that is a lot for jp morgan.ou can expect that to help that equity trading revenue, at $3.3 billion. that sets the bar high for goldman sachs, which was supposed to have, and we will hear from them pretty soon, the highest jump in equity trading revenues at expected $2.4 billion. so what i am watching for is competition. tom: we've got apple out april 28, and there's already talk sell side that they will talk about use of cash. what are we going to hear on use of cash from dimon and his cfo today? they have to be under inordinate pressure to define what they are going to do. jonathan: on one hand, -- sonali: on one hand, the fed has already guided investors. tom: so what are we looking at for a dividend increase from a blue-chip stock? sonali: they've done more than that, but jamie dimon will say that he wants to invest in the firm. that call with media is first at 8:00, and we will ask him about what type of company he may be looking to buy. lisa: people have actually suggested perhaps they are looking at some s

that's quite a headline from the ceo of jp morgan.ding has returned to pre-pandemic levels. lisa: it talks about the v-shaped we've gotten and beyond that given how much people -- money people have in savings accounts. how much this is priced in, i think that will be the key question. indicating, smashing expectations and yet shares are lower in pre-trading. >> it's going to be about the outlook. as you indicated, the cause there will be a lot of questions. going forward from here, does growth return in a big way. a positive buildup in a massive way in the last 12 months. does loan growth return as well? tom: big banks may be less so in the regionals. let me go to the principles is jp morgan puts us out under the dimon note. tangible book value up 10%. i'm seeing a 13% statistic there as well. ken, i want to go to use of cash and if they did a 4.3 billion share repurchase coming out of this pandemic. what do these banks and what does mr. dimon do with the reality of all that cash? ken: jamie dimon has said we are over capitalized. the

weaver favorable on jp morgan and morgan stanley for the strength we have seen.rading has just been phenomenal. all of the things that are in place that you would expect to see, wire those numbers so strong? -- why are those numbers so strong? it is because of the high ceo confidence, the record stock market values. i think there's another quarter or two probably of really strong numbers coming out of thanking and trading, but as you have been talking about on the program, the anchor a bit has been net interest income. there has been a net margin issue obviously, as we are going to start to lap that from one year ago. reduced rates to zero. so the year-over-year comparisons will start to get better. but you really need loan growth for a bank like jp morgan. clinic 5% of revenues in 2021 we expect will come from net interest income. so the capital interest side is only going to go so far. we do think there is a silver lining for regionals in that as the yield curve steepen's, as those loss reserves deprive profits, so i wouldn't count out the regional banks just y

lisa: jp morgan and twitter, jp morgan and credit suisse. think it is highly unlikely from all the banking executives and analysts that a big u.s. bank would acquire a european bank. tom: joe is calling from jp morgan right now. anyway, just fun folks. truly valuable 66 page must-read. lisa abramowicz and tom keene with jonathan ferro. futures up three, dow futures up 20. stay with us. lauren sauer next. this is bloomberg. ♪ is bloomberg. ♪ >> with the first word news, i'm ritika gupta. present by ms. appealing to gop voters while lawmakers are in their districts. the president will make his second major sales pitch and is facing opposition from conservatives and business groups who are against proposed tax hikes. the u.s. says it will consult with allies about how to handle the winter olympics in beijing. that sparked discussion of the possible boycott over china's human rights record. within 160 human rights groups urge the international olympic committee to hold the beijing games elsewhere. the u.s. government will not issue vaccine -- of

big picture, we saw jp morgan down a little bit and -- goldman down a little bit and jp morgan -- jp down a little bit and goldman sachs up a little bit. >> this is objectively a great quarter for those two firms. we will see what happens when the rest of them report tomorrow and friday, but yeah, things were looking very, very good for those two in a lot of ways. romaine: we are talking about trading revenue for both goldman and jp morgan, also talking about investment banking revenue, which knocked it out of the park at jp morgan. we did hear jamie dimon talk a little bit about loan growth, and he's being a bit muted here. that caused some concerns. what's going on here? >> he later said he made a mistake in that word. the way diamon pu -- the way dimon put it, there's muted demand from borrowers on the demand side and the business side, and other executives pointed to stimulus checks and ppp and the low cost of tapping the depth market and what we have seen over the past few years as the reason why. his point is that things are actually looking good. aside, things that go out of t

jp morgan gave magnificent results.reacted harshly, sending the stock down nearly 2%. i think the sellers got that way wrong. and while wells fargo's quarter was really okay, nobody expected anything great from the worst of the big banks, which is why that stock jumped 5.5% on the news. again, i was pretty worried about this coming earnings season, but they delivered, taking that concern off the table. so what do we do let's take them one by one, figure them out, starting with goldman sachs. this stock only rallied 2% yesterday, and i think that's actually a little ridiculous as chris from opko said, goldman had a pretty good year this quarter. ba dum bump. i'm bringing back the old name i'm calling them golden slacks these guys had record revenues, more than double what they had last year, and up 44% from the previous quarter even better, goldman racked up record earnings 18.66 per share. wall street was only looking for dead bucks and change. give me a break that is a staggering beat. their annualized return came in a

jp morgan and goldman sachs smashing estimates. a landmark moment for crypto. a 100 billion dollars valuation is public to view the euphoria. plus, fed chair jerome powell schedules out the exit play signaling a lasting scale. before any decision. shery: here is the picture on wall street, we are seeing futures rebounding after stocks fell from record highs. the nasdaq 500 with its lowest in three weeks. a drop below its opening price after direct listing. the s&p 500 down for tens of 1%. financials actually, surprisingly trading and dealmaking. at the moment under pressure. this after rallying to the highest level in four weeks. we have a bigger draw in crude. the likes of the iea and the eia as well. the dollar index was weaker against most g10 peers. haidi: i'll performers on the other side of that dollar weakness with the kiwi and the aussie dollar share. to look at the aussie, topping the g10 group, commodities also touching the highest in about four weeks. in terms of the equities, draining pretty mu

jp morgan's backing.t is according to our sources. this is not just a threat anymore. this feels real. jonathan: -- michael: it does feel real. it is possible some kind of political intervention will make it harder. you could have a windfall tax put on the clubs or something of that nature. i am sure any binding agreement has some sort of force majeure clause within it. this is a genuine attempt to recast who owns sport. this is a more radical version of the premier league itself, which was an attempt of the larger clubs to take control of english football away from the league. in this case will be european clubs taking control of the sport away from the european league. this feels like a definite attempt to change things. it is possible this particular proposal gets diverted, but i will only get diverted by another massive shift of revenue and control towards the largest clubs within europe. this changes coming. jonathan: let's talk about what could jeopardize this. there has been a push from the domesti

move in treasury yields, i will go back to a low-beta financial services play, taking me right to jp morganur producers before, i had been in bank of america, i had been in wells fargo. i've been out of those names, holding serve on morgan stanley. if conditions for treasury yields as they are, morgan stanley i will add. >> you are telling me jp morgan needs to look at it as investors or our viewers so differently than the other big banks you mentioned? that's what you're saying. >> yes, you do it is true. >> but that's not how the sector trades though. >> you always look -- >> that's not how the sector trades though. >> no. >> i'm looking at the returns here i'm looking at the returns i mean, all right, year-to-date, jp morgan may be up slightly less than bank of america, 54% to 60% respectively. over a year the gains are not that far apart either, but you are suggesting that you need to look at this one different than you look at all of the others. >> so over the course of a year, the gains are not going to be different because the move in yields didn't begin until the end of 2020. at the

and if large businesses like jp morgan, bring workers back. that is great news for the many small businesses. >> that operate across the financial district. >> and more most importantly our small businesses in the downtown core. billy's deli the sandwich shops. they need all have a clear sign that that the streets are going to be busy with hungry guests customers at lunchtime and fun. also says a big part of getting back to normal is tourism before the pandemic. san francisco. welcome nearly 26 million visitors a year. >> and getting them back is critical. we need to do everything possible to try to regain towards him back into the bay area. the san francisco part of that is cleaning up our streets and making it safe for visitors to be able to walk in this great what the city. the other thing that could really bring life back to san francisco or the conventions. we know that at least. >> one convention has been scheduled for october at the moscone center. but for now in san francisco, charles clifford kron 4 news. >> new tonight at 5. we have

>> yeah, right total home run jon, what about jp morgan?scott, the only thing on the conference call was jamie pulled back, did the chairman, from that statement about challenged. >> well, that's not the only thing. >> that might not have been the right word. >> it is not the only thing, right? they had more loan loss reserves released than expected, and he was clear in saying that, you know, that's not going to continue forever i mean that maybe is throwing some doubt on the, quote, unquote, quality of the earnings that's significant. >> right it is. but the numbers were also really significant, scott. >> sure. >> i mean the multi billion dollar beats that michael talked about and so forth, they were present over there at jp morgan as well. you know, now it is a question of both of those firms, of course, avoided any of the problems with archegos both of them continued to grow their book to the affluent markets that they serve. obviously jp morgan extends that through the credit cards and the rest and just, you know, i think you've got to

really developed for the first four or five years out of the traditional ecosystem now we've seen jp morgan, morgan stanley, goldman sachs, you name it all the world's largest asset managers and financial institutions are looking to begin offering bitcoin and crypto investment products to their clients. however, at this point as we've seen coin shares we publicly listed in march, there are now a number of avenues through which investors are getting exposure to crypto currencies either directly through structured products the numbers coin base posted for their q1, $1.5 billion in the last quarter if they continue that they'll be larger than every single u.s. exchange in terms of volume and earnings that's a pretty phenomenal accomplishment, so to me it's sort of shocking banks aren't moving more quickly. and can traditional services catch up with crypto financial institutions at coin shares we say probably not so fast and maybe not ever we'll see. >> and i'll ask you a question to that point and you may or may not be able to answer. but i know you can answer just because of all the conversat

look no further than the 56 pages cl letter by jp morgan. -- ceo i jp morgan jamie dimon.est fintech players are jp morgan and bank of america. zelle is twice the size of venmo and 20% of the volume is bank of america. when you talk about the largest banks they are pulling their weight. having said that there is a large under bank market. there is lots of pieces for many players to gather and a lot to learn from these fintechs. you are going to see a survivor bias. the ones that make it are the big players. but i sense anger in the ceo letter by jamie dimon. we have 20th century financial industry regulation and the 21st century. banks comprise less than one third of the financing in the economy, yet the other two thirds don't have the same degree of oversight. amber: mike mayo, thank you for the set up. matt miller, i am amber kanwar, this is "bloomberg markets." ♪ ♪ mark: i am mark crumpton with first word news. six u.s. women between 18 and 48 who received the johnson & johnson covid vaccine developed blood clots after similar issues with the astrazeneca shot. >> the re

jp morgan up almost 50%. meanwhile, morgan stanley really taking a hit.s not happened, they would have been very competitive, but i think there's going to be a lot of questions around this. lisa: one interesting note is what jon was mentioning about eaton vance, the investment management addition to morgan stanley, brought the assets to over $1.4 trillion. how much are either banks going to look at morgan stanley, what they have done with eaton vance, with e*trade, as a template for how to make acquisitions going forward? alison: i think the other banks are interested in acquisitions. goldman has done some smaller things. united capital was perhaps the biggest thing they did on the wealth side of things. but in general, if you looked at morgan stanley's traditional asset management, they have been smaller than people like jp morgan and goldman sachs, and eaton vance is really helping to get them there. they have had really good equity inflows in recent quarters. i haven't seen the inflows today, but based on what we have seen in the could -- in the active

jp morgan capital markets activity also very strong. waels fargo and jp morgan's eps was a big beat but flattened because of a benefit in the line for providings for bad loans jp morgan's ceo saying we don't consider this core or recurring profit however it is of course better to have benefits not provisions and they are only possible because of a better economic outlook. good news overall. diamond saying he expects a very strong economy with the recent rise in nields in mind net interest income did disappoint for wells farga and jp morgan. it was only soft because clients were able to pay down debt confidence on the wells fargo that net interest and loan growth would improve had the second half of the year, and that started to drive wells fargo shares higher. their cfo will join us shortly they did touch on the archegos capital buildout. >> highly created and leveraged positions. this is not the first time we have seen a situation like this. and it likely won't be the last. we have robust risk management that governs the amount of fina

shery: jp morgan has just called the yuan overvalued.e had seen cnet again strength but a little more weakness recently. i explained this call and where it is headed especially with dollar weakness. >> we think dollar weakness is temporary. the rise in u.s. yields will resume as a major factor for markets. this will be a challenge. higher u.s. yields will be a bit of a challenge for dollar cny. the renminbi having been a very strong currency, we have shifted our view on that. our forecasts are in the medium-term. we think there could be some weakness in the near term. we see some of the drivers pushing renminbis strength earlier. the chinese exceptionalism in terms of how they exited out of the pandemic last year. strong bond inflows. we think there might be more pboc resistance to more women be strength on a basket basis. we think that means the best dates for the renminbi are probably behind us. haidi: executive director and global fx strategist at jp morgan. still more fallout at credit suisse in wakes of the archegos mess. bloomberg

biggen winner on the dow, jp morgan microsoft, apple also. s&p 500 also closing just up, .1%.communication services were the two best performing sectors tech having a comeback here. materials and industrials were the bottom two the nasdaq closed just about flat, unchanged eve though we did see strength in big tech like google, apple, facebook the russell 2000 the biggest loser, down.16, down for the week 1.4%. a big spill for the small caps we will talk about it in a moment coming up, carnival's ceo arnold donald on the big increase in future bookings and when the company could actually begin sailing begun. >>> plus an interview with accident treasury secretary wally adeyemo, his first interview since being confirmed as number two to janet yellen. how many jobs the president's infrastructure plan will create among the topics with him. >> first, we will talk with the markets. josh brown stays with us and helena -- >> mike santoli, first to you. >> what defensive, somewhat more stable growth. but the market going to recent laggards and using it as an opportunity the play this ro

especially in regards to jp morgan.en down every single day this week and yet rave reviews from analysts who cover the bank. i was talking to ken lyons from cfra today. he loves the bank. why are investors selling these? >> a lot of the story is interest rates for these big consumer banks. the second is profitability. a lot of these results were boosted by reserve releases that are in the billions. it's fantastic that they see the economy is getting better in the longer term consumer behavior is showing that consumers want to save money. they want to pay down their debt. my question is does this sing -- signal a paradigm shift where the banks try to earn money from consumers in different ways rather than simply loans. the other thing is investment banking. there's winners and losers here. jp morgan, goldman sachs and morgan stanley are the biggest when it comes to mergers and acquisitions and if m&a is the next big shoe to drop, you have goldman bringing in a billion dollars and everyone else always behind. amanda: the

jp morgan is the biggest u.s.hey saying they will be back in july under a 50% occupancy cap, but it is this to strongest language, where we are saying, we do want you to come back. it is significant because other financial institutions may take their cue from this now, and the expanded approach. of course, don't forget the wall street ecosystems that will feel the reverberations of people coming back in the office. and with that growth and recapturing. wall street has been itching for this to happen for a while and steadily encouraging employees to come back. goldman ceo called working from home an aberration, but it is not a surprise, but it is the signal for wall street intention. haidi: what kind of challenges with a face in trying to achieve this? >> it is going to be a big adjustment to suddenly return to office. how banks handle the vaccine, but strongly urging employees to do it, and that could be an issue. the virus is still around where we have the vaccine and that is proliferating, but it is still there,

jp morgan is the first major u.s.k to tell its staff they will need to be back in about two months. it says by early july, all u.s. employees will be in the office on a rotating schedule. there will be a 50% staff cap until social distancing rules are relaxed. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: simone foxman from doha, thank you. french finance minister bruno le maire has urged the european union to speed up spending from its flagship stimulus package, along with his german counterpart, olaf scholz, he sketched out how they would use their share of the recovery fund to invest in the bloc's key priorities of tackling climate change and supporting digital development. >> our recovery plan provides total spending of about 28 billion euros. the german institute for economic research estimates that the german recovery plan will boost gdp by 2% and employment by about one half of a perce

there, jp morgan is at the time of your list. goldman, high returns on capital.hey still got to make a big switching to consumer, but they have gotten a super successful capital markets business that within will fund that successfully overtime. bank of america and citi are sort of middle ground. big businesses, but not us strong, not as well organized, not as good culture. wells fargo continues to have problems. they are not even able to take it vantage of the capital markets' esc -- the capital markets' excesses these days. it is understanding the strong macroeconomic background for them, and focusing on the best. alix: how do you see the trade-off between investment banking, this exposure in loan growth, and the steepening yield curve? it feels like investment banking revenue hasn't stayed strong enough to wait until the loan demand and the net interest income really starts to pick up. how do you see that trade-off? david: it sounds to me like a pretty good diversification because markets will probably continue to be strong, and activity will be strong as long

coming up, jp morgan ceo jamie dimon sees rebounds to the u.s.nomy that could last until 2023. . we get more on the takeaways from his annual letter to shareholders next. this is bloomberg. ♪ shareholders next. this is bloomberg. ♪ shery: jp morgan ceo jamie dimon says he is out the mistake -- he is optimistic that the pandemic will end with a rebound that could last two years. in his letter to shareholders, he says the boom could easily run into 2023. for more on the takeaways, we have finance reporter hannah 11. this was a long letter. 60 plus pages or so. let's start with his outlook on the economy. what did he say? hannah: thank you for having me. it was 66 pages. his longest ever. which is big for the long year 2020 was. he gave a very bullish view on the recovering from the pandemic. he cited stimulus and savings that consumers have an quantitative easing and infrastructure bill. and also just vaccine euphoria around land of thought and -- the pandemic. i could lead to a boom that could run into 2023. it was a very optimistic view. haidi: w

bank of america seeing jp morgan yesterday and saying i will raise. kriti: a $15 billion deal out of bank of america after a year of ecker -- eckerd -- records. last year i think the issuance was raising cash, corporate america needed that cash, you needed it to shore up there balance sheets and get cash cushions. now it seems to be about where people think rates are going and jp morgan and bank of america issued those bonds. comes after earnings that begged the question how many other members of corporate america are going to be following suit and getting that last far waiting --far-wing abililty? romaine: europe to wonder where is the cash, a lot of companies are still sitting on it. you would think that would be a good but we were talking earlier, there has been concern about -- the bloom is off the rose for a lot of these countries -- companies. kriti: it helped a lot of stocks in 2020. -- big tech names, they did have that cash, some being deployed to electric vehicles and what have you. then you see airlines, they have not only increased equity

so sure we're headed for a hybrid economy i heard from different executives including the ceo of jp morgan with this mix of locals in the annual shareholder letter where he talked about a boom through 2023. listen to this, some employees will be working under a hybrid model some days per week at a location, the other days at home he goes on, a small percentage of employees, maybe 10% will work full-time from home 10% is a big number. jamie diamond is not saying this as a fan of remote work, just the opposite he worries about companies losing culture when people don't go into the office jp morgan relies on the apprentice model and according to jamie, that's impossible to replicate in the zoom world. he recognizes there is no putting the geanie back in the model. we know home depot is roaring with lowes because home prices are at the highest levels in 15 years. when houses appreciate in value, they spend a lot more on a home because they see it as an investment, not an expense after these moves, it's not too late to buy stock of lowes or home depot why? something i heard from the ceo of etsy

jp morgan is estimated to have eps up to 85% when they report.you've got to kind of look past those numbers and look out for the future. i do think we are probably due for a pause, but i think that would be an opportunity even the economic growth backdrop that we see for the rest of this year and into 2022. alix: does that mean you would add to positions you already have, or take a position at a different bank? walter: we like all the ones you mentioned, so we would probably be adding to those on substantial weakness off of what we expect to be very good quarters. alix: if the recovery stumbles at all, the j&j vaccine highlights the tentativeness of all of it, what is the impact you expect the banks to have on that? what does it follow? walter: i think banks have really traded with rates on a year-to-date basis. we've seen a huge spike in the 10 year, and that is abbott over the past 2, 3, 4 weeks. you have seen banks started to outperform again. to the extent we had a stumble, as you mentioned the j&j vaccine this morning, if that moves rates ba

bank is back with us -- the head of asset classes strategy at jp morgan bank.s the great bond selloff of 2021 over? what is your response? >> it's hard to say that the selloff is over when we do see 10-year treasury yields or raw yield curves still moving up towards our target of 20 basis points higher. we do see that a lot of the spreads across credit markets have closer or even at precrisis lows except for two sectors, which is asia how yields as well as national security. we feel the total expectations going forward are quite modest, like if you consider what treasury yields would eat off, but going forward, we still see opportunities in a few measures in the bond market, so the selloff would be still very concentrated in the longer duration and a very tight part of the credit market, but we still don't think it is a universal thing across credit markets. rishaad: we got a story today about how capital lows into china, producing a bit of a headache for the central bank there at the moment. it risks turning into outflows if not controlled. what do you make of

and if large businesses like jp morgan, bring workers back. that is great news for the many small businesses. >> that operate across the financial district. >> and more most importantly our small businesses in the downtown core. gullies delhi, the sandwich shops they need all have a clear sign that that the streets are going to be busy with hungry guests customers at lunchtime and fun. also says a big part of getting back to normal is tourism before the pandemic. san francisco. welcome nearly 26 million visitors a year. >> and getting them back is critical. we need to do everything possible to try to regain tourism back into the bay area of san francisco, part of that is cleaning up our streets and making it safe for visitors to be able to walk in this great city. all right. back live now the other thing, the pumps lot of money into san francisco are conventions. but fortunately, there haven't been any over the last year. >> we do know that the miss coney center has booked the first convention of the year in october. but for now in san francis

rishaad: thank you, or fitzsimmons, jp morgan camacho. let's get -- jp morgan australia. vonnie: sources say the u.s. secretary will not label china as a currency manipulator. but officials are concerned beijing is masking intervention through estate owned bank. the first horn report by janet yellen is due thursday but it has not yet been finalized and it is not yet clear when it will be released. she and her team are considering rolling back trump euro policies. you up to us some trump era policies. u.s. regulators really back enthusiasm for spacs an blank check companies privately telling accounts warrants issued to investors may not considered equity instruments. the latest efforts on the sec to clamp on this white-hot trend. u.s. regulars also investigating potentially faulty airbags made by joyce and safety systems which acquired takata. the probe covers to under 50,000 passenger side airbags, which-- 250,000 side airbags which may have been incorrectly folded. automakers affected include mercedes-benz, toyed, nissan and gm which have initiated recalls. global news 2

jp morgan preparing to offer a bitcoin fund to wealthy clients. more, let's get the inside track, the chief commercial officer at bit pay. your take, it has been volatile, but you think with jp morgan news, the more institutional buying, people are making the most of the inter-to should know price point -- institutional price point? >> thank you, nice to be on. i think there's been a lot of excitement with the coinbase ipo. with that, the markets are trading lower and there was a coinbase hangover. in the old days, that price drop of 10%, 15% could have easily become a 35% to 40% drop. i think that shows how the market and bitcoin is different right now, where it started dropping and then institutions came back and bought in at the price floor. institutions got in around $40,000 or $50,000 in the last couple months so, they saw as anything below $50,000 as a good price. you are seeing a shift between institutions playing the bitcoin game and the regular retailers, the small investors moving out of it and to the alt coins, and starting to turn to t

jp morgan numbers coming in about an hour. a look into the fed's next meeting. a bid date -- a debate potentially around tapering in the future. i find it fascinating we are already there. up on the first quarter after a couple of weeks of data, we are already having this discussion. i find that unreal. yields unchanged after a big rally this week. in the equity market, all-time highs on the s&p 500. from new york, this is bloomberg. ♪ ritika: there was a mass shooting last night at a fedex facility in indianapolis. eight people were killed and four others were wounded. authorities say the shooter killed himself. it is located near the indianapolis airport. it is not clear if the shooter worked there. in china, there has never been an economic rebound like this. gdp road -- gdp rose a record percentage. china's economy has improved slightly from the first quarter of 2020. consumer spending lacked during the early stages of recovery picked up in the first quarter. in hong kong, jimmy lai has been sentenced to 14 months in prison. he is charged with attending prot

speaking of jp morgan, peter, the big banks kick off earnings season next week, jp morgan, wells fargoexpectations from the banks when they report next week? >> good morning, maria. one of the things about the banks is that whenever you -- whenever the earnings season comes by, they normally don't hit it out of the ballpark but they hit right on the numbers usually. whatever the expectations are, i know that jp morgan's around 285, you know, they're going to probably meet these numbers. what i'm looking for and based on what jamie dimon said this morning, what are their expectations for quarter 2, quarter 3 and quarter 4? that's normally what i look at whenever i see the bank earnings because there's -- generally, rarely a surprise. so it's more about the forward guidance for me and i've been an investor in jp morgan for a very long time and it's done very well and i can't complain about jamie dimon at all. and the other of banks are -- i think everyone's doing very well. one of the things i am keeping a very close eye on are the regional banks. i think the regional banks are the ones

what does jp morgan do out of this with their european soccer green?t figure out -- maybe they are not, am i right? jonathan: there is so many stakeholders miscalculated how they've would play out -- how this would play out maybe not just the banks but also the leaders. this wasn't just about foreigners owning british companies, english football teams. i've been saying that all week, but it is easy to overlook that fact. these are individuals with great experience that have been around the sport a long time, that made the mother of all miscalculations. nothing to say. tom: i was just thinking about padres-dodgers. lisa: [laughter] i think you need a mute button. jonathan: this is bloomberg. ♪ ritika: with the first word news, i am ritika gupta. credit suisse is raising about $2 billion to shore up capital after warnings of another financial hit. here is the ceo. >> it was a situation that is now being reviewed also by u.s. regulators. it was a very idiosyncratic situation with a family office. when john some deficiencies in -- which had some deficienci

jp morgan said it was challenging. wells fargo said something similar. they also indicated that they expect that toward the second half, we should see a pickup as people prudently manage their finances. they start to spend again. that is the banks narrative. we can question that, we can question it by looking at j.p. morgan share price which would go down at the end of the day despite the quarter. there have been questions about exactly how much the demand is there versus how much banks are lending. shery: sally in new york. domestic bank interview with bank of america at 5 p.m. thursday new york. for now, let's turn to vonnie quinn with the first word headlines. vonnie: johnson & johnson's vaccine will remain on hold in the united states, saying more dated is needed before the decision can be made. it will hold for at least a week into the panel meets again. seven people ads. just adverse reactions from the thought -- from the shop. european nations are split over johnson & johnson's vaccine after the reports of where blood clots. france, poland and hun

it appears jamie dimon ceo jp morgan might agree with that. in this scenario, it is hard to justify the price of u.s. debt because the huge supply that needs to be absorbed in the possibility of inflation won't be temporary. but it's also possibly a goldilocks moment. interest rates rise, but not too much. joining us is subadra rajappa, head of u.s. rates strategy. on the other hand, mike no regrets is sorting it. subadra: i'm going to have to lean towards jamie dimon on this one. possibly perhaps it makes sense on the short-term, because you have seen a decent selloff. over the longer run, if you look at the data coming, it has been very strong. if you are expecting growth around 6.5% to 7%, expecting unemployment at 4.5%, the economic productions the fed has put out -- projections the fed has put out, the market is going to continue to challenge the fed validity to keep interest rates at zero. you're going to see this appear. over the near term, if we could see consolidation, the -- probably moved too soon. over the longer run, the market co

jp morgan buying all of the financing up.little more power to the massive teams, teams like barcelona and riau madrid. the alternative is seemingly unconscionable. alix: is this a good or bad thing for fans? alex: bad. no doubt about it, bad for fans if you're in the u.k. or spain or italy. it is good if you are a fan in the u.s. or asia because you might get to see these top teams play more regularly. the thing you lose, when people talk about the passion of european football, and how does a much greater an american sport , a lot of that is due to the fact there is more at stake. you lose it game -- you lose a game you can be relegated to the doldrums for years. he did not have that risk factor in the u.s. for the neutral fan that is better. for people who really care about the sport, it is undeniably worse. if you're in manchester, you will stop to travel every other week to see your team player and a foreign country. that is more expensive and harder for consumers. guy: what does the media landscape look like? which kind o

jp morgan lowers the rate on credit suisse as the group continues to count the cost. 6:00 a.m.n london. 9:00 a.m.. the guardians of world growth give us an update. the imf boosted the growth narrative. the triple v is ratcheting higher. vaccines are rolling out in america. the recovery is ratcheting higher. it's a global recovery, not just u.s. exceptionalism. there is victory in terms of the political narrative and the access to vaccines. good morning. the guardians of the global economy are bullish. good morning. annmarie: one thing that the imf report does say is that all of this is contingent on the fact of the health recovery. that means the rollout of the vaccine. what we are seeing politically, joe biden able to bring it forward in terms of eligibility for vaccines. that's a really big deal. the imf also talks about divergence in developing countries versus those that don't. manus: if you think -- 10 days ago, we were talking about 90% of the adult profit -- population within five kilometers. if ouchi does warn as well about the risks. the other piece that caught my eye

that is stood out of me, the muted response to jp morgan strong results. that a by the rumor, sell the news kind of thing, or is it something we need to see in our catalyst? octavio: i think there was expectations j.p. morgan was doing quite well. i think they did better than expectations. i'm not sure what will happen. markets behave that way. it is unclear what happened. they should have been rewarded much better than they were. who knows why that happens. just markets behave that way sometimes. alix: i love when that is the answer. markets are weird some time. what some might point to is the week loan growth. they have much more there than there actually having loan demand. how did you interpret that? octavio: that is something we've seen in all retail banks and will see into the u.s. as the results come out. simply u.s. consumers are not in the mood to borrow more money and standing on the sidelines. i will not spend too much money. we've seen deposits pour into banks. at the same time as loans have been soft and declining and deposits go through the r

jp morgan sold $13 billion of bonds, the largest deal ever by a bank. advantage of some of the cheapest borrowing costs in years to boost its capital. the sale follows the bank's best quarter ever, investment baking fees up 57%. chinese carmaker geely says the new electric carmaker will give it an edge against big tech and the ev market. its president told us delivery of the new car effective in september. it's targeting 50,000 sales by 2022 after two more models are added. >> it was split up from geely in order to become a brand-new company, no matter its brand or product, team, organization, or culture, which is no different from any other tech or internet company. laura: that's the bloomberg business flash. anna? anna: thanks very much, laura wright in london. he was banking giants smash profit estimates. ceo's are optimistic on the recovery ahead. we hear what bank of america's ceo had to say. that's next. this is bloomberg. ♪ >> at the end of the day, the economy effects of a big bank like ours affects the whole financial services system. so, the g

guy: jp morgan -- jay: i j.p. morgan, it is our view that the fed will announce tapering at the end of this year and the first rate hike will occur in early 2024. the fact that the market is pricing a full hike by late q1 of 2023 does seem overdone to us, but the fed doesn't seem to be pushing back on those expectations at all, so we think that gap between when we expect the first rate hike and when the fed will actually begin tightening will take some time to close from there. but with respect to your original question about tapering , we think it is probably going to show up in the june fomc meeting. next week is just going to be a bit too early. we will not have had another labor market report, and to the extent that even lately the tone from the leadership, including from chair powell and vice chair clarida, has said we have yet to make further progress tells us this is likely going to be a summer conversation more than anything else. guy: where is the sweet spot on the curve? where's the best value? jay: we ar

interesting because all of the traders own and like jp morgan so where do you stand even though youhink it's a crowded trade. >> it's a crowded trade. it's so exposed to everything people are talking about in terms of reopening that could be a reopening trade. look, i like the fact we know what's going on with net interest margins and with their core banking business and with the mortgage market and from a credit perspective if anything remember how many loan losses they put on there. still some could come off the books here so some of these provisions are also a tailwind. i'm very happy owning jp morgan. >> coming up, shares of uber driving higher after one analysis calls it a top reopen plague we'll bring you the ultimate reopening names. first we got a fast pitch on deck one trader saying th eis commerce stock is a total home run. he'll make the case when "fast money" returns ♪ ♪ ♪ ♪ ♪ the world of investment will never be the same. the old guard swept aside by digital clearing and custody and the technology innovators who can't stop asking "why not"? why not direct indexing? or

jp morgan launching a multitrillion dollar green initiative.he bank has set a 2.5 trillion dollars in projects that combat climate change in advance sustainable development over the next 10 years including $1 trillion of financing for projects that offer clean energy sources. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is "bloomberg." ♪ jonathan: this is "bloomberg surveillance." counting down to the opening bell, here is price action for you. starting with the s&p 500, up by 18 points, 19 points. a bounce back in the nasdaq, too. yesterday was a struggle for the nasdaq 100. yields coming and going. retail sales. euro-dollar just off when 20. citi earnings out a little bit later after bank of america beat a little earlier this morning. tom keene, lifted talked about retail sales a little bit more. -- we have to talk about retail subs a little bit more. this room. tom: we will see. 3, 4, five items of data. imagine in a couple of weeks as w

jp morgan preparing to offer a bitcoin fund to wealthy clients.he latest sign that that wall street is coming into the largest crypto currency recent months. for more, let's get the inside track, the chief commercial officer at bit pay. your take, it has been volatile, that's volatile asset, we know that, but do you think it was jp morgan news, more institutional buying, people making the most of institutional price point? >> thank you, nice to be on. i think there's been a lot of excitement with the coinbase ipo. with that, the markets are trading lower and there was a coinbase hangover. in the old days, three or four years ago, that price drop of 10% or 15% could become a 35% -40% drop. it shows how the market is different and bitcoin. it started dropping in institutions came back and bought a 45. that's the price floor at that point. institutions got in around 40 thousand, 50,000 in the last couple months. so they thought anything below $50,000 was a good price and they started buying back up again. what you are seeing in between the shift of i

. >>> jp morgan's chief jamie dimon making new comments on everything from social media to the covid vaccine today. >> he was speaking at a private client event about an hour or so ago that i was able to monitor he spoke about the j.j. vaccine which is currently on hold here in the u.s he said on that, quote, they opened it up in europe, i hope they open it up here unfortunately they are never perfect. they have saved lots of lives. he went on to say that in the united states anyone that wants one can get one by mid may we will urge people to take it one day we may force it. i think woor we are lucky to have it. people should have it to go back to work. by saying we may force it he was referring to the u.s. as whole not jp morgan specifically on the economy his base case was that the effect of a strong economy will dwarf the effect of rising rates and he was relaxed about the prospect of 2.5% inflation, even 2.7% inflation temporarily and the ten-year yield hitting 3%. he described that sort of outcome as in fact a home run. his bad case scenario was inflation not being at 2.7% and 3

we'll get instant reaction from wall street's biggest bull jp morgan. but earnings alert on snap shares jumping after hours of the company's call later today trade on the social stock when trade on the social stock when "fast money" returns modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personances with watson ai while helping keep data secure. ♪ ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪ ♪ hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the fea

the top firms are really morgan stanley, jp morgan, and goldman sachs. many of them start to tighten terms after this fallout? when you get to credit suisse and all of the other european banks, ubs, nomura, and many others, all of those firms, they are pretty big. they didn't to also be in prime brokerage alongside the biggest banks for most of the hedge fund industry worldwide. the critique over the last several years, you heard robert kaplan say it himself, was that money is free and everything was good, and things were much easier to borrow against, and banks were very easy on the terms. now is there a tightening, and will that rain back -- will that rein back the total amount of leverage they take when they are hedging their bets? are they going to be under a greater i when it comes to disclosures about what they are buying? one of my sources brought up something interesting about activists hedge funds, for example. activists love swaps because that is how you build a stake in a big company. the rules start to change because you really have been able

cheryl: double beat for jp morgan.t going down the number. only down .7% and coming back a little bit. expectation for earnings per share is 310. we came in at 450, maria, 450 on revenue as well. we came in with revenue of 33.1 billion. we are going to get a couple of comments from jamie dimon. we always look for this first. he says as far as consumer and community banking, consumer spending and our businesses has returned to pre-pandemic levels. he also said and this is the issue of reserves, what you were talking with gerard cassidy from rbc earlier in the hour. he says they believe the credit reserve of 26 billion are appropriate and prudent all things considered. so we are wondering if they were going the start to change the situation when it came to loan loss reserves, going to the numbers as well. the stock like i said is down just a little bit but the provision for credit losses, there was a net benefit of 4.2 billion compared to 8.3 billion in the prior year. remember a year ago where we were when the banks wer

annmarie: also, one thing at least jp morgan said, or both warning about trading and currency which istant for city. we will see how that shakes up today and morgan stanley on friday. dani burger, thanks so much for joining us. later, an in-depth conversation with the bank of america ceo brian moynihan, at 10:00 p.m. london time. you don't want to miss that conversation. more coming up next. stay with us. this is bloomberg. ♪ manus: it's "bloomberg daybreak: europe." a quick check on the agenda for the rest of the day. earnings season continues, as we've been saying bank of america up first, citigroup, what will they say about lending? goodness knows many will repay a little more debt. apparently the system is awash with cash. annmarie: u.s. treasury secretary janet yellen will deliver her semiannual foreign-exchange manipulator report. she plans to spare china from the label of currency manipulator's. potentially more sanctions coming down the pipeline as soon as today. manus: saying it will be more injurious to the united states than us. we've not done a great deal of geopolitics as

jp morgan is the first major u.s.aff they will need to be back in about two months. it says by early july, all u.s. employees will be in the office on a rotating schedule. there will be a 50% staff cap until social distancing rules are relaxed. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg anna: thanks very much. interesting to keep track of the return to office story. coming up here on the european market open, we will look at your stocks we are watching. we will keep an eye on deutsche bank, as the german lender posts its strongest quarter and seven years. lots to talk about. this is bloomberg. ♪ ♪ anna: welcome back to "bloomberg markets: european open." seven minutes until the start of cash equities trading this wednesday morning. let's get the stocks we are watching. dani burger has had to cut down a very long list to just three. >> that's right. the banks that have reported today had some very str

you trade on the longside kbens the 1092 level jp morgan note was accurate, irk. tragedy without question we're not speaking about that. we're speaking about trading the stock. into earnings on may 5th you stay long against 102. >> mink up ibm on the move in after hours. results call wrapping up we'll bring you the highlights and later gearing up for netflix earnings taking a trip to the options market for a setup "fast money" is back in two. >>> welcome back to "fast money. we've got an earnings alert for you on ibm deidre bosa has thedale. d.bo. >> melissa green schutts at big blue appear a positive year over year revenue growth, only the second in levies the question remains is this another blip or can ibm sustain it? wall street has been awaiting more details on the spinoff of the information services business recently named kindrep the cfo said on the call it's on track to spin off by year end and productivity actions are leading to gross margin improvements now, just a moment ago, bernstein analyst tony sack nagy always huss great tough questions for the com

in 1928-29 a wealthy financier family named jp morgan. they bought the historic pk ranch out west of town. and for two years they had a big rodeo out in the fields. it was such a big deal. i mean, i think there were cars from 23 states. this is a 1928 came to it. so this people have shared and said well if they can do it, why can't we do it here? so super concerned citizens got together and formed a committee. and they decided we're going to have a rodeo. they didn't just start out on a small scale. they they wanted to have a big rodeo from the get-go. and they put it all together and in 1931. they had their first professional rodeo in sheridan wyo, rodeo is you know, it's eight events different stock events from bucking horses livestock roping steer wrestling. it's kind of the old cowboy skills brought to the modern day area, but you know it all started out obviously some ranch somewhere. they had a contest with some bucking horses. we are a prca tour rodeo, which means we're one of the top 30 rodeos in america and that's determined by t