues. the nasdaq is up eight weeks in a row. this is a big bull market trend. uptrend reversed last year. investors were trying to be claimant. it could suggest a best case scenario especially on bank stocks.- on faang reporter: thank you. one analyst is not convinced amazon is canceling plans to open a second headquarters in new york city. tom of the da davidson joins us now. a 2450 price target. overnight, did you change her mind? >> thank you for having me. i did not change my mind overnight. i am convinced this is amazon bluffing trying to get the government back to the table. reporter: you think it is a game where amazon is pretendi

shortly after 11:00, jp morgan chase and ceo jamie dimon on the intersection of public policy and the modern economy. on sunday, live coverage continues as governors look at the new u.s. mexico trade agreement. hutchinson discusses education policy. watch the national governments association live this weekend on c-span, c-span.org, or listen with the free c-span radio app. kimball.daryl what is the most important thing for the united states to consider and upcoming summit with north korea? guest: the window for the diplomatic rake through is not going to last forever. this is the second summit at state level. there has been an easing of tensions since the 2018 singapore summit but there has the planprogress on for denuclearization and freezing tensions moving towards a piece regime. with each side, demanding more than the other was willing to give in, which is the usual with diplomatic negotiations, the two sides finally on track, there have been working level meetings with the north advisor on korean issue. they are on track to reach an agreement on a framework for an action for acti

we'll hear from jp morgan chase ceo jamie dimon, then governor matt bevin and the first lady of louisiana. >> ladies and gentlemen, please welcome governor hogan, governor raimondo, and mr. jamie dimon. [ applause ] >> well, good morning, everyone. thank you all for being here. i hope everybody is enjoying the nga winter conference so far. i want to first of all begin by introducing my co-moderator and friend and colleague, the 75th governor of rhode island and the very first female governor in state history, governor gina remain on dou raimondo. >> thank you, good morning, everybody. >> in 2006, our special guest became the chairman of the board of jp morgan chase. he served as ceo and president since 2005. formerly served as president, chief operating officer. following jp morgan chase's merger with bank one corporation in 2004, at bank one he was chairman and chief executive officer. previously held numerous executive roles at citigroup, travelers group, commercial credit company, and american express. he's on the board of directors of harvard business school, chairman of the business

thanks jp morgan and goldman sachs lifted the dow jones up nearly one and a half percent. aeronautics group boeing also that index here in europe a positive close across the board auto stocks rallied sending the docks to a close up one point 9% purses get governments also up one point 8%. well the o one that's good for e business update when you have the closing word on wall street in forty five minutes time uncut thank you very much for that uncle that there was a look at the day's business use. we're gonna take a quick break stay with us more calm to sponsor me 02/15/19 02/15/19 [captioning made possible by democracy now!] amy: from washington, d.c., this is democracy now! >> i have just had an opportunity district to president trump, and i would say to all of my colleagues, he is prepared to sign the bill. he will also be issuing a nationonal emergency declaration at the same time. amy: as congress passes the government spending bill, including nearly $1.4

what was the other one, crypto currencies, jp morgan issuing their own? of ripple. jpmorgan says these big institutional movements of money, they say it is quicker and faster to use this block chain technology to move money. but massive, credible institution. could it be a move back into bitcoin and ripple in theory. the prices of these things have barely budge. not quite yet, keep watching this space. 0k, barely budge. not quite yet, keep watching this space. ok, thanks for coming in and have a good weekend. i hope you have a good weekend. that's it from business live today. there will be more business news throughout the day on the bbc live web page and on world business report. we'll see you again. even though we saw temperatures drop to minus three minus four in a few spots by the night, by day the sun is out for the vast majority and it will be another incredibly mild day for the stage in february. blue skies overhead for much of england, wales and scotland. the west of scotla nd wales and scotland. the west of scotland and northern ireland clouding

jp morgan earlier had been held up a little higher.actually come in a little bit more, 41%. value about $5 billion. getting a little bit of a boost. that being said, it was not just stocks.banking hedge fund did see the opportunity to buy not just jp morgan, but also jp -- bank of america and u.s. bank corp. stan druck and miller, what did he buy in the fourth quarter? what did his filings show? reporter: the highlights from the duquesne family office were also in the tech space, but they were more of by then sl -- buy than a sell. the big one here was microsoft adding to holdings, 31% up, value pushing $500 million. on the flipside, he got rid of most of his stake in alphabet. that was down by about 94%. still having a little bit of a stake, about $12 million. one interesting thing also in the tech space and mobility space is tesla, because mr. druck and miller saw some volatility that may be they would take advantage of. turns out they put about $100 million in put options on tesla. of course, you think the share .rices are going to

after 11:00 a.m., jp morgan on thend ceo intersection of public policy and the modern economy. sunday, live coverage continues at 9:00 eastern as governors look at the u.s./mexico trade agreement. at 11:45, governors discuss education policy. watch the governor's winter meeting live on c-span.org. or listen with the free c-span radio app. saturday on book tv, starting at noon, the 12th annual savannah book testable from savanna georgia. ans year's authors include author with everyman picking and -- aching and draws graber with his book, immunotherapy and the race to cure cancer. and sunday night, -- of the washington post recounts the 544 prison.iranian he is interviewed. >> you recounted that they and a lot of detail and it was terrible. >> we are arrested -- you are arrested at gunpoint. you had masked men. you were blindfolded and driven to one of the most torilla's prisons in the world and told you may well die in this place. that is bad. >> that is not as bad as it has gotten for me. dn that day, i still assume this would get worked out quickly. that the goal of these peop

we will also hear from jp morgan chase ceo jamie the economy. and the forum on state child welfare systems. the winter meeting, live saturday at 9:15 a.m. eastern on c-span. wax c-span, -- >> c-span, where history unfolds daily. in 1979, c-span was created as a public service by america's cable television companies. we continue to bring you unfiltered coverage of congress, the white house, supreme court, and public policy events and washington, d.c. and around the country. c-span is brought to you by your cable or satellite provider. in an hour, jeffrey rosen discusses president trump's emergency declaon

it is hard to tell. , seear a lot of rhetoric this at the big banks, but bank of america, jp morgan andls are gaining share in the core deposit is miss. that is the biggest proof. caroline: senior banking analyst allison williams, thank you. let's have a quick look at what is happening in terms of skechers. we are seeing shares moving after hours. this is a company that continues to be impressing on the upside. we saw earlier in the week they did well with numbers. first-quarter earnings per share 16.5%, estimates, rising 70% to 75% first-quarter earnings. a big beat their coming off the mattel -- there. whyssive plunge, looking at the benchmark was hit so much today. this is bloomberg. ♪ joe: libor plunge, staging its biggest day decline in a decade, sinking to 2.9%. here with more, the paper , what is the deal? reporter: if you look at it from mid december around the fed meeting, you started to see as the language got dovish, started to see the forward rate contracts, everything forward-looking start to price out rate hikes. libor had been coming down. and on top of that you have prim

emily: jp morgan thinks apple should buy sonos. >> i am working to make sure we are an individual successfuloing the right thing for consumers. emily: would you be open to a deal? >> myself and other board members would look at that and consider any offer from any company, but right now i am focused on making sure we are a successful money for the long-term. emily: tell us what you are seeing and what is plan b? been in china for a long time. every component is there. last week there was some noise that was incorrect about what we were doing. expansiond a global plan, and you want to be where your customers are. we thought about taking our supply chain outside of china, in addition to china, never leaving china but augmenting it. we accelerated those plans on the back of the tariff noise. emily: where are you taking the supply chain? spots, but of other we have a lot of customers in north america and europe, we want to be close to those locations. emily: have you seen impact on sales thanks to the trade war? >> we have not, we are in a good position. emily: what would the timeline be for mov

the drivers were going in and picking up the jp morgan people in the early morning hours. there were 100 people at both stands because of the delays. in the end people prefer the suv. have you determined the number of suvs? they like them for their luggage. as time goes by there'll be a greatly reduced number of cabs according to the consultant you hired that also works for uber and part of the plan to bring the supply to the city, there's nothing in the plan to help us get more fares. no cab stands, red lanes, nothing in the capital improvements budget. maybe i missed it but i didn't see it. you haven't looked at the statistics involving cab drivers. how many originate at the airport? zero. in case you haven't heard the streets of san francisco are not safe. cab drivers are there working in towns they're routinely assaulted and not being paid and. >> thank you >> mike spain. >> mr. spain, welcome back. nice to see you. >> i don't want to have to come back to this den of snakes. so on october 16, you basically couldn't revoke permits. you didn't have the votes so you hand

well, peleton has selected goldman sacks and jp morgan chase to lead their ipo.tablets that stream live fitness classes on a subscription basis. house intelligence committee chair adam schiff said he would take the department of justice to court over special counsel robert mueller's report on the russia investigation. he demanded its public release. >> we will obviously subpoena the report. we will bring bob mueller in to testify before congress. we will take it to court if necessary. we are going to share this information with the public and if the president is serious about all of his claims of exxon raiseexxoner raise, he should we the report. lauren: there are suggestions that the investigation could be wrapping up soon. nasa is so concerned about this ice shelf that is twice the size of new york city. scientists say it could soon break off from an antarctica. they say a break could put scientific research on the ice shelf at risk. imagine that, something the size of manhattan breaking off. susan: still ahead, the owner of the new england patriots could be ar

we're looking at the charts of the major banks, the players in the lending market, bank of america, jp morganthe world, visa, should these banks be concerned? we already are seeing these banks starting to clamp down on lending standards in small doses. will this be a bigger clamp-down? >> we go back to-i'm talking about the housing market, go back to 2008 and mortgage backed securities and subprime debt without the actual normal lending requirements that people had to actually have a job and all of those things. that was a little too late to the game. hopefully -- our debt is already 4 tril trillion dollars. we're already there. it's hard to verify these people after they already have the credit and they have to make the payments. what we have to do is get a china deal and let's goat this consumer sentiment continuing because we have -- america's the best place in the world to be for investment and capital. cheryl: did you say get a china deal? >> we need a china deal so we don't slow down. cheryl: i'm glad you brought that up. that's the bigger picture. i don't want to be debbie downer. ther

. >> you know, i put up with them recently inthe jp morgan conference i'm sticking by that bristol-myershas a lot of work it's a weird period in the ipo market it is clinical stage biotech are we done completely not john in north dakota john >> boo-yah, jim. >> boo-yah >> new residential invest comment e.ment corp. nrz. >> i do not recommend these residential mortgage related companies. i don't know what they own even though they could be very good companies, i got stick with what i do know and not recommend things that i don't. how about we go to kevin in massachusetts? kevin? >> good luck this weekend. i don't mind saying. that how can i help? >> yeah, appreciate it i just want to talk about boston beer company it is off the 52 week high >> beer is flat. beer is flat that's pretty funny. beer is flat i can't recommend anything in that category. i can tell you that diagio is really good. you know what? the sarah eyes eyes eisen. gri own. that diagio has game and that, ladies and gentlemen, that concludes the lightning round! >> the lightning round is sponsored by td ameritrade >>> merch

we will also hear from jp morgan chase chair and ceo jamie dimon on the economy and a forum on state child welfare system. the national governors association winter meeting. live coverage begins saturday at 9:15 a.m. eastern on c-span. >> c-span, where history unfolds daily. in 1979, c-span was created as a public service by america's cable television companies and today, we continue to bring you unfiltered coverage of congress, the white house, the supreme court, and public policy events in washington, d.c. and around the country.

. >> emily glaser is a reporter for the wall street journal where she now covers wells fargo and jp morgan chase for new york and los angeles. this has contributed to public and political backlash against banks with median actions and executive partners and business practices. the bank is lunch multiple publicity campaigns to regain the public's trust. the honorable judge rycroft has been a federal judge in the u.s. district court for the southern district of new york for more than 22 years. prior to joining the federal bench, this judge was a federal prosecutor in the u.s. attorney's office for the southern district of new york for seven years and then spent 16 years as a white-collar criminal defense lawyer for two large new york firms. he has been unusually outspoken for a judge and when he called a settlement between the sec and bank of america half-baked justice. we will continue to take questions following this from the audience . >> now please join me in thinking again and welcoming our distinguished panelists. [ applause ] >> i will start by engaging with the panelists and then we

. >>> meanwhile, jp morgan says beijing has been ineffective in attempts to revive its slowing economy to cnbc.com to find out more. >>> coming up ahead the governor of the bank of italy speaks out after the country is thrown into recession. stay with us do i use a toothpaste that whitens my teeth, or one that's good for my teeth? now i don't have to choose. from crest 3d white, the whitening therapy collection with new spearmint and peppermint oil. it gently whitens, plus it has a fortifying formula to protect your enamel. crest. healthy, beautiful smiles for life. snoex ♪ ♪ >>> welcome back to "street signs" i'm willem marx. >> i'm julianna tatelbaum, these are your headlines. >>> european equity markets trade mostly lower as china's services sector slows in january. >> julius baer falls to the bottom of the stock 600 after full year earnings miss expectations the ceo blames lower client activity >> the head winds in the markets will probably not go away very quickly, and therefore we decided to come up with a more strategic cost and also efficiency program the goal there is to take

. >> jp morgan's first quarter estimate just went to 1.5% for gdp. there is no cap x explosion going on now nor next month. >> steve liesman is here with us you've seen him on the wide shots. weigh in on what we talked about already. >> i want to say as a reporter i gave cap x one chance, two chances, three chances, four chances, five chances. it's disan pointed me over the past five months it's been negative if you want to call it the chart there on capital spending, you'll see it's been negative four of the last five months something's happened and jim lampb thol's theory of the case is not bad. josh's theory of the case is pretty good too, it was never going to really happen but jim's idea maybe it was the trade thing which there it is, guys i mean, i don't see a cap x moving there i see something of a blip in april, may, june and july a little bit but look what's happened four out of the last five months. new orders are down. this is capital goods x aircraft it doesn't include r&d spending which has done better. the software stuff this is the equ

. >> and jp morgan's joyce chang

jp morgan sees no change. growing chances that the u.s.nd china will resolve the trade dispute, and a weaker dollar. kallum pickering, senior economist, berenberg is with us this morning. op-ed writtene for bloomberg, it is said, scrap the dot plot. you need simpler communication. i put it to you if we scrap the dot polot, that can be treacherous. that can be a treacherous affair. the problem with the dot polot, no matter -- the dot plot, they are the voucher confidence. even if you have trend growth over the next two your pricing by the fed, and continuing to expect rate hikes, it casts a ray of the uncertainty that the fed comes up with state contingent guidance which is, so long as this happens, then we will hike interest rates, or keep them the same, or we may cut them. you mentioned the bank of england that had that weird employment-unemployment commitment that was a little teething problem that the fed can learn from. the fed should probably try to soften its tone a little to help markets out. say, if growth remains above trend, if w

jp morgan and morgan stanley are picked for a possible initial public offering of asian operations.t could be one of the biggest sales this year. it could be considering hong kong as a venue. a final decision has not been made. an ipo could raise more than 5 million u.s. dollars. asian sharely three sales top that last year. wall street firms are preparing to lobby china for changes that would make it easier to short stocks. societe generale says it is among the banks seeking a -- relaxation of rules. bloomberg citigroup and morgan stanley are also pushing for the changes. that is your bloomberg business flash. anna: thank you very much. let's stick with the business news. ryanair cannot rule out further europe'suidance as largest local airline sees a slump in shares amid ongoing brexit uncertainty. the ceo told bloomberg's shareholders may lose voting rights in the event of a no deal divorce. have to beairlines majority by eu nationals. we have a strategy which will enable us to retain that in the event of a hard brexit. what that will involve is that our non-eu shareholders, of wh

month and a half all the waengs names have done strerdly well, most of them with the exception of jp morgan are in a pretty defined downtrend from the beginning of 2018. i think what we see is like what we have seen before, seeing a bounce off the oversold condition preponderate banks banks like citi make lower lows and lower highs. that's what we see i've been wrong directionally with the broader market but if you look for the banks to take us out, i think this is where they roll over. >> in terms of the axe today in grasso the action in the cyclical does this tell you it's china trade hopes. >> it's china trade on industrials. >> um-hum. >> china trade on easterlies. >> what's the shutdown is there anything in the rally. >> i think thaegt both within the rally but i think we're ready to roll over industrials can reach a i will will further but the other two i think are ready to roll almost immediately. >> go ahead. >> oh, i thought. >> go aheading with, karen ladies first that's how i roll. >> i think the rally for me it's more about trade i think if we don't come -- if we don't avoid a s

jp morgan singh we will fund you. a rival -- a direct competitor, reducing the competition for bank of america. risk point.stemic what happens if the financial system deteriorates at the same time? what sort of exposure does bank of america have if they have this $1.4 billion loan out to an investor? of calls has all kinds and derivatives and things like that, which may increase the volatility. alix: i thought bank of america didn't like risk. brian moynihan said he wanted to take more risk. sachs pulled back from a tesla loan because it was too risky. agreemente is this among bankers not to go after each other. this is in direct violation of that. david: we don't do that to other banks. wins,if bank of america maybe others will do this. alix: bnp winning a dismissal suit. -- there were individuals who try to sue. lisa: a trader wanted to buy certain derivatives. instead, he didn't check his receipt to notice that he was charged 54,000 euros for each derivative contract -- he is suing for $186 million in losses. the g

after that jp morgan chase cheer and ceo jamie dimon on the u.s. economy. speaking to governors at 11:10 eastern also on c-span. >>> the only thing we have to fear is fear itself. >> ask not what your country can do for you. ask what you can do for your country. >> and the people who knocked these building down will hear all of us soon. [ cheers and applause ] >> c-span's newest book, the presidents, noted historians rank america's best and worst chief executives, provides insight into the lives of the 44 american presidents. through stories gathered by interviews with noted presidential historians. explore the life events that shaped our leaders. challenges they faced, and the legacies they have left behind. published by public affairs, c-span's the presidents will be on shelves april 23rd. but you can preorder your copy as a hard cover or e-book today at c-span/the presidents or wherever books are sold. >>> c-span, where history unfolds daily. in 1979 c-span was created asset a public service by america's capable television companies. and today we continu

i keep reading notes from jp morgan, goldman sachs, talking about buybacks are going to be at near peakbecause guess what, their earnings are worth more because guess what, interest rates aren't going higher. the earnings are worth more so they'll buy back more stock because it's cheaper to do that. i hear the wait for a pullback. that's happened time and time again. you an bling and you're not goig to get the opportunity. >> we always like technology, going in before the october meltdown and december to remember, we liked tech. we still like tech. if you're going to be in risky assets, you might as well get the reward. i think the market's forgiving because the fed has been more patient and more flexible. that's why we can be, again, not a margin -- we can be a little more aggressive in risk assets now that the fed has pulled back and this market's been all about the fed. it really has. dagen: the federal reserve pulls back and says repeatedly that it's going to be patient on its interest rate and balance sheet policy. however, if you -- that seems to signal that the u.s. economy along

piper jaffray is raising their price target -- barclays and jp morgan lowering that price target becausethe higher spending. alix: you guys can spend, but not too much. david: how could $190 billion not burn a hole in your pocket? cfo spoke to bloomberg technology's emily chang. they discussed alphabet's fourth-quarter earnings results, cap expending, increasing threats from amazon and the acquisition strategy. cap x spending. we are very open to acquisitions. we want to make sure if we are doing a deal, it is the right deal. it could be an accelerant for the business. still with us, blair effron. that's the sort of thing you do with ceos all the time. you have a lot of cash, you have a business with high margins. how do you make acquisitions that aren't dilutive? blair: great question. google reported 22% topline growth, 40% year-over-year investment in capex and r&d. remains an incredible juggernaut of growth. as a long-term investor, you would want to see that. a company like google, when it has so many things going right, you need to make sure anything hasare discussing with them to

the technological investment to compete with the jp morgan's and bank of america's is huge.siness as big as bb&t or suntrust, it is tough. there is some overlap with the ends -- the bigger organizations. there's a lot of motivation to merge. you would see a lot more if you had a healthier regulatory environment. the regulatory environment is not good but it is a lot better than it was. not all mergers are good. we have too many banks in the united states. alix: really great to talk to you. thank you very much. coming up, he is sharply critical of china and has called for a shakeup of the global economic order. we will speak to david malpass. that's coming up next. this is bloomberg. ♪ alix: this is bloomberg daybreak. a weaker european commission report out of europe and the bank of england governor sounding more dovish on u.k. growth. dow jones futures off by 1.40. -- by 140. the european commission cut its growth forecast 1.2%. in other asset classes it was a stronger dollar, now it is more mixed. sterling now flat, resuming some of its upside. it was much lower, down .3%,

aramco taps jp morgan and morgan stanley for landmark choosing u.s.o manage its first ever international bond sale. for catering to the world's largest investors and corporations molds and take over for access to midmarket deals. founderny capital apologizes for recent comments made about the murder of jamal khashoggi. alix: joining us now, jason kelly. let's start with saudi aramco here. they need to issue some bonds for the takeover of a petrochemical giant there. for we don't want to do business with saudi arabia. aramco is the most desired client, first on the ipo's and then when they shifted gears a bit to pursue the acquisition. they will raise $10 million or so. -- $10 million or so. -- $10 billion or so. david: does this give them a leg up? see the first real look into aramco's finances, what they think about the oil market, how it is all structured. that is a window no one has ever had beyond the saudi government. alix: smaller investment bankers were taken over. it was a big deal. , aid: goldman sachs may be doingory -- a deal with smaller s

i saw one of the things that came across the tape saying jp morgan is preparing for a recession.e are not predicting a recession. we are pointing out that we are very conscious about the risks. alix: still with us, bob dall of nuveen. whose side are you on? >> it is very confusing. to is slowing from three two. it doesn't mean everything slows to two. it is very confusing. u.s. and global growth will be slower this year than last year. recession fears that were so prevalent around the turn of the year were overdone. slow down, but no recession. david: what puts the bottom -- will it be chinese stimulus? going to beis not as bad as we thought it would be? >> yes, yes, probably a few others, too. you will get some investment. not as much as the first half of last year, but good enough. alix: here's what jay powell had to say yesterday. >> we view current economic conditions as healthy and the economic outlook as favorable. we have seen some crosscurrents and conflicting signals. financial markets have become more volatile toward your end. best year and -- toward year end. alix: wha

. >> jp morgan says they continue to see positive sales growth but in january voluntarily increased alongpurchases. coming up we are just over one hour away from the chinese markets entering the fray. .u: this is daybreak asia i am su keenan. president xi jinping's top economic aid will be part of this week's trade talks in beijing. he will join treasury secretary stephen mnuchin and trade representative robert lighthizer as the u.s. and china seek a deal to expand -- avert expanded tariffs march 1. president trump said the sides are making progress but also said he is ready to impose heavy duties if necessary. retailing catering sales in china over the new near holiday -- lunar new year rose 8% from a year ago to $150 billion. the state broadcaster said revenue from tourism was higher. billion.than $76 the trade this -- trade dispute is a, but figures show consumer confidence remains robust. , but figure show consumer confidence remains robust. the first general election in thailand since the coup five years ago. a former prime minister abandoned plans for the king's sister to run for of

jp morgan and bear stearns merging.'ve stalled out in the last several days there's a good reason we should be stalling out. the market's really pricey right now. here's the problem the crowd that keeps screaming 0% earnings growth in 2019 still has estimates that are very high if you think the market is going to have 0% earnings growth in 2019, right now the market is about 17 times forward earnings. that's really pricey for no earnings growth. if you have 5%, it's still pretty high, 16.2. the normal historic average varies, obviously, but you usually get 6 or 7% earnings growth the market at 17 times forward earnings this is really a lot to ask for the stock market right now. a lot of strategists still have their numbers way up there, 2800 to 3000. morgan stanley is about 2750 we're there essentially already. barclays is 3,000. goldman is 3,000 these guys are all coalescing around here. 0% at 3,000, now you're talking about 8 times forward earnings it's very difficult to make an argument right now that if you really l

we saw the sun trust merger last week wisdom tree reportedly held talks with jp morgan there's news out today that goldman was in talks with the boutique bank and those talks fell apart over m & a. do you expect to see more mergers in 2019 and can we expect goldman to play a role in that >> obviously the dbt sun trust deal was a big deal. we played a role as adviser in that transaction i think one of the things that was interesting about it is the stocks of both companies reacted wel well, kind of ipd kating the market would see consolidation morgan stanley did an interesting add-on acquisition in the course of recent weeks. as for goldman sachs, we'll continue to look for opportunities to broaden our franchise with add-on transactions in the wealth management business, but we're focused on continuing to grow our business with respect to the initiatives we have. m & a will broadly continue at pace in this environment and financial services will have a reasonable contribution to the over sbls all m & a mix. with respect to our looking at awe boutique investment bank i'm not aware of thos

we're talking about the very influential analyst at jp morgan he did miss an incredible move, 70% uphe did >> our conversation with him yesterday is looking at what he believes is the earnings power of the company and simply says the numbers are the numbers. >> there is a march 7th teach-in about long-term care i'm sending him a copy of her man melville's moby dick because it's getting to be an obsession. >> he did seem to favor me i don't know why >> let's talk pot for a second. >> cannabis. >> yes i know you have to call it cannabis cory booker came out for legalization and for expunged convictions which i think is the most important part. that's going to get these cannabis stocks going again. please be careful and be a little selective they've just had a very big run. >> stock is down over 15%. >> i think that's an overreaction it was not a lot of percentage weiss ler spent a lot of time beating himself up when i speak to him next -- most of these ceos, he says look, everything was good but i want to talk at supplies and how badly we did in supplies if he hadn't said that, the sto

. ♪ >> jp morgan says it's too early to play defense and that 2019 may not be a recession year.ress. we break down the areas of compromise and conflict. nissan ditches the u.k. , andompany scraps plans theresa may's plan b is too little, too late. david: the day after the super bowl, the lowest scoring history -- scoring in history. it was not that thrilling. alix: i went to bed early. did youas super into, know your beer contained corn syrup? there was an ad from a meetingusch where of a crew