joining us now is stephen macklow-smith, head of european equity strategy, jp morgan asset management you. it has been a busy week with the risk on momentum. this chart is a trade deal feeling momentum in stocks. it is interesting if we have gone too far too quickly. your thoughts around the rally in risk assets this week. stephen: if you think about it in the context of the last 12 months, what is interesting is that last year was ugly, a selloff around the world triggered about trade tensions. now those trade tensions have ratcheted up. it became clear short-term growth was holding up, so you had a rally. stocks have held that level. now that people are backing off of trade rhetoric, you are seeing stocks make new highs. when you pick the bones of that, from a corporate point of view, growth is not plentiful but it is ok. there are some sectors that have had earnings since the global financial crisis. bonds are treading with negative yields. picking up on what you just 0.4%, if youdown look at bond markets, it looks as if bond markets are discounting a strengthening of the short cyc

joining me is thushka jeannequin , executive diretor global strategy team, jp morgan chase , cio andivor phelps concertrated global growth, alliance bernstein. thank you for joining us. let me ask about your risk appetites. buying stocks at records, it does not work anymore. records,ghts on these how comfortable do you feel loading up on equities? thushka: i think we are warming up to a positive risk. i would not say loading up is the terminology i would use, but the characterization of the global environment is supportive of a positive view. it is where you allocate that positive view, is it in cyclical markets relative to your defensive markets? strongly.as rallied i would say having balance. you have your core defensive portion of the u.s. equity markets but look to add exposure. anna: a little loading up there. out ofgetting some news nissan, withdrawing its dividend outlook. payout undecided according to the japanese carmaker, operating profit, we will keep those headlines coming for you. let's give you a chance to answer this question on how much risk you want to take. i was lo

i'm trying etrimming like you were talking about karen you sold call in jp morgan obviously implied volatility has gone like this you're not getting paid as much as you would like for the options. but i've been trimming the omissions today, mel today wells fargo, morgan stanley. love the names still love the names i think they're going higher but it's a great opportunity to take some off. >> can i ask a question now. >> i wish you would. everyone wishes you would ask a question. >> i have a question for grasso if you think there is a chance of a pullback at this point when does seasonality kick in are you better off troo trying to trade the pullback. >> if your time horizon is five years then just stay the course. if your time horizon around this desk is pretty quick, then i think you trim in november, get long again december. and that's the way you play it to pete's point, alta, roku, snap, all up 20, 30% in six days. >> wow. >> you could playbook your year in the individual events really quick. you have to be able to buy them sell them quick and don't fall in love. >> or you can lose the yea

but are they going to just catch up to where jp morgan is valuationwise or does jp morgan rise with themtable talking about jpm this is an only us bank at all-time high. highest level it's been. spent two and a half years going no where the message is don't get too cute these are two or three weeks old. press themme >> chris ver own what are you buy zblag if you look at the european banks look at the eufn. etf. as chris pointed out they have started to run who is more levered to interest rates. they've been steroid by the ecb. the rest of the world trade is significantly outperforming the u.s. em outperformed by 6.5%. the dax? local or dollar terms outperformed since october. >> i feel like since you feel better about retail names maybe you feel better about banks. >> i said on "options action," jp morgan breaking out. >> but jp morgan specifically. >> i've also been saying listen when you look at the technicals take the name off it and you look at the environment you look at the market sentiment yes they should break out and continue to go i just don't -- i can't put my finger on the fu

also coming up, jp morgan jamie dimon warns there is still risk ead. you can see relationships. connections. patterns. you can see what others can't. ♪ rowithout the commission fees and account minimums. so, you can start investing wherever you are - even on the bus. download now and get your first stock on us. robinhood. my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean! cascade platinum. doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. >> welcome back to the show. the deal worth potential slally $7 billion all eyes are on the company's cheap executive and largest share holder who could roll his 16% stake in the deal to help finance the transaction. walgreens shares still ended the day up jamie dimon sounded a positive note but warns macroeconomic risks remain >> the consumer, 70% o

maybe laying their benchmark, this is a place to get some of that return back jp morgan, 3% yield justtanley paidunder 10 times. with markets at all time highs, by definition their revenue has to go higher >> there is a race to the bottom in fees. i know there is now commissionless trading >> squaub and td are going to make a lot of money off that in the end, the consume is going to pay for it. >> you say financials, talking asset managers do you like the big banks? not just jp morgan >> that's a safe trade it trades as a premium a new name for us is bank of new york estimates of up 10%. those are names that have some legs right now under 10 times earnings in a market that is relatively expensive. this is a good place to catch up >> are you this trade talk optimism guy >> no. no we've been here before >> we've been here about two years. every month, there is like a positive headline. it does feel like it is maybe more real because it is coming out of the china side. >> it is kind of a politic can't punt both sides needed this president trump understands that where this market is, where

vincent juvyns, jp morgan market strategist in paris for us.making news outside the business world with your first word news update. china threatening to retaliate after president trump signed a bill backing the hong kong protesters. beijing some of the u.s. ambassador and told him to quit meddling in hong kong affairs. the chinese said that could affect cooperation in important areas. the bill requires error -- annual reviews of the city special trade status and calls for sanctions against officials who undermine hong kong's economy. kim jong-un may be underscoring the threat he made to break off nuclear talks with the u.s.. korea appears to have fire does short range ballistic missiles. they landed between it and japan. kim jong-un has warned he will help negotiations if the u.s. does not lift sanctions by the end of the year. president trump has been ignoring the north korean missile threat. fires are still burning at a texas chemical plant after multiple explosions. three workers were injured in the blast 100 miles east of houston. the plan

alix: jp morgan >> small caps. on the terminal -- jp morgan likes small caps.rminal, you can see the growth for small-cap, mid-cap, large caps. obviously, small caps rolling over. what do you think? saira: first of all, the large-cap quality we've been interested in for a long time is somewhere that we still think is very attractive. we think some of these large-cap cyclicals, as tariffs move out of the way, large-cap multinationals will be some of the ones that could outperform really well. small caps, and more of a risk on environment we are seeing, small caps should start to perform better. with think they are reasonably attractive. they tend to be more to mystically focused, so -- more domestically focused. brooke: once you see tariffs get out of the way, how does the growth play out? alix: also, to your point, what does tariffs going away mean? literally they are all rolled back? brooke: is it some of them? alix: is it just december or september? saira: the market primitively starts to hope we see easing with our tariffs. they don't ever get out of the way

more from raymond cheng, head of asian equity strategy at jp morgan chase. rishaad: the quan tongue line has been closed. kong rail stations have been closed. we are talking about a 2% fallback for that share. 2.7% to be precise. >> we are off some of the lows in the session, down about 2%. one company we are watching is tencent, putting -- reporting later this hour. we are here -- we will hear from the state -- the chairman, you are with bloomberg. ♪ >> you are watching "bloomberg markets: asia." debuttyle is making its in hong kong. rishaad: sophie kamaruddin is on the spot. sophie. sophie: i am here with the chairman of lever style. he helped transition the company from a short manufacturer to a supply chain manager, selling out the assets in 20 16 to focus on an asset light strategy. let's talk about plans for the company. i would first like to get your views on what has been happening in hong kong, given your role in the textile association and the broader things for the hong kong economy. a third day of unrest in the city in a row. >> hong kong is goin

on the flipside obviously i love jp morgan. use zell all the time. you need a critical mass i think it's getting there i agree on the multiple being cheap. even without needing to get the extra bump from a fintech valuation. >> that idea, i mean i can't credit for that idea mike may of wells favoring had a note out saying there should be a closer correlation to maybe a tech multiple for certain parts of the business. and of course some of the parts can't be unleashed unless you sell off some of the parts often times. but still maybe we could have the largest banks trading at 2 pe points higher if the consumer businesses were given higher valuation >> that's a significant pump, two pe points high are in percentage terms that's a big move in stocks i'm in karen's camp, this is more to me a reason why banks don't need to exist necessarily in the world going forward yeah, maybe they can play in the game but if it's a commodity advertised why should you have the high are valuation. >> and it also seems the argument you were making at the top of the cycle

joyce chang with us from jp morgan, and sharon bell of goldman sachs.a most interesting day, particularly in washington. one part of that is the discussion of chairman powell before the joint it and then our kathleen hays, in conversation with the president of the san francisco fed, mary daly. that is always most interesting. then francine and i will put in our floaty's because we are going to venice. francine: the mayor of venice is saying that he would declare a state of emergency as the second highest tide ever recorded in the italian city, following heavy rains. looking at st. mark's basilica in venice, you see incredible pictures we have never seen before, the tide reaching 100 87 centimeters. the mayor saying it will have a lasting impact on the city. ♪ >> corporate profitability is not improving, and the rates are extending every day that the s&p goes up a little bit, you are moving further away from the trend. >> so what are you buying? >> nothing. cash and gold. good luck. tom: friday afternoon, get out of the market, get out of market, get out

i mean because they hold such big positions in jp morgan, u.s. huge investments across the financial sector the way to think about -- i'm talking about attackable trades. the way to say it is you have a 76 rsi on berkshire hathaway which most people would say is short term overbought. i disagree you can be in the 70s on a breakout it should be slightly overbought last time berkshire traded with an rsi north of 70, you have to go back to last september, more than a year. i would stay with this one as it breaks through i appreciate that argument that it's susceptible to the banks but it's a conglomerate and there are other people, parts to the story. >> up .3% today. nasdaq down a little more, .4% up next, uninterrupted coverage of the final moments of trade. tonight catch alex rodriguez of "back tinhe game" 10:00 eastern right here on cnbc "closing bell" back after this ♪ ♪ not much, how about you? >>are you answering my text in person? i am...yeah. >>lol. come on in. this is tech that helps you be there. the nissan altima. now offering the most t

on the other hand he is saying, well we are talking to jp morgan , and looking at deregulation.t stake here? >> i think it is actually a few things here. i think you are starting to see a little bit of the blame game being passed around the financial system right now. initially, you had people saying, this is the fed, they let reserves get too low, they mismanaged this. the others are saying, the only reason reserves got too low is the regulations are too tight. this is what is at stake. they are trying to figure out where we stand on regulation, where we stand on trying to get this market to function as effectively as possible. >> shares in microsoft rising to an intraday record after the company secured a $10 billion pentagon contract for cloud computing services. amazon was considered to be the front runner, so a big surprise. why is this such a big deal? because it was surrounded by controversy. >> first of all, it is a huge contract. it may be worth as much as $10 billion. if you look at microsoft's other big contract, it dwarfs the next biggest by about five times. it also

then you have this, squad member alexandria ocasio-cortez joining warren's fight with jp morgan's ceo aoc tweeting this, the billionaires are asking for a safe space in addition to the entire u.s. economy and political lobbying industry. yesterday, dimon said senator elizabeth warren's rhetoric vilifies successful people. aoc is saying the entire capitalist system protects rich people. tracee: the u.s. charges former twitter employees with spying for saudi arabia. they were charged with spying on twitter user accounts who were critical of saudi arabia. they've been accused of aggressively going after detractors and paid employees of twistwitter in various ways. lauren: california the latest state to investigate facebook. the state's attorney general is looking into the company's privacy practices. pros cue r tores say they began -- prosecutors say they began probing facebook last year after the cambridge analytical scandal. facebook said they complied with requests from california authorities. prosecutors are you accusing facebook of not complying with subpoenas. tracee: an investigat

alix: still with me, ben mandel of jp morgan asset management.-ples of saudi of saudi aramco and alibaba. where are animal spirits? are they alive? ben: over the course of 2019, we ring the alarm bell twice on global recession risk. is that has receded over the last month or so, we can discuss whether that is right or not, it's created some space for higher expected returns, and specifically, in equity markets that have been most damaged by those dynamics over the course of the year. so emerging markets fits the bill well for that. --erally, global sick little global cyclical equity markets are poised to do ok in an environment where downside risks are coming off the boil. alix: are you taking on more risk in emerging markets, for example? ben: we've been buying back under weights to risk that we've had over the course of the year, and in some cases moving a little more overweight in those equity markets. i think this is an environment which is particularly amenable to that old strategy between u.s., your high-quality quality, high r.o.e. market,

lisa: joining us, ian steely from jp morgan, and james from standard investments.rom bmo capital markets. we seen a shift with a growing number of strategist saying they expect the yield curve to steepen next year. what is your take on that? >> good to see you again. essentially we've been running the steepener all year. it's essentially the combination we like for long duration and steepening risk, we prefer the duration risk at the front end of the yield curve. certainly now, what the fed has , is notraise the bar can happen anytime soon. when you have u.s. two years trading above the funds rate, historically it tells you the market is expecting hikes, which is not likely to happen. there is a massive asymmetry toward the front end and the combination of being long on steepeners, that can profit in a number of different scenarios. one of your guests in your clips was talking about potential inflation risks. even though i am running the steepener, i find that difficult to believe when you just look at the oil price and the base effect, notwithstanding the end of d

after jp morgan's earnings were released, i have continued to buy more. i asked myself the question, do i want to have the same behavior in disney? and my answer was no. disney gave me what i was looking for. they have told me that they have checked all the boxes and things look as though they are going as planned. the real story is in the future years. can they get the subscriber growth i don't expect very much from disney in the near term. i'm certainly happier today than i was yesterday. i'm going to wait with this company because i believe in management and the strategy. i think this is a company that's really going to accelerate. >> disney very much fits the narrative of my opening comments about old economy companies deciding we're in this game, too. disney is still ten points off of the high. 147 was the previous high. i think it still has room. and igor made comments about the technical aspects. they didn't test it here. they tested it in the netherlands. just with old content, people in the netherlands went absolutely bonkers. they did not have t

lale: again, i'm going to refer to this jp morgan report.nd said the average active manager only represents 10% of trading volume in stocks. everything else is in the machines, rise of the machines. alix: we are going off of star wars onto terminator? [laughter] lale: i was scared watching that movie, so i don't think i can watch that. i don't know. again, when you talk about the companies, everybody is bracing for the worst, and that may not be a bad thing. it is easier to set your expectations low so it surprises you to the upside. you can be positively surprised. what is interesting, it is certainly impacting the industrial capex cycle. that arehe companies most beaten down our industrial exposed to automation, capex, etc.. mike: the people trading on the snowy's -- on this noise are taking advantage of the fact that liquidity is not great. people run based on a very small amount of news. there's an opportunity to take advantage of small moves. going back to our goldman days, i trust what he says. i don't know. it is just not the game we

jp morgan with the you invatt rm or even robinhood.here are still many players out there goingd head to h with a potentially combid charles schwab td ameritrade. >> quicklyeeo you regulatory hurdles at all. >> definitely you could see some anti-competition hurdles coming up. they are some of the most well-known brokerages. they doave a really good hold on the investment adviser spacea fos. there is definitely sop industry concentration that i think some regulators will lo at. >> morning star, michael wong, thank you. >>> and a bit later in the program we look at how the merger could potentially impact knows using discount brokers to invest. o wall street now the dow and s&p posted declines the thirdobay in a the longest string inon new reports on trade negotiations between the u.s. appearna continue to pressure stocks. we'll have more on that in a moment. but firsthe closing numbers for in day t with industrial average down 54 points still belo 28,000. nasdaq down 20 today. >>> and to the duffee and the housing market. sales of previou

and groupon downgraded to underweit from neutralt jp morgan.he analyst citing lower online sales and international headwinds. the firm has no price target on the stock buthares fell more than 2.5% to>> 292. still ahead, what kohls is spirit. get in the monthly day >> mime will i'm courtney raying 199new york city at kohl's i'll tell what you the retailer has in store for the season coming up on "nightly business rert." ♪ >>> the california attorney general says it has been instigating facebook for 18 months and says the company is not cooperating.s officire now asking a court to force facebook to answer its nas. california is looking into the social media company's privacy practices. the state says the probe began with the cambridge analytica stand pd scandal but expanded. in a statement facebook says it has cooperated extensively with that investigation. >>> dunkin' donuts is hoping to get in on the fakeeeat craz today it laufrmd a new plant-based breakfast item, the beyond sausage sandwich. and companies that make fake meat are looking to exp

gabriela santos out of jp morgan asset antigen, really working on -- asset management, really working"mary with the weathervane on top of the house. do i need to load the boat on international equity? gabriela: the past 18 months, this has been the story of a downshift in global growth seemingly without end, greater then the downshift in the u.s. less -- much must less obvious next year. tom: do you sell u.s. to go into international? how do you execute that transition? gabriela: if you have been very overweight the u.s. for the past few years, it is time to bring that down and bring your underweight to neutral. for a lot of our clients, there has been a heavy u.s. bias for years, so there is a lot of work to be done to bring it closer to a neutral in international. anna: how much does this move from u.s. toward international rely on early signs of stabilization in the manufacturing sector? we get pmi data and other data this week. gabriela: it relies so much on that. there has been a lot of enthusiasm over the past 30 days or so related to those signs of civilization in manufacturing

jp morgan have reflected on the bond market. the 1990, the fed have interns cuts, the bond market went on to rally by a hundred basis points in terms of yield and the curve steepen print to that end, you can dance in the clubs but it may be reminiscent of a 100 base -- basis point move. it is a national holiday in japan. cash is closed and futures are trading. to the u.s. and china. they have agreed to the first part of a trade deal. the commerce secretary wilbur ross spoke exclusively to bloomberg expressing optimism on a so-called phase i deal which we reach this month's. he added that the licenses would be coming shortly for american cups companies to sell components to huawei. -- american companies to sell components to huawei. there was a suggestion about alaska, iowa, hawaii. i'm sure the chinese will have some suggestions in china. that should be the easiest part of the whole thing to negotiate. >> a trade deal will be signed in november? see it wonderfully definitively and i wish i could be as definitive. i think we are

jp morgan say they think asian ex-japan andpan -- australia will go to 700 on that index by the end ofext year. upside and aing an recovery in india's market. manus. manus: thank you very much. juliette saly with the latest on the markets. let's turn to trade now. it is one of those sticking points in the negotiations between washington and beijing. it is ip theft. in a compromise, china said it will raise the penalties on the violations of intellectual property. hostettner is my guest this morning. i thought john bolton would be so pleased if he was back and he saw this kind of -- it is almost shakespearean, isn't it? we will be very aggressive when it comes to intellectual property theft. it is a line to appease trump, isn't it? max: what it tells you is that, at the moment, we do really see this sort of trade war we see and that we have seen over the last year and a half and it is in no one's interest and it does weigh on global activity and has weight on manufacturing in china and the u.s.. it has weight on trade growth globally and it has diverted trade flows, which are not necess

observing all this is john bolton from jp morgan asset management. is populism good? populism reinvigorates, creative destruction, but is populism good for gdp and revenue growth? >> i think you have got to turn it around and ask what is being created by the rise of populist fringes? that is just greater political uncertainty. what it serves to do is create baseline behind politics around the globe, which suggests something much harder to predict fragmentedhave more political leadership, often some of the more extreme angles that certain parties might take are harder to push through if you are unable to form a majority. let's not lose sight of the fact that what markets and economies are responding to is not what is going on generally in the political sphere, but what is going on in the economic sphere. we have much higher levels of political uncertainty. 1/6 ofstill at 113, where it was at the time of the crisis. we have extremely low interest rates. after having had some fairly weak data from the industrial sector, something that has not picked up in factory orders

they said we're making progress, not on track i was reading jp morgan report they pointed that hout as concerned them because it says you know, i want to marry on track, not making progress i need more free cash flow that's the question here. >> jp known the axe sticks by the $5 target. >> he has been the axe he has been right. >> he has been right on the way down not the way up. >> on the way down. >> the last three months he is incorrect. he has done extraordinary work in the stock if he says five who am i to argue. >> you stick with the five too. >> yeah. >> all right time for the final trade >> boom. >> we were talking about industrials we were talking about rotation and fedex certainly carter gave us a lot of room on this one to look at whether it's relative value to ups and other transports this might be the one. i think this is indicative of an oversold assessment for the entire economy fedex get long >> steve grasso. >> bauch health company a bit long on this sometime. it's off the bottom. larry robins, the fourth largest hold ner bauch health companies. price targets $30 on th

tom: jp morgan, the head of cross asset fundamental strategy.oomberg. dow futures up 82. the 30 100 watch on spx. linking this into the fixed income markets. this is bloomberg. ♪ tom: this morning, will or will not? does the president have the will to rollback tariffs? china requests that for the "good of humanity." it is a great and beautiful market. midcycle, late cycle, maybe never ending cycle? uber, get out the mba speak. total inability to "scale, scale." what does scale mean? this is bloomberg surveillance from new york and london. francine, a new speaker. no order. a new speaker from lancashire. is this a big deal? francine: it is a big deal because the other speaker has risen to fame all over the world. i don't know whether the new one will be more tame. he gave local interviews yesterday. he will have to tread carefully. the speaker of the house cannot be political. john bercow at times drove the agenda. tom: the leader of the lib dems driving for their message on leave or remain. wants u.s. tong rollback tariffs on $360 billion after

and 10:30 am live and exclusive jp morgan chairman will join me then >> knowing what you've heard from former prime minister tony blair and what we understand about jeremy cornbyn and possibe next steps, what will play out >> the key first vote is december 12. that is the date of general election as opposed to a specific referendum if boris johnson wins, it will lead definitively to brexit being carried out. so current date 31st of january. if conservatives do not win a majority in their own right. if one of the other parties even gets more seats than them, then it is all to play more for the result of the second referendum will be the result of the rise significantly at the moment with a decent lead in the polls though things are uncertain. the big swing factor will be weather the labor parties or the lead parties fight each other more aggressively on respective sides. the side that does that more than the other might damage the current chances and where the count current poles are at the moment. >> we look forward to all of your interviews. thank you so much. >>> still on deck, the m

scarlet: still with us is alex dryden from jp morgan and bloomberg news macro strategist cameron crise. alex, you were telling us that investors want to see the glasses half full, yet the resolution of -- of phase one of the u.s. china trade deal just brings up more questions between the u.s. and europe. looking into 2020, we work get geting investors not to carried away. in fixed income, focus on quality, making sure that we are not taking risks in the market. high yields have done ok. definitely taking a little bit of profit off the table. joe: obviously, a very good week for stocks. also a good week for bonds. are we back to this regime where you can buy both and they are both working? back ined put that play? cameron: that is kind of the million dollar question. the market, for better or for worse, what they heard from jerome powell is, i am never hiking again. that is not what he said, but we all hear what we want to hear. they are going to run with it until the market tells them or market tells them or shows them that is not the case. joe: the line came in response to the questio

our thanks to alex dryden of jp morgan. super rich are getting skittish about their future, given the trade war between the germany, and as violent clashes in hong kong. there is we can to demand in super yachts, they get dropped off as the first hands of a recession and they have fallen to a four year low in november, captioning the uncertainty in the global economy. super yachtare in territory, what do you see in the water? taylor: behind me below the bay bridge is the massive super yacht going out to maybe come visit you and go around the caribbean. note, it'sre serious interesting. the consumer makes up 70% of gdp , as you and i have been talking about all day, the consumer is holding up the economy, holding up the growth in the gdp numbers we saw on wednesday. so we cannot talk about the superrich and the super yachts as it relates to the general health of the, you do see little cracks. harbinger if it's a of other things to come. i like to tidbit in the story that you had, only 102 super ,acht dealers shipped this yea

fund this because viagogo is a private company and not well-known so they had to get funding from jp morganthers to make this happen. taylor: thank you both for joining us. the ceo of the new online marketplace and platform can battle rivals like amazon. we will hear how he plans to do that, next. lumbar technology is livestreaming on twitter. technology.t @ this is bloomberg. ♪ taylor: let's get a look at the top tech calls. loop capital markets upgraded lyft to a buy. they say the company has strong execution and benefits from an improved competitive environment share gain and margin expansion to continue with the growth. aother company upgraded from , saying the company had turned the corner with the android app. the company says snap is seeing the highest and revenue growth of major platforms. netflix downgraded to an underperformed by analysts at wells fargo, saying it offers growth at an unreasonable price. wells fargo analysts say it will keep content and marketing spend elevated and that could cut down growth in average revenue per user. a company competing in a highly crowded marke

technology, investing in people, training, new markets heavily for the last few years, along with jp morganstanley, the europeans are still cost-cutting, they are still trying to streamline businesses, they are exiting businesses where it is not working. some sense of scale may benefit them, but it is happening from a position of great weakness, not great strength. anna: you've got interest in the u.s. banking sector, but we had numbers out from commerce bank and a host of other bank stocks this earnings season. have they sent anything that has convinced you that now is the time to get interested in the stocks because you like them or their value? >> they are very cheap and they have been for a long time. until they have a sustainable ,ay to generate decent r.o.e.'s i don't think there is any interest in investing in them and if you wanted to speculate, you could say in a year or two, they would get there, but i believe every year there would go on, there is a natural headwind compared to their global peers, unless they are just going to become local, regional, deposit taking and lending in

maria: that was jp morgan chase, chairman and ceo jamie dimon, striking an optimistic tone about thene at the start of trading this morning, down 123 points, s&p down 12, nasdaq down 38. joining us now is ted ted oakl. thank you for being here. do you agree with jamie dimon's sentiment. >> not quite. if he looks at the gdp over the last four quarters, the way things are headed, it's not quite as robust as it has been in the past. we've had a subpar gdp the last 15 years, you want to look at it. but we have a hard time going out one year, much less 100. maria: so what does that tell you about where we are? are you worried about a recession? are you worried about the he slowdown deepening? >> we are in this respect. the numbers keep sliding a little bit every quarter, if you look at the underlying portions of what drives the economy. the consumer is what everybody falls back on but the consumer can fall off at any time and they are a big driver, don't get me wrong. but they're only one driver. if you look at cap ex from corporations and various things, that's not working right now. so

what is jp morgan saying about the sentiment coming from ceos right now? >> i sat down with john richard. in contrast to the euphoria, the bullishness we're talking about at cnbc, ceos have a lot of pessimism for last year. with the election coming up, they think with the expansion in the late innings, they think with potential democratic candidate who might want structural texts and regulatory changes to the u.s. that they are actually pessimistic about growth in 2020. >> what about the sort of underlying differences, hugh, different sectors, industrial versus consumer. >> it's a tail of two industries worlds really. anything to do with services and tech, these are things, anything to do where it's driven by the consumer these are corporations and sectors that are still doing well if you talk to ceos of old economy manufacturing, transportation, business services in some cases, these are people who might tell you they are currently in a recession. >> hugh, thank you very much for joining us hugh son catch the full story be sure to check that out. we're in

really appreciate you joining us, alex bolt, jp morgan. sarah hunt will be sticking with me.to otto is here first -- viviana hurtado is here with first word news. viviana: president trump will not impose tariffs on autos in europe, according to european commission president jungle juncker. -- president jean-claude juncker. over to the state of alabama, where jeff sessions will run for the u.s. senate seat he gave up to become president trump's first attorney general. sessions says he remains a strong trump supporter despite "our ups and downs." last year, after months of insults from the president, he resigned from the cabinet having recusal from the 2016 investigation into russian influence. salman reportedly cutting his valuation for aramco to 1.7 trillion dollars, but money managers still think that is too high. the firm says lowering the valuation would be a sign of strength on aramco's part. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm the vienna or tonto. -- i'm viviana hu

fund this because viagogo is a private company and not well-known so they had to get funding from jp morgans to make this happen. taylor: that was bloomberg's leanna baker. coming up, tuesday was a banner day for alibaba. shares began trading in hong kong, ending the day more than 6% above the listing price. and bloomberg technology is a livestreaming on twitter. check us out and be sure to follow our global breaking news network on twitter. this is bloomberg. ♪ taylor: welcome back to the "best of bloomberg technology," i am taylor riggs. alibaba made its trading debut on the hong kong exchange this week. the chinese e-commerce giant pulled off the biggest share sale in nearly a decade, raising $11 billion. alibaba plans to use the funds to drive user engagement, improve operational efficiency, and pay for continued innovation. bloomberg paul allen from sydney and i got digital's from bloomberg -- got details from bloomberg sophie kamaruddin in hong kong. sophie: plenty of cheers not only filed above about also hong kong which is now home to two of asia's most valuable companies. we had th

romaine: what you of -- simon: what you have seen in previous cycles, jp morgan out with a report sayinge are in the third wave of another midcycle adjustment where the economy , sos but does not crash out the forecast are for growth to stabilize a little bit into next year without bouncing back dramatically. the chinese have their reasons pumpo come to the stimulus . they feel debt is high throughout the economy, various sectors, and another rush for stimulus will create more longer-term problems. it is the world economy's longer-term issues that china does hold back. can it continue to grow without china providing impetus? it can. chinese growth has come down from 10% to 6%. that is still a boost to the world economy as a whole. the fed has cut interest rates. slight fiscal support. germany stabilizing after recession fears. there is enough to support the world economy into next year even if china does not suddenly rush to the pumps. romaine: great stuff. that is bloomberg economics executive editor simon kennedy. plenty more head on the show. stick with us. this is bloomberg. ♪ romain

jp morgan is a big point drag on the market today. a couple of other idiosyncratic stories.ee, but overall this is a market that -- where investors are looking for stocks and they're looking for the winners and finding a lot of them. it is not euphoria but it is enough to keep us at record highs. guy: as you say, plenty of them. two weeks until the u.k. election. the pound weakening as recent polls suggest the conservative party elite is narrowing. we are back with lisa mcdonald. -- suggesting u.k. stocks are the trade of 2020. we are at 15 month highs. they have outperformed the ftse 100 by a considerable margin. where'd you go in the u.k. next year? lisa: we have come off very value levels in the middle of the year as some of these concerns about brexit and also about extreme leftist governments have dissipated to some extent. you've seen the big bounce and some of the domestics, which has been quite extreme in some cases. if you are a believer this will continue, then you have to still domestic stocks, because those are the ones still showing exceptional value. the whole

or anything like that. -- sachs or jp morgan or anything.t, macy's crushed. not a surprise. from beijing and the bloomberg new economy forum, this is bloomberg. ♪ ♪ alix: china is cautiously optimistic. china's chief negotiator sounds more positive on a trade deal. don't say i didn't warn you. china issues a stark warning to the u.s. after congress passes a bill supporting hong kong protesters. in the foothills of a cold war. henry kissinger on u.s.-china relations. leaders way in at the bluebird new economy forum. welcome to -- leaders way in -- leaders weigh in at the bloomberg new economy forum. this is a miss and a cut, and the stock is down about 5% premarket. comp sales are down by about 1.5% on the low end. they also missed on earnings in the third quarter. they say they are confident in holiday strategies, but it doesn't look good in terms of their guidance. you're really

fund this because viagogo is a private company and not well-known so they had to get funding from jp morganthers to make this happen. taylor: that was bloomberg's leanna baker. coming up, tuesday was a banner day for alibaba. shares began trading in hong kong, ending the day more than 6% above the listing price. and bloomberg technology is a livestreaming on twitter. check us out and be sure to follow our global breaking news network on twitter. this is numbered. -- bloomberg. ♪ when it comes to using data, everyone is different. which is why xfinity mobile is a different kind of wireless network that lets you design your own data. choose unlimited, shared data, or mix lines of each and switch any line, anytime. giving you more choice and control compared to other top wireless carriers. and now get $250 off when you buy a new samsung phone during xfinity mobile beyond black friday. plus, you can save up to $400 a year. click, call or visit a store today. taylor: welcome back to the "best of bloomberg technology," i am taylor riggs. alibaba made its trading debut on the hong kong exchange th

you look at gmo and blackrock and jp morgan.f you look at those and take it at seven years, 10 years, there is one game in town and that is private equity. won't date evaluate whatever the value is in the private equity and impose the wealth tax on valuation brandon: brandon:? sure -- on that valuation? brandon: sure, but the goal is beating that 6%. david: under that analysis, the government would get the money. it is not really tax avoidance. brandon: is the idea of where you put your money to be that 6%. david: a different form of a search for yield. you need higher yield if they will take your wealth away. brandon: that is why we draw comparison to looking what pensions are doing in a low interest rate environment in consideration of their own risks. does that suggest other alternative investment? it is not just private equity but particularly higher reward. it depends -- brandon: it depends which capital adjustments you are looking at. things like that are also there. private equity is the one that seems to be across the bo

going to pay for it and not one penny from the middle class and all we've got to do is convince jp morgan to operate like a non-profit. next question. >> sorry, i have a follow-up because i'm annoying. you said your plan would cost $20.5 trillion, but other economists have said it could cost $34 trillion. >> let me stop row right there. we're talking trillions. you know, when the numbers are this big, they're just pretend. there ain't no vault. you ready to get red pilled? money doesn't exist. it's just a promise from a computer. you might as well say it costs -- same difference. all right, next. >> sorry, senator, i'm going to need the see the math on that. >> oh, yeah. you want to see the math? okay, i'll show you. look at this here. yeah. do you understand this? i do. i could explain it to you but you'd die. >> "saturday night live." >> really nailed it from elizabeth to rudy giuliani. >> senator warren has revealed her details -- didn't she do jeff segs at one point? >> i believe she did. >> she says the plan which essentially eliminates all insurance is fully funded and would elemina

nike, amazon, cvs health, lockheed martin and jp morgan.o bring in a diverse employee culture and they're looking kind of to folks like you to bring those people into them. >> sure. i think people are saying well, how can we bring people into the workforce, people thought apprenticeships were just for building, construction, traditional trades. but a modern apprenticeship is now banking, finance, healthcare, hospitality. people should think how is an apprenticeship different, where is one available for me, ask locally and companies should say how can i get a return on investment on bringing entry level people into my company. cheryl: you work with candidates to find the right apprenticeship if they need it, correct? >> absolutely. absolutely. cheryl: nicholas, it's a very interesting idea and part of our modern times, the new workforce. >> thank you. cheryl: thank you for coming in. over to you. lauren: jerry jones agrees, collicolin kaepernick's workout turned into a secret. he said, quote, that situation from the get-go probably had a lot

jp morgan ceo jamie dimon spoke to lesley stahl of "60 minutes" in his own defense. >> so elizabeth warrenin iowa the other day our democracy has been hijacked by the rich and powerful, and you jumped in and said this week about her that she was vilifying successful people and having harsh words for wall street bankers. >> what i was commenting on is that anything that vilifies people i just don't like. i think that most people are good -- not all of them. i think you should vilify nazis. but you shouldn't vilify people who have worked hard to accomplish things. my comment is american society is just attacking each other all the time. >> she said the system is working great for the wealthy and well connected, and jamie dimon, she brings you up, doesn't want that to change. >> i'm not going comment on anyone in particular. >> but she is commenting on you. you have become a target, whether you want to respond or it or not, you're her target and you're alexandria ocasio-cortez's target. >> i understand that a person is going to be a target in this day and age of certa piticians and stuff like

alex will from jp morgan. from jpnue -- alex wolf morgan. we continue to see a city in turmoil.olytechnic university. we have seen the standoff there. police have come out and said they have not rated polytech they are onlyat conducting dispersal operations, but chaos continues in the city causing disruption for transportation. the east and west rail lines disrupted. a station closed. ofin service halted because --t one train operator says calls facility damage. we see live pictures out of hong kong. we will have more coming up. this is bloomberg. ♪ paul: let's get a quick check of the latest business flash headlines. hp has rejected an offer from -- a takeover bid from xerox saying it significantly devalues the company. hp says it is willing to discuss saysential merger and declining revenue at xerox last year raises questions about its trajectory and future prospects. airbus is in talks with ge for a second engine to rival rolls-royce. we are told the new engine would currentlyn the design powering the boeing triple seven -- boeing 777. paul: boeing is working hard to return t

taxes they are getting a different amount and default to the cleanest player and maybe default to jp morgan too stob making it to so you are reinventing the wheel. apple is getting the business. anything goldman does -- anything they do wrong blows back on apple. now i think maximum transparency and credit card is a different industry with different mores. you could see bravo facebook for taking action. might dent their numbers or say wait a seconds didn't know it was hurting the mental health of teenagers. and chasing lawyers and [ inaudible ]. there was an article this morning in the "wall street journal" amazon heavy recruitment of chinese sellers puts consumers at risk and i read this story i have no idea what they are talking about and but it is another dubious that target or walmart isn't doing or costco and again it is secretive. and we can't pay as much for the big tech stocks as we used to. don't the ceo's see that because the long are out for them. so maybe netflix isn't involved with regular scrutiny but disney plus is facing serious competition. is there anything that can be don