goldman is set to pay around 50% more jp morgan, 40%. out of that is because they are the two top banks when it comes to investment banking. more than 5 trillion of record m&a, they were part of 20% of it. deutsche bank and barclays also going to have big bonuses but not quite as much peered 20% up at deutsche bank peered 25% expected at barclays. when you look at the trading desk, last year was a year where we saw incredible volatility. traders made a lot of money for their banks. this year, it was m&a and investment banking that drove profits we are expecting some of them are going to see us is down from what they were last year. taylor: in addition to covering investment closely, you have covered jp morgan for a while. the average worker at jp morgan, the median pay is $80,000. meanwhile, the president has a $20 million bonus over a span of three years. how does that play into next year where we have seen these concerns about disparity before, is that brewing? >> is a great question and something the banks are dealing with on the bank

goldman may boost its bonus to 51 percent and jp morgan by 40%.hey dominated the dealmaking frenzy. they may have to overpay to keep the people they want the most. global news, 24 hours a day, on bloomberg quicktake, this is bloomberg. ♪ >> narrowing between senator manchin and senator schumer and the rest of the democrats. they won't make their christmas deadline, this will bleed into january, but i'm optimistic they are able to get a $1.3 trillion, $1.5 trillion package done in january. jonathan: 1.3 and one point five, very different-sized package there. caroline hyde out of london with me in new york lisa abramowicz. a little more than .1%. yields higher by couple the basis points to 1.4377. the nasdaq down 71 points on the session so far. we will catch up with oppenheimer, "we don't expect the fed to slam on the brakes about pump the brakes as lightly as he can." lisa: don't you think he saw their call and said it is worth 30? jonathan: you can ask him that at 8:15. how did he get to 330 specifically. mario, i have a wall street bias. my ques

jp morgan, city. that's on the top.e performance so the bank ears sfrns even as they went higher for most of the year peaked seven months ago the making new, but on the bottom, it continues, it's been underperforming for four or five years. we're left going to slow down of some kind or getting data that's a little soft. i don't know banks. >> that was clear. carter, thanks, see you in a few minutes on options action. jeff, you own banks and carter asked, why bother? >> we do have some pretty diversified across sectors but at the same time, i agree with what carter is saying. i don't know that i'm necessarily a major bank bull right now. i think the yield curve is telling us something, and telling us more rate hikes sooner less rate hikes further down the road because the fed isn't going to be able to hike because growth is going to be impacted that's why you're seeing the curve flattening, not necessarily a good thing for faangs i think you have a positioning thing going on and the fed is still vying a really large port

goldman sachs and jp morgan are number one and two in terms of global fees from dealmaking. ee a runaway for morgan stanley which has been eight close competitor in recent years. oldman racking up more than $11 billion in fees and jp morgan, almost $10 billion by the end of the third quarter in september. that translates to big bonuses for their investment bankers. goldman sachs is talking about a 50% jump, that is huge. jp morgan is talking about a potential 40% increase. which isn't so bad, either. shery: they are not the only ones doing that well. will other banks follow suit? >> this will put the pressure on other banks to follow suit if they want to keep their staff. all the banks are telling us at the moment that this hardline looks healthy going into next year, so they are going to need those bankers to be working on those deals. we can expect to see morgan stanley trying to get somewhere near there and then you've got bank of america as well, which has already said their support will be nice for their bankers. this does put the pressure on other banks to quickly follo

tom: it is definitely not just jp morgan.vestment bankers continue to have a phenomenal year. trading is starting to normalize a bit during the pandemic. there was a lot more volume and volatility. trading still very strong. francine: what does it mean for bonuses? tom: it is going to be very good news for bankers. a lot of expectation that may be last year there was a little restraint on the bonus front because people were working through the pandemic. this year, people are getting expected to get paid really really well. tom: the question marks are still out there. they are already reporting what is happening in q1. basically saying, we are seeing a bit of caution in the market, a little bit of left, we expect this might be the last kind of hurrah, may be. francine: we were talking a lot about people not returning back to the office because they were worried about omicron. does plan b further accelerate that or is it pretty much the same because people took their livelihood and their own hands? tom: i thick accelerate is th

jp morgan, like adobe, will be under pressure as we see rising rates.k, you are seeing this big expectation for inflation and it is a story of translating -- that is translating to the bond market. they are not waiting for the decision. those are higher. david:

jp morgan among others are saying, this is overvalued.ern about corporate governance, because essentially, other developers appear to be using proceeds from one division to feed into the main property development arm where there is problems, without designating it as such. you have died, and of course questions are raising about the ability to meet its short-term liabilities and paying its bonds. it has a bill due on friday, $4.7 million, but another $314 million bond matures in january. rishaad: you could see the contours, the amount in terms of what they borrowed, then we don't know what is not on that balance sheet. who knows where it all lands. stephen: this is the problem when the government uses the term ring sensing. what about the balance sheet liabilities? the opaque liabilities that are commonplace among the developers? it's not just evergrande, it's fantasia and others who have used, we are hearing from sources, even fantasia has acknowledged it is selling private bonds through shell companies. we don't know the liabilities. th

goldman, jp morgan, morgan stanley.hey are being more discerning and taking a look at the leverage that clients are taking on. guy: thank you very much indeed, delivering this news for us and giving us an idea of what is going on. sonali basak, thank you very much. shares of chinese companies listed in the united states. they are dropping on concerns the white house is considering sanctions on china's largest chipmaker. we will talk about this next. as you can see, another chinese headline causing ripples. that is next. this is bloomberg. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering pos

tom: bob michele with us of jp morgan, on radio and television. i am going to ask you about the pacific rim and about the greatness our david wilson notices in equities. what you do with international paper right now? i don't mean turkey. but what do you do with the jp morgan opportunity in international fixed income? bob: you go for it. we have had a lot of conversations about emerging markets, specifically emerging-market equities, and how earnings for companies across asia in particular have come in higher than anyone anticipated a year ago. the stocks have gone nowhere. they have even drifted down compared to the double-digit returns in the developed markets. next year is probably the year the stock prices catch up to earnings, but earnings are still going to look pretty good, so we are also buying credit in china and across the emerging markets. tom: is -- jonathan: is europe a piece of that as well? bob: yes. and in fact, we are looking over the last bull of days of going back into the european bank sector, particularly the alternative, the

jp morgan bull see trading revenue dying in the fourth quarter. the update comes from a bump of pandemic field year which saw the income sort. let's get more. where are we on this? if we look at the ipo frenzy in my part of the world, if you look at some of the spac flow, are retailing off? >> we have seen euros to well but trading off mna on the other hand, continues at pace. we are having a record year. we smashed through all records about 2.5 months before the end of the year. that is a new target that we have set. we are seeing is that the banks are coming out and saying that for the investment bankers, it will be another blockbuster quarter. you have jp morgan come out and say that they think that the fees from underwriting stocks and bonds and advising on the transactions could be up about 35% for the quarter. that would make it one of the best quarters ever. on the trading side, things are not as good. remember that trading this time lester had a record quarter. they are up against really tough comps. dani: fascinating. also tough comps on

we also recently added to phillips, which is part of the jp morgan upgrade.he company is going through cost restructuring they seem to be turning the corner on some of the execution problems they had. and we think that the oil boone is going to continue even though omicron has impacted, you know, the headlines, every get a new f the virus it is less impact on mobility we have global daily flights 80% of march 2020 and disciplined opec and management teams. to bring supply up to levels of prepandemic takes to july of 2023 so there will be upward pressure on the price of oil and still ways to make money in this sector. >> boris, you have a thought here and the prerference is to play it through an etf why? >> you can stay long xle with a beautiful yield. a favorite strategy is yield enhancement strategy long the xle and sell a little bit out of the money calls against it enhance the yield. i did that in the last six months and worked out beautifully. it will barring covid being another deadly strain. unless we have that situation i think it is a certainly that t

bank of america's in june, deutsche bank is in june, jp morgan in september, there is a big group of w. everybody is there with the exception of morgan stanley and citibank. from here it, the more conversation is how steep the rate pass is from there? where we going and what kind of rate could we tolerate? give us an idea of what that conversation sounds like. andrew: it is somewhat of a conundrum for us. you look at what's happened as the market has pulled these rate hikes earlier in the market has moved towards earlier rate hikes you have short-term interest rates moving higher. if you look at the 10 year real yield at -100 basis points, equity rates on omicron, not what the feds have been doing are still historical highs. there has been no meaningful tightening of financial conditions. it is not clear that the fed wants to tighten financial conditions yet. they are worried about these correlated upside instances to the forecast. if that is the story in 2022 there is inflation concern. that means expectations for where does this get to in the cycle? where is the long-term 10 year yi

jp morgan's global head of m&a speaks with us.nd we will discuss the insurance provider's spac deal and discuss the demand for classic cars with mckeel hagerty. the s&p 500 has come back, up one point 75%. 4598. almost 4600. the u.s. 10-year yield rising after the incredible drop we saw on friday. now it looks like investors are selling the debt. they don't feel the need for their perceived safety of debt. natural gas futures are coming down, although nymex crude is rising. 4% gain after news that the saudi's will start to charge more than three dollars over spot price for their oil, aside that they think demand will hold strong. take a look at crypto after an incredibly bad weekend for bitcoin. this is a four-day chart. bitcoin has come down 14%. only a couple weeks ago we thought we would see a seven handle. now we are under 50. the volatility adding to traders nerves. already on edge after the fed's hawkish pivot. let's bring in katie greifeld for more. a lot of times when we see big drops in retail assets like meme stocks, the

jp morgan, their bonuses could be up to 40%. i goldman, even higher, 50%. incredible business they've been putting in over the years. that will set all sorts of records across bonus land and wall street. manus: it's not just the advisory side, is it? there's also the fixed income side of the business as well. this has been a battle to retain junior staff throughout 2021 as well. fixed income is expected to be reported -- rewarded? >> not so much. they had a very good year last year. looking back, they are still doing pretty well. that business has normalized since 2020. investment banking has been on an absolute tear. that's where the really big jumps you will see our across the board. manus: rates traders will be asking for supper at the investment bankers thrown, so to speak. thank you very much. the very latest on the expectation for higher bonuses across some of the biggest names. goldman sachs, j.p. morgan to raise 50% rewards. the team will take you through the open on bloomberg. europe giving a little bit back. there's a worry about omicron and the i

a modest find of $200 million, something easily affordable for jp morgan.announce fines over message lapses. caroline hyde and lisa abramowicz with us. i am sorry. this is a huge deal. buried within is does your employer have rights to your iphone messages and email? lisa: how did the work from home era complicate scrutiny? what are the parameters the banks should have when it comes to scrutinizing what you do on your personal devices? there been different kinds of missives, understanding we do not know all of the details. it adds another layer of complication to what was already highly confusing with people texting on their iphones in order to remain outside of the bank system. how they do this without putting up some of their employees? tom: how is this addressed in london? caroline: we have to -- the work from home scenario was confusing when you had bankers from one bank in the same apartment as bankers from another bank, and how you keep that wall to ensure you're not hearing each other's conversation? there was deep concern, now we see going back to 2

we start with bruce kasman of jp morgan, which will be profound. it's a moment where three central banks matter. >> they highlight the difficulty of this moment. are central banks going to be hiking rates, tightening policy into a weakening economy? are we going to see a deceleration at the same time that central banks are forced to get hawkish in the face of inflation? tom: out moments ago, let's go to this breaking news on em reaction. the turkish central bank cutting the repo rate, going the other way. turkish lira out to 15.44. the gentleman we heard yesterday is central banker to the world. lisa: partly this is an idiosyncratic story. erdogan has a unique perspective on what rates do. i still keep thinking about what can rogoff said yesterday. if the federal reserve raises rates four times, that that could disrupt the entire emerging markets complex in ways that people are not prepared for. that is underscored by some of the distress you see in certain pockets. lisa: i tried to -- tom: i tried to read the british press, i fail. that's the reas

calls, barclays for may, goldman for june, bank of america for june, bnp for june, citi for june, jp morgan for september. td was looking for september 2023. they are now looking for march 2023 lift off. i am pleased to say that priya misra of td joins us now. what that -- what brought that call from september to march of the year after? priya: it is about economic data and the fed reaction function. we got a clear sign from chair powell, and i would argue from that november fed minutes that came out last wednesday. the market did not react maybe when we were cooking and eating right before thanksgiving. the fed was talking about salvation of taper when they announced tapering, so it really seals like -- really feels like there is inflation. the market once >> ability which is why omicron -- once flexibility, which is why they want to be done with taper. why we are much later than the market is because we are not extrapolating from the current data. a lot of post-delta surge in the economy. as the fiscal drag kicks in next year. we have growth slowing, inflation slowing. that will allow the

individual stocks bank of america and wells fargo are on the top of my list. >> bono. >> i like jp morgannd morgan stanley. i think they hit the nail on the head and they're working through the integrate of e-trade and everything else. but i think once they get through that, i would look out i think there is upside there. >> tony, good to see you we will see you on friday. friday being the full "options action" show catch that friday at 5:30 p.m. eastern time spend new year's eve with us, or part of it it is time now for the final trade. so let us go around the horn steve grasso >> apple is going to be my final trade. i've been long this thing forever. not as long as pete has been i think it is big for a.v. and v.r. and hardware. but apple, final trade. >> again with the white board. can't take that thing away from you. bono wynn? >> all of this talk about rates and inflation and no talk about dxy, i think it is been ignored. take a look at the dollar. >> pete najarian. >> i'm so convinced about oil, i'm going to give you devon energy we've seen more and more energy stocks returning into

jp morgan is optimistic about the view forward.y look for a full global recovery and a return to normal conditions. u.s. dollar and rates to higher ground. jonathan: they are optimistic on this market. a couple weeks ago he wrote the following. omicron could be a catalyst. we have a little bit of a flavor of that from a couple months ago. tom: i have never seen such a rich time in this pandemic that we have. it is fun to do. it is fun to speak to guy johnson. i look at the live feed and there is too much to talk about. forget about english football. what are you focused on right now? >> we are trying to figure out how they are going to take on policy. we have the prime minister and a difficult position. the video leak yesterday put him under considerable pressure. speculating that he might bring forward some of the restrictions . i cannot possibly suggest such a thing, but it is being talked about over here. there are rumors. he talked about the idea that we will see a cabinet meeting before restrictions are put back in place. it s

here's what i thought -- here is what i saw on the jp morgan powerpoint.s an assumption by the oil price pools it will be different this time. shale oil pricing has not come in as oil price goes higher. what do you say? amrita: i think the price of shale production has changed dramatically. tom: this is not three or four years ago. amrita: at least light now it is not. i was in texas. some companies that initially said they would grow by 5% revised it to 0%. why would they increase production? also there facing huge constraints. labor, equipment, fuel shortages. tom: is it something that clears with a better pandemic environment? amrita: the supply chain shortages will clear but it should suit -- it should still take a year. those things should ease over time. tom: is that true in saudi arabia as well? amrita: not as much. ultimately, shareholders are not rewarding them to raise production. kailey: when it comes to opec-plus, they surprised market to a large extent last week when they decided to proceed with hikes in january. you think that means they will

yesterday, bob michelle at jp morgan asset management said we are not heading toward session, monetary policy isn't getting back to normal, so take this time to sell government bonds and jump into credit. it's not just a period of uncertainty when it comes to the virus, but also uncertainty with how to hedge your portfolio and treat these uncertain times. let's jump into today's action, europe has a bit of catch-up to do today because yesterday when we saw this big selloff in the s&p 500, it happened with a 1% loss in the european stoxx 50 index. the s&p 500, a little bit of a bounceback, up more than .5%. a similar position yesterday morning, s&p 500 futures started to gain, but that quickly reversed. not necessarily stability in the market. the 30 year yield had a lot of buying yesterday, yields dropped to the lowest since january. some selling in today's asia session. crude, the second of the opec meeting, up 1.5% as we contemplate what the outcome could be. let's stick with the omicron variant which is continuing to spike globally. new infections found in south korea and other coun

christyan malek of jp morgan. tom: just absolutely brilliant.currie later today as well. jonathan: looking forward to that. from new york city, on radio, on tv, this is "bloomberg surveillance." ♪ >> the markets will have to significantly reprice at some point. the fed will probably have to go faster than they expect. they will probably have to go higher than people expect. that is going to be a bit of a shock to markets. jonathan: bill dudley, making the point that maybe they have to go faster. when i first heard dudley say that in the middle of this year, it was at a conference with him and mohamed el-erian about six months ago, and it was out there. it was contrarian. not anymore as we close out the year. tom: they look like geniuses on the trend. who knows on all of that? one thing we do know is the linchpin of all of this will be the deepest thing on the market, which is the u.s. dollar. we welcome kriti gupta to join us here. this is exciting for us. who was it, dave who? kriti: dave wilson i think was his name. it has been a lot of hedgin

jp morgan announces their health care conference will be virtual.t seems like a headline from august. lisa: the moderna ceo did not want to be seen at the conference in person. a health care conference. tom: everything we have talked about today, that is the bombshell headline. there is a fed special this afternoon. the fed decides. rumor has it jon ferro will be there. this is bloomberg. ♪ michael: -- jonathan: your fed decision just around the corner. your equity market negative a single point. "the countdown to the open" starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. jonathan: we begin with the big issue. it is decision time. >> this may be a very different powell. >> the fed has been pushed in a corner. >> they are walking a fine line. >> they do need to act. >> the fed does need to tighten. >> we will likely see the fed accelerate their tapering. >> double the pace of tapering. >> tapering is coming. >> we are penciling in two rate hikes for 2022.

what i find so important is that he focuses on the industries of america so from jp morgan as well.he real story is about how companies adapted. given all the gloom overlay, let us remind ourselves, even with market -- the market upset, 30 5000, 566, it has been a being up year. jonathan: this came from bank of america. the producer just shot this one to me. "the zeitgeist is that the fed is tightening into a slowdown, but the economy hate slowing and the fed has not even started tightening. strong data will meet -- when needed -- mean inflation, a much more aggressive fed and real yields." tom: into the weekend reading, that single phrases the debate, a higher terminal rate. mohammed is saying there is a higher terminal rate and we need to have respect for it and a lot of other people, i think of michael at jp morgan modeling it out, a lower terminal rate. jonathan: this is the conversation bill dudley started. this idea that the fed will have to take things higher. tom: there is no question about it. everyone weighing in, i do not have a strong opinion. i have great respect for th

thank you very much, hugh gimber of jp morgan asset management.ll of this inflation depend on the very end. coming up, we speak with an award-winning virologist who was a much the first to fly the dangers of a pandemic around the bird flu. ilaria capua of the university of florida will be joining us next. this is bloomberg. ♪ this is bloomberg. ♪ >> we have once again stressed -- once again expressed our views when it comes to compulsory vaccinations. if vaccination mandate is to be discussed and decided on. >> there is a consequence to the fact that a large portion of german citizens have not yet decided to get vaccinated. >> looking at the situation, i believe it is necessary to decide on a vaccination mandate. that means if i were in the german bundestag, i could say i would be in favor of it. alix: that was german chancellor angela merkel and vice chancellor all of schultz earlier today about the country -- chancellor olaf scholz earlier today about the country's new restrictions. reporter: i think they are trying to avoid canceling christmas

so i think you had earlier jp morgan pushing back a return to office.nk you need to have a return to office and returned to business travel so these offices can get into a stronger fitted -- stronger footing from a profitability standpoint. i think we will see that into the first and second corner of next year. matt: thank you. coming up, the co-chief investment officer at invest net joins us on this new year's eve day, as we see s&p futures down 10. this is bloomberg. ♪ hey, angie! you forgot your phone! hey lou! angie forget her phone again? yep. lou! mom said she could save up to $400 on her wireless bill by switching to xfinity internet and mobile. with nationwide 5g at no extra cost. and lou! on the most reliable network, lou! smart kid, bill. oh oh so true. and now, the moon christmas special. gotta go! take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes switching fast and easy this holiday season. dani: this is "bloomberg surveillance," live on bloomberg and television. matt mill

coca-cola higher on an upgrade by jp morgan.lysts say the company has recouped about 70% of what lost in on premise sales. keep an eye on apple come on the $3 trillion market cap watch. you need about a one from 5% close -- a 1.5% close to get that $3 trillion level. we should point out a lot of analysts saw this coming. dan ives at wedbush, another at citigroup which raised their price targets and implied a $3 trillion market cap. that was a 12 month price target. here we are nine months later, staring down the barrel of $3 trillion. some interesting changes coming at the end of the week in the nasdaq composition. they are reconstituting the index, six new stocks going into that. that includes airbnb and lucid. trip.com, the big chinese travel agency, this has really gone nowhere. this will be reflected monday morning when you come in. jonathan: thank you. from new york, futures up around 10 on the s&p come up 0.2%. apple and the $3 trillion market cap very much insight. from jp morgan, they are the new big bull on the street,

alix: thank you so much, natasha kaneva of jp morgan. thank you so much.int out, as we were just speaking, the saudi oil minister says he's calling opec+ numbers every day, and that december meeting truly isn't descended. this is bloomberg. ♪ ♪ alix: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. time magazine has named elon musk its person of the year. "few people have had more influence than musk on life on earth, and potentially life off earth." this year solidified his position as the world's which is person and saw tesla grow into a $2 billion business -- a $2 trillion business. a tsmc executive says various factors will affect them. the european union and others want to increase domestic to production -- chip production to lower the chances of supply chain disruption. binance has withdrawn a request to open a could to currency exchange in singapore. we spoke with the ceo. >> we are not that disappointed. it is the original plan. we just invested in a local regulated exchange called x

rivian, goldman and jp morgan are neutral.roducts thand see growth potential but are concerned about the valuation. other firms more bullish, morgan stanley in particular goes overweight says it's the one that can challenge tesla, b of a calls it a buy stock is up almost 40% since the ipo with the market cap now of $92 billion. >>> and then of course tesla, lower today as the s.e.c. does probe the company over whistleblower claims of defects of solar panels. tesla is down some 20% in the last month, jon, although some don't like to talk about bear markets when it comes to specific stock names. >> that's right. you know, not mike santoli there. let's take a closer look at rivian with us now is bank of america analyst john murphy who initiated $170 price target this morning. john, welcome. >> thanks for having me. >> okay. i don't get it in the sense that, yes, very promising but isn't execution and being able to ramp manufacturing a huge, huge part of the challenge here? plus the marketing, the branding, all of that stuff that

it comes after the government and jp morgan announced similar plans. the u.k.orted more than 80,000 new covid tests a consecutive day of record, breaking infections underlining the spread of the omicron variant. daters show almost half of workers in the city of london didn't go to the office on monday since september. new york city's health commissioner meanwhile says covid-19 numbers show an alarming trend in infections. that is your first word news update. we will get more on that u.k. covid story as the omicron variant spreads. that's next. this is bloomberg. ♪ ♪ anna: new zealand stepien prime minister and finance minister grant robertson said he is optimistic about the nation to bounce back from covid. he spoke to bloomberg earlier on daybreak westerly. grant: as you note, you know, we're an open trading nation in new zealand. and so the large-scale spread of omicron around countries we're seeing at the moment has the potential to move through to new zealand. but all the indicators we've had so far is that the people are learning to deal with covid. they k

jp morgan offering the staff the opportunity to work from home. in a memo they will resume their and office schedules by february 1. it will provide an update in january on when it expects them back. goldman sachs holds onto the top spot. this dominance comes as global, and day and related deal surpassed $5 trillion in volume for the first time. the bank advised on more than $1 trillion worth of deals, giving it a market share of more than 24%. as we close out the year, check in on these markets. the main benchmarks across the european space closed. it is new year's eve. you are looking at the benchmark stoxx 600. low work on the cac 40. the ftse 100 is lower by 0.4%. we can switch the board on and take into account what happened over in asia. the ms ci asia-pacific ended up. the shanghai composite up. the more positive data in terms of manufacturing. technology, china back with a bounce before the end of the year. the longer-term story is pressure given the tech regulations. your bitcoin is that 48,000 up to .5%. this is bloomberg. ♪ >> from the

get my words out and speak clearly, emfx, over the year, is -8.5% on the jp morgan e.m. index.is remarkable about this, brazil made a 150 basis point move just like in february and this has been the year of interest rate hikes. we have seen it in e.m. and it has supported the market. the story has been hiking into weakness, hiking into weakness has in the story for emerging markets. lisa: i think there was a pimco outlook and they all want to one to like the markets. they see value because of household -- how sold things are. but pervasive through asset classes. jon: i'm not expecting the e.m. style hikes next year but maybe that will be the story. i think socgen touched on that in the last aorta -- last day or so. maybe the story for next year's developed markets turn. lisa: how much can this market handle tightening? i think about the developed market. we are talking about the emerging markets, but a huge question has been what the end point will be with respect to rate hikes for the federal reserve and back pinning that is how much we can tolerate given the dead we have incu

for more, mark straws senior analyst at jp morgan joins us. good to have you with us the california public utilities commission has had a proposed addi decision, a pd what does it say is it a done deal or are legislators and lobbyisting going to pick it apart what does it do? >> thanks, tyler at the heart of this is an issue called -- what's called net metering the idea of taking unused power from our rooftops, from our solar rooftops and sending it back into the grid in exchange for a payment from the utility the process has been around for many years as the penetration of solar has increased across the country, you have seep more approximate more utilities start to push back on the rates that they are paying for this power coming from homeowners. the decision earlier this week from california was one of the more drastic declines we have seen they are also proposing to impose some fixed fees on just the ability to sell some of that electricity back it's proposed decision the cpuc has said they will vote on this very final determination no ear

and jp morgan and terrific back and now apple.e do have to pick i'm going to bless this only because my travel trust has three. you see how they traded together and one of the things we're trying to do is eliminate the stocks that trade altogether in one etf. i'm going to bless this. i would not do it unless i've done it myself and apple you have to own it, you can't trade it but of those three, the one i'm most concerned about right now is is this one because everyone is gunning for it all right. let's go to a video call from lisa in maine. lisa >> booyah, jim, greetings from maine. i'm lisa here are my five top holdings. am i diversified best buy advanced micro devices, your favorite and mine, jim, nvidia, sonos and hasbro thanks for your help, jim. happy holidays. >> happy holidays. we have a smartest viewers algonquin. okay so hasbro toys, i miss mr. golden very much son os, entertainment to homes, we'll call that a home play. and nvidia, well, nvidia, my dog and nvidia, that is a chip company, chip gaming metaverse high perfo

john mentioned this call by jp morgan today they name it their top 2022 pick reiterate overweight, raise the price target to 210. the former target was 180. brenda, john said something interesting, he used the word "save haven" is that what this stock is a defensive play, the primo defensive play maybe if not the, certainly one of >> i think you could absolutely argue that even looking at the stock's prm performance this year it perked up this summer when we had the delta variant materialize, followed biome kron i think this is a defensive name that being said, i think the company can still grow, and it's likely that in the first quarter their launch of the 5g se phone will likely be well received it is an environment where costs are going up everywhere so having a more reasonably priced i known could certainly fit the bill for a lot of consumers. i think if the company goes grow earnings at a faster than expected pace next year, that could condition tribute further appreciation from current levels outside of that, i view it as being more of a defensive name, i think it plays an importan

that is why that survey ricocheted on wall street, because it is the same condition at jp morgan andorgan stanley and several other firms. that is the situation out there. immediately you saw everyone wanting to put forward steps they could show that they care about junior bankers. they realize there is a real want for talent. taylor: it certainly isn't funny, but there were other jokes going around that you will still have all the same mental issues of being overworked, you will just be better compensated. does that mean there was actually any real change? sri: time will tell. that is a boring answer, but nine months in it's hard to say their lives have changed meaningfully. you still have all sorts of crazy deal volumes and volatility in the market, but their hours continue to be crazy. romaine: i thought they did make some concessions like lunch breaks. didn't citigroup say they are giving people the friday off? sri: let's see how true they are. [laughter] caroline: you are saying it is knee-jerk? sri: we saw a report that talked about even after james fraser came out with the ann

look at shares of jp morgan. bank of america, citi, wells fargo. even the investment banks, goldman sachs and morgan stanley up 2 to 3.5% in trading. where it is having more of an impact, regional banks, more sensitive to traditional interest rate and lending activity zions, m and t, keycorp, all the top performers on the regional banks side of things if you look at regional banks and bank etfs overall versus the s&p 500 you look at some of those moves and put those in context and it goes to show you maybe there is a catchup trade to be had. >> this is all interest rate related, right, the assumption being that interest rates are going to go up higher quicker than anybody thought >> also about the differential between short and long-term rates. they have been collapsing as of late that tends to be in the past an indicator of slowing economic activity maybe there is a bit of a rebound now as things widen out a little bit but again it is going to be dependent a lot on fed policy and economic expectations one on the short side and one on the long side.

jp morgan naming its top alt energy picks for 2022.ut some of these names have been crashing down from their recent highs >>> plus, we're talking semis, apparel, and charlie munger in earnings exchange with broadcom, lululemon, and costco all set to report after the bell. we'll bring you the action, the story and how to trade them, arrest head of results >>> here's a quick look at the dow heat map as the major average just turned positive more green than red just by a hair you can see that walgreens is the best performer today boeing the laggard we're back in a moment >> this is "the exchange" on cnbc as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. ("jingle bells") ♪ (doors knocking and bells ringing to the music) ♪ - [announcer] this holiday season, give the gift of grubhub. want to save on your home internet? xfinity is proud to support the emergency broadband benefit program. for a limited time, you may be eligible to qualify for a credit of up t

. >> this is the 40th jp morgan health care conference. it brings thousands to the city. this is a blow to hotels and businesses in san francisco. we are seeing a spike in covid cases in the united states and there's concern over the threat omicron poses. in an e-mail, the bank said they made this decision given the ongoing pandemic, add that the safety of the clients and employees of the you most importance. biot firms have pulled out of the conference over covid concerns. here the president and ceo of sn travel said the conference usually means attendees stay in hotels, go to restaurants and shop local. this news today disappointing for businesses. >> all sectors of san francisco's economy from florists to bookstores to you name it. they benefit when it the conference comes in to town. when something changes from a live conference to a virtual conference it does have a negative impact on a lost the small businesses. >> while he said this is disappointing for them they also understand that things like this happen in the time of the pandemic add that for the economic reco

jp morgan, citi bank of america. you're seeing some laggards in tech stocks like amd and nvidia apple because they've done well are ready. better breath. i'm steve yzerman, a mcdonald's. how was kicked out in 2019 for some. she was sending e-mails to the mcdonald's server. i lost a 105 million. not her. clawed back. wow is not and we'll deal because of the e-mails >> apple's other going keep. the campus is closed indefinitely due to omicron and red. it's coming public. and what's interesting about that is right. it's probably the worst website of just people who spew out information see dohj-coin to the moon. >> i don't get that one at probably do but but you lost over with the apple employees. are you ever coming back. are we ever going to see you again in the studio. >> i'll be honest, i don't think so. you don't think so because i see you're in, you get casual now. i like the look. you're really settling in there. next week. i may be topless he. well, there's for my family to yours. just don't put that in an email

we are joined by meera pandit, jp morgan asset management global market strategist.t is the trade after yesterday? meera: markets don't like uncertainty, and certainly there is a lot of uncertainty with the virus right now. a lot of unanswered questions. so what we are lightly to see is some choppiness in markets going forward over the next couple of weeks until we get some answers to those unanswered questions. but right now we would not necessarily advocate for huge shifts in portfolios. we are not necessarily going to aggressively buy the dip, but it is to a per to favorable backdrop for stocks, all things considered. we have dealt with the virus and various surges before, so in that respect, for those more concerned about the virus and where we go from here, areas like technology, health care has tended to be good during the storm over the last two years, but equally, if we think beyond just the next few weeks of uncertainty to the next few months, with rates as low as they are, they are lightly going to be on the rise again. growth is still in a pretty solid pla

looking healthy in 2022 you really want banks that have a steep management diversified were looking at jp morganilicon valley why, the gamete grappling with the rate hikes, but also midterm elections are sometimes candace try to drop their base with anti- rhetoric. jack: thanks for that, ben what caught your eye? >> i like utilities i think that price appreciation the utility sector is one of the worst performing sectors in 2020 when they will do a lot better in 2022. >> carlton bennett like those pics, inject cheers viewers check out this week that parents are, the rest of and or stock picks and for the new year, new times for the shewbread were headed to the weekend starting next week. no more friday evening. you can catch parent roundtables a saturday and sunday at 10:00 a.m. and 11:30 a.m. eastern right here on foxbusiness. that is all for us, happy new year we will see you next week on barron's roundtable. charles manson showed his family values and the beatles showed us why they crossed the road. these are the magical, ludicrous, griz grisly, astronomical. he

jp morgan saying there's no selloff insight.e are seeing the rally brought her into january. 0.7.41. the bloomberg dollar index gets a marginal lift, prompting the g10 fx relatively quiet. the brent crude contract at $78.66 a barrel. let me flesh out the asian highlights. the msci pacific index a tale of positive and negative. net positive by .5%. the hang seng with a little bit of downside, back online after the holiday. evergrande shares with a 7.5% gain coming off of coupons due. much more ahead. this is bloomberg. ♪ ♪ >> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. ♪ emily: i'm emily chang in san francisco and this is bloomberg technology. over the next 30 minutes, we will take you to a trip to space. 2020 was quite the great beyond, starting with billionaire richard branson's flight to the edge of space. a voyage he called the experience of a lifetime. plus, the founder of amazon jeff bezos launched himself on a supersonic joyride.

show today, investor dan niles cashed in on a number of his picks for the year including oracle and jp morgannd today he's joining us with his top five list for 2022 >>> plus, the u.s. setting a record for daily average covid cases, and the cdc easing its quarantine rules we've got a lot of ground of cover when we're joined by white house chief medical adviser dr. anthony fauci. >> looking forward to that, of course but first let's focus on the big stories we're following right now. we are going to talk about the blockbuster report on samsung. and watching the crypto space amid this week's increased volatility, a down day here for bitcoin. let's get right to it with the breaking news on biogen moving the stock sharply higher on this report that samsung is in talks to buy if for $40 billion, how much credence should investors put in this one? >> great to be here with you on one hand, i don't think it's totally shocking biogen has been a terrible stock all year. when stocks get this cheap, they're potential takeout targets. on the other hand, it's an interesting buyer, it's one report out of ko

we've got jp morgan suggesting you'll get to the end of the pandemic, right those are his words.e the boom on the other side that can take up whatever rate hikes come, especially for cyclical stocks here in the u.s. >> i totally agree with that we think that the u.s. economy is well equipped to handle roughly two rate hikes in 2022 but the valuations of international equities have just been pummelled over this year. we're still looking at restrictions and lockdowns in europe because of covid. so that hit has really been much harder on international economies. and what we haven't really seen is that pick-up in global growth and as we look into 2022, that's where we think we will start to see an acceleration in the global growth backdrop whereas it's really just been all about the u.s. supported by extraordinary monetary policy and fiscal stimulus. so, as we move into 2022, as you look at those countries and regions with the higher beta to global growth, you're looking at areas like europe, japan, and china, and with valuations steeply discounted versus the russell 2000 or the s&p

reacting to rising infections, jp morgan offering the option of working from home in the first weeks of the new year. the bank has been a staunch advocate of returning to the workplace. and citigroup is encouraging its staff to log on remotely saying it will provide an update in january on when it expects to be back in the office. goldman sachs in a tough spot in dealmaking. the investment bank was the number one advisor on mergers and acquisitions for the fifth year in a row as measured by the total dollar value of transactions. this dominance comes as global m&a and related deals wracked $5 trillion in deals. it has a market share of more than 24 percent. checking in on markets on a day with thin liquidity but chinese tech shares are getting a bid. up more than 3%. hong kong closing early for the new year holidays. that is three days of gains after bid for tech stocks seeing the biggest gain since 2008. year to date though, you are looking at losses of more than 32%. the shanghai composite gaining more than 0.5 -- 0.4 percent as manufacturing and services pmi came in suggesting str

jp morgan becoming the latest to ramp up restrictions on unvaccinated employees telling those employees in new york city to work remotely the december deadline to require vaccines neem an marcus looking at splitting itself into three different companies. separating the website from brick and mortar and spinning off berdorf goodman. >> if you own crypto. gains of billions to trillions it is not real the issue has been solved. the explanation on what happened maybe you are lucky enough to ll 'd love to hear from you back after this. >>> we are getting new details of a push by executives to expand access to broad bant across america includingair b&b, etsy and ebay more on the plan and her exclusive conversation with the commerce secretary >> good morning. commerce secretary is turning to the tech industry for help including to develop millions in funding for broadband. participating in a virtual round table to talk about how increasing access to benefit their bottom line and economy more broadly cautioned the process takes time >> people will start to see this quickly but it will take year

but then you see headlines come out today that jp morgan chase, for example, has, has, has put its health care conference to be virtual, to go online. and that is, that is economically detrimental. so if, if we don't get back to a more normalized level of travel and the ability to be mo bile, then that is going to act as a governor on economic growth. whether we want to put this pandemic behind us or not. if you start to have, you know, conferences that are planned and people who've been paid and say, well what not, we're going to put it back on zoom. that's economic output that is being denied because of this new variant of the corona virus. and it will have its impacts on the, on the economy. and j powell said, as much, he said if the, if they, if the fed has to go back and revisit any kind of a drag on the economy due to this, than they will do. so it's certainly a lot of stake here, especially as the fed actually does start to really taper, which is something we've been talking about for months and months and something we will continue to follow. former fed insider daniel d martino bo

angel: find a jp morgan 200 million bowser breaking rules involving employee communications.ank executives were supposed to make sure that workers were compensated but even the rules they were supposed to enforce didn't happen. amazon's customers in the u.k. will now be able to pay monthly installments as a result of a new tie up between the online retailer and barclays. purchases of $133 or more on amazon will be eligible for the new payment method. buyers will spread out the cost for three months to four years. shares of rivian automotive are tumbling afterwards earnings report as a public company. it expected to fall short of its annual target and the eeev startup be short of its goal by the end of the year. that's your bloomberg business lash. guy: thank you very much. the rivian slump is continuing. i think we are down about 15%. they are only missing by 300 vehicles but it is a big chunk of change. sanali: a few hundred vehicles out of 1200 is 25% of the vehicles they were supposed to make. you've got to wonder where the patient investors are when it comes to the near t

jp morgan saying it has further downside. shery: how much does it put -- help that regulators seem to be making it easier for regulators to convert yuan to dollars? >> it is critical. the state of the -- the state administration for foreign exchange is a laborious process for these larger sums. let's take this example, property developers who need to convert yuan into dollars for offshore payment of their debt obligations, which has been in focus when these dollar coupon and interest payments have come due. often they used to full grace period to meet those obligations. evergrande didn't meet the obligations. the foreign exchange process is cumbersome because of the capital controls china has on foreign exchange. we are hearing from sources that they have instructed various branches to make sure they have the required quotas available and those transactions from yuan to dollar or other foreign currencies are expedited. this is according to sources saying bloomberg best -- telling bloomberg best. shery: let's get to vonnie qui