jp morgan was the cheapest i have seen. for this stock, they gained 2% well, i don't know they have found gold in the fall this move was easy as the rotation, suddenly the value stock found themselves at the net. hammering down the throat. only a handful of red hots were able to hang in there. snow flake, the most expensive stocks in market what was jp morgan pieces? as it happens, we got it stronger than expected pmi number today this very morning which sent the rotation. jp morgan is onto something. as we got closer to the end of the day, tech got its mojo back. it felt that jp morgan's report was already in the window. now before i get to the specifics, i got to tell you i hate these growth verses valu calls. why? makes you want to catch it what if the recommended action is wrong what if value is not a coherent category second, rotation is making you suspend any work you have done in individual stocks forget exxon and and tech-ron. hard to find anything with regular oil, right wrong. the oil business is terrible in rotat

shery: let's turn to jp morgan. traders are set for a bumper bonus season.k is planning to boost annual compensation by up to 20% for sales and training staff. employees across the rest of the company macy payouts fall. michelle davis joins us on the line. yearhad a record revenue so what is going on with compensation here? , as you: yeah, so mentioned, jp morgan is boosting the pool for traders by 15% to 25%. that was after the trading business generated a record amount of money in the first nine months of the year. it has been a tale of two cities year o for the banks. even though traders have done phenomenally, the other side of the banks, consumers and wholesale lending, those businesses are preparing for massive losses. reflectsrsions in pay the last thought it -- lopsided way the pandemic has impacted banks. revenue is at a record this year but the trading revenue is. traders are going to benefit from that but they also aren't going to get as much as some of them anticipated because the bank, jamie dimon, he loves protecting their balance sheet. he cal

, jp morgan head of oil and gas research.loomberg. ♪ alix: opec is considering a three month extension of output cuts. some members oppose a delay of the output hike. good enough is christyan malek, jp morgan head of oil and gas research -- joining us is christyan malek, jp morgan head of oil and gas research. what is your take? [indiscernible] so they've got a bit of a dilemma in terms of they horizon they stick to in terms of whether to extend these cuts versus seeing this resurgence in shale which has happened relentlessly over the past few years. alix: market participants have been looking through the longer-term victory with vaccines. how do the delegates look at it when they have the curve issue, , can they short term afford to look through that? fiscally: iraq is in a very difficult situation. they've got to think about the price that is conducive for their own constraints. ,hey are very long investment whether it is investing in oil capacity. the other side is no one that whatever they do to the price will encourage m

you did 2 cents at jp morgan before the merger 1978 to 1983. and also, i know between 1995 and 2003 when the merger happened in 2000 you have actually lived this history what compelled you to write this book. why is the "jpmorgan's fall and revival" a story that needs to be told. >> think you so much. i think it was a journey. in the first stage of the journey was when i decided after 25 years on wall street to do something different. what struck me at the time is i was in an a reflective mood. they are completely different corporate cultures. what struck me as i entered the securities world. the two corporate cultures started to play in. when i went downtown to the headquarters. i just changed that much. the culture have changed a lot. in the business. >> the original idea was maybe write about how financial integration and culture mesh. she also is an author. i want the idea but it will be about to be too complex. i studied it for 15 years. were now in the summer of 2018. i am with a reunion of former colleagues to celebrate the 70th birthday

months that many managers are tired of getting burned beli believe me it is a big issue over at jp morgan, they wrote a devastating piece how the armageddon lost their way. keeps on predicting gigantic sell-offs and they been crossing over and over again. to the point where they had a lot of money taken away from them, as they should too much homework. it is not going well for them. it is a miracle they have any money to run at all and their place investors wanting the broader themes you can get an etf for anything you say. i am not a fan of these etfs, generally they try to own the good with the bad. right now there is a lot more good with the bad. lately there is been a move to own individual stocks led by novel investors who's captivated by the world of commission of free trade no commission thing has been revolutionary, for years we were told not to trade individual stocks because of commission gains. that's not a problem anymore thanks for all this money in and out with all individual stocks, it maximized the importance of how companies are actually doing. it is a return of the old d

tom: what does gridlock look like for jp morgan? how do you write that 12 page essay?: we have been saying 3600ock is something where . thegridlock scenario was probability weighted scenario to -- 3600. say hundred if there is gridlock, there are less years to have tax cuts rollback. rolled back.- if you have a biden presidency, what is the ability to get there a big stimulus package? is it $1 trillion or $2 trillion? that makes a big difference. we really do have to see what happens with a vaccine and what happens with a second wave as well for covid-19. that will give us a sense of urgency. it will take a while -- the vaccine will take a wild to come. there will be growing sentiment that you need some type of fiscal stimulus to tie everything over until then. i think it's early to say exactly how it will play out, what scenario is one that is contemplated as an outcome. tom: joyce chang here with us and i went to break in with news from wisconsin. this is a relative turnout of reporting, the relative reporting of madison the university of wisconsin day in county, gre

of jp morgan investment management, thank you. mosthas been the story of of the united kingdom going into lockdown. i think now it is fair to say a double dipse is for the european economy. lisa: that is what a lot of economists are expecting, which is a reversal from a couple of weeks ago. the data is moving so quickly, the virus is moving so quickly, how do you game out how big of an eye had, kit these lockdowns .ill be it is just so hard to game out, and the economist have gotten it wrong. they are following the information, not leading it. jonathan: the language of leadership, the adjustment image. you go from a situation where when asked if you would lockdown the country again, they will say no. they will say it is the last option. then it is in front of you happening again. that is the experience of this country right now. living experience of frankly, within mount sinai, is it is all about hospitalization. is thereicians, that catalyst for reaction, literally bed count. jonathan: that is the pressure point. chancellor merke

you mentioned jp morgan in the banks. when is the when? when do they go?ichael: the great news is you and i have been in this business long enough, we know that nobody when, but we know the what. the valuely within stocks, they have financials. if we get some peace and quiet to some extent because of the gridlock in washington, the banks are going to be a place you have wished in november of 2020 you would have put some significant money in. the best of the breed is jp morgan, trading at a ridiculously below valuation. lisa: what is the covid story that is tradable at this point, given how it is worsening? michael: that is interesting. as things are coming under pressure, i think that whatever reverses -- let's play a game here. you and i are going to say that ao months from now, we have very successful vaccine in significant production, and looks like it is going to get distribution. what is the snapback when you get that kind of certainty? in addition to the obvious things of health care and so on, that could be a trigger for the stay-at-home big tech st

we have jp morgan's em inclusion s.ncluded all of the renminbi government bonds by early november. all of those structural flows will also support for the strengthening of the renminbi exchange rate. --feel most likely to have to happen around the middle to third quarter of next year. haslinda: we are talking about tighter liquidity and all eyes are on the operations by the pboc on monday. what you expecting? there is a sense that anything less than 2 million yuan will disappoint. >> that is a very good question. in terms of monetary policy, i think the pboc will maintain mildly accommodative auditory policy. october, credit and supply growth already decelerated from the first half. as you pointed out, inflation pressure also continued to ease. i do not think it makes sense to tighten monetary condition also given global central banks maintained easing stance. if for the tightening of the domestic interest rates levels would perhaps add a lot of pressure. on the other hand, it does not make sense to ease too much given

we get jp morgan to weigh in.loomberg. ♪ is bloomberg. ♪ china's new regulations against internet monopolies are aimed at reining in the great influence of alibaba, tencent and others. the moves parking a selloff in mainland. our next guest says the new rules signal of further tightening of the online economy. let's bring in alex yao from jp morgan. good of you to join us. it does bring about tightening in those rules, but it is also a needs nationala champions. it is a fine line that regulators have to tread upon. i think the internet space has been loosely regulated the past decade or so. theregulators have leveled playing field between online and off-line. believe [inaudible] keep on innovating themselves or growing their economies. rather, it is to create an even playing field between online and off-line. regulations we will probably target, a specific universe of antitrust is the larger guys. likeof the others, advertising law and e-commerce general and regular frameworks that apply to everyone in the space.

anna: thank you very much, grace peters, executive director of european equities strategist, jp morganl continue her conversation with me on bloomberg radio 9:00 a.m. u.k. time. let's get a bloomberg business flash. is inanish bank bbea talks with its rival to create one of the country's largest lenders. the move comes a day after they announced they were selling -- that gives it firepower and booze its capital ratio. airbnb has filed for its ipo, outlining widening losses and plunging revenue due to the pandemic, but projecting optimism when the economy recovers. it is set to be one of the biggest this year. the company plans to raise as much as $3 billion. santander there is buying technology assets from wirecard as a german company winds down its operation. it marks an end to the dissolution of wirecard and will help santa and air build its payments platform. 500 employees will remain with unit. that is your bloomberg business flash. landing zone identified. that shape of the brexit deal is becoming apparent. that is next. this is bloomberg. ♪ >> the big thing was preventing a finan

jp morgan saying global market stocks should enjoy outperforming.y prefer non-us shares over american counterparts. >> everyone i talked to is quite bullish on the u.s.. the question is whether or not this rotation is here to stay. happy friday. a happier place, disney shares gained after streaming subscribers jumped. this is bloomberg. ♪ are you frustrated with your weight and health? it's time for aerotrainer, a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. planks are the ultimate total body exercise. build your upper body with pushups. work your lower body with the aerosquat. the aerotrainer is tested to s

to the jp we speak morgan global research chair for her market outlook. biden presidency will play out for assets. this is bloomberg. ♪ ♪ shery: jp morgan is feeling pretty good about the stock market. the bank says the s&p 500 will surpass its 36 hundred price target before the end of the year. 4000 byreach 2021. joining us for this and other market calls, jp morgan's chair of global research, joyce chan. great to have you with us. tell us about what is driving your optimism? joyce: this is one of the best backdrops we have seen for the equity markets. the trade wars, which had been an overhang on the market for two years, that fear has gone away. we have good news on the vaccine on the horizon. the election out of the way. you still have a tremendous amount of monetary and fiscal support that remains in place. we do think the equity market here is going higher. we think rotation into value has started. we have taken apart etf's forecast to 178. looking two years out, we could see? go to 200. a little more cautious on tech. good foris as not just the u.s

jp morgan, interest rates so low, they can't make money it is riskless and pain free i think the stock is not a buy as a matter of fact, ill lighten up and own something like a goldman sachs or morgan stanley. next, we have a question from harold in texas. harold >> hey, jim, this is tim from dallas, texas. i served in the army for 30 years. it was a great life being in the military i am looking for your advise in decision making for a great investment to continue that life what military defense companies could you recommend for this old bull i need to go from hoorah to booyah >> i like that transition. lockheed and impartial to bill brown and l-3 harris i think they are the right one for a biden administration all right, remember it is the earnings thank you very much for your questions and service. we are going higher for a number of reasons in the end, the companies are doing very well. big business are making a lot of money. i'm siting down with the home depot of weed, growing for generations. then what would the u.s. election outcome in news of promising coronavirus for your money

we get the additional performance side of financials and this gives you an absolute home run the jp morgan, if i can sell options and get a dividend yield and get performance from the stock which we haven't been getting, this is something i look at as a home run. >> guy, does this mean we should be expecting better economic growth on the horizon if we believe rates are rising to 130 or 140 >> i think most people say that would be the case. i am not certain that is the case rates can go up for that reason, the right reason and i think we are in the other reason camp if there is some chance of getting a stimulus bill through in this new administration, assuming that's what is happening, i think that could lead to some hope for economic growth we are coming into a dangerous period in terms of the virus and season i am hard-pressed to think we will see growth commensurate with the bond move maybe the s&p 500. that's one thing you have to look at as far as yields going higher i think they are going up for the wrong reason >> is it good enough to know they are going higher and that is how you in

jp morgan this morning also saying 10 year yields may hit 1.3% by the end of next year.il on an absolute tear. $45 handle. brent closing in on potentially $50 per barrel. let's take a look deeper into the markets. joining us now for more on that is dani burger. good morning. dani: it is really crazy to think about. in 2017, i was at the dow jones, s&p headquarters. everybody was putting on their hats. three years later, we are at 30,000. one of the most remarkable things about this rally is the volume picture, which is what i have up your. more than 60 million shares have traded hands in the past two days. the reason that is remarkable is it is the week of thanksgiving. volume is usually lower. this time, it is 72% higher than it was last year. perhaps a sense of conviction behind these trades. the other sense you get is that retail is unrelenting, dare i say perhaps even leaving the rally. vanguardill lynch and confirmed that their brokerages online experienced outages. not even the infrastructure can keep up with the demand. retail has been trouncing not &p, but doing

are up.they jp morgan is up 24%, whatever it is, and november. t is just getting back to towards where the trend was. jonathan: there's a night layer -- there's an outlier here. not in foreign-exchange. it is an sovereign fixed income, treasuries not spitting the same way. lisa: is it because longer-term growth is not going to pick up, or because the federal reserve comes in and extends the duration of their purchases? it goes back to this question of reality versus future hope. you keep talking about this. today we are going to get a data dump. it is going to be a tremendous slew of figures about the bleakness of the pandemic worsening. u.s. initial jobless claims, third-quarter gdp, the pce report looking at personal incomes, as well as expenditures, durable goods orders. all of this should give a sense of a slowing recovery. will anyone care? probably not. they are already expecting this. we will get the november consumer sentiment survey, and this follows yesterday, the sentiment survey out of the conference board, which showed the biggest de

tothey don't have the scale compete with jp morgan or wells fargo.ring that it is not a complete exit from the u.s. they may be leaving the retail side but they will still be on the institutional side. they will still be serving clients throughout the u.s. bloomberg's tom metcalfe with the latest on the banking sector. on whatickly check in is going on with the markets. european equity markets moving to the downside. down by 0.25%. the ftse 100 though now in positive territory. the possibility of a brexit deal. speaking at an interview in ireland saying there is more than fish to be sorted with the brexit talks. this on the back of comments from the secretary of the u.k., a recognition about u.k. sovereignty by the eu side, the u.k. perspective is that a deal ought to be perspective -- optimally possible. oveneytovey -- simon kobc saying a brexit deal should be done this week. he says they can negotiate a balanced deal. onare keeping another eye hungry and the eu regarding ace -- hungary and the eu. anna: welcome back to the european market open. 30

jp morgan again shifting to a more bullish tact as well. how does your world change when a team at j.p. morgan gets more bullish, like lisa abramowitz? [laughter] david: obviously we try to do the research ourselves. we are trying not to be influenced by other teams. but there is a logic to this thing. stocks, ponds, even long-term bonds are very long-term investments, you've got to look out and fade whatever emotion is in the market at the time. rising case count is dreadful from many perspectives, but you've got to look beyond that. i think the other thing that is very important for world markets in general is with a new administration, i think you're going to have more certainty on trade. i think that's one of the reasons the dollar is going down but a falling dollar is advantageous for many reasons. i think it will help emerging markets. it should help s&p 500 earnings. and a divided government means you don't necessarily get an increase in corporate taxes. there are plenty of reasons to be optimistic once we get past this pandemic. lisa

caroline: jp morgan having that call today.king about the time to get into the financials, insurance companies. finally after two years of overweight tech, getting out of that. for once, saying it does not matter what the election says. joe: not many people saying that. for more, doug ramsey. let's start with how you think anut positioning going into inherently uncertain outcome like an election. obviously, you could look at the polls and say one candidate favored over another but no one really knows for sure. what do you think about the task of managing risk? >> i have to say that volatility can wreak havoc with some of our models. in fact, a couple flip at the end of last week that i'm a little concerned about. we had some similar activity around brexit in july of 2016. they ended up being short-term whipsaws. this volatility does troubled me as a quant. but, just echoing the earlier comments from j.p. morgan that you mentioned, i do think this rotation that happened today, i think we will see a lot more days like today. bege

jp morgan alongside citigroup and hsbc.recommended a lower capital burden for the bank and several of its rivals. deutsche bank says working remotely is a privilege you should have to pay for. strategist are proposing a 5% tax for those who work from home on a regular basis. not because of the government lockdown. deutsche bank says that could raise $48 billion a year in the u.s. and could help support low income and essential workers. that is your bloomberg business flash. alix: thanks so much. this is a story everyone was trending around a couple of hours ago. the idea is if you work from home you do not have to pay for lunch or travel so your saving money. if your employer does not give you a desk, they have to pay for it, if they do then you have to pay for it and in essence -- a really interesting conversation about how inequality will play out after the pandemic. guy: i think that is the point of this. i do not think this will go anywhere, but i think it speaks to a wider problem, and that is how to has to figure out

bob michele of jp morgan will join me on the others. looking forward to that.now you will talk about getting back into first class on the plane soon. tom: is an influencer on instagram. jonathan: very cool. i will join you on facetime tomorrow with little bit of pumpkin pie. how about that? we will link lisa into the mix. we should do it over zoom. lisa: i am bringing my iphone. jonathan: i will bring some makeup along. push that on instagram. ritika: this could be an omen for wall street. bloomberg has learned bank of america's leaders are planning thatthis is -- bonuses break with traders hopes for big raises. pushingxecutives are plans to keep the bonuses at last year's levels despite a 20% jump in revenue in the first nine months. joe biden has made it clear he wants to calm international relations after what has been a tumultuous four years. the president-elect introduced a team of foreign policy experts he plans to nominate. the appointees will work with joe biden on his goal of restoring u.s. ties and international organizations that president trump has

the dow laggards, they're the bigger names, multinationals chevron, jp morgan and goldman sachs.ou can see jp morgan down by 1%. >>> coming up, new tensions between the u.s. and china we're going to head live to beijing for the latest >>> plus, this is supposed to be the most wonderful time of the year for retail. but will the pandemic continue to pressure consumers from spending early numbers on holiday shopping we've got that for you "worldwide exchae"ilrern twong wl tu for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin ♪ >>> calling it the stranger things rally stocks are about to do the first thing since 1987 with futures pointing to a lower open. >>> china on notice. new tensions between the u.s. and beijing as president trump looks to give his chief trade rival a parting gift. >>> bracing for cyber monday how main street is looking to get on the record-breaking ecommerce action it's monday, november 30th, 2020 you're watching "worldwide exchange"

gabriela santos from jp morgan asset management on this market. equity futures advancing on the s&p 500. we advanced 0.3%. two private companies are going to battle it out for a higher efficacy rate. that is great. well, buts is down as nevertheless, nice comp sales. you've got the boeing news over the laying that. somebody has got to get on a plane. we will see what happens with that approval. but i agree, it is about vaccine therapy. what is important to me is it has been three announcements back to back. it is not spread out. jonathan: there is some real urgency right now. tom: well said. jonathan: it is the reality of the moment we are in right now. yesterday, the white house covered task force, i will quote it. "broad community spread across the country reaching most counties without evidence of improvement, but rather furthered here you ration. -- further deterioration." that is from within the white house. that is the concern. tom: futures up 12. that's all you've got to know. they advance. jonathan: from london and new york this morning, g

tom: update the jp morgan view on this economy, q4 and q1. what do you view our growth will be around this politics? avid: i think that we've seen remarkably strong rebound in the united states with the consumer manufacturing leading the way, but we also have to recognize that a lot of the rebound was stimulus driven, and we have not seen the kind of renewal of and thatthat we wanted was necessary. the absence of any further physical help will lead us to have to revise down our growth targets as we move through into next year. you have already seen us taken down or european targets to zero in a lot of countries on the back of the renewed lockdown measures. i think this shines a light on one of the key areas of uncertainty, especially under some of the split government results of this election. what kind of stimulus, if any, do we get in the lame-duck session? what do we get into the first quarter? control of the senate may absolutely determine that. especially if we look at the race in georgia, where we could see a runoff weeks from now, we c

jp morgan ceo jamie dimon writing, "as we await the results of the presidential, congressional and otheral elections, we must have faith in our electoral system and have the patience and fortitude to wait." caroline: hard sometimes and something we look to for corporate leaders. we talk to a corporate leader of nestle.board she also is a driving force behind the board diversity action alliance. before i ask about your reaction to today's events, it is great to have you with us. ont responsibility now corporate america as we look toward a divided congress, and more uncertainty? are you hearing me? >> i am. caroline: talk to us about your reaction and what corporate america is waiting for now. >> my reaction to what? carolyn: your reaction -- caroline: your reaction to what now corporate america needs to do. corporate america's mission and requirements are the same. america has tote devise a plan to be a more inclusive set of organizations. we have to spread the wealth. we have to include more people companiesation of present and future. that means disabled people, people of color, women,

jp morgan not through the highs seen with pfizer.onathan: do you know anyone that thinks stocks go down next year? tom: jon, that is the smartest thing you said since that comment about arsenal over that beverage this weekend. i think that is an important idea, that there's really no one out there talking vix 28, vix 30. jonathan: the numbers over the weekend in america, the covid figures are terrible. when i said we earlier, what are we willing to tolerate, i am talking about chris harvey and his friends in the equity market. i am certainly not talking about the average person on the street who potentially faces more restrictions in the united states and beyond. i am not trying to play down or on any of this. i am just trying to work out, are we really saying that we can take a brutal three months and substitute in a better back half of 2021 with a vaccine, and just ignore all of the bad news for the next three months into year end? lisa: yes, that is what a lot of equity strategists and investors have been saying. ignore it for the

if you think about bank of america or wells fargo or jp morgan chase and what they can offer consumers have the same bank charter as they do. when you think out two, three years from now, we will be able to offer that full suite of products but on a fully digital platform, using the latest technology. you will see a lot of innovation in this space. i'm proud of my team to have been able to pioneer this. >> you getting a bank chart er allows you to do things the big banks do. is there something you are doing that the big banks don't do? i have noticed that my big bank -- won't say the name -- has gotten better, the app. it has gotten slicker, more useful. how are you staying ahead of them? >> i think there are a number of areas that -- we are in a moment in time right now culturally in many ways. i believe that borrow will be able to innovate in a lot of ways. one is that we don't create the implicit or explicit barriers to entry that are associated with lots of fees like minimum balance fees and fees for using the atm and fees for tran transferring money. we take away all of that, whic

the biggest contributors to the dow 30k threshold, goldman sachs, boeing, disney and jp morgan also in session we saw oil higher for the six out of seven sessions the treasury quurve steepening as well. coming up, "mad money's" jim cramer on this market milestone and whether the market will keep gaining steam from here. alley is here. and -- joins the conversation. mike, what do you make of this historic day >> it is a continuation move of what we've seen all week the last four weeks in particular, essentially investors found reason to just sort of release a lot of tension that had built up through the election period and before we had a little bit of firm news on the vaccines so i see this as more of an upside momentum push for what has already been going on. indicators, the rhythm of the market and the way it is behavior behaving are favorable. it has a broad broad cyclicals are leading. the credit markets have been firm all these things put together says it is difficult to find direct fault with how the market has been acting. on a short-term basis it becomes a matter of how far it

i am interesting in the jp morgan note. i was having a look at that earlier today. i feel like the headline saying down 7.5% in november perhaps is a bit more scary than if you really break it down yes, we saw from the chart it is heading in the wrong direction that could mean in the months ahead it gets a lot worse. but to have spending lower than the same month a year ago is probably to be expected of maybe not 7.5% it was on a couple of months, when you look at each of the cards spending data slitly higher year over year. maybe it is more a plateauing as opposed to down sequential 7.5% as it were. >> this is the high freakily data we have been watching you want to be careful about how you look at it the chart is back up the problem for me right there are twofold. one is the stalling. pace of recovery in general in a normal economy we are higher year over year almost all of the time the other thing is looking at that track down at the end you step back and it is a good comment you make, wilf step back, watch it. if it stays going down that's the time to worry. thi

. >> that's exactly what jp morgan is forecasting, a contraction in q1 steve grasso, aren't we sort ofhrowing out next year in a way when it comes to multiples i mean in a way aren't investors looking through and just saying, you know what? it is a pass year almost >> i don't know if they're going to say it is a pass year i think the bar has gotten higher so i agree with the fact that companies now all of a sudden have a little bit of visibility because think back to march. there was nothing. we were flying blind we were flying blind on the show we were flying -- corporate america was flying blind everyone in the world was flying blind. now you have a flashlight. you don't have a spotlight, you have a flashlight. so i think people are starting to get more comfortable with the market, more comfortable with earnings let's remember, nike, this will make it the 19th consecutive year that they raised their dividend so i'm not sure if there's not a little bit of dressing up the window, if you will. i don't think that it is a contrived issue that they're doing, but just think about it i think

that was julia wang from jp morgan private bank. we have the industrial production number, which is a slight eat -- slight beat. that has engendered a bit of a rally for copper. the highest we have seen since june of 2018. it does come immediately after what we saw with the industrial production number coming out of china. this is where we find ourselves with copper futures on this contract up to .4% or thereabouts. -- up 2.4% or thereabouts. if you want more on this data we have had out of china, you can turn to your bloomberg for more. more commentary analysis from bloomberg's expert editors on those figures. let's get over to new york and join karina mitchell. australiaina, japan, and other asia-pacific nations have signed the world's largest free trade deal. agreed theformally regional partnership, but the virtual asean -- regional partnership at the virtual asean . the australian stock exchange has identified the issues that prompted a halt in trading today. the asx says it is working on a resolution and will continue to provid

financial holdings by a significant amount, a 4% reduction, well on his way to exit wells fargo and jp morganhing those stakes by 96%. of the teslams story, let us stick with the u.s.. set to join the s&p 500. talk me through the effects. >> this is a big stock and adding it to a benchmark in one go can be disruptive. to give you numbers, managers who tracked the benchmark would have to kick out $40 billion worth of other stock in the index to make room for tesla. this would of course have a very distorted effect for those stocks and what the benchmark itself does. it is so disruptive the committee for s&p dow jones has reached out to investors to say, should we add this in two phases? tesla should help supercharge the index. it has gained nearly fivefold, much more than the s&p 500 itself. should gains continue, that would be likely to fuel it. it also fuels tesla shares. passive investments track the s&p 500. that injection into tesla should only help it rally further. tesla overnight rallying more than 10%. elon musk getting 15 billion more dollars worth to his wealth jumping over mark zuc

the gains continue trading about 1.4% higher and brent about 1.2% higher jp morgan trades the balance stock as concerns rise over the impact of rising cases across the world that story is available for cnbc pro subscribers. check it out >>> to the uk now, boris johnson is self-isolating after meeting with a leader who tested positive for last week number 10 added the prime minister will make, quote, critical announcement about the virus and leveling up. johnson tweeted a video praising developments in the test and trace solution adding that a vaccine could come sooner than expected >> we have got to interrupt the spread of the disease. one of those ways now is by self-isolating for 14 days i do it with a high heart with the utmost of confidence don't forget we not only have this technique for interrupting the transmission but two giant boxing gloves we wish to wallup into mass testing and rapid turn around testing in this country leading the way. we have tens of millions and of course the prospect of the vaccine i hope to start needed even before christmas. the uk and the eu have made

goldman sachs, jp morgan, and bank of america are leading the offering.e investorsst have been able to check the paper. -- the paperwork. 0.5% gaining ground. we have seen strength in kiwi stock markets while futures are also holding higher. the aussie dollar not doing much but we have seen strength in commodity currencies including the kiwi dollar. yen holding steady. up next, the u.s. moves towards plans to deliver its first covid vaccinations. we will discuss. ♪ - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) whereh the advances missing in the covid-19 vaccine development, our top priority is to ensure equitable access for all

way, talking of jp morgan and bring tencent back in, they recommended buy tencent in the last few daysen will have plenty more it comes to those chinese tech earnings, including tencent and the crackdown. multiple guests will join us in the coming hours. and here is a quick check of the latest headlines. facebook is to limit political ads in the u.s. for another month citing continuing concerns about messaging related to the election. the decision will narrow the advertising window for runoff votes in georgia. says they are working to reduce misinformation about election as a publicans dispute the outcome. vietnam is accusing netflix and streaming services of failing to pay taxes and harming local media companies. the minister told a hearing of the covetous party the foreign streaming services are also not complying with local content rules. the ministry says ford's streamers generated $45 million in revenue last year alone. approvalhas one formal to carry astronauts to the international playstation -- space station. the certification enables capsules and rockets to start regular throu

jp morgan saying if you see a trump reelection you could see the s&p 500 get to 3900 points by years. the bank's equity strategy seeing a trump victory is the most favorable outcome for the markets. be accompanied by fiscal stimulus but rising taxes. southeast saying a biden victory would be good for european stocks due to lower trade uncertainty. stimulus has we are expecting. let's look at what everybody is bracing for, that is a contested election. bank of america saying u.s. stocks could face a 20% slide if you see this. they want to see for the markets a clear result coming through within a week of today. they say declines will be sharper than 20% if either side refused to accept the results. saying drivey are the 10 year rate lower. a slew of election calls. we will see who got it right. coming up as we discussed the election in the united states, here in europe, it is all about covid. ♪ annmarie: good morning bloomberg's european headquarters. this is "daybreak europe." election day in the u.s.. 100 million americans have voted early and turnout is expected to challenge a hist

jp morgan was the number one bank. the number one company overall was microsoft.nie: they always manage to make it in the top spots. corporate leadership, i know that you have been writing about this. how have corporate leaders managed -- performed in this environment? we had this environment and then we had the election which divided america and potentially their customers right down the middle. martin: we have seen company leaders not just over the last six months, the pandemic, but over the last few years, companies that do right by their stakeholders are performed that those who don't. year, we have seen a double-digit percentage cap -- gap between leaders in some sectors and laggards. companies looking after their workers, communities where they operate, they tend to do better, and those things that are accentuated in a period like we have been through, where looking after those stakeholders are more important than ever. vonnie: is capitalism at a turning point at this stage with a new president likely to take office? martin: i think it was at a turning point

that spectacular news on the vaccine that it would lift jp morgan shares, dow futures would for a brief000. it happened. stocks stabilized this morning. the attorney general will not wait for voter certification. the department of justice will search for irregularities that are not specious, or far-fetched. fired, the secretary of defense. good morning everybody. tom keene in new york. francine lacqua and london. i love what we did with the microbiologist and our wonderful sam fazeli. it is also about the selection. -- this election. our american audience wakes up to an attorney general with something on his mind. frne

billion dollars from global stocks by the end of the year according to jp morgan.s large multi-asset investors may need to rotate money into bonds from stocks after strong equity performance this month. that's her latest bloomberg business flash. -- that's your latest bloomberg business flash. francine: oil rising on optimism over covid-19 vaccine a couple hours ago we heard from astrazeneca. .bout 70% i know you wanted to talk about the pound. if you look at sterling remaining a victim of brexit headlines. options now suggesting a deal is likely done. tom: stay with us. this is bloomberg. ♪ tom: this morning, stocks left the dollar. barrel.ude 46 dollars a hospitalizations in america doubled since labor day. cut casino capacity to 25%. a normal weekend. mr. trump plays golf. he desires to recount votes in wisconsin. the president-elect intends to appoint a long-term aids anthony blinkin. francine lacqua in london. a lot going on and we should take care with all the different butet news about politics we've got. to look at where we are in the medical space. news an

jp morgan says the 90% plus efficacy is a major breakthrough.y talk about limited competition, sustain pricing of the vaccine, and duration of protection. market wass, the looking for a breakthrough, and it got one. before november, goldman sachs made the case that the vaccine outlook would be more critical than the election for the markets. these results being better-than-expected gave us a real outsized reaction. analyst call today a vaccine reflation trade. money shifting from recent winners to laggards. from big tech defensive names to economically sensitive companies. when you look at the other gainers, energy, financials, and reits are leading the way. individual best performers are travel names. carnival was the best performer .n the s&p 500 davi travel stocks as well. cheesecake factory and other dine in restaurants. before the pandemic, consumers were spending on experiences rather than stuff, and that is what today's trade reflects, a return to experiences. getting hit are companies that benefited from the lockdown. zoom video, quidel,

not being talked about and there's a big risk we see an exodus in london from barclays and say, jp morgane's a lot of risk not only on bank loan books but the u.k. status and think clearly. nobody is talking about it at the table and that's a very big problem. francine: because it could be a systemic problem or just because it will hit some of the revenue? jonathan: it's going to hurt london quite badly, i think. in everything the u.k. was pushing for, clearly not on the table. we were talking about fishing and sausages and that thing, financial services goes back to years ago and dominating talks and this year it's a dirty little secret and from the perspective of the banking structure and derivatives and clearing contracts, they were rescues we were talking about over and over again and haven't been a part of the discussions which from my side is a bit after concern. francine: jonathan, thanks, jonathan tyce, senior bank analyst at bloomberg intelligence. the headlines coming thick and fast from the u.k. prime minister boris johnson and saying a brexit deal depends on the e.u. and subst

joyce chang of jp morgan will join us, chair of global research.will do that at 5:30 new york time. red and green on the screen. nasdaq 100 up 2.6%. stay with us, election 2020. ♪ election 2020. ♪ tom: we continue our coverage of the american election. francine lacqua and tom keene, a quick data check here, and we will get back to more good conversation. yields move, curve flattening, and there is a broader real yield, a deeper, negative yield. i notice as well, francine, the german 10-year yield has worked down a more recent, larger, negative yield. it is off the radar, but to me, that is important. red and green on the screen. nasdaq 100 with that huge serve, what was it, i lost track of time, 12 hours ago, a pullback, and nasdaq 100 showing a huge movement versus a flat dow jones industrial average. one other thing, francine, know you want to comment on, oil with a lift two days in a row. francine: actually what i picked out this morning are two currencies that can really move. i know a lot has been baked in, a lot has been priced in, but i want

trying to make it easier for the guests to discover and get what they want >> i saw some analyst from jp morgan she says there is cannibalization. i saw tremendous where there was not one within five/six miles which does matter. >> absolutely. i mean we are committed to building this partnership for the long-term that drives incremental growth for us and target and most importantly to be in place that guests candace cover ulta beauty within target and brands they have not discover before. we think there is plenty of opportunity for us to bring this concept to life. we are excited about it. very excited >> i don't blame you >> i think it is the next chapter and it is a fantastic team up. congratulations on getting it done that's a big deal. >> thank you, mary when i saw this, this is worth 50 to 70 points. it is not done "mad money" is back after the break. who is usaa made for? it's made for him a veteran who honorably served and it's made for her she's serving now we also made usaa for military spouses and their kids become a member. get an insurance quote today. -well, audrey's expecting... -

obviously jp morgan got in behind crypto.e might be a supporter of bitcoin, and he said that he wasn't because of this. let me play it for you >> my experience with the government is they can regulate whatever they want when they feel like it, and you know, bitcoin is worth $200 billion, something like that, if it gets bigger and bigger and bigger, it will be relatigulated. >> so what do you think, will they you didn't >> well, let's put it this way, andrew, we did not regulate bitcoin as a security. when people use crypto assets as securities to raise capital for a venture, the s.e.c. regulates that, what was happening in the ico craze was people were using icos and essentially making public offerings of securities without registering them with the s.e.c. we determined that bitcoin was not a security it was much more payment mechanism but the government does regulate payments and what we are seeing is our current payment mechanisms, domestically and internationally, having f t efficiencies, driving the rise of boitcoin, driv

> what's up >> so i absolutely love this company, i need to know if i should love the stock, too jp morganed in on the situation last week. i am wearing their head set right now and i have their fantastic 4-k camera here at my home office. this company partnered with microsoft and zoom, they have so many great people in the organization >> fabulous. what do you have on plt? >> plantronics i am not going to go against you. i think you have done your homework i think you got a good one now we'll go to rome in florida. >> booyah, jim how are you doing, my man? >> could not be better, how about you? >> the stock work force, wkhs. >> it is going to put a little gun to my head, i think work power is the way to go 35,000, using hydrogen and sells at what we want. i am a hydrogen guy more than an ev guy except for tesla. how about ben in georgia >> hey jim my question is about xrt to send cross order payment. money-gram >> you ought to buy crypto, i like the bitcoin situation buy paypal because dan sherman is going all in with crypto. let's go to eric in california eric >> what's up >> i am a fan

and that's while overall credit card spending is measured by jp morgan is up and the passenger travel that's the 7-day average, had a little spurt over the weekend, really remains down compared to what it would be this time of year for the thanksgiving weekend. let's look at the airline passenger traffic and reverse the sign on this, looking as a percent of a year ago. it's up but still just 39% of what it would have been this time of year, and that's through the thanksgiving weekend that we just came through, or the weekend before thanksgiving. up kind of rivaling what it was back around labor day. and then looking at the forecast from the aaa, what they're saying is they see car travel down 4.3%. airline travel they expect to be down overall for the holiday, 48%, and in being the road back barometer report for thanksgiving, a little thanks to some of the folks that have been providing, the corporations that have been providing this high frequency data free to the public burbio on the school data, app and will google making their data available to the public on searches johns hopkins

jp morgan have said it is certainly a tightening of the online economy. forward, how robustly changes will be enforced on the ground. certainly, this overshadows the singles' day event we are seeing here. annmarie: it really is a double whammy, given the fact that tech is under pressure globally. that's the bad news. you are at the hq. what's going on with singles' day? the numbers say it's a very, very strong start. tom: yes, now this is a positive line, of course, for alibaba. they have smashed those 2019 sales numbers. they have ratcheted up sales. $38 billion last year. they are well on course to more than double that this year. you're looking at transactions of around half a million transactions every single second. there is a demand for new smartphones amid the 5g upgrade. you are seeing a lot of demand for travel services, so people booking flights and hotel services on these online platforms. you have a lot more foreign brands involved as well, the likes of nike, obviously trying to take advantage of an economy that is recovering and expand market

jp morgan this november elevates 26%. oil this morning less than dollar, weaker.12 percent of infected will be hospitalized. battalion deaths are back to late march levels. italian deaths are back to corn andh levels very cobb resting comfortably after a presidential pardon. decembern the presumed presidential pardons. bloombergng, surveillance. tom keene in new york and francine lacqua in london. this is a tradition, president truman coming out of world war ii they did

. >>> to steve liesman with breaking news from jp morgan on the economy. >> i had just gotten off air when i got this email. jp morgan now forecasting negative numbers for the first quarter saying the economy will contract by 1% in the first quarter. the possibility of a vaccine makes them more optimistic about brisk growth in the spring going 4.5 in the third quarter and 6.5 in the fourth quarter. the growing trend i'm seeing on the negative growth in the first quarter off results of the virus. >> all right, steve. thank you. >>> moving on to spac's butterfly networks announced they'll be going forward giving the hand-held ultrasound maker a valuation of about $1.5 billion joining us now, the founder of butterfly network which was on cnbc disruptor 50 list this year dr. ruthberg, i've read a lot about you to get ready for this. you have a very successful career with a lot of different companies. 454 and reliance and covid tests you can take home. given all that, larry robins is an impressive guy, you would have had a lot of options. why do a spac? >> i've been lucky i've been in the