we have numbers from jp morgan and morgan stanley.utes, could you predict citibank based on what we have heard from jp morgan? sonali: they have a tough job because they are so much more global. we want to see how much that is actually impacting them. it is amazing. if you look at morgan stanley, they have their compensation costs in line. jp morgan headcount is up. jamie dimon is talking about significant headwinds. they are still investing. maybe the bankers are not making as much as they were a year ago. they are still getting jobs. jonathan: morgan stanley down in early trading. lisa: tell us the future, please. is this a crystal ball that we could put our hands on it? equities underperformed, fic trading outperform. seeing illiquidity in markets. thanks are acting in the traditional function. jonathan: do you remember the former president in saudi arabia ? i still don't know what that was. what was that? lisa: we love it. jonathan: the first deputy manager of the imf sitting down with tom keene, coming up. >> the market is focuse

alix: wall street picked up early today, jp morgan, morgan stanley, jp morgan jamie dimon, here is whatid on the call. >> we always have to keep in mind the volatility. obviously, if the environment gets worse, if unemployment goes to five, 6%. you are probably talking about five, $6 billion. alix: jamie dimon there on the call. you also had james gorman talking about everything and he feels relaxed, what were your takeaways? >> that is the one taking the biggest beating on the share price. when you look at today for example, they missed on fixed income trading's and equities, a lot of trust in the institutional businesses. they met expectations with wealth management. investors getting more discerning on where bakers are missing. sluggishness overall. i jp morgan, wells fargo, staving off concerns as net interest income is soaring past expectations. thus in of great and what they expected net income this year. they are setting expectations on how bad it can get but what they are telling you is that they can weather the storm. you are seeing the way they handled this through telegraphin

it is not so likely jp morgan concedes that.they do think is the most probable outcome, how we would -- how it would affect the equity set up. jp morgan says we are likely to see a 35 basis point hike from the fed and -- 75 basis points hike for the fed and a hawkish press conference. the s&p 500 is testing the 50 month moving average, a significant support level that is been in place since the financial crisis. only has been crossed a handful times. will we see further downward pressure? jp morgan says the outcome is most likely come it is also being guided in the bond markets. given that they do not expect it moves from yields following the decision. they expect the s&p 500 to drop as much as 1% or moving .5 percent higher, it is fairly range bound. >> what about expectations of the post rba decision today? >> this is most likely to appear in the bond space, i will get to widen just a moment. talking about what bank of america is seeing, they expect the rba to stick to the 25 basis point hiking rate, taking the key to 2.58%. t

some of the biggest beneficiaries from higher rates so let's put it all together wells fargo and jp morganessive and i would be excited by citi's numbers if they hadn't recked so many people the only real downer was morgan stanley. i thought james gorman sounded confident on the show a few weeks ago so today's numbers did come as a surprise to me then again the stocks feel cheap and got a great franchise with a big buyback and bought back a ton of stock. i won't get too negative on the bottom here is the bottom line. we got good quarters from three of the four major banks that reported today i say three out of four ain't bad and i'm holding tight with morgan stanley if the whole market hadn't already roared yesterday, i think we could have had a nice rally in response to these numbers. but as it is, i say that this is a surprisingly solid start to the earning season and a possible sign of new leadership in the entire stock market let's go to chris in texas, chris? >> caller: hey, jim. boo-yah from dallas. thanks for having me. >> good luck sunday night. what's going on? >> caller: yeah, bi

we are just getting started this morning, coming up big banks on tap, third-quarter earnings from jp morgan, morgan stanley, could be big market movers. we will get those to you as soon as they cross and market reaction. the harris poll mark penn is here right before the midterm elections. we are taking a look at the read with just 28 days before people go vote. we will find out. then the lasting effects of new york city crime, why the city may lose federal grants and how it's losing business. don't miss that. you're watching mornings with maria live on fox business. we will be right back. ♪ ♪ ♪ maria: welcome back, futures indicating mixed opening this morning ahead of big day of earnings and economic data, dow industrials up 50 points but nasdaq negative down 15. we are looking ahead to big banks reporting third-quarter earnings today, they usually set the tone. wealth consulting group jimmy lee, what are you expecting from the banks and the third-quarter earning season? >> well, i think that earnings overall probably will be good still but not as robust in terms of percentage that we are

judging by the market reaction, better than expected for some names and start with the biggest, jp morgan and jamie dimon beating on profit and made more money off the loans and thanks to rates and higher offsets and the economy turns and for jamie dimon for a place with recession in the next 12 months and morgan stanley missing on earnings and the investment bank navigates a difficult and uncertain environment they say. you have to remember that morgan stanley could stand to lose hundreds of millions of dollars on the financing loans that they're underwriting and that elon musk twitter takeover. things are not going the right direction and wells forgo making more money thanks to rates going up and more than $2 billion in costs and charges and past scandals at wells and fake accounts a number of years ago and the citi profit dropped by a quarter sales to beat and fixed income trading missing for citi group and this is a play since it's the worst performer amongst u.s. banks this year. that stock is down by almost 30%. ashley: all right, bit of a mixed bag. susan, thank you very much. take

at jp morgan eight times. citi, 6, key corp 6.7. pnc 9. is that enough to get you excited about these names. >> i do like how much cheaper they've become recently and your banks do tend to be your category that tend to rebound the fastest. i do think your banks have been very smart here to keep balance sheets very strong this is probably one of those if we go into recession one of the most anticipated and i think they're prepping for that. i would definitely look at some of these as opportunity. they pay a good dividend and have a good value. especially if you're an investor you want to have a piece of these. >> wells fargo, bank of america you call this super friday >> it is super friday because you throw in citi group and jp morgan they report on friday as well the positives are going to be net interest income, and nest ininterest margin. those are higher interest rates especially at the low end, those companies that have exposure on the low end. you're going to have really good expense control and you're go

bank earnings kick off tomorrow with jp morgan and morgan stanley.are near the lows of the year let's get to head of u.s. bank equity strategy at rbc glad to have you with us. >> i feel like the ceo's have talked about the economy and i'm wondering if you -- >> you just touched on the consumer the consumer is in good shape. think we're going to see into the deposit levels and consumer spending and we anticipate to hear double-digit growth in the debit card transactions and along with credit. >> girard, you're on mt. rushmore for analysises. but my question is pretty simple you've watched today trading at about 1.4 times tangible and we haven't seen that in a while. what is the right level for the -- >> think what we're going to see over the next six to 12 months is -- [ inaudible ] very strongly and that le vote i would say it is two times so that is where we should be talking about in the next 18 months. >> girard, it is tim so wells fargo never made mt. rushmore of money center banks because of some of their miss steps and yet this is the bank that

>> jp morgan.rarely see morgan stanley and jp morgan announce on the same day, i am also watching the scuttle here. who is bringing in more money at the trading business, to big banks reporting on the same day, we are watching equities, fixed income, we are watching what happens there. >> vix is to let 31, this is a super bowl for the banks, reporting from the iff, we will check on the markets it is still green on the screen when we look at the stock market, up 2.2%, we were down almost by that margin at session lows they are now trading at session highs, netflix news helping the broader index in the yields are rising as well. stick with us we will give you all this information and more in the next 30 minutes. this is bloomberg. ♪ >> i mark crumpton with first word news. the turkish president met with russia's vladimir putin in kazakhstan today to discuss a potential turkish gas load. the president said that the goal is to stop what he calls the bloodshed in ukraine, adding that is a pair piece tha

there's names that i love, google, jp morgan, microsoft, those are the names we're buying.tuart, now, to be positioned for november. stu: thanks a lot, see you soon. fox released latest power rankings. we're three weeks to the midterms, where do things stand? susan: advantage republicans in the house and fox power rankings showing the gop winning a 15-seat majority in the house and possibility extend to 17 seats in the best case scenario. notably making gains by the way in the west despite the democrats remaining in power out west. there's two competitive districts in california and oregon. that is expected to swing red and inflation still a top issue then it's crime but almost 90% of respondents are concerned about higher costs right now so dinner table issues, senate is a lot tighter. you have four tops of states and that's within the margin of ere error and power rankings and democrats 47 depending on where georgia, ohio, and four toss up states go, that picture could change dramatically. i was looking at the abortion issue, it's only the sixth top issue right now. stu:

we are hearing from jp morgan analysts saying that the final restructuring is needed.xpected to unveil the strategy review later this month. jp morgan is saying that shares of credit suisse are more than the market is currently pricing. they need to see the review of the final restructuring, $15 billion is the minimal value being seen today, to this report from jp morgan. we will bring you the latest as we get those developments. and all of the bigger questions about capital requirements for global banks. there's a lot of fragility. in the meantime let's take a look at the business flash headlines. they are seeking billions of dollars for the venture capital fund. sources tell us it is a reduction from the $8 billion initially flecked to clients. tiger has written down the portfolio, investors pull back from the asset class. it's fund will focus on starbucks in india. alipay has been removed from shanghai. the mobile payment giant failed to meet spending requirements for r&d according to the government. that is it for daybreak australia. daybreak: asia is next. this is

so what do you think of this call by jp morgan?y're talking about investors buying a scall spread into the print and november 25th, 157.5, 165 strike call spread explain the trade and whether you like it or not >> let's take the second part of that first i think this is the sort of mainstream common sense low risk, high potential return trade that helps investors get through a market's that's down 20% year to date so let's talk about the trade specifically and suggesting in that november 25th expiration, investors buy the 157.5 call and reduce the cost of the whole thing by quite a bit by selling the 165 spread call so they bought a higher strike, sold the lower strike, bought the call spread when they put this together apple was about 145, 127 even now you could pay $2.25 for this call spread that's about 30% the wed of the spread and generally how we look at the relative cost of these sorts of things and this thing realizes its maximum pay off with apple at or above 165 at the november 25th expiration apple was there as recently

james gorman speaking earlier on the earnings call along with citi and jp morgan.et's get more on the overall bank earnings picture. office stephen biggar -- also with us . what is the big takeaway? sonali: you have the stocks of jp morgan, citigroup higher on the day, two are up more than 4%, showing you the boost in net income is staving off a few worries given the you are seeing some provisioning for loan losses tick higher. jamie dimon said if the economic environment were to get worse, those provisions can also get bigger but all in all he is saying not only can they navigate the storm, they will remove -- give back to shareholders as well. they are worried about the classic investment banking businesses and also concerns around trading and the longevity of trading is misses as these firms -- trading businesses as these firms take on more risk and you see cracks form in clients around the world may be more constrained. jon: she is addressing some of the looming issues the banks are preparing for, coming into this year there was disbelief that higher interest r

i mean, you look at the jp morgan quarter, better headlines, credit provisions higher than expected. you also saw that in wells fa fargo. pretty good on some of these numbers although morgan seems to be one of the weak spots here. >> yeah. i think, maria, the market is going to be looking at these earnings but also understanding they're they're backward looking at like some of the other data we're getting we haven't necessarily seen the impact of the fed rate hikes and coming down the pike just yet so i think the analysts are kind of thinking that, you know, we're okay for now. banks are coming in with numbers that are fine. that doesn't mean they will next quarter. maria: you know what? that's why the guidance is so critical. we need to hear from the ceos on the conference calls. that's when we'll get a picture of what's going on here because the guidance is going to be most important as opposed to the backward looking as you just said. thank you so much. stay with us. we'll be right back. this isn't just freight. these aren't just shipments. they're promises. big promises. small pr

jp morgan beat top and bottom.ock hasn't done so well following those earnings today we'll see if that trend sticks >> yeah, i think there's really been an overhang for jp morgan for much of this year. and, you know, it's interesting because i think many of us hold it because they have so much diversification in their underlying businesses, and i think that if you think about going back several years, you know, the desire was to own banks that weren't necessarily as tied to net interest income, and now that's really being a boost. so i think it's about execution in the areas where, you know, you are seeing some shortfalls and the ability to guide and make sure that they are delivering on net interest income in order to compensate potentially for some slower growth in other parts of the business so i think this is a good report for them but, again, this stock has been, you know, under some stress i would say relative to other financials and i think it is because they have been diversified. that's helped them in the

jp morgan got 2.9 and citi group 3.32% and bank of america had a great quarter today, 2.51 but wells283 remember, this is the most important number and you want the largest percent take and there it is. those basis points may not sound like much in absolute terms but from the perspective of the banks, that adds up to an enormous amount of money it's honestly kind of incredible wells fargo used to be the worst of the major banks after three years of charlie sharp's leadership, their core banking business is more lucrative and i think charlie is just getting started point number two, everyone in the industry is worried about out of control expenses. other banks, are moving ac aggr aggressively we wells fargo is way ahead multi year reinstruction plan to make the bank more stream line and a better operator. they're looking to achieve $10 billion up from $8 billion wells fargo is making that happen through layoffs over the past year, the total head count is from 254,000 to 239,000 and added more than 22,000 people over the same period they make money for them bank of america added more t

jahangir aziz, jp morgan head of e.m. research. get to vonnie quinn with your first word news. vonnie: janet yellen has proposed changes for the world bank to move beyond country have specific loans. the changes seek to address global threats and speed up private capital to emerging economies. janet yellen and washed the notion that development banks can increase lending without significantly increase their risk. the latest you see the minutes sure some officials wanted a50-basis point hike in september. decision-makers ultimately agreed to a 75-basis point hike. momentum is building for a repeat of the september hike. the central bank is fighting inflation nearing 10% in the bloc, while risking a looming downturn. president biden is pardoning thousands of americans convicted for possession of marijuana, and ordering a review of its legal status, in a major step towards decriminalizing the plant. he has issued a blanket pardon for all prior federal charges of simple possession. he also urged governors to do the same for state offen

jp morgan hitting a new milestone. it is not one you want to celebrate. we have the details ahead. but first is the jig up for the gig economy. a new proposal pressuring stocks like uber and lyft and door dash will the names still work in your portfolio the traders have their takes when "fast money" returns. (snorting) if you struggle with cpap... (groan) (growling) (chuckle) ...you should check out inspire. no mask. no hose. just sleep. (beeping) learn more and view important safety information at inspiresleep.com. blackrock silver is advancing one of the learn more and view important safety information highest-grade undeveloped silver projects in the world, in the "silver state" of nevada. with a maiden resource estimate just announced, the focus now is on further expansion. blackrock silver. millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happ

>> you see a continuation of what you saw a jp morgan which is a big boost from the interest in income. goldman sachs sees the same boost does not apply to consumer business. tomorrow goldman sachs is reporting they are watching the trading figures because they have been coming in above expectations and they have been strong in other places. they are expected to bring in $3 billion. they are expected to announce a third large restructuring of their business lines under their ceo who is entering his fifth year on the job. there are a number of executives who are rising amid this reorganization, the question is what does it mean in terms of potential future targets? a combined trading unit, an asset management unit, alongside a separated transaction banking unit that has the consumer businesses in a different unit. while these businesses have different expectations moving into next year which many executives see as a tough economic environment. haidi: we have seen the correlation between how banks do and the s&p 500 does and perhaps the chart on the bloomberg showing that very well. we a

jp morgan is a little bit higher, but jp morgan is always a little bit higher than the group and usuallyown these things expectations low, even after yesterday, and i think, yeah, i'm overweight bank. i'm happy to see it for now. >> think about that. we know about the tina trade is gone now you talk about wells fargo, below book, yield 2.8%, a two-year or a ten-year versus a wells fargo, it doesn't sound like you're going to get massacred if it's below book, steph. why not? why not take a shot there instead of just your maximum return on a two-year is 4% >> and i think to your point of, yeah, below book, but you also have a story with wells fargo, right? and the story is, charlie scharf is cutting -- it's a turnaround story. you know i'm -- i like that. that's kind of my style. i like to look for turnaround stories with good management teams and he finally has the good management team in place and he has streamlined the business as well here's what we need, we need the asset cap to be lifted i think that is your catalyst sometime this year or into early next year. >> and i'll -- i'm wait

. >> jp morgan ceo jamie dimon talking about a potential hard landing.oft landing looks very difficult. our next guest is incredibly worried about a hard landing. let's bring in peter tchir, head of macro strategy at academy securities. it's good to have you with us. why is it? is it the actions of the fed, the global macro picture that worries you? what is top of mind? >> top of mind is the fed. i think they have already gone too far too fast. i am sure they will hike 75 at the next meeting. i do not think they should. even with today's cpi print it will get foggy. .6%, 7.2% annualized. that sounds horrible and would be horrible. 23. 50% of that was a shelter. that is calculated by the ioer. this was the highest month on month shelter increase since 1990. there is no way that happened in the u.s. in september of this year. maybe september last year. this is really old data skewing the picture. it's wrong. data is rolling over including shelter and that will not be factored into the fed. if they hike, it will make it more likely we see a hard landing soo

that is 1/8 of jp morgan. in america, this get solved and the mystery to me is i am uncertain is it swiss regulators or london, i just don't know. we are at a delicate point. where are the regulators this morning? jonathan: are they going to raise capital? they have to raise capital to instill that. tom: i am thousand dollars. jonathan: credit suisse down by 8%. equity futures are just about flat this morning on the s&p. yields by at five basis points on a 10 year. euro-dollar at 97 .63. lisa: ministers meeting to discuss what is going on with energy prices. we will catch up with maria tadeo later in the show. we saw a year-over-year if you take a look at the overall euro, inflation has reached the highest level in the history of the block. how do they deal with this? i am so interested in how this is going to play out. opec-plus will be the first time in person since the pandemic, potentially cutting oil production by the most going back also to the heart of the pandemic. at a time when you have president bid

individual research on individual companies and buy jp morgan stock at the end of the week is interesting. upgrades of kraft, heinz and merck. it's all bad really bad nothing to buy hammering of china, much, much more broad than expected as i had to tell members of the travel trust and investing club and russia ups the ante by firing missiles to ukraine hitt into this session full steam ahead. why not? we're technically over sold and fell on friday no bonds to get in the way looking so tempting. fortunately, i'm experienced enough not to take the bait. this morning i told my "squawk on the street" colleague david favor is there in reason to have a rally, the rally isn't real. i reiterate at 10:20 morning meeting talk with jeff marks, the cnbc investing club because openings cannot be chased, people sadly a lot of people haven't gotten that memo and get hurt on day's like today they buy up because it feels good uh-uh, it will feel bad. you know why there is wide spread desire to take advantage of the negativity by doing buying. with everyone so negative, a lot of people figure there has to

estimates the probability of a recession in the us in the next 12 months at 100%, city economists jp morgan and fitch. they give an estimate of 670 us gdp in the first and second quarters has been consistently declining, which already meets the criterion of a technical recession to by the end of the year, growth could be close to zero, with the state debt exceeding $31 trillion for the first time in history . inflation is rising today. it is over eight percent. trying to contain her fed. chose the path of excessive tightening of monetary policy, increasing the interest rate at the next meeting, which will be held in early november, the rate may be increased for the fourth time in a row. the growth rate of the american economy is close to zero, inflation is in the region of eight percent, the problem is that this the level is not slowing down, as much as the us fed would like the job market is overheated there is a risk-complex wage price spiral, and the debt will continue to rise. the longer the rates are high, the harder it will serve. well gdp is likely to decline. yes, the probability is

so i think jp morgan is good here >> i'm looking on twitter.eeting himself saying he should have more airtime, that i should call more on you. so i'll call on you now. how about that now we're good if you hate the markets are so bad -- >> wait, is he seriously doing that >> no, i just made that up i'll debate anytime. >> i don't think it was one person go ahead >> bank of america and goldman sachs, seriously if you hate the market as much as you do and you think the worst of the economy is still yet to come and you've gotten out of a lot of other things, why are you still in the banks? >> well, i reduce the positions and selling more which has much lower costs would cost me a lot in taxes, and i don't think they'll go down enough to compensate for the tax bill. look, the capital markets business in terms of issuance both in the private market where i'm quite active and in the public market is grinding to a halt, so those are the highest margin businesses. what they have is in compensation, and that generally has been anywhere from 48 to 52% of

jp morgan himself used to go out and say, i'm going to bail out certain companies myself.ou are called the jp morgan of crypto. does that bother you? sam: it doesn't bother me too much. it is something i felt was right for the industry. the mandate we gave to the team that was working on this was, your goal is not to make a fortune for us during this. your goal is to make ok deals and not get our faces ripped off. but contingent on that, do as much as we can to balance the industry and that was the higher goal, trying to backstop places, rather than maximizing on these deals. i would have loved other people to do it. i think that would have been great. david: so, you went in, you bought some companies. were those investments profitable? sam: mixed is basically the answer. some of them will turn out to be more profitable, some will not. voyager, there is $70 million we put in, and i am not sure we are ever seeing that $70 million again. we had to make some judgment calls such that, if things turned out well, they'd be good investments. and if they turned out badly, they wou

today jp morgan saying they're increasingly worried about central banks making a policy error. and the u.n. conference on trade and development saying policy mistakes could trigger a worst recession -- >> they did already. the policy error -- >> they're focused more on emerging markets >> well, the u.n. is focused on emerging markets i understand that. the policy that's basically it's india, say, which has kept away the whole time the emerging markets are acceptable to a strong dollar, to trade for investors right now concerned about will they make a policy, they already did this is the cleanup of a previous policy error. we had two years in which housing prices went up 20% back-to-back we had a record high stock market, and they kept their foot on the gas for like a year after most sane people were like, why are we still doing -- that's what they did. we're living in it this is the result of a huge policy error that will never be forgotten and a fed that is very quickie trying to undo that -- they know what thaerror was. they're trying to undo that. that's already our reality

coming up, stephanie ross at jp morgan -- roth at jp morgan. this is bloomberg. ♪ >> i'd like to reach a point where it is moderately restricted. >> i see us raising to a level we believe is restrictive enough. >> somewhere between 4% and 4.5% and then hold at that level. >> had to four point 5% and 4.75% by next year. >> hold until we see inflation get close to 2%. >> you have to understand the limitation of your data and your models but you still need to use them to base your policy decisions on. >> i anticipate additional rate hikes into early next year. kriti: the fed president saying they expect the hikes to keep coming. the question of the day, is 75 basis points the next decision. joining us now is stephanie roth from ap morgan. thank you for joining us. is 75 basis points the stronger than expected jobs report? stephanie: it is certainly tilted in that direction. we have to wait to see what happens with cpi next week. with the labor force participation ticking down, that is not what they wanted to see. we saw uniformly fed president tal

earnings season stateside on friday had jp morgan with better-than-expected results.dman sachs restructuring within that investment bank as well. utilities at the top of the list with energy and telecom, a safe haven tilt this morning. at the bottom of the list, consumer products, technology lower .7%. nasdaq fell and close lower by more than 3%, the s&p lower 2.5% friday. the university of michigan survey confirming inflation is persistent and the fed will have to do more. let's go to the bank of england, it has confirmed it will terminate emergency bond buying as the new chancellor jeremy hunt is due to make a statement on britain's fiscal plans at 11:00 this morning. for more, we are joined by bloomberg's lizzy burden, breakdown the statement that be a we confirmed they did ramp up bond buying friday. >> this statement is intended to call markets while they have wrapped up bond buying. they are saying various repo facilities are available if needed, the broader message is the bank of england now wants to refocus on fighting inflation but it's there if necessary. th

i probably agree with jp morgan that we peaked in june. but it hasn't come down fast enough for the fed to stop hiking. they're going to keep doing that, increasing the risks of recession. the real hope, i think is if we do get recession, it's short and shallow and not superpainful. i think there's a case to make for that. >> well, let's hope you are right. thank you very much. also, kelly o'donnell, appreciate you both. >>> and right now candidates are using every second of these 20 days to make their case to voters. a few hours from now in arizona, pro-trump election denier kari lake will get a boost from virginia's republican governor glenn youngkin. while in florida, fireworks last night as republican senator marco rubio faced off against challenger congresswoman val demings. a former police chief. >> the extremist on abortion in this campaign is congresswoman demings. she supports no restrictions, no limitations of any kind. >> i don't think it's okay for a 10-year-old girl to be rapeed and have to carry the seed of her rapist. i don'

institutional banks like jp morgan, they can do more, they are going bold on the crypto with coinbase platforms to be able to have their managers have the asset class. they are investing in a bunch of other technical technology companies. emily: is now the time to invest? should everyone buy the dip? >> is it a dip? emily: maybe it will go further down or maybe it stabilizes? >> it is not a financial advisor. my personal opinion is it is not the bottom yet. i sick to my prices, i said -- emily: remind me what those were. >> i am still holding my personal capacity. i will go in 600 to 800. i think december to march we will see the dip. it is not there yet. that is what i am telling our investors. emily: let us say you come in at those prices, how long do you wait to see gains? how long is this downturn going to last? >> i feel i crypto is a unique case. the whole market goes down and sometimes it is the bottom of the first commodity to go down. look at the last time during covid, it was one of the first asset classes who started going up. i believe that 2000 24, it will be good for cry

jp morgan saying these are becoming attractive because of the discount compared to european peers.u have the ftse 100, you are exposed to a lot of commodities and companies that vernon dollars. -- that earn in dollars. chemicals and energy and banks are under pressure. ubs reported better-than-expected profit in the third quarter, higher rates helping out. we spoke --manus cranny spoke to the chief executive about how the bank performed in asia, and what his biggest fear is in investing in china. >> asia and china have a connection. part of the deleveraging is explained by how do markets in asia perform? having said that, we have been investing in china for decades, and we are the go to bank on the investment banking side for china. our clients rely on that. this quarter we saw good business. the largest ipo in hong kong. echo recaps were back number one in the region, and china connected businesses. on the others with the confirmation of xi to take another term, we have to look at whether his policies, whether they will continue. the prosperity policy is an important one to have e

strong performance, jp morgan. they put up a nice beat and reported record net interest income. other hand today, goldman sachs out. while their thick beat by 41%, their investment banking down 57%. morgan stanley, the laggard of the group, if you can call being up by laggard. interestingly, we do have positive data out in the last hour, capacity utilization beating industrial production. factory manufacturing higher. we can see some of these import sectors such as automobiles and aerospace higher on the day. guy: good news/bad news. thank you very much, indeed. big focus on the banks. goldman sachs, it's traders once again helping to rescue the bank's earnings results from a sharp slowdown we are currently saying in investment banking. goldman ceo addressing some of the challenges the last hour. >> global economy continues to face significant headwinds. inflation remains high. central banks are raising interest rates at a pace not seen in decades. meanwhile, equity markets are well off the recent highs, to put it will instability and ongoing energy shocks. gbp growth expectatio

assesses the likelihood of a us recession in the next 12 months 100% by network economists jp morgannd fitch. they give an estimate of 670 us gdp in the first and second quarters has been consistently declining, which already meets the criterion of a technical recession by the end of the year, growth may be close to zero, while the state debt for the first time in history has exceeded 31 trillion dollars inflation is growing today. it is over eight percent. trying to contain her fed. chose the path of excessive tightening of monetary policy, increasing interest rate at the next meeting, which will be held in early november, the rate may be raised for the fourth time in a row. the growth rate of the american economy is close to zero, inflation is around 8% the problem is that this level is not slowing down, as the us federal reserve would like, the labor market is overheated. there is a risk of a wage-price conflict spiral, and debt will continue to rise. the longer the rates are high, the harder it will be to serve. well gdp is likely to decline. yes, the probability is very high. sh

look at what jp morgan is saying, the fundamentals here disconnected from reality. we will see what happens in the session. we are watching the offshore, we are above the seven point three level for the first time as you said, this is down to concerns about the economic background in china. the yen, intervention watch in japan, two incidents where they could have stepped in, trading like this. otherwise we have new zealand back online, australian futures are in the green. looking to take a few cues from what happened in the wall street session. you are concerned about a warning about the global backdrop. haidi: financial risks and concerns are of key importance, yellen talked about the dangerous backdrop when it comes to the economy. she's keeping a close eye on how the economy and markets hold the potential to disrupt the financial system. it is not surprising we have this conch in -- caution after the tumble in the yen. not to mention the chinese economic slowdown. you mentioned earlier the a mixed bag when it comes to those delays in the gdp and activity numbers.

you have the legacy banks operating in this space, the jp morgans and bank of americas.o have sofi, laser focused on user experience, and that is hard to match. tom: i love this story because it is fascinating. goldman sachs with the clout they have and all that brand prestige, yet because of all those challenges having to walk back their push into consumer and the retailer. thank you, charlie. fascinating and fantastic on these stories. credit suisse looking to spin off one of its units. we will continue to watch both of those stories. let's get the first word news now with alice atkins. alice: u.k. prime minister liz truss is planning to speak directly to mp's in her conservative party this week as she seeks to rescue her premiership. the bank of england has this morning announced additional measures to support market functioning. the bank will increase the size of its buying operations for the next five days to a maximum of 10 billion pounds, double his previous level. china is stepping up efforts to contain covert outbreaks ahead of the party congress. nearly 1900 ca

alix: just talking a jp morgan, wells fargo and the boe emergency bond market buying ends.re headed to the table. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. ™ >> from the world of politics. >> no one wants uncle sam and their doctor's office the report says they want to make this decision for us. >> to the world of business. >> is clear the inflation is a challenge coming at states is in a better position to address is challenged and do what is necessary to bring prices down without having to give up the economic gains we have made. >> this is balance of power with david westin.

looking toward the teal end of the week where we do hear from big banks like jp morgan, wells fargo and morgan stanley on friday. it is going to be a big indication on the health of the consumer moving forward. shery: what are we expecting in terms of financial stability as we get that report tomorrow? >> people will be looking to see what the imf's message is on financial stability. the danger of spillovers. there is a recognition what happens in washington does not stay in washington in terms of the federal reserve and its decisions. what happens with the fed and prompting a stronger dollar against emerging and market currencies has a severe impact on the inflation dynamics in some of these countries. a lot of focus around what are the impacts of that monetary policy tightening by the fed in markets. shery: eric martin as well as jess menton with our top stories today. president biden condemning what he called the utter brutality of russia's missiles on civilian targets in ukraine. the most intense since the early days of the invasion. vladimir putin is threatening more tax let's brin

we saw for a little cheat sheet, look what happened with the banks and jp morgan, bank of america, goldmanachs and the banks are telling you things are not as bad as the headlines seem. yet, fine, but when we hear from big tech next week that when the earnings start to come out, i think they're not just going to be good, i think they're going to be very good and the main reason is that people like tim cook know how to manage his company. he's proven that so he knows the macro environment, and i'm willing to bet he's dealt with it and you're going to see a good profit outlook, profit report from all of big tech. stu: would you comment on meta, which seems to have fallen out of bed. the stock price has been cut in half, more than that i believe. zuckerberg seems to have placed all his bets on the meta versio? meta vision. >> meta verse. stu: meta verse. sorry on that. i don't think they like it. >> i think it started with wokeness and investors look for ceos who are going to deliver dollars and cents and not necessarily woke companies. you wonder what does he see for his core business in the

jp. morgan magazine vogue if they made the decision instantly, then the german sports brand adidas terminated contract with the west under public pressure adidas must fulfill its historical mission not only as a german company, but also as a company that was involved in the nazi dictatorship and above all extracted. benefiting from it, no sneakers are worth to be associated with this artist, despite the loss of at least 250 million euros. adidas cuts ties with fabric west no more. easy true, all rights to the design of sneakers will remain with the company in early october at paris fashion week, the rapper and passed the audience with a sweatshirt with an inscription in the life of whites matter to drag west to the camp of supporters. pididi tried this, she, like anya, declared that he was a puppet in the hands of the rich, when accusations of anti-semitism rained down, the rapper said that this was absurd, because dark-skinned people. actually too jews, since rappers blocked instagram in banned russia, he moved to twitter where he continued the campaign in defense of white men. they are the

you have business leaders pushing back on the rosie outlook and ceo of goldman sachs, jp morgan and chase. clays and in response to the question on twitter on how long the recession will last, he tweeted just probably till spring of 2024 and he's been sharing how bad it'll be and tesla and spacex in good positions and many other companies are not. and missing its delivery target with the earnings call and china is in a burst of a recession and europe as well and europe in decent health and feels the fed is raises interest rates more than they should so it's unsurprising that musk is reported by considering cutting twitter's head count by 75% if he does indeed close that deal. now that's something he hasn't been shy about. the fact that he thinks twitter is bloated when the platform even confirmed to fox business they were considering cutting staff by 25% prior to the takeover and if he thinks there's a recession and he needs to make this with a takeover for the company especially if you don't think the company is working right. neil: to be quite conservative about your business plans goin

jp morgan's rates strategist was talking about that. this disruptive rate delivery that we are seeing combined with uncertainty about kwasi kwarteng's plan, as well as the long-term unsustainability of the plans, will leave a permanent scar on the rights market. how long will it take for this market to be investable again? pooja: i hope soon. definitely we need more certainty. what this market has right now is no certainty. unless we see with the boe is doing next when it comes to rate hikes, with respect to its qe, qt program, markets actually believing this entire program from the chancellor that we can achieve 2.5% growth, it is hard to see markets coming back to the gilt market. it is having its consequences not only in the u.k. but other markets, as well. 100 basis point selloff in gilts has caused a 50 basis point selloff. we have seen similar consequences in treasuries. yesterday they passed the 4% mark. there is not only pressure from the internal investor base, but also from other investors. we need to sort out this situation i

jp morgan are going to report soon i think it's going to be a good number i just hope the commentary because the ceo tends to be too down beat. coca-cola, what a remarkable job he's doing and a good yield. amd, yes, lisa sue did not get the right amount of inventory, she did guide down very substantially but i think it's now the guidance can be made and united which is a quality airline probably the second best day for delta, which reports ai, beverage, tech and tech. is that good no, it's not i have to say apple you have to keep so what do we say about this oh, boy, am i getting repetitive saying eli lilly i don't care and i don't mean that to offend lisa sue apple versus amd at this point i do prefer apple, maybe next week i'll prefer amd because apple might do something it's so crazy out there. let's take another video question from p.t. in texas, p.t. >> caller: hey, jim, p.t. from texas. bobby says hi. am i diversified, jim? my top five stocks are etsy, trade desk ttd, chipotle mexican grill, cmg, adeebo and amcl, bi jim, am i diversified like bobby? >> that was one my favorite

even jp morgan is saying they are seeing liquidity issues in bond markets and even treasury markets.he has a really good sense of things, jamie dimon does and for him to say the market will keep selling off and will be largely in the recession in six months is significant but the fed as you mentioned keeps, they have or adamant, doesn't matter, we will keep raising rates until we kill inflation. the consequences are the consequences. so, you know, unfazed. >> i had a barbecue with my clients on friday. they came to my office and we did barbecue event. kind of the consensus opinion amongst my clients was i'm okay if the market sells off. i want to fight inflation. my standard of living, my quality of life is being eroded. i'm okay can some short-term pain so that we can fix the core problem which is inflation. so, you know, the only -- as you mentioned the fed has been relentlessly hawkish and the market continues to try to call the fed's bluff, you know, as if there's going to be a pivot or something like that. i think the fed is going the stay the course and i think the fed is going

earnings, i don't see a significant catalyst coming from that >> we just showed you morgan stanley, jp morganlot of big banks reporting just one week from today. stocks hitting session lows this hour mike santoli joins us with his midday word. that's coming up on half time. ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪ ♪ opportunity is setting a goal... ...and charting a course to get there. sometimes the only thing standing between you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all yo

jp morgan is going to be the one to watch certainly tomorrow. heard from delta, pepsico. what is your sense of the third quarter earnings reporting season and do you think the cpi today will mimic what we saw yesterday in the ppi? >> i think that part is really, really important because what we saw in the ppi yesterday was actually an uptick in the energy contribution into inflation. so if we look at cpi over the last couple of months, we've seen energy really be the source of the downside surprise but we saw things like services really kicking into high gear. we have to remember this market is a little bit of a coiled spring right now meaning that if cpi comes in even the slightest bit light, we could see the market have a relief rally but we think that really won't change the tone of the fed. it will still be in a tightening situation. it won't change the tone of earnings which is still decelerating but it could provide a little bit of relief. maria: i mean, i'm waiting for this profits recession that we've been talking about. walgreens report

are saying to themselves how many times can i sell the same stock on the same news i like you take jp morgan, for example, which i think it opened in it was one of the first stocks today exhibiting any kind of strength i was looking at, just this kind of bellwoetherer for the xlf. if you've been in that stock and comes down from 170 to 103 and the entire reason it's come down month after month because of inflation how many people want to sell it because of inflation? that's an interesting thing about this market. we can't keep stealing the same stocks for the same reason over and over again at a certain point you run out of people -- >> as steve liesman was just saying that's how you create a bottom you run out of sellers the question is you need a catalyst to bring in the buyers and a lasting catalyst more than three hours. and the question is what's that going to be? it seems the only thing that's going to be is the idea the fed is closer to the end than the beginning even the futures show they're going to be a little tighter than what we thought before this number came out. on that note l

both getting downgraded today by atlantic equities shannon, over to you you have a lot of exposure jp morgann 2.5% right now. black rock down about 1.5% >> if you think about making sure we position ourselves in areas continue to grow as more and more retail investors frankly retire and rollover their assets onto their platform, black rock a leader in asset management, really offering a complex and deep set of solutions so from our viewpoint, you know, financials always kind of kick off earnings season, i think but, you know, for us looking at our financial exposure we can pull several levers, and we can see, you know, some transparency in terms of those being able to grow even against some of the headwinds that joe so susingtly described just now twitter shares pulling back after that big spike yesterday mr. wonderful kevin o'leary he weighs in. he recently sold his twitter stake. are you thinking about getting back in? don't tell us yet. wait until after the bakre you're going to find out when half time returns in just two minutes. get decision tech from fidelity. [ cellphone vibrates ] yo

they said " give me my money back, and putting it in jp morgan." point you say, maybe we are not going to make it. john: thank god for the japanese is what i can say. what i learned is that it goes back to when morgan stanley would bring brokers and do a training program at morgan stanley. the japanese who came from that training program respected the culture of morgan stanley. when we were on the brink, they stepped up and give us the money to stay in business. david: it turned out to be a good investment for mitsubishi, because you're stuck is flourishing. after that happened do you think wall street learned any lessons? do you think this could happen again where you have a norma's liquidity problems and wall street -- enormous liquidity problems? john: the business of wall street has not changed much, but the scrutiny on capital is very focused. i think the fed does a much better job of paying attention to the liquidity of these investment banks. i think wards of directors have elevated -- boards of directors have elevated risk management. going