and being less than pleased with the way that investment was handled if you had to pick between jp morganley. >> the new chairman of aramco was the head of the pif, public investment fund. so the new head of aramco who will decide who the lead banker in the deal is a guy that's been personally burned by the uber underperformance. >> yeah. put together the pieces of puzzle i would think that morgan stanley is still going to be an underwriter in the deal. >> they need a ton of banks. >> lead left is the quarterback. they're calling the shots. they're in all the meetings. they're prooivy about when to list, if to list if energy prices crater, equity markets crash between now and november when they're thinking about doing this, probably hold it off. >> when we say this deal, i mean, hugh, this has been the two-year ipo that never seems to materialize. sounds like from your reporting if jp morgan is lined up to be the lead banker, that means they are getting closer to actually having an ipo. >> i believe second time is a charm and this is the reason why. what happens next year, right? we have

standry in the space the only wunl i like is jp morgan last time morgan stanley was here it caved atevel 15%. >> more for mopgss action tune in to the full show 5:30 tomorrow 5:30 eastern time. up the next, the final trades. >> announcer: "options action" sponsored by think or swim by td ameritrade i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪ oh, there weren't enough intehours in the day to maintain are old data center. so we made a twelve a fifteen. three extra hours. but that really doesn't add hours to the day. yeah it does, look. i'm not sure it works that way, but at cdw we get that time is precious. so we'd access your needs then design a nutanix enterprise cloud. to give you more time to grow your busin

jp morgan is reportedly close to winning the lead advisory role for saudi aramco's ipo. week. morgan stanley also is competing role but was said to be hurt by misjudging demand into uber ipo. role but was said according to dow jones, some investors are pushing the bloombergmpany to -- reporting last week we work was going to cut its violations far below the $47 billion it was worth at the start of the year. that is the bloomberg business flash. tom: thank you so much. now a three hour conversation on the time of this odd ipo market. we can do this with steven eisman, steve eisman of neuberger berman. let's look at the single best chart. private money comes in, extrapolate out value, and then not. lyft upt lyft in pink, big, then down, down we go. on the daily close. uber pretty much the same the parallelism is something as well. company an uber list bank -- lyft, or is it something more than that? steve: the savings and loan industry had a business model of borrowing short and lending long, and that worked for decades until there was inflation. and then there was bankrup

jp morgan is another example. take a look at where some of the names are in terms of all-time highs. i'm talking all-time highs. a lot of those that are leading us to the upside continue to be quality names with growth and a pretty at least palatable p&e right now. >> where are yields going to be? if yields fall back for a ten year then absolutely growth is going to be favored once again. i don't think you want to give up the growth names just yet. i go back to energy. when you're looking at energy right now with the situation we have today, it's refiners, stay clear of them. this is negative for the refiners. look up north at the canadian oil names. that's a strong name. it's about upstream because upstream will have the highest sensitivy to increase in cash flow. it's devon, continental resources, apache. i understand the short squeeze and i respect it in the shale names. >> we said september is off to a great start. everybody wants to know whether it can continue. michael santoli pondering that and joining us w

they will work along goldman sachs, jp morgan, and other banks. no word yet on morgan stanley.ot seeing a lot of action within equity futures. however, it is the churn that has been the story over the last 48 hours. huge momentum into value. euro-dollar a little on the back foot now, down 0.4%, the lowest level we have seen since last week ahead of the ecb meeting. bondve at a huge move in yields, up by over 25 basis points in just days, bringing back into question the reflation conversation, which in part has been rapunzel for the underlying equity rotation -- has been responsible for the underlying equity rotation. david: here with a closer look at the market rotation is bloomberg's emma chandra in london. emma: thanks very much, david. while the s&p 500 has basically been unmoved over the past two days, there has been a lot going on under the hood. we are looking at the values at the close of trading yesterday. i've got the s&p 500 at the top. you can see just a three basis point gain after swinging between gains and losses through much of the session. look at what we've see

where people really know him from is jp morgan.sible successor to jamie dimon. wells fargo is a much trickier story than jp morgan. there's a lot of cleanup to do, a lot of regulators to appease, customers and rating agencies. alix: we are seeing analyst comment triple out --, trickle out. what is on the laundry list? sonali: regulators is number one. the federal reserve asset cap, removing that is going to be a very big deal. on top of regulators, just operational issues. they had to revise net operating income expectations down twice. also balancing what they are going to do with these regulatory issues. alix: when that the client issues and internal -- within the client issues and internal workings, is that done? or does he have to go in and clean house? sonali: that is going to be very interesting, for an outsider to come into a bank that has been run by insiders for so long. cultural issues have to be cleaned up. they got in trouble for different lending practices. they had gotten in trouble for their wealth management arm hav

jp morgan announced recently the chinese government bond market would be part of the jp morgan emergingkets government bond indices, plus we've had restrictions on qualified foreign investors. their quota system, essentially that has been unwind. there it -- unwound. there is much more access into fixed income markets. you see quite of flow of capital into the chinese government bond market, where 10-year yields are above 3%. if you contrast that with european or japanese yields, the bond market is attractive. in terms of capital flows into the equity market, we've seen a strong presence of foreign capital and the chinese equity market. the only observation i would make is because of the trade conflict, the chinese equity 300 or thether csi shanghai composite, the price earnings ratio is cheap relative to other markets. anna: let me ask you about the chinese economy. celebration,the pmi for manufacturing in china, no growth in september, better-than-expected, but still below 50. your thoughts, concerns around the growth story in china at the moment. bob: if you break it down into the co

the names refer to these jp morgan executives.poofing the market for the better part of eight years. silver, gold, platinum plating. all of the precious metals. there is always talk. i've been covering gold from most eight years. there is always talk about some kind of manipulation. you hear that in every market. now that this comes up, and makes you think twice. this is interesting. they are claiming racketeering charges. these are high claims. amanda: i guess what judge out at me -- we think back to the library scandal. pay one file finds and speeding tickets -- what feel like fines and speeding tickets. our market for dispense paying enough attention? or do we just go, this happens and move on? joe: it is a question i have been bringing up to various people. asking them, where it is register for you? the common reaction is, we have known about people spoofing in the market. people just have to deal with it if they are traders in the market. in terms of -- do we not give enough credence to this or worry about enough -- i do not

actually aw if it is thing, but jp morgan made it a thing. is there is volatility in the markets with relation to trump tweets. lori: the fascinating thing we found back in june, we asked what keeps you up at night about the market. we were asking this for over the year. trump and the trade war have always been in the number one and number two spots. this time trump and his tweets where in the number one spots. it was not just his policy. it was the actual tweets. david: this is cross indexed with volatility. it doesn't necessarily mean it makes a long-term impact. at the beginning of his presidency, he would tweet about companies and their stock would go down. lori: there's a university in the midwest that has an economic uncertainty policy index. if you look at how that correlates with volatility in the stock market, it is actually a very good relationship. we do generally say that when you have a lot of uncertainty about policy, it generates uncertainty in the markets itself. the tweeting is just a new way that is getting expressed. alix:

jp morgan says this month's rout, the risk premium amount in u.s.ies, they don't think it is sustainable. let's get reverberations from this part of the world to the asian complex. juliette saly standing by. juliette: the biggest reverberation in terms of what we saw in the oil attack earlier in the week is that japan has had to play catch up to that move. energy stocks in japan coming back online after that public holiday yesterday and rising. the topics up. elsewhere we are seeing asian stocks under pressure today. hong kong off by 1.5%. we have had trade derailment also, a downgrade on macau casinos. a lot of the ongoing protest implications starting to hit the market further. the csi 300 down 1.7%. we are seeing the shanghai comp close to the level it but it seems to not be able to rebound from, off by 1.5% in late trade. the aussie dollar under pressure. a weaker fix from the pboc and also the rba remaining dovish. the aussie dollar under pressure. arent to show you what we expecting from hong kong. that is the jobless numbers for the month of

that's not saying that much about a lot of the banks that you're talking about. >> jp morgan is pushing. there are names out there that have actually traded pretty well. bank of america has done better than a lot of people. if they pull it up, they will say year to date isn't that bad. >> it's jp morgan that has performed well. it's american express. american express falls into that july type of peak. it's fallen back here, but i'm still staying with it. how about kkr, financials, private equity towards 30 bucks. so i think what weerp rr experiencing is a series of peaks in the market. you go back to january of 2018. you had the cyclical peak. move it to september you had the f.a.a.n.g. peak. in july you have the growth peak. what's the next handoff? i think important in that conversation is where does the u.s. dollar go u.s. dollar at the its highest level in two years. does that beget if you are giving consideration to portfolio, do i play for potential multinational exposure if i get any form of contraction in the u.s. dollar that's a possibility. that could stimulate something. >> i

. >> i love to buy when things trade down integerp by selling fop jp morgan calls, i do own something like a united rental that has obviously participated to the downside hard and back to the upside hard. i still it's attractive. fedex that we talk about a lot, no news what so far has gone from 149 to the whatever, 171. i like it higher than 171. so even though that one is up a lot i'll hang on to things like that the vix coming in a lot. i want to own volatility because we are one tweet away from going back to the markets that seemed to fresh in my mind could be any second we could be in them again. >> tim you've been onboard the rotation since you pointed it out. sort of i don't want to say it's a believer but you acknowledge the presence here. >> i do. >> give us your -- you're a fellow georgetown alum yorp rangers come patriot tell him what he missing. >> move from on the 10 yooer the move on that was way too excessive relative to the fundamentals in the u.s. economy. maybe not to the global economy. and i continue to think that some of this rate dynamic was a function of pulling

the jp morgan view on china, europe, and rates.idn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. ♪ tom: this morning, quantitative easing, it is a theory that will be tested again. 8:30, mario draghi will speak. germans and greeks and the markets will listen and just. -- adjust. the dow 27,000. problem in have a the era of apollo. who will get more airtime -- binding or warren? -- biden or warren? "surveillance." good morning. what are your thoughts on what we will see for mario draghi at this press conference? it is truly extraordinary. francine: the market consensus has a powerful package for mario draghi. will he be able to deliver enough f

jp morgan pacific's portfolio managers.ad come german firms getting 20% of their revenues in china. angela merkel's high-stakes meeting in china. more on that, coming up. this is bloomberg. ♪ ♪ latest let's get to the business flash headlines. the much delighted work at the bhp joint venture with bally may be held up. the operation has been closed since a dam collapse in 2015, and the company failed to win permission to reopen from the environmental agency locally. we are told the bhp permit cannot be issued without federal approval. thed: a new revision in sale of its container leasing arm with shall earlier this year, disagreement over valuations. the nha will seek more than $1 billion for seco but may settle for less due to liquidity challenges. rishaad: we will leave you with pictures of the interior palace in the capital. ♪ devices are like doorways that could allow hackers into your home. and like all doors, they're safer when locked. that's why you need xfinity xfi. with the xfi gateway, devices connected to your hom

we had huge upside buying in citi process but jp morgan all-time high today. >> not quite. >> reallylose. some of the names moving up. goldman sachs when you look at the push from where it was to where it is now, mel you can understand the attractiveness people feel towards the banks. >> let's get more on the direction on the banks mark newton at the plasma to give us the charts mark. >> thanks, melissa, hi ance iffingly you see more strength out of the banks despite the fact that yields have gone lower the last ten months you look at the mane bank etf, kbe, show showing you a couple of different things. prices have been range bound the last five months however showing increasing signs of strength in the last few weks. and testing prior highs getting over the prior high would allow us to make a move up towards the prior peaks that we saw. so that's really the one thing to put in example. financial etf, the xlf, this is something that has shone a decent longer term base going back just since that prior peak. and so despite the fact that yields have been falling you have seen keysant s

. >> ahead, the tech giant that jp morgan says it could rally up to 20%. >> when forever isn't forever. >> and california wants to pay student athletes >> the computing trend that could have big implications for our economy. that's all ahead no, we still have bills. aflac gives you money directly to help with those. aflac! and your deductibles, knee brace, whatever you choose. aflac sounds like a winner. umhum... umhum... we try. get help with expenses health insurance doesn't cover. get to knous at... duck: aflac! dot com >> welcome back. let's catch you up on a few stories. it is time for rapid fire. here with more headlines are our guests welcome. let's talk about what a slow go it has been for investors waiting for a big tech break out. faang is so 2018 netflix's is still off apple off 12%. still hasn't been able to get back to those new highs. one firm is betting big on tech. jp morgan with a 20% rally they are saying better than expected iphone sales and 5g will be a catalyst >> we go through this every year with the apple iphone cycle. they underestimate how many they'll sell, t

he comes from bny melon, before that he was at jp morgan.phone to talk more about this is the odion capital group chief financial strategist, dick bolve. what do you think about this new role? >> well, i actually feel a bit mixed about it. charlie sharf did a good job at jp morgan chase where he was thought to be a candidate to be a ceo at that company, he then went on to visa where he did a reasonable job. then he wound up at bank of new york, just about 18 months ago. and bank of new york has been very troubled since that time and the stock price of bank of new york has come down relatively rapidly. but if you put the bank of new york experience aside, his experience number one in running a retail bank, number two in running a company that was heavily involved in the, if you will, technology part of the banking industry and number three, dealing with a company which is facing some significant problems with its basic model, this guy's got exactly the right type of training necessary to take over wells fargo and run it in a very effective fa

jp morgan balance sheet is less than $1 billion.e need to start rethinking how this financial architecture works in a much more globalized manner because a lot of these architectures were set up in the 30's essentially when everybody was really focused on internal domestic consumption. china has started to really tackle that and really started with their last five-year plan around how they have chose to define food security. they said self-sufficiency in grains and absolute food security. the idea of food security not being have to produce the food themselves but rather they have to diversify their supply chain to really global standards such that, in christ -- in case the trade war breaks out, have other alternatives versus having one to one relationships for a very particular crop. you start to see an uptick in relationships in agricultural markets between china and the black sea region. russia and ukraine have become powerhouses. you start to see these big kind of shifts in terms of relationships. i think that means you just need

to current and one former trader at jp morgan have been charged.loomberg has learned the government was looking to charge those higher up in the bank and is getting hope from two jp morgan traders who pleaded guilty. global news 24 hours a day, online and at tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm courtney donohoe. this is bloomberg. ♪ geopolitical strategy strategist and global strategyox -- of fx are with us. asking about the dollar, the federal reserve meeting later in the week. we had the ecb and the president's comments, this geopolitical risk will be priced and ultimately at some point. what should we read into the dollar strength this week? >> not a lot. it is the start of a week and the dollar index is down 0.2%. , -- to lastnt week's losses. overvalued.as been in 2017 and parts of 2018, trading at fair value but now seems to be stretching towards 10% over value based on our estimates, which means that it is likely to push the dollar lower. there is a safe haven aspect to the dollar a

prosecutors are foring in on jp morgan price rigging of precious metals. were charged with militant -- manipulating futures markets and what prosecutors described as a massive alter year racketeering conspiracy run out of the bank. some traders already pleaded guilty. they submit relation was routine and sanctioned by managers. paul: standard chartered says it can't explain some of -- house of its wealthiest clients either money and has launched a review into the private bank. made public and found the bank did not have documentation to show the source of some clients wealth and lacked patient -- basic data. coming up next, michelle lam gives us her outlook for the property sector. of the -- top stories day and the markets as well. this is bloomberg. ♪ here, it all starts with a simple... hello! -hi! how can i help? a data plan for everyone. everyone? everyone. let's send to everyone! [ camera clicking ] wifi up there? -ahhh. sure, why not? how'd he get out?! a camera might figure it out. that was easy! glad i could help. at xfinity, we're here to make lif

micron gets a target price boost to $65 per share in jp morgan.rgan see strong trends for gaming products related to pcs and smartphones. coming out, it is the ultimate test for apple on the hardware side. will a longer camera and lasting battery be enough? this is bloomberg. ♪ ♪ taylor: this is "bloomberg technology." apple's latest iphone models hit the stores friday. this will be a test of it that your cameras and longer battery life will be enough to lure buyers and head of a much bigger redesign next year. long lines snaked around apple's flagship store in manhattan as people waited to get into the space, which has also been under innovation for two years and emerged friday bigger and brighter. to discuss this, i'm joined by a wedbush analyst and bloomberg's max chafkin. max, are cameras and longer batteries enough to buy a phone for $1000 that doesn't even have 5g? max: a couple things -- they did lower the prices of the lower and found by $50, so that makes a difference, and you know, you have people who are sitting on iphones that are gett

micron gets a target price boost to $65 per share in jp morgan.p morgan see strong trends for gaming products related to pcs and smartphones. is the ultimate test for apple on the hardware side. will a longer camera and lasting battery be enough? this is bloomberg. here, it all starts with a simple... hello! -hi! how can i help? a data plan for everyone. everyone? everyone. let's send to everyone! [ camera clicking ] wifi up there? -ahhh. sure, why not? how'd he get out?! a camera might figure it out. that was easy! glad i could help. at xfinity, we're here to make life simple. easy. awesome. so come ask, shop, discover at your xfinity store today. with custom gear.s us motivate our students we love how custom ink takes care of everything we need so we can focus on the kids. - [spokeswoman] custom ink has hundreds of products to make you look and feel like a team. upload your logo or start your design today at customink.com taylor: this is "bloomberg technology." iphone models hit the stores friday. this will be a test of it that your cameras and

it's a bad look for them, it's a bad look for jp morgan.od lesson for i feel that are going to come about with price. got if you feel like you strong demand, maybe it's better to be a little bit conservative rather than going for gold and trying to get that money off the table. >> less than a year, losing another leader. asking the ceo to step down following the scandal. over how they have a setback is this? >> this is really big. from the beginning of the break of the scandal, you had questions raised about how long he would be able to stay at the top of the company. they are now in a process where they have to select a new leadership. formslows down all the that they had been planning to make at company and implementing changes, including their partnership with mitsubishi motors and possibly forming other alliances, which is the big issue in the car industry in general, boosting up the capacity by forming these alliances that are necessary to compete in today's automotive world. >> shares of at&t higher today. this, after elliott manageme

joining us now is jp morgan senior analyst ben jarman.he remarks from the prime minister scott morrison over the past 48 hours. you get the feeling we are being softened up for a pretty nasty number today. he is cautioning against knee-jerk reactions. does not sound like the second quarter numbers will be too great. ben: we have been going towards a weak number for a couple of days now. capital spending numbers that will clear on construction very soft. the volumes were pretty weak as well. net trade which we got a positive reading on yesterday which is holding us up in our forecast at .4% which is still pretty soft and gives you a sense of a lot of work to be done for the back half of the year. paul: it is a backward looking number. the prime minister saying this is not include cuts from the rba to get us down to 1%. it not include the tax cuts either. even if it is negative, do you think we are looking at quarter on quarter negative? see fromill be hard to the trade numbers we got yesterday. officials have been talking about the prospec

age really was not just confined to your rockefellers, your vanderbilts, your carnegie's, or your jp morgan. it also came out west, although it did not get nearly the amount of publicity. i learned a lot about the reservation system and the corruption that went with reservation system. that opened my eyes to a very, very sad chapter in american history, and that was the treatment of the native american. but, you know, the quintessential cowboy i guess you could call him. the quintessential westerner. >> you can watch this and other program on the history of communities across the country at c-span.org. history tv,ican only on c-span3. >> next, on the presidency, former president george h w bush's longtime chief of staff talks about the man she knew. jean becker worked with mr. bush starting shortly after he left the white house and up until his 2018 death. the kansas city public library hosted this program. >> good evening. i'm steve, with the public affairs staff of the library. first of all, before we start, jean will give us a wonderful presentation about george h w bush. we will have a

jp morgan and citigroup some of the best stocks for the s&p 500 today as yields climb higher.: thanks very much. let's get back to david blum, hsbc global head of foreign-exchange strategy. it is the ecb next week, thursday. expectations are that the ecb is going to throw the kitchen sink at this one. david: they are and they are at. -- they are and they aren't. guy: so that's the kind of machiavellian theory, that the hawks are trying to get the market to rein back expectations so you can get beyond where olli rehn put us a few weeks back. however, i'm kind of wondering, let's assume they are not machiavellian and the hawks are serious. the market is still pricing in quite a lot. what happens if the ecb under shoots? david: what is the transmission mechanism? let's pretend for a second we are expecting 20 basis points and everything, them throwing the kitchen sink. why are they doing it? they are doing it because they are trying to manipulate the euro lower. guy: so it's a currently see move -- so it's a currency move. david: yeah. however, there's a chap is not very happynot

the jp morgan timing for another rate cut today. chief economist for australia and new zealand joins us now. thank you for coming. you're expecting another cut. many economists are but phil low last week said let me see if the australian economy has a different turning point. >> that is right. we have to remember that was the narrative they represented on the august statement for monetary policy. he spoke of that when he spoke before the parliamentary committee. the forecast actually assumes a rate cut before the end of the year. when i read that last week, i thought that sounds a little more optimistic than you would normally expect for a central bank who you think is about to cut rates. we need to remember we have to assume another rate cut. it feels like it is a question of when rather than if. we thought october, just on the view the minutes in the september meeting were quite dovish. and when we look at what has played out globally, we have had weaker pmi's. a number of central banks will be in action in the fourth quarter of 2

he worked with jamie dimon at jp morgan as well.ll be taking over on october 21, which is relatively quick. that has caught a lot of people by surprise. isning us on the phone banking analyst ken leon. we have been waiting for a long time. is it a surprise they got one of the candidates many people hope they would but were beginning to doubt? ken: we have removed uncertainty. there was a lot of risk you cannot place a strong ceo with a strong background. we think charles scharf fits the bill. clearly, there is lots more to be done. i do not think you will see a new imprint of his strategy until early next year. see him as ao not disruptive change agent, but someone who will evolve as he learns more about wells fargo. a positive move today. whether it changes the fundamental outlook in a big way, perhaps not. guy: some have suggested he has bounced around too much, that he is not spent time in some of the jobs he has had. is that a concern for you? ken: clearly he has had experience both in the investment banking at citigroup and the

jp morgan says the president's tweets are having a significant impact on treasury yield and have started markets, including words like china, billion, products and the word great. lauren: i think he tweets on average 10 times a day. he used twitter many times to criticize jay powell for not cutting interest rates faster to juice the economy. trump's top trade adviser echoing that point on sunday morning futures. >> the federal reserve simply doesn't understand, their tight money policy is driving up the dollar, squeezing our exports, squeezing investment and the fed is costing us at least a point of growth. lauren: david nelson, street strategist with bell point asset management is here. good morning. is the fed to blame or is it the trade war. >> peter's a little over the top. last year was a policy mistake so the president was right on that. i likthe markets gave a clear message. that was a violent reaction you saw in the fourth quarter. the good news is, they got that message. this is a great year right now. we're up over 20% at this point and a lot of it is because of the complete re

among them, bank of america, jp morgan, goldman sachs.have an idea of timing now for saudi aramco's ipo? >> what we understand is that they really try to accelerate this process. it's important to know that this is going to be, and the first -- in the first instance, a listing in riyadh only. the international part which has been long suggested, it's not clear when that will happen, but it seems that the saudi government is determined to get the local part of this done in riyadh late this year or early next year. >> this morning, shares is debuting in amsterdam. the group includes assets from south africa and includes its 31% stake in tencent. the firm is the netherlands third-largest listed company. >> the main purpose is really to facilitate our next wave of growth. we have become, over time, a really substantial part of our original exchange where we are now closer to 25% of the index. what we realize as a company, we are still growing fast. we have organic growth rates in the 30% range, so that means we are going to keep growing and w

earnings were solid and even the financials, jp morgan, they are not seeing cracks yet with credit.is just not there. insurance companies, we have been watching them carefully. this massive storm dorian that is making his way to the southeast. they have hardly moved. insurers have a hiccup because they are the ones ultimately paying. we have strengthened this market. you have to find the right stocks. kathleen: you are playing into the argument of policymakers at the federal reserve who say, wait a minute, we don't need to cut rates. stocks are doing well. labor market, we will still get a decent amount of jobs and people will keep spending money, why would you cut rates? how do you factor that into your equation? hilary: at this point, although the federal reserve has been really important so far, if we don't have that cut -- even though 25 basis points is in there, i think the fact that we could have strong companies, strong fundamentals, that is good enough. the federal reserve -- look, the bottom line is they have listened to the white house. federal chairman powell unfortunatel

i think what jp morgan is saying is the most likely, ultimately boris' hands are tied.aw, if they can't go around the law they certainly won't break it. boris isn't going to risk jail time over this. i think the most likely scenario is they find they can't get around the law, he resigns, the extension happens and then an election happens shortly after that. lauren: that is a real possibility that boris johnson can be put in jail over all of this, this three-year saga continues to continue. we have the ecb meeting later this week. what can they do? what will they do? will it make a difference, craig? >> i don't think it will make a difference, to be quite honest. we're looking at a bond market where so many bonds are in negative yield territory, the 30-year german, the yield serve is in negative territory. how much more can a central bank do. they can cut the deposit rate by another 10 basis points. how much of a difference will that make? i feel like we're getting desperate and i think it's the government that's have to do more rather than the central bank. lauren: the

maria: welcome back twitter affect jp morgan chase an index to measure president trump's tweets joining >> i learned about it, last night i don't know much about it i am sure trying to track what is happening with all the political tweets that we're seeing. >> does the president's tweets impact markets? and tell me what value that has for investors, i mean obviously, your if you remember creating it you are pushing it out there systematic right. >> more than actual tweets it is the perceived impact of policy changes that are impacting the market so right now it is all about the trade war, feels like trade discussions are back on that is why the market is higher that simple the economy is good earnings are good valuations i think is fair but if not going to get trade deal i think the market is going lower that simple. >> totally about trade totally about a china detail you are suggest a. >> short term yes if you are getting a deal i think you will see multiple rise on s&p 500 from paps 17 to 17 1/2 everyoning taking out uncertainty around americans last guest talking about no economic im

jp morgan downgrading the sector. fears, too. john williams is speaking, saying the fed is monitoring money market developments. be sure this will be part of the conversation all week this week, and bill dudley and a couple of moments. markets, the dax down. pmi data in france and germany disappointed, driving the stoxx 600 lower. poundro weaker, as is the , 0.5 percent versus the dollar. a bloomberg surveillance special event, former new york president bill dudley. >> we welcome all of you worldwide. . special moment a conversation with william dudley. , not ayou back 14 years , bill dudleye shockingly pressing a. .- press against that was when tim got her said come over to the fed desk and help us with the short-term markets. b'snot were killing to get in school. the only b is the one in microeconomics, so i'm not sure he's qualified. >> i don't know if we want to go there about grades. we might want to figure out his grade from the new york fed. this was bill dudley on bloomberg opinion. the fed can handle the reaper market, s

the one interesting thing i thought jp morgan had a note out on traditional asset managers and looked franklin resource processes ben saying they've gotten cheaper than they have in a long time i would look at those. >> the difference here is that blackstone is the best in class number one alternative asset class player in the world which means they can charge higher management fees. and in fact ner going to see basis points acorrosion on margin on 100 basis points a in the current vitamin. raising a record 45 billion in the second quarter and the third quarter betterfrom a liquidity environment. everything with we said in this environment it's very blackstone friendly the valuation has to change just like for equities if anything you have more sensitivity in an alternative asociety manager in this environment and therefore your multiple should expand that much more. >> i recognize the stock has 42 to 52 since junes not lost on me it's fantastic it yields something like 4%. any hint of weakness to the high 40s tepp and buy it's almost the anti-we work brookfield looking very similar a

and jp morgan indexes could drive $130 billion into china's bond market.it has taken steps to improve its defenses against cyberattacks issued via some tractors -- subcontractors computer systems. rolls-royce is among four targets from china. in january, airbus said a cyber breach allowed hackers to access employee's information. boeing was hit last year. arabia is changing one of its most fundamental rules. it is dropping the dress code for foreign women. the dramatic move is part of the kingdom's attempts to boost tourism as it tries to diversify the economy away from fossil fuels. foras been mandatory attire decades although the rule will now change, foreign women will be instructed to wear modest clothing. >> it is optional. will be cleared in the online visa applications. some women would like to experience it, and they see it as -- some will decide not to wear that. jessica: global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg

future customers of wells fargo are just kicking into gear and wells fargo and bank america and jp morganave the best mobile technology because they could afford to spend the money to spread it across. >> i won't tell you my story about wells turning me down when i asked them for a mortgage a few years ago. but wells, occi and lenoir we know how you feel about the home buyers you just mentioned good to get your thoughts. >> thank you >>> here's what else is coming up on the exchange ♪ >> ahead, one activist investor tells at&t that it can make its stock soar if it takes a number of steps what are they and should you follow them into the stock >>> the retail investor. global marketplace, investing, bitcoin, brexit and more we'll speak with sec chairman jay clayton. and tobacco's plan "c. smoking is done and vaping is under fire so what are the companies going to bet on next ♪ >> this is the exchange on cnbc. . >>> welcome back to the exchange at&t searching as much as 10% today after the management announced a $3.2 billion stake in the telecom giant they're saying the stock could be worth

the financial sector, you have stocks like jp morgan.as been consolidating and now breaking out and dom was talking about the home builders lennar is ready to take the next leg higher at this point in time. >> really. dom talking about how lennar has been hot and your chart says it may get hotter >> it may get hotter, another leg up. >> jp morgan chase as well i noticed that bank of america, b of a has a decent setup right now. >> correct i i do think it's a great-looking setup. all these banks, these major large money center banks are all starting to break out and move to the upside in here. again, there's got to be a positive scenario for the market because typically when you think about financials, they have to at least participate in this market for this market to be healthy and ultimately to move higher i'm starting to see these major banks starting to work we cently added the position of goldman sachs into our model portfolio we run because we're starting to see a nice down trend reversal with the financialsworking, th yield curve

. >> jp morgan long np jdx buy that one. >> happy birthday chris ver own, exxonmobil get you kun >> does it for us see you back adon" thorrow at 5:00. "m meywi jim cramer starts right now >>> my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain, but to educate and teach you so call me at 1-800-743-cnbc or tweet maine @jimcramer. i hate to say it, but i think the buyers are getting complacent in this market. >> they know nothing >> after a day where the nasdaq climbed .30%, although we were much higher most of the day, this feels like one of the moments where the bulls are trying to have it both ways on a bunch of key issues. that's not good. some things are mutually exclusive. today was a good-looking day that was actually quite ugly yes, the inside didn't lock like the outside. and yo

. >> let's talk jp morgan quickly. created a new way to monitor how the president directly affects the markets with his commentary or his tweets. what can you tell us about this? >> well, this is -- this is an index that jp morgan has created called the voll fee fee index. you may remember his tweet from a while ago but they have used that and that san index that's designed to quantity fight impact of president trump's tweets on the bond market. he causes a lot of volatility with these tweets and they often come in an unpredictable manner. what they found was about out of 4,000 nonretweets occurring during market hours from 2018 to now, only 146 moved the market. this index is used to predict which ones will move the market. >> if there's an algorithm to predict how the president's tweets moved the market, you could make a lot of money if you could figure that out. >> i'd love to be in the brainstorming situation when they came up with volfefe. come on, let's get a name. >> julianna live for us. thanks very much. >>> u

eastern. >> the fed may only be halfway through the 2019 round of cuts jp morgan asset management predicts more. bob michael a head of global fixed income at the firm this according to what the fed said it sounded like it would be one more rate cut in year. but you're thinking more what prompts them to do more. >> i think there are a couple of things one any didn't close the door to anything they've been cutting rates twice. the economy looks okay optically. but they've always talked about the spillover from the trade war maybe from manufacturing into services we haven't seen any reversal of anything on the trade front. if anything you are seeing an escalation starting to pass through. so we think they have to come back in october and into december and cut rates another 25 basis points each time. >> each time so do you think that we're headed for recession at this point even the though the fed was very -- preted measured and rosy about the outlook for the economy? >> well the yield curve's inverted which tells you that they're following the curve. and when you listen to the fed appear powe

at this point, there's also the underwriters, goldman and jp morgan, are leading that as well as weworkof, youd get some sort know, news in the next few days. again, a lot of this is still in flux. bloomberg's michelle davis, thank you so much. coming up, the risk of a strike at general motors reaches a 12 year high. leaders are heading to detroit to decide whether to the labor deal with the carmaker should be put to a vote or strike. coming up next. this is bloomberg. ♪ >> this is bloomberg markets. i am amanda lange enter montel. shery: i am shery ahn in new york. union leaders from across the u.s. are flying into detroit this weekend to debate the latest contract. they have to decide whether to sue but the deal to their member's for a vote or go on strike. craig, whatthis, are we expecting now? to approachpect gm the united auto workers with a proposed deal. we do not have necessarily an iron doubt contract for the union to look at, but what we do have is the existing contract expiring at midnight saturday. so it is sort of getting down to crunch time. it is a potentially dramatic mo

. >> the nation's largest bank, jp morgan chase says it could cost the average american $1,000 a year. >>> back here in the bay area, police are stepping up patrols tonight and throughout this holiday weekend to crack down on illegal side shows. oakland police department says haviorwill be tolerated. ous officers using a police helicopter to watch for illegal side shows and the city plans to continue to work with community groups. and, neighboring cities to find long-term solutions to illegal side shows. >>> well, we had a happy update for you on a dog napping we told you about earlier this week, the third and final puppy stolen from a san francisco shelter has been found safe. the pit bull pup and two huskies were snatched wednesday from family dog rescue on shafter avenue. they were recovered the next day after being put up for sale online. police arrested two of the suspected thieves. >> good news for park goers at star wars land. the tsa has reversed its decision to ban the rs fey said they look like replica explosives. now, you can take them as a carry on item empty. if you want

box downgraded to under weight from neutral at jp morgan citing intensifying competition among other things. the price target is $15. the stock dropped 6% to5.96. >>> still ahead, house flips is a ris business. even riskier. g♪may be getting ♪ ♪ alth officials say they doept know exactly what caused the more than 800 vaimg related illnesses that suddenly appeared ararnd thet country. here is w wt they do know. control said that a number ofl patients became sick after using vaping products thatin con the marijuana derivative thc. one particularroduct is sol der the brand name da vapes thcd officials recommend staying away from all vaping products while the investigation continors. >>> cala is known foror many things, including its wine. which is a big par of the state's economy. but grape growers are facing ar ma challenge. fellow farmers whorow legal marijuana. jane wells has the story from california. experiment's great with legal marijuana is running in unintended consequences. especially in santa barbara county whe avocado groves butt greenhouse sees f flowers. >> we have 80 years

underwriters led by jp morgan have loaned mr.cate, interesting story and it will play out over the next week or two. >> it feels like every day you get new advances on this story from soft bank cringing with the valuations are now to concessions newman's going to make to try to get this done. >> all right when we come back, health care dividing the democratic candidates for president we'll bring you highlights from last night's debate once again as we head to break, a look at the top performing stocks, unh leading the charge we're up 43. . attract new customers. that's when fastsigns recommended fleet graphics. yeah, and now business is rolling in. get started at fastsigns.com. by the way, she's the it wasnext mozart.g day. as usual we were behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut. we powered through it in our toyota prius. because a star's got to shine, no matter what. it's unbelievable what you can do in the prius. toyota let's go places. >>> trade and health care dividing democr

. >> i think the jp morgan kmart looks a bit better than the regional chart the regional still making high lower highs jp looks poised to break out there die li pay be a dichotomy dween the money center and regional i think kre is at an interesting point. can it break out through the downtrend? we will see. >> i want to clear back to being consistent i don't like them here i don't think you buy them i think rates are going lower. >> you did that clarified. >> fine. >> we're taking a quick break. i'm tyler mathisen and here is what else is coming up on fast. >> goldman and apple into a tug of war over the tv remote. who sees the bigger picture? we deepest debate when "fast money" returns this is the age of expression. but shouldn't somebody be listening? so. let's talk. we're built for hearing what's important to you, one to one. edward jones. it's time for investing to feel individual. "have you lost weight?" of course i have- ever since i started renting from national. because national lets me lose the wait at the counter... ...and choose any car in the aisle. and i don't wait when i

the opportunity to expand into great that top executives including jp morgan chief executive and thebm ceo metrs for two ht a private meeting with indian prime minister narendrausodi. but as the opportunities are great, so are the challenges. ceos used the meeting t voice concerns. >> i thought it was a really good conversation. you had some of the biggest ceos in the americ prime minister gave almost two hours of time and listened to a lot ofdeas as well as issues. and i think people were qte candid about some of the things they think india needs to do. and he was receptive to hear the. >> the timing of theting cos as india as economy slowed to a 6-year low and unemployment rose sharply. according to sources in the meeting modi tried to calm concerns abouthe slowdown. referencingax cuts unveiled last wee tst he say will have positive impact on the economy. >> i think the prime minister when he walked in he had the ceos a bit skeptical to the and he lifted the mood. and you could see they were and -- , positive. but experts say there are other road blocks like ob training constructio

capital investment and hiring over the next six months goes undeclined as with he will pl brt and jp morganhase ceo jamie dimon said he doesn't believe the recession is imminent because of consumer spending.ke but he s with president trump about the the toll the trade war is taking on businesses and supply chains and that he is skeptical the white hoe will reach deal with china before 2020. dimon says he doesn't tnk the central bank interest rate cut will impact the tradesi ts. but he believes in the independence of the frad reserve and calle chairman j. jay powell a quality human being. >>> speaking before t t fed decision, respected long time bond investor jeffrey gunned latch said even though partsth economy appear stropping, the odds of a recession are rising. >> the economic data has gotten a bit better, s yet ill think when we put it all together, looking at allor indicors recession it seems that there is an increasing probability of recession before the 2020 election. obviously the yield curve being flat and even invertedrom fed funds at least at the moment out through the curve, tha

jp morgan estimates the new tariffs could cost us households on average one thousand dollars a year. how to absorb the taxes is a tough decision f for manyy us business are already struggling to kekeep up with competition from online giants like amazon. experts say those that choose to hold back on raising price tags risk eating into the progression of their business you have to pay those taxes some someplace so that means you're paying taxes from. your investments and from your profits and from the salaries o of your workers you won't be able to hire as many people who maybe you'll have to let some e people go you won't e able to make the investments and the innovations that you want to make. some one hundred and sixty us businesses came together to o write to president trump calling for all hikes on chinese imports this year to be suspended. and warning the latest terrorists. would hit the high street during the holiday season. right six getting ever higher mark and still no clarity on when and if this latest round of talks between washington and beijing will take place committee t

downgrades today.at kupgrades ad we start with sharls of whirlpool graded to overth from neutral at jp morganpecking shipments to show growth over the next year.2. price target $ the stock rose 154.84. square upgraded to outperform from market wells at wells fargo. the analy element citing strong fundamentals culling it attractive at the levels.e pris target $80. the stock up nearly 4% to $60.80. >> boston beer upgraded to outperfo from market perform at bemo kpap mahertz. the analyst cites strong demand for the seltzer company called truly, price target $410. the shares gaining more than 4% to 363 pft 93. target named a topic at cowen up more ts 60% t year. and the analyst says it could go higher. the pre target is $130. the shares fell a fraction to 106.29. >> 5g as you may know in the next generation wireless network. d the next big thing f the technology industry because it promises to bring muchaster download sfeeds and better communication between connected devices. and inm everything f smart cars to smart factories. but how long is it going to tak to bring 5g to you? three of the bigge