do you really believe -- do you really believe jp morgan will be in charge of jp morgan china?o. we do not share our data with the chinese government. again, this becomes very complex because every country now, every country is talking about whose data sits where and stuff like that, so we will be very careful. we are at the forefront of protecting privacy of people. maria: any contract that you sign will be backed by a rule of law in china? >> in every country when we sign a contract different rules apply. we know what the rules are in china. doesn't mean i like them.we sig. i'm a patriot way above any money or jp morgan. you should imagine that foreign policy of the united states is set by the government of the united states. if you start telling companies that they should be staying in their own foreign policy you're actually making a huge error for the united states. maria: my thanks to chairman and ceo jamie diamond. next trump nsa adviser testifies on current agenda of the ccp. listen to this. >> beijing have stolen data sufficient to bill on every single american adult a

jp morgan on 10 year yields. you mentioned indonesia. the pmi, look at who is south of 50 right now. sub 50 pmi, that's congestion for china just on the line. asia is starting to go a bit softer. tom: damien put me in the timeout chair saying all that matters is china. right now, david wilson with us on the record highs in the record level of the record s&p. >> friday was the 150th trading day of 2021. we have 100 more to go. 44 records for the s&p 500 through friday. the most recent one was on friday. if you look at the current pace and extrapolate out to the end of the year. you are talking about 74 record highs for the index. that's about the most you've seen in any year since the s&p 500 was first calculated. tom: are we numbed by 10% corrections never happening? >> 10%? there hasn't been a 5% drop in the s&p 500 from a high since november. that certainly plays -- lisa: 90 days. >> that's what we are seeing the succession of records as much as anything is stocks aren't going down that much when they fall. so when they bounce back it

still with us is our guest from jp morgan asset management.had this morning from him and he said americans don't really understand what they are buying when they buy these chinese adrs . is that a fair assumption that americans don't really know what they are getting into? >> i would say the role of the active manager is to try to estimate, and anticipate regulatory move. the same in the u.s., the same in europe, the same applies for china, is true that a lot is going on in china at the moment. but chinese regulators are making sure that their local markets are the first place for china ipo in chinese listings instead of overseas markets. but clearly, that's the role of active management. and i would reiterate the message in a new market like china. it is new for many investors. the active manager is probably more important than anywhere else. manus: you said the long-term chinese stocks remain compelling. black rock. they say it's time to live large and take a little bit more exposure. when you see the market moves, the scale of the market mo

how much did jp morgan collect? that was not the question. maria: she said how much did jpm collect in overdraft fees. you said the premise of the question was wrong. she said you have the number, 1.463 billion. does that change anything? did you make a change on overdraft fees? >> we made -- first of all, there are sometimes legitimate complaints about banks and what people do and how we do it. we changed overdraft fees and charging over an extended period of time and we always look at something like that so i asked the people look at it again, go through in detail. a lot of exeats tosser are making -- competitors are making changes. if it's appropriate we will make changes. we will do what's competitive. maria: what do you mean, you're going to eliminate overdraft fees. >> i don't know about that. people have to the take a deep breath. we do analytics. people who bounce checks, it often costs them a lot more than overdraft fees. for example, if you ever not paid a ticket, they double it. if you don't pay a governm

a headline, think it was one of your dotcom stories this year when you quoted jamie dimon saying jp morganbe scared bleepless and i'll leave that to your imagination, i don't think i'm allowed to say it, even though this is friday night, about the fin tech, are the legacy banks positioned to survive for the long-term? i mean you have partnerships and acquisitions, sure, but will we see these banks as we know it in ten, 20, 30 years from now >> i think it depends on which banks you're talking about it is great to be with you there is more than 5,000 banks in the united states, it is hard to believe but this is obviously hundreds of regional and small community banks. so if you're talking about jp morgan or bank of america, yes, of course, there is no threat to them exactly in the near term. if you're talking about some of the smaller banks, you've seen some consolidation, m&a in the regional bank space because they need to scale up to get larger so the expense base could be big enough to put money into technology and here we are, we're talking about defy, which is hugely disd disruptive if

the original jp morgan helped build america, a real patriot.se of our primary adversary. there's really no excuse for that. the hear no evil, see no evil approach here -- they're directly bank rolling our primary adversary and competitor and this is one of washington's most important problems that we have not yesterday focused on and -- not yet focused on. we will lose this contest. maria: let me put -- let me underline. that roger robinson was here yesterday and he said this, the greatest financial scandal in world history, the multi trillion dollar underwriting by a democracy of a totalitarian police state bent on its utter destruction courtesy of greed driven wall street firm and corrupted regulators at the treasury and securities and exchange commission. why is it that the sec and treasury have allowed chinese companies to skirt the rules, jonathan? look, that's another issue that i think all these wall street bankers have to answer. you're a fiduciary, as a fiduciary how are you alining your clients, your investors to invest in chinese com

by june, jp morgan by july.hen you see this resurgence of covid, this uncontrolled spread of the delta variant, they are being forced to take more measures. in goldman-s case, vaccine -- in goldman's case, vaccines becoming mandatory. credit suisse pushed back the return and other firms as well are pushing back the return to work date. it seems like another attempt. when covid kicked off in march of last year, by june, banks wanted their employees back. this time around, we are seeing the same delay but with a widespread use of vaccines with these mask mandates, we are going to see people return to offices, not just in the -- just not the way they are used to working. matt: and they are not going to be able to do exactly what they wanted. the point of bringing bankers back to the office is to increase the sense of camaraderie among the younger bankers. they want younger bankers to be learning more from the older bankers, the more experienced bankers. you can't be as social if everyone is wearing a mask, social d

and jp morgan for example, has 50 times as much assets under custody as a robinhood how is it that --this will continue, this valuation deferential that fin tech gets a forever growth multiple and legacy gets a melting ice cube multiple. >> today you see a massive amount of funding going into fin tech and so in the last ten years, there has been a ten-x increase into fin tech where in 2020 alone you're seeing $20 billion invested in the asset class and there is an incredible amount of invention. what you are seeing and this is why there is a difference in the valuations, is the growth, the profits, agility on balance sheet and no legacy. and so you have to look at the growth being achieved by the largest fin tech players and be absolutely blown away by that level of profitability and growth being achieved. and you could contrast that with the traditional banks with low single-digit growth and i think there is just a vastly different way that they're operating and growing their businesses >> who do you think is the most likely take out candidate, jackie, in fin tech? >> well, you know,

raising the state, jp morgan boosts pay for more staff, upping the ante

jp morgan upping the ante.a sharp drop in profit as its vision fund -- in its vision fund as chinese tech slumps. a mixed bag. the focus was on higher than expected earnings. the focus is also on what we could hear from fed officials. yields are trimming some of the gains. futures unchanged. some slightly in the green and some slightly in the red but overall, the focus is on currencies. the dollar holding onto overnight gains. the european markets are open. let's see if there are any changes. the other thing i am watching out for is an interesting point made by mark cudmore on tech. the fact that they have been rising by so much and after we saw softbank divesting itself of some holdings, it could have some impact. on concern the delta strain could hamper demand growth which is why we are also looking at gold steady. bitcoin. we also need to mention bitcoin. as markets settle and open. the cac 40 unchanged. a lot of the markets trading sideways. turning to the u.s., one of the things we are watching out for is

jp morgan announced that today and many more to come.re is a question, someone said last week, i am forgetting the guest who said the treasury is becoming a policy tool. i love that, because that is the truth. when you have a central bank that is buying a significant proportion of the debt, it is what they do that determines very much of the levels. the question is, going forward, with their reaction function and have they migrated to turning certain corporate debts into policy tools, based on what they have done in the recent past? i think the market is saying is you will squelch the credit cycle and keep voluntarily low -- volatility low and we will act in accordance to that. tom: a million shares of apple. lisa: is that your recommendation? tom: 10 year yield, one .27% -- 1.27%. i can't get to 2% on a 30 year bond. american oil, well under $70. lisa: we have been talking about dollar stability. we will continue that. steve had the reaction. tom: this is bloomberg. stay with us. ♪ >> the u.s. senate could pause the 50 billion -- $550 b

jp morgan up 4.6%. this is good news for stocks. all sectors in the green. which brings me to the real outperformer and that is going to be big tech. amazon, microsoft, apple, broadly gaining today. whether that is interpreted as a risk off defensive moves, who knows. there is a fact here that broadly you are seeing small cap and text do really well. that tells me that momentum plays are really en vogue. francine: thanks so much. joining us now is bloomberg intelligence chief u.s. interest rate strategist, ira. ira: ultimately, this is curve steepening. it means that the two to five year sector is going to hold in pretty well because the chair was unambiguous about his dovishness and the dovishness and risks to an early hike. i think that we are going to see some of the stops pushed out over the next couple of fed meetings and this completely solidifies argue that they will taper in november and basically be on hold for a year or more after they finish tapering next summer. alix: what does that mean in terms of volatility? where is positioning from that? it

that is the quant view from jp morgan. there's still a lot of people saying 1% for the u.s. 10-year, but we are leaning closer to that on .8%, that 2% level for the end of the year. david: i think it's also worth noting when you look at this forecast, they have an -- they are still higher than where we are right now. it is still a big debate. if they get the correct, that is obviously one part of the equation. there is an uptrend in the 10-year yield. that is your 10-day moving average. we are right at 50-day. watch that closely. beyond that, change things up, 1.34 percent, that is the level at which we then get a lot more selling and trigger. here are your forecasts, current forecasts from strategists. we put them on a graph for you. 1.8% by the end of the year. by the end of next year, we get to about 2.1%, but this reflation, that's where it starts to get reebok. jackson: that comes down to what happened in jackson hole, but we talked about baidu. airbnb was also 12 slowest forecast. you are also hearing it from oil com

do you like jp morgan? i spoke with jamie dimon this week and one issue that i asked him about was the stimulus money getting thrown at this economy. is that what is standing in the way for loan growth? i mean, look, you know as i do that these major banks are finding themselves in a liquidity trap a because all of this money is being thrown at the economy and they are just flush with cash and nowhere to put it. here's what he said about liquidity when i spoke with jamie dimon earlier this week. the take a listen. >> i think the good news, which is far more important, we have a healthy underlying economy. the data is uncertain but the strength of the economy in my view is not. and a lot of this liquidity is putting the consumer and businesses in a position where the pump is primed. it's ready to go. the fact that loans are coming down, unlike '08, '09. it's a good sign. confidence is going up. people have plenty of capital. maria: sandy, do you see it that way, the fact that the savings rate is up, that peo

jp morgan will convert four mutual funds into actively managed etf's next year.lients are adopting active etf's in addition to mutual funds and other vehicles. billions of dollars are flowing into the active etf market, driven by the success of one product. samsung is positioning its new phone as a direct rival to the iphone. the device is the first major foldable smartphone below $1000, erasing the price disadvantage the category had. samsung also longed a new phone costing just under $1800, and a new watch and earbuds. one company will send $430 million to buy an electricity plant to expand into the u.s. power market. it says it will closely on the facilities. the deal is expected to close in the fourth quarter. david: strategic value partners founder says for the most part he's not interested in asia, nor emerging markets. in an exclusive interview on bloomberg, he tells us why. ♪ >>, was -- i was brave or stupid, depending on your point of view. in 2006 2007, we set up small indistinct teams in asia. one year into it and we shut it down. it was the way the la

but this real cache -- so what we saw whether it was jp morgan or goldman and they were so fixated on the we work, that they jumped through hoops in every imaginable way, surprisingly to try to win his business. one of the things we saw, and we've written this a bit about at the journal, they do this pitch and say this is why you should choose us. this is how we will pitch your business to wall street investors. in it goldman sachs came in with this presentation where they show slides which we've seen, and they're comparing we work and adam to bob marley and mother teresa, and lin-manuel miranda. they have slides talking about it. >> [inaudible]. >> it was at the height of hamilton. he came to their summer camp and performed. yes, so this is after that, so what we kind of saw time and time again in the lead-up to the ipo, i mean what they showed to the world was sort mocked immediately, that they often were competing against each other, especially goldman and jp morgan to keep this -- to either get or keep this role leading the ipo, and it often came at the expense of giving good advi

you also have jp morgan and goldman downgrading their year and forecast for the treasury yield earlier this month. if you look across the street, strategist don't know where to go. we debate the same sort of things, where the variant will take us, what the fed will do. that is clouding the outlook for everyone. lisa: are you seeing a lack of positioning? there was a short position heading into the year. it has gotten somewhat reduced. there are still people who expect yields to go up. >> it's been interesting. there was a jp morgan client survey last week that showed client positioning was the most neutral since february. like you said, there were so many shorts coming in this year, got burned with that 50 basis point drop. where they stand now, it is hard to tell. i like to look at the tlt etf. short interest on it right now is very low, at about 5%. it was as high as 20% in february. not the case now. it feels like people are hesitant to go back to shorting bonds because it has been so painful. lisa: kind of an existential question, but what fundamental metrics do yields track most c

blue -- gabriela santos joins us now in jp morgan blue. you for joining us on a blue friday. one of the things you talk about is the drawdown. you say, and particularly with china, drawdowns are normal. we should not be afraid of the ferro drawdown. gabriela: this drawdown we are seeing in china is business as usual for investing in chinese equities. every year you should expect a 20% annual correction, and every three years or so, you tend to have an over correction. we had it in 2018, 2015, 2011, unrelated to the economic cycles but related to china's regulatory and reform campaigns that tend to happen every once in a while. it takes time to rebuild confidence, but three months out, chinese equity is up 10%. in six months out, they tend to be up 20% during these moments. lisa: are you saying it is a good time to go buy chinese equities? gabriela: we fundamentally disagree with the thesis that china is now on investable. that is not -- un-investable. that is not what we are speaking to clients about or hearing from institutional clients.

jp morgan wasting no time. this is for you, you don't talk about enough -- this is all we talk about on the close. taylor knows this well. revenge of the memes stocks. amc up for than 20%. amc now back up above 40. both these stocks higher here in the premarket setting up for what could be another interesting day. six straight days of gains. guess what, tom, this is about fundamentals. they reported earnings, 22% jump in comp sales. surprise e.p.s. tom: you work with him every day? romaine: this is yeoman's work. tom: deepest sympathies. taylor: we get all the fun memes in the afternoon. tom: thank you so much. really important conversation typically done at davos. maybe jackson hole. world meetings where she holds court with profound and original prospectus -- perspective on central asia. afsanch beschloss is the chief executive officer. yes very good on investment. expert on natural gas. also expert on her iran and all of central asia. it is in crisis. miss beschloss, thank you so much for joining us today. y

jonathan: bruce kasman, jp morgan chief economist and head of global research. is is important. lower participation for longer and a stronger job growth mean the economy could reach the economy benchmark earlier than we anticipated. morgan stanley looking at 3.3% by year-end next year on unemployment. the risks around us, they go on to say, if we do not get a labor supply, this could really constitute what the fed constitutes as maximum employment. some say that is a recipe for issues with policy. tom: you hear the phrase nairo, we will blame ned phelps of columbia for that. jon, i am sorry, the calculation they were talking about is hyper complex. we don't know other than their peers to be a massive gap between "we need to hire today," and the millions of people they cannot use. jonathan: the answer in the last cycle is lower. this time around, i don't know where it is, they assume it is lower, much lower. tom: i think some of these gradations get back to february, pre-pandemic, but otherwise, what is the new territory we are heading to? we just don't know. jona

francine: thank you so much, karen ward, director / chief t emea, jp morgan.most lucrative travel route in the world, jfk to heathrow gets a new carrier, but the u.s. still remains closed to visitors. this is bloomberg. ♪ francine: welcome back to the open, 22 minutes into the european trading day, and stocks are moving sideways. a little pressure on the rig of the tory crackdown from china. onto the story of the day, jetblue airways making its first four-way into transit lenox service, starting fights on the most lucrative air route from new york to london. is the right moment to launch a service in a travel corridor not yet open? good morning. nice to have a conversation face-to-face. this is basically a low-cost carrier, the first of its kind to do such a long haul. you could get tickets for 200 pounds, but why do it now question ? >> the travel sector is only open for americans going to the u.k. and not the other way. in one way it could be a good opening to see demand for this sector and remember jetblue has smaller planes with fewer seats in a wide-body

. >> china crackdown continues and jp morgan warns the streamers could be next. >>> plus, our own peteand getting ready to throw some heat his fast pitch is coming your way. we've got that and a l motore when "fast money" returns. that building you're trying to buy, you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it. we now find that 85% of individual investors are interested in sustainable investing. among millennials, the interest is even stronger. ♪♪ one of the big trends in sustainable investing is data, and the ability to understand how sustainable your investments are. by taking that information into account, investors can make better decisions for the long term. sustainability is not about one number. it's about variables like water usage, data privacy, consumer trust, diversity, land use and conservation. all types of investors are now considering this in their investment decisions. this is not niche. one in four dollars globally is

when you look at price to book and you look at jp morgan, it starts to feel a little bit more expensive. i think there are other names out there that can perform just as well if not better who trade at a better valuation. but i do think when you look at the financials right now, it really does come down to, hey, what's the 10-year doing we know it's been active we know we've had the path to the upside and that has been the direct correlation to what we have been seeing in a lot of the different financials, not just banks, just the financials even in general. >> kevin o'leary, never one to mince words, says to the producers today of europe, i added a ton. this is our biggest move really your biggest >> yeah, it is, i'm trying to put money to work between now and the end of the year. and i'm not saying it's a short-term trade but i'm trying to position myself for the back end of the year constructive on stocks. now, which stocks? i could have added more to my big u.s. names but for the first time in a long time i'm looking at europe saying to myself, the delta, the difference between the

jp morgan is a name that i own it's not a heavy weighting for me because i think money center banks, you know, return on assets are challenged. and i know the stocks have done well but a lot of sectors have done well with this amount of liquidity. when i put new money to work i'm more interested in decentralized finance. that's disrupting the money center banks you look at the last few weeks a billion dollars in ftx, rift private. 900 million into circle bringing out the stable count, usdc you ask yourself if so much capital is going there, where is the puck going. >> i think it's away from money center banks i've said that a long time i haven't been right on the stocks i still only plenty of financial services companies i feel okay. but there is a change afoot. there is a lot of money into other areas around crypto that are starting to get interesting for institutions >> i don't know whose phone that is maybe that's yours kevin, lunch is being delivered as we speak diegas wright are you thinking of this as a jump off point where the banks perform on a consistent basis -- not fits an

week with a jp -- the kiwi with a jp morgan analyst.is bloomberg. ♪ >> time for morning calls ahead. focusing on taiwan, which reported a slower pace of industrial activity, still double digit growth. over at morgan stanley, they are saying there is a confluence of factors reiterating the underweight call for taiwan, slowing tech spending, and unsustainable retail trading boom. the bank has downgraded the june 2022 target to 16,000, as well as lowering the growth earnings forecast. we have seen foreign investors dumped taiwanese as well as korean equities, while piling into indian stocks. pulling up the board, australian earnings. focus on a melbourne based company which focuses on aluminum. shipping disruptions have increased the cost to transport. we have the downgrade to neutral on the outlook for the were dividends, higher and flatter margins. haidi: let's take a look at the broader commodities space, the wti expanding gains. we have ubs joining goldman sachs, expecting prices to rally. talking about the $75 a barrel level, copper h

jp morgan has raised the stakes in the intensifying battle.ending a pay increase and including more staff. research analysts will now get raises. junior banking pay is getting hiked up to $210,000. hsbc says they have attracted $9.3 billion. client assets rising 25% in the first half. meanwhile, they have reached a record of 810 billion dollars, accounting for nearly half of the global total. hsbc wants to expand in asia, particularly china, hiring new wealth planners in the region over the next 3-5 years. amc entertainment posted our losses -- more never losses than expected. even as the movie industry struggles to draw fans back into seven a -- cinema. revenue soared to almost $445 million. the world's largest theater chain says customers are returning after the entire industry shutdown down last year. coming up next, we will speak with the senior strategist about major japanese names reporting today. that includes softbank and how the china exposure will come into play. this is bloomberg. ♪ >> we are counting down to the start of trading. t

lucy macdonald from jp morgan global e.m. trust. coming up, she has landed in singapore.e president kamala harris is taking off her asian visit to singapore. the backdrop of her arrival is setting -- is kabul. that could overshadow the trip. part of her discussion in asia is about supply chains. let's see what she has to say. we are expecting a press conference from the vice president shortly. asian equities. you have a relief rally in asia tech as lucy in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. manus: good morning from our middle east headquarters. it is "daybreak europe." stocks trade higher after last week's selloff. traders look ahead to jackson hole. afghanist

you look at jp morgan real effect exchange rate index for the u.s.r from 1970 to now, 50 years including the fiat period it is down, half a percent per year. that is some devaluation but not anything like people might think. he removed an anchor from the dollar and it's going to crash. negative half a percent, i will take it. tom: let's talk about hollowed ground. 82 devonshire on the chart room. you look at the chart room of fidelity. that was founded on that johnson, john templeton and john vogel and the rest. their long-term optimism of equity investment. the gloom crew has been wrong for 20, 30, 40 years. do you see any amendment to that optimism? jurrien: i do not. i study charts. i study history. i look at secular regimes. if you take the s&p or whatever you can call the index before the s&p existed from 1780 or so until now on a total return basis, it's about 6.5%. the nominal is about 10% to 11%. there are large swings and drawbacks and drawdowns. the market goes up 60% of the time. 40% of the time the market is going against you if you are i

forecasts, the most list forecasts on the street, and the middle of december into year end. 4400 on jp morgan, 4300 at goldman sachs. on that date in the middle of december, we were at 3600 on the s&p. yesterday we closed at 4400 on the s&p. i want you to remember how i felt in the middle of december when we heard those calls, things like 4300 at goldman, like 4400 at jp morgan, even things like 3950 at deutsche. that sounded tremendously bullish when these forecasts were being put together, and this market has just ripped. tom: you walk through that nicely. what is so important here is the kostin call is an extrapolation of the current trend. he is not talking about a level of. he is saying i have faith in the present trend, and that is what the brave souls did last year. you mentioned the end of 2020. i am still not overly tots and the wolves. they tied at 1-1. jonathan: when did that happen? is that recent? tom: what december of last year. jonathan: you went back to a game last year. why do you remember that? tom: because they should have won, and they didn't. the wolves are always surpris

sophie: i want to highlight a report from jp -- jp morgan.rch teams they are saying there is less of a worry of downside risks to current quarter growth. the ss that the delta drag will be modest. the anticipation of the service sector will about a boost to global growth outlook. flipping the board, j.p. morgan says while there is regulatory reform headwinds providing a drive, they're looking for a policy shift towards stimulus that will be a catalyst for a china growth rebound. unlikely to show a balance. they are stabilizing credit growth that suggests that the macro policy wheels are in motion. haidi: let us get you a quick check of the business flash headlines. -- flash headlines. they are reporting a loss of $16 billion revealing their result for 2025 months late they booked 18 billion on impairments but it returned to profit in the first half of 2021. the bad debt manager plans to shed all of its non-core subsidiaries and that should ensure operations for the next 12 months. property giant is an exclusive talks to buy the airport and lo

you have jp morgan and the likes of the big banks downgrading, seeing you will not -- downgrading, saying you might not see as much as -- as much inflation as he would think. guy: getting some quite interesting moves in the treasury market. 1.32% on the 10 year. as you say, we are seeing a reaction to the data, but cpi still coming up, all showing up in what is happening in the commodities space. oil at an 11-week low. kobe concerns some of this, some -- covid this, some what is happening with the dollar. thin volume. maybe that is a factor in what we see but nevertheless it is interesting. joining us with more is a bloomberg reporter, eddie van der walt, giving us his take on what we are seeing. the move in gold is curious but it is wider than that. it is what is happening in the mining space, the basic resources on the move today on the back of what is happening in china. bring it all together here. what are we seeing? it happened last week and now it is bleeding into monday morning. eddie: alex had a good -- alix had a good explanation for us on why it is we see commodities that are so

jp morgan looking for 1.75%. right now, 1.32 70% on the 10 year.changed across the board on twos, tens and 30's. here's the debate from the labor market for the bond market -- the labor market, for the bond market. how expensive is it going to be do close the gap between tons of demand and where is that supply? let's finish on this chart we have been talking about all morning, job openings in america. they are skyhigh, through 10 million. when we asked sarah house of wells fargo, the answer was simple, it will be more expensive. it is about the 4% wage growth. that was the price it took to get that supply to meet that demand. tom: before the pandemic, we were fully employed by a lot of different estimates, and maybe others are suggesting we get back to fully employed quickly. jeff sachs at columbia, we have a massive body of people who are unemployable in this country. jonathan: what do you think that is going to mean for the wage survey? tom: up. labor share finally increases. jonathan: and they've got confidence, too. tom: you see it in the quit

we are seeing everyone, morgan stanley, deutsche bank, jp morgan, trying to beef up the salaries ando make it more appealing. remember, this all started with that now infamous slideshow pack, presentation. really detailing these 100 hour weeks and just the sheer strength. shery: unprecedented. haidi: google continue to watch the story and whether it will be enough to retain the key talent. coming up in the next hour, ubs asset management head of asia-pacific fixed income is with us to share his market view. we have an exclusive interview with the clp ceo, richard lancaster, on their latest earnings, the outlook for renewables next. that is it for "daybreak: australia." "daybreak: asia" is next. this is bloomberg. ♪ courts welcome to daybreak: asia from bloomberg world headquarters in new york, i am shery ahn. >> i am southern, rude in hong kong. we are cutting down to the major market open. >> i am haidi stroud-watts in sydney. our top stories is our. following wall street lower. the treasury yields also concerning. as the delta variant

jp morgan reportedly is pitching a bitcoin fund to wealthy clients.rs of jp morgan private bank are being offered a passively managed fund in partnership with nidec, a bitcoin focused platform that is a subsidiary of stoneridge, an alternative asset manager. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ ♪ sen. warren: my concern is that over and over, he has we can -- he has weakened a regulation here, he's led the fed to protect the biggest financial institutions, and there has been dissent against that. i am very concerned about that. jonathan: senator warren with not exactly a ringing endorsement of chairman powell. from new york city this morning, good morning. with tom keene, lisa abramowicz, and jonathan ferro, this is "bloomberg surveillance." we are up 10 on the s&p, 0.2%. mr. kostin at goldman raising his price target to 4700 at year end and 4900 going into next year, year end 2022. 1.16% on tens. euro-dollar,

jp morgan is chasing a bitcoin fun to wealthy clients.f jp morgan personal bank -- it is an alternative asset manager. they say they are no investments from clients yet. landlords have gone to court to challenge president biden's extension of the coronavirus eviction moratorium. the alabama association of realtors said the move goes against a ruling by the u.s. supreme court last month. the president warned extension could be a challenge and urged lawmakers to come up with their own. two senators proposed using unspent state covid eight funds on infrastructure. john cornyn and democratic senator alex padilla are bargaining with the white house. if they can make a deal, it could free up billions of federal dollars for states. new york governor andrew cuomo is struggling to hang onto power. he said yesterday, a day after the state attorney general released a report outlining 11 cases of harassment towards women. he has denied he will step down despite calls from former allies urging him to quit. a barbecue grill maker cut the size of its ip

jp morgan's -- sees them on an upward trajectory. deltek concerns about.hina now partially shuts one of the world's busiest container ports. beijing's crackdown also hits sentiment. disney gets its magic back. the entertainment giant jumps in extended trading. subscribers top estimates and its parks make a profit for the first time since the pandemic. let's check in then on the markets with another record close over in the u.s. the s&p 500 posting gains once again. over in asia, not taking the cue from the u.s., partly as a result because of the concerns about that delta variant, not just in china but also in south korea and japan. and as we mentioned, the closure of that port in china raising questions about supply chains. msc i asia-pacific down 0.2%. in europe, as we look to the futures, unchanged at the moment, 4223. is the reflation trade back? that's what's possibly being signaled by a grind up in u.s. yields. ppi stronger once again. let's get some analysis in terms of what's happening with the reflation trade. investors are assessing their level of

meera pandit, jp morgan investment management, is joining us.omberg. ♪ ritika: this is "bloomberg markets." coming up, jason robins, draftkings chairman and ceo. this is bloomberg. ♪ ritika: let's check in on the bloomberg first word news. i'm ritika gupta. senators huddled on and off the floor to discuss final changes to the infrastructure bill, 2700 pages long. even if the bill is passed, it faces an uncertain future in the house. public universities in the u.s. face student lawsuits over coronavirus vaccine mandates. according to the dow jones, lawsuits challenging vaccination requirements have been filed in indiana, connecticut, california, and massachusetts. students claim they have a constitutional right to go to college unvaccinated area south africa's former president jacob zuma has been admitted to a hospital. officials are saying that he is under medical observation. he was sentenced in july to 15 months in jail after being convicted of contempt of court for defying order testify at a corruption inquiry. his imprisonment triggered prot

jp morgan talking about the labor market raising the stakes in the wall street battle for talent.he big expanding a previously announced pay rise to a broader range of staff. why are they doing this? why is this important? sonali basak here with the details. sonali: you're seeing similar raises when it comes to junior staff in sales, trading, research. so you are seeing that investment banking boom that had been reserved for junior analysts start to mike its way across the rest of the bank. as we know, we have been seeing these junior salaries rise at other investment banks as deal flow has been red-hot. the first week of august alone was double the volumes in prior first weeks of august on average. we are seeing that deal flow continue at a breakneck speed. but you are seeing, even with a waning in trading volumes, that this demand for junior talent is still high. when i speak to my sources, they say for them, it is about finding talent that also wants to stay at the bank and not just come to the bank to find a job at a hedge fund or private equity firm later on. nurturing talent

guy: i have to say, i am waiting for morgan stanley and jp morgan. when i hear from them, i will know that things can change. a sig. number of cancellations. certainly a shifting narrative very quickly. alix: you jumped my market board , man. it's also the delta variant, but the bullish call from david kostin engelman sachs, 4700 for this year on the s&p, one of the biggest bulls on the street. he sees low yields but still strong earnings growth. even now, 1.2% to 1.6% feels like a big jump despite any moderate selling we are seeing today. i wanted to also take a quick look at the cable rate. just up by 1%. i don't really feel a lot of movement from the boe today. now you can go. guy: the reason i'm maybe a little bit confused, i just ran across the road from the bank of england after talking to the governor. a little hot and bothered, but we are going to work out way through the program. where we talking about now? we will talk about the bank of england in a moment. let's talk about the data. u.s. initial jobless claims are down for a second week. w

jp morgan put out a statement to employees.conference rooms but at your workplace you must socially distance. you can be in large conference rooms, 25 people or more if you are fully vaccinated but again, you need to be socially distanced and encouraged to get tested regularly. if you decide to not get vaccinated, it's going to be even more difficult because a lot of stuff you can't do. you can come to the office but you have to socially distance had worth your mask at all times. he will be required to take irregular rapid testing at least twice a week. we are strongly encouraged to take pcr tests if you're not vaccinated. the bottom line is that they are bringing back people to the office, masks are going to be worn by even the vaccinated which will be really difficult thing to pull off. it will be an interesting case study and work roles with everybody walking around with masks because you can't necessarily when you have 20000 people or whatever jp morgan has, i think it's like 14000 people, it's hard to socially distance whe

the heads of ibm, google, jp morgan chase have been invite pd. they will discuss how software can drive better security and protect the supply chain overall. >>> ford is doubling production fort f-150 lightning because of strong early demand for the electric pick-up truck ahead of its launch next year. reuters reports ford plans to spend $850 million to meet demand. industry watchers have questioned whether buyers are willing to give up gas powered trucks for electric models, but commercial customers are pushing for electric vans and trucks because they're trying to reduce their carbon footprint. i can't wait until we see the first ads of the pickup trucks going over boulders and then plugging in to a remote charging station out in the back woods. >> that's the thing. what do you do for farmers? they have to set these up, right. i come from a family of ranchers. >> not too many out there. we'll be watching. thanks, contessa. >>> coming up next on "today in the bay," is it fog, smoke? meteorologist kari hall tracking it all for us. >> we have a li

let's get back to the jp morgan portfolio asset manager. china's trying to contain the virus.does the forecast for gdp mean, what is your expectation of what we will see in china? >> the answer to the question has become complicated when you compare the outlook for this year compared to last year. we saw a strong rebound in china after the covid crisis. we could be more sanguine on the possibility that we could see some more policy support in terms of rrr cuts. we don't think it can prevent further easing of liquidity. we know every couple of years, we get regulatory changes thrown income and it is important in terms of certainly if you look at the long-term strategy, it's an area where you want to be invested pivot i agree in the short term, it's a more difficult picture. >> when you look at some of the previous concerns, the western world importing inflation from china, is it something you think we will talk about more, or are we creating this so-called homemade inflation in the u.s.? >> in terms of the price pressure you are seeing, china has been a huge deflationary force

jp morgan has won approval from chinese regulators for ownership of a chinese venture.ted its take of the joint venture to 71% in november. u.s. financial firms are moving forward with a plan to expand despite tensions with beijing. the tiktok owner reviving plans to list in hong kong by early next year despite the widening chinese tech crackdown. listing may take place either next quarter or in early 2022. they have been working on addressing data security concerns. >> time for morning calls. there is not much scope and it comes to monetary easing. >> there closing that potential. the governor is pushing back against speculation of a triple archive and when it comes to this in short, real rates should be -- the policy is not going to be driving that shift. >> us of chinese economic data to kick off the week. some differing views on trade momentum. >> we have some analysts coming out with their forecast when it comes to export and import of growth going forward. at barclays, they expect import growth will slow to 10 or 20%. the bank also pointing to pent up demand as we

at a special summit, they included ceos of apple, jp morgan and the like. us to break it down, a chief cyber threat officer, the company has about 400,000 business because been -- customers come over 200 companies and territories. i wonder, if you are a fly on the wall of that meeting, what would you hear? >> that is a good question, but it is apparent. cybersecurity is a big problem. some of the big tracks that we have seen recently, they want to work for the businesses, but also concerned about what we can do as a nation to stop cybercrime. >> where is the cybercrime coming from? is that china and russia? do we know who does it the most in a dangerous fashion? >> you have to break it down into three blocks. there are activists and then there is cybercrime. if we look at the colonial pipeline, that is cybercrime. they are monetizing their work. if we look at what is going on, ransomware attack's come from -- with very big demands. alix: which ones really have to come from the companies themselves? >> it has to be a mix. one thing that the cybersecurity has

there is a proliferation around environmental social and agovernance questions jp morgan represented by $45 trillion of management, hugely important, everything from climate change to racial and gender justice, concerned about worker advocacy, gun control and it opened up a wide array of issues notwithstanding the fact that board members are notot elected but at the same time the last year has reminded us we don't only have a strategic role thinking about how companies evolve overl time, we have to tackle in the here and now to adopt in a more technical way to when things go awry so i did publish from the harvest business review, march or april 2020 in which i basically talk about how as a board member we were concerned about operations, are people able to log into the computer? we see the financial health of the company from campus company run, do they have debt or are they able to use cash flow for their responsibilities? the new start to think about other considerations such as a broader marketplace how we can step up if you remember, very little information about how we change an

bank of america catching up to jp morgan and asia pacific investment banking.ness rebuild, now sitting even, growing revenue to $700 million. the division is 15% of bank of america's overall business in asia, doubling from three years ago. jp morgan plans to convert mutual plans into actively managed etf's next year, as investor demand increases. the bank's clients actively adopt etf. millions of dollars are flowing into the back of etf market every week, driven by the success of other products. coming up, lenovo doubling profit unsurprising sales, widening in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. haidi: -- >> now that the recovery is well underway, tr

then of course jp morgan as and this is another wonderful part of the story your story jp morgan arranges to relieve britain's financial woes for a few more months and suddenly the peace option is shelved by the british cabinet and as late as august 28th. british foreign secretary gray is still telling house that any peace move would be premature. seen as pro-german. course lloyd george then publicly commits the british government to a fight to the finish by a knockout blow. seems to me that made it impossible for the british government from then on to entertain anything that at peace that made germany look like a supplement. so that's my first um moment that i'd like you to respond to. the second is in the in the fall of 1916 and the winter 1916-17 you may want we may want to take these one at a time one time for for the audience to hold these spiritual. sure. yeah. no, go ahead together. yeah you. so what triggers referring to and the narrative is intricate? necessarily so he's referring. actually to the first real window for peace was actually back in may 19 in the spring of 1916. at t