that says a great deal about jpmorgan.hat it doesn't say is jamie dimon has trouble keeping these people around. and on that note, bloomberg's erik schatzker. scarlet: the house is set to vote on a republican backed overhaul of dodd-frank later today. we will have the latest on that. this is bloomberg. ♪ scarlet: this is bloomberg markets. i'm scarlet fu. julia: i'm julia chatterley. scarlet: president trump's council will be making a statement just a few minutes. it follows james comey's testimony on capitol hill. theren see the podium where he is expected to speak. we can tell you that according s, the president dispute some of james comey's testimony and says -- let me pull that up. don't want to misquote him as we are talking about legal issues. he did say -- i'm just trying to pull up the headline -- trump never told comey he expected loyalty. that was the main takeaway. comey admitted he leaked privileged information. we will bring you that lines when they cross. julia: just in case you are worried nothing else is go

jpmorgan, america, meryl, citi i already had the xlf. we talked about unusual activity in the last week the xlf is up 5%, 5.5% s&p 500 is flat over the same 30 days. >> trading update, john's in, i'm out 6789. >> hold on double love there for j.p. morgan chase. >> i am out of all of those stocks today i am out of jpmorgan, out of citi, out of bank of america today they bought a whole bunch of calls in jpmorgan, 15,000 at the money 90 calls so i'm in the call spreads in there now, brian, but i'm out of all the stock. >> i'm in jpmorgan and goldman sachs and i'm in. >> some love for the banks and charles schwab getting love. >>> there is a massive story involving the media overseas let's get more information from dom chu. >> brian, media mogul rupert mow gull has to wait to find out if his european footprint can get bigger mourdock's twenty first century fox is trying to buy 60% of sky in london that it doesn't already own. the process looks like it will be delayed for more regulatory skrult any it's the u.k. office of communications or of

the massive 2014 hack of jpmorgan did not result in losses for customers.y consumer protection law. it did inspire jpmorgan to build a vast cyber security operation. the u.s. eventually identified he hacker. keeping data secure requires constantly updating technology. and expensive human monitors watching for any signs of trouble. high-security comes with a high price tag. >> that was one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com along with all of the latest is this news and analysis 24 hours a day. that will be all for bloomberg best this week. thanks for watching, i am michael mckee. this is bloomberg. ♪ . . . ♪ david: what was it like when you came here? did people make crocodile dundee jokes? james: people would say to me, is it true that all australians wrestle crocodiles? i would say, well not all of them. david: wall street ceo's are thought to be people who throw things at the walls, scream and yell. james: i think if you are the seventh of 12 children, you don't want to be the thrower. david: are

inspire jpmorgan to build a vast cyber security operation. the u.s.identified the hacker. keeping data secure requires constantly updating technology. high-security comes with a high price tag. manyat was one of the quick takes you can find on the bloomberg, you can also find them at bloomberg.com along with all of the latest is this news and analysis 24 hours a day. that will be all for bloomberg best this week. thanks for watching, i am michael mckee. this is bloomberg. ♪ ♪ announcer: "brilliant ideas," powered by hyundai motors. >> ♪ i-d-e-a, ideas ♪ ♪ narrator: times square, new york , this giant projection is the work of artist pipilotti rist, part of an important exhibition about to open at a new museum in the city. >> you have the

. >> jpmorgan ceo is leaving the bank.sible successor jamie dimon making this announcement this afternoon and a memo saying the big glass ceiling -- it is in the form of jamie dimon. [laughter] >> possibly, possibly. many incredible executives have come out of jpmorgan. i imagine the same situation might be a similar one where he got to a very senior level. there probably isn't an upside or much in the near-term horizon, and there may be greenerpastures -- pastures and other organizations. there are some people left however. it is not that jamie dimon has given everybody out. there are four people with operating responsibility, plus marion lake who is the chief who is the chief financial , officer. daniel pinto who runs the commercial bank. we want to take you back to the house floor where they have just had the rollback to dodd-frank, of course, this is a significant legislative move from the house to roll back which was one of obama's matt compass minerals. this does not mean anything yeah -- this was one of obama's majo

the xetra dax is down 0.1% the cac c40 is up by 0.3% let's get to our guest, mike bell from jpmorgan do you think there's too much concern about some of the tightening by banks? >> i think there's been a bit not enough focus on the ecb statement and what mario draghi was saying i think they will taper. what he was emphasizing is two thin things firstly core inflation is not giving a proper read on what's happening to underlying inflationary pressures suggesting that actually inflationary pressures are higher than core inflation suggests also suggesting and trying to turn the market to look at a u6 equivalent measure of unemployment they point out that that's much higher than the headline unemployment level you would expect, 8%, but he also pointed out that during expansions you see that gap between u6 and headline unemployment, which is what's happening if you look back to the lowest point in 2007 and 2008, it was only at 15%. there's another 3% for ma that me measure to close before you have tapering if you saw a dramatic increase in yields that would be a problem. i think it will b

alex dryden: jpmorgan, we are looking at the stock picking environment.reas we like, financials, for example. high yields and assess potentially as the ecb titans over the next 12 to 18. htens over the next 12 to 18 months. the boost of the bullish sheet is where we could see opportunity. vonnie: alex dryden at the j.p. morgan asset management. a look at first word news. dismissssian lawmakers the testimony of former fbi director james comey as insignificant as said president trump fired him to impede an investigation into russia's ties into the trump campaign. and the conclusion that russia tried to meddle in the polls. a russian political scientist saying they have no effect in russia. what are the scientists telling reporters that it has been tried to blame the russians for what is going on in america democracy. more of the story in the next half hour. -- innews on this friday other news today, we are going to continue to follow the british election, the results and last night we are friday. theresa may is trying to find a government and may have to re

. -- manyn has been wonderful and talented executives have come out of jpmorgan.situation might be a similar one where he got to a senior level in the organization, there isn't enough upside in the near-term horizon, and there might be greener pastures in another organization. >> the presumed successor. there are people it is not as if jamie dimon has driven everyone out. there are 4 people with operating responsibility plus marion lepert the chief financial officer. gordon smith who runs the commercial and consumer bank. and mary erdos who runs jp asset management. >> the house floor just past the rollback to jobs. is a significant legislative moves from the house to rollback which is one of obama's main accomplishments. there is a high hurdle in the senate. >> it will be the senate banking committee chairman who is going to be taking this up. he is writing his own legislation. he said he hopes to consider the choice act. he also wants to work with democrats, which significantly changes what is feasible and likely to actually go somewhere. >> hopefully the nightm

it happens in great stocks, jpmorgan, whether it's the whale. yesterday it was reaction to the venezuelan bonds that goldman sachs purchased for 31 cents on the dollar. people weren't questioning whether they were going to lose money on the bonds, they were questioning ethical questions about should you be supporting that particular dictator and so forth by virtue of basically backing his bonds. >> aren't we talking -- this is a simple story. trading is down. >> yep. >> trading is bad. yields are too low. banks can't make money. why buy the stocks, erin. >> the sector is off 4.5% for the regional banks and 5.5% year to date so these stocks have been weakened pretty significantly. the sector is trading at 1.15 times book which is cheap on a relative basis versus where it's traded historically. since the election, the bank stocks have traded with 85% to 90% correlation to the ten-year yield. going forward given where yields are, you have to be pretty bearish on the economy to think yields are going significantly lower from here. if you expect that

you look at jpmorgan, another one, very good shape. abov expectationsation and citi of course buy iing back shares below back value i alw a thing for a bank. >> let's talk about going a different direction. is there an argument to be made if i don't want to buy and hitch my wagons to an individual bank, buy a bank etf. >> sure. kwb is the one to beat. >> did i set you up for that? >> you did. that's the one that has weighted towards the largest banks. >> what did you think of the results of the stress test you review the fed's comments and what was your reaction to the way that these banks have now managed to improve their capital levels and their balance sheets? >> well, i think it was both a positive and a relief. the fed is going to go after at least one or two banks and fail. wells fargo was on top of people's list of concerns this year of all the problems they've had over the last year and a half, yet wells far got over the hurdle, too, so yes, we had a resubmission by capital one, but it reconfirms that stress testing has become

jpmorgan is one of them. some of them are at a discount citigroup still is that's still an attractive opportunity. you can look for higher-yielding plays. we talked about blackstone earlier in the week. it's got about a 10% yield so the point being, and this is what you were saying, josh, is you can look at different slices within the xlf, and even within those slices, you can find the one or two companies that you really want to own i don't think you paint it with a broad brushstroke. >> all right, we want to end "halftime report'sreport's" f.a. week, after a rough week for apple, facebook, netflix, and google, all down 2.5% or more. >> i almost feel like you guys did this >> what do you mean? >> by naming it f.a.n.g. week >> like a shark kind of thing? >> maybe maybe. i don't know >> you were totally saying that. just own it. >> all right, i'm a little bit -- >> so that means the trade's over >> bears have f.a.n.g.s. >> i don't think the trades over i think with respect to the f.a.n.g.s, we're coming under

thank you to matthew boss from jpmorgan introduced me to the man.t fantastic great story. >> one of the top-rated analysts, one or two let's do final trades. we'll end with jimmy go ahead >> i want to mention india, inda is an easy way to play it. up 21% year to date, one of the best emerging markets etfs and this gets chased and is small enough that you can see a lot of money flow, continue to push it higher >> cadmium is down 10% that's when you have to buy this not when it's trading $7 but $66. >> it was $65 and now it's $61 i like what i'm seeing people are sellingputts. i'm looking at it. i haven't jumped in yet. >> do you have a take on starbucks? >> i sold some came back down so quickly. i couldn't believe it. plc children's place, a remarkable job you have gymboree closing for bankruptcy they are in the same mall in a lot of places. it hurt dick's when sports authority came down. this is in the mall, one place to go, children's place, remarkable numbers >> you have 15 seconds and you said pay attention to the afternoon to see where >> it's t

joining us jack caffery from jpmorgan bank. good morning. >> good morning, sara. >> just when we think we have morale eye wille rallies, we ma london terrorist attacks, ahead of the comey attacks, the lack of momentum on the trump gaenag yet, futures are unchanged. does the resilience surprise you? >> i really don't think so. if you look through, we continue to have a modestly growing economy. we continue to have companies extracting earnings off of that modest growth and high in the equity market, i think it's reasonable that you might get returns on fixed income. while absolute interest rates are low. credit convictions seem to indicate there's not a massive worry about the corporate sector's ability to continue to pay. so, i think you should look through and find reasons for that resiliency within. >> yeah, jack, that certainly explains how we've gotten to this point. i guess you wonder about valuations, looking at the higher side but that's not been critical, as long as all of that other stuff was supported. what are those

jpmorgan is the best of the lot, they can america up .6.ind its peers in terms of its abilities to function in a crisis in terms of capital ratio. roundup been able to pay dividends is the question, some analysts saying they could return billions of dollars to shareholders over the next four quarters. that is about 80% of their profit and that could impart be leading the rally we have seen a financial shares. health care and financials are the two big stories today. the is a normalized chart s&p 500 health care, s&p energy and s&p financials. financials are the purple line. we have had a rally but they significantly trail what we have seen in the health care sector, but he much all the way back to the end of january. we have seen a monster rally in health care. s and p is the blue line and has pretty much gone nowhere. the double question is one sweet end up getting the results next week, outperformance of banks continue or is the optimism already priced in? something we will be breaking down. jonathan: thank you. i want to begin with news

jonathan: david kelly from jpmorgan, thank you.n. big selloff in the bond market with equities looking resilient. by .1%.500 down yields higher by six basis points. and the weaker dollar story. higher -- andhing the your row is punching higher. you are watching bloomberg tv. ♪ >> i'm emma chandra. a special programming note, join us for the boston pops on tuesday, july 4 at 8:00 p.m. ♪ competition heating up with blue apron set to go public today. we saw them bringing the bell. hed its ipo.has slas , here is bloomberg reporter. they ran the bow, but they are not trading just yet. this is not going to be as big a alex:s people expected $3 initial evaluation was a billion market value. with this $10 a share, the low end of a change range lower is $1.9 billion. this is a small cap company for blue apron as they are starting to trade once they get though shares of the ground. >> what is the ball case? it is easy to see the negatives in the amazon deal. company saying to get excited about? alex: that they are different. a prepackaged in

jpmorgan's highlighting this. the company's got a looming lockup expiration at the end of july when nearly 80% of its shares could be up for sale. take a look at some of the other big ipos and how they did after their largest lockup ex per rations. facebook, after a rough six months jumped 11%. twitter had a different fate falling a whopping 18%. alibaba was down 3%. grasso, what do you think? >> i think you're going to get another shot at the ipo price, $17. we talked about it the last time. you might get a shot at the $17 level. it bounced at $18. everyone sets up their algorithms way ahead of where the herd is going to be. you eyeball the $18 recent low and ultimately $17, you might give it a shot just for a trade. >> it was one of the underwriters on the deal. so, you know, it makes sense. i don't think there's anything particularly new. it makes accepts to keep an eye on this. i think steve is right, it will probably go back to the high teens. the low in the aftermarket was like 17.25%. but that day we had ma

bank of america and jpmorgan are slightly higher. morgan stanley up more than 1%.it of a recovery after yesterday's selloff. was of these banks are lower on the year. the s&p 500 banking index is down. decline isfor that the sympathy in trading with the 10 year yield the 10 year yield in white is down 20 basis points, its biggest move down since 2014. falling yields drag on the expectations for the banking sector. we see in blue that s&p 500 banking index trading lower, down 10% from the peak back in march. the idea that fixed income trading is on a decline developing a. in blue, we have morgan stanley's fixed income trading activity and back in 2014, the followingellow anticipation of this big pop and then selling into a bear market as the trading revenues fell down. as we saw that fixed income trading revenue pop higher, the stock has been falling. it will be adjusting to see if the stock continues to drop. mark: we spoke exquisitely with the morgan stanley ceo, james gorman. the administration came out with a very bold agenda. repeal and replace obamacare and in

citigroup,rica, jpmorgan all gaining by better than 1.5%.ing to break the headlines for you on the banks' at 4:30.st results citigroup has a lot of room to make up because it was restrained by the fed in recent years over how much it could used its dividends, currently paying out $.10 a share per quarter. breaking news on staples we brought you in the last 10 minutes -- according to different reports, sycamore partners, a prime equity firm, is nearing a deal to buy this office retailer. --re are different prices some are saying $10 a share, $10.25 a share. getting close to the $10 level, up 8.5%. joe: let's take a look at government bonds. in the last block we were talking about the global selloff. today, a little more muted. two-year yields down a little bit to 1.35%. u.s. 10 year yield ticking risk on action and equity market that scarlet just talked about. let's take a look at two-year yields in the u.k., a one chart. they zoomed to the highest level of 2016 on ther two-year. remember, we had that boe decision last week, slightly hawkish

jpmorgan research analysts said in a note thursday that wal-mart could be drawn to whole foods for itsatively wealthier customers and strong brand, not to mention the chance to thwart amazon's ambitions. it is in a better position than other retailers such as kroger, costco or target coming in over the top. the warriors bought a pick from the bulls to take jordan bell from oregon. golden state paid 3.5 million dollars to chicago to draft bell with the 38th overall pick. the former oregon duck is considered to be one of the best rim protectors in this draft class. just like last year -- the warriors bought the 38th pick -- last year select patrick mccaw from u-n-l-v as expected... washington's marquelle fultz went number-1 overall in the nba draft to the sixers...but it was the 2nd pick of the lakers that was of the biggest interest... with lonzo ball waiting... and dad lavar confident as usual... "from the words of zeus, jesus, everybody said we was gonna be a laker""the los angeles lakers select lonzo ball..."and there it is ball indeed going to magic johnson,

i think wells fargo is cheaper than jpmorgan and wells fargo is going to be annualizing the negatives and that's good for the stock of wells fargo. steve in florida. steve? >> caller: big boo-yah too you jim, from beautiful, sunny, florida. thank you for everything. my question is ibm, should we buy, sell or hold? >> i think ibm is, it's time to buy. i was talking to my colleague matt moore today, we both think this level is the level, you've got the company going more into data analytics. this is one of the most vicious rotations we have seen, and it's not over, hey, look, it just started. on "mad money" tonight, with news of a $7 billion merger in the core space. and many thought a trump presidency would help chicago infrastructure company build a bridge to promise. what the heck is happening here with that company? and i'm going to investigate. and inx labs is up over 45% year to date. what is is driving that unbelievable performance. stick, stay and stick with cramer. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what

get the latest from the jpmorgan ceo.matt miller in berlin alongside guy johnson at bloomberg's european headquarters in london. guy? the stories are developing pretty fast. and rates saying in the last few minutes that is suspending flights. a little room for maneuver, but not much. that follows what happened earlier on the announcement that at sea had and what it will be doing. dubai will also be suspending flights tomorrow. we are starting to see the ripple effect of the story coming through. let's show you where else we are seeing an effect coming through. you can see this in the drop down here, qatar you can see the market flashing. 7.2%, a substantial move in terms of what we are seeing here and what we are getting is a move that we haven't seen for quite some time. the qatari stocks are down the most since december 2009. markets beingeing affected, but by no means the same magnitude that the uae market is down 1.76. the reason why the saudi arabian reality is highlighted up here, remember it does have a paid, even

and especially after that last meeting, jpmorgan reached out at the end of may and it is fairly steady17 but look at next year. if you are still holding out, pretty bullish. stockton was the most recent last night but also city and goldman sachs remain very bullish. there has been a change in recent weeks. more banks are cutting the forecast rather than talk up the creed by the end of the year. nejra: what are they basing this on? that could be an interesting reading about the frack log. that is one of the big problems at the moment. >> we have seen the decline and when you see the oil prices, you think this is hitting opec because the whole reason they can't and they want to boost prices is because of the run revenue. but now we are seeing this frack log as the biggest in a long time. that comes as the same time as a record amount of increasing. u.s. production did increase today. but you have seen a market downturn in u.s. producers as well which is a sign that the u.s. supply maybe going down. nejra: thank you to bloomberg's abigail doolittle and bloomberg's oil trading european rep

jpmorgan ceo jamie dimon is optimistic about the president's economic agenda. he told bloomberg exclusively why he is hopefully even though he disagrees with the white house stance on trade. updates are coming to the apple watch and apple tv at its annual worldwide developers conference, with much more still to come. let's get a check and where stocks are moving with julie hyman. right now the indexes are not moving up a lot. julie: not really, after the records for the three last week. we settle back once again. the gains we have seen were not dramatic ones. it has been slow and incremental progress. volatility continues to be very low as well. take a look at the bloomberg. we have vix and yellow and a correlation between stocks in the s&p 500. this is something that has been a part of the conversation about low volatility that we were not seeing much correlation between stocks. that was one of the things that was tied in with volatility being low. correlation appears to have bottomed, at least for the short term, and is going back up to stock movements are a

that's really positive for buy back bank of america, jpmorgan are what i like. it's not so shocking we knew that citigroup was ov overcapitalized. it's not so shocking, but nice to see anyone. >> as a yield play, it's extraordinary. when you think about where they come from, when you think about the names, it's the names that had the biggest targets on their back this is coming where he had an inflection of rates. we will talk about that and we talked about it this week. if you put an environment where banks have the ability to make money and on the core lending businesses, the cheapest banks should move the highest and thes with the biggest targets should move the most. citibank and bank of america and european financials. >> we saw a move with the 10-year yield up to 24%. that's extraordinary that alleviates the weight dragging down u.s. treasury. >> so globally we are seeing the banks say it's the end of the easing and we are getting back to a cycle you asked the question, do you buy back over a 4% or 5%, i want to take profits. that to me is one way to play

jpmorgan's cfo at good the sentiment. bloomberg spoke with james gorman who is knowledge to he is seeing a similar trend. >> i think it would be hard to be anomaly. have similar kinds if not the same in some cases. there's enormous uncertainty which typically would read tremendous volatility and it's not. it's was very passive perspective. the downside risk at this point is up weighing the offside risk. now,han: joining us charles peabody. let's just begin with you very quickly. anr take on what seemed like orchestrated move by 3 wall st executives to come out and temper great expectations. i think the expectation was that we would have some sort of seasonal slowdown. the guidance proved to be much weaker than expected. there were other factors beyond just trading. bank of america guided down on net interest income and morgan stanley talked about some of the catalysts to their wealth management losing visibility. the issue was broader than just trading. it's the one that's looking a little bit weaker compared to the other

jpmorgan research analysts said in a note thursday that wal-mart could be drawn to whole foods for itsively wealthier customers and strong brand, not to mention the chance to thwart amazon's ambitions. it is in a better position than other retailers such as kroger, costco or target coming in over the top. (steve) the state of california is expanding its own travel (steve) over the top.target coming in kroger, costco or retailers such as than other a better position than other retailers such as kroger, costco or target coming in over the top. ♪ ♪ (vo) you can pass down a subaru forester. (dad) she's all yours. (vo) but you get to keep the memories. love. it's what makes a subaru, a subaru. (steve) the state of california is expanding its own travel ban tonight. north carolina, kansas, mississippi and tennessee are already on the list. today, the state attorney general added texas, alabama, south dakota and kentucky. this means the state will not pay for employees to travel those states. california's attorney general claims thoses states have laws which discriminate against people who ar

and jpmorgan's jamie dimon says u.s. infrastructure is "embarrassing," this as president is set to kick off his initiatives today. ♪ manus: welcome to "bloomberg daybreak: europe," our flexion morning show in the city of london. i'm manus cranny. anna: and i'm anna edwards in westminster. good morning. this was always going to be a week where we focus on the u.k. story, the u.k. political story. today we do that with an attitudes of sadness, given the terror attacks over the weekend, the third in just three months in this country, and we are told that five other attacks were foiled within that period. this is a time when we were going to talk about the election. politics is very much at the fore. political reaction to the events at the fore. we need to check out what's happening in the markets, reacting to the u.k. political story, and reacting to the news out of the gulf overnight. manus: absolutely, they are front and center. this sterling market is a classic barometer we use, fairly immune to the terror attack over th

wells fargo, jpmorgan higher, jb raising its dividends by 12%, the of america, 60% on wells fargo, 3%a little bit of relief as well as this continues to try and push past its account scandal. on the flipside we have this big cap of tech stocks that are pulling back today. walgreens is canceling its acquisition of rite aid, says it will only by some of the stores here. we're talking about 2000 stores for $5.2 billion, right h shares are plunging. bank of america-merrill lynch says that rite aid standalone value is $1.50 a share, falling , and 3% -- 30% today france, a from the chain based in southeastern united states was poised to acquire as much as 1200 stores as part of this deal , so a lot of disappointment also in that share price today. as we see these tech heavyweights pullback. we have been talking about the industry of the iphone, but that is not helping -- anniversary of the iphone, but that is not apple and --hares, of letting microsoft are also lower. the 1.3 percent decline earlier, which is marginally lower than where we are now, was the biggest drop since september last

stock taking a hit further on a downgrade from jpmorgan.his comes after the sneaker maker announced changes yesterday saying it will cut 1400 jobs, 2% of the work force, focusing on a few key styles and key markets. think it was a reminder for investors that growth is slowing down earnings are set for two weeks people were looking forward to earnings as an inflection point. saw this release as a sign they have more work to do >> this downgrade, i think wall street is cool to the stock even after the decline. at some point maybe sentiment gets negative. >>> still to come, a big fine that could be coming to google details coming up. >>> and it's new music friday. we're listening to calvin harris's new song featuring pharrell, ka pry atyernd big sean stay tuned, you're watching "worldwide exchange" on cnbc i have access to the oil markets and gold markets. okay. i'm plugged into equities- trade confirmed- and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see

jpmorgan announcing a $19.4 billion stock buyback program.largest by a bank on record and it edged out a record that had been set yesterday, just minutes earlier by citigroup, when citi said it plaped to repurchase $15.6 million in shares. and and and citi doubled its dividend. but it's still below the payout before the financial crisis happened the 34 banks announced capital plans that represented large rises. of the companies that announced specific rises, about 28% on average. a senior fed official said banks will now be able to pay 100% of net earnings to shareholders that compares to 65% last year so becky, for investors that were waiting for those payouts, they waited with bated breath, yesterday's announcement must have made them happy, although there are critics who say perhaps this isn't the right piece of capital we'll see. >> in the meantime, we've been looking at these stocks and they do look like they are significantly higher once again this morning kayla, thank you so much, kayla tausche. >>> on today's agenda, there are a pair

. >>> just in time for father's day, jpmorgan chase is accused of discriminating against new dads.a new complaint, the bank grants the primary caregiver of a new child 16 weeks leave. otherwise, it's just two. but the bank only classifies mothers as primary, discriminating against men, according to the complaint. jpmorgan chase says it's reviewing the complaint, but despite laws requiring equal treatment, many employers still have unequal leave for new mothers and fathers. i will say, 16 weeks paid leave, that is on the big end of the spectrum for paid -- >> for fathers? >> well, for primary caregivers in general, but dads there, some of the dads there say they want it, too. >> that's an awful lot of time off for dads. that's all i will say about that. "early start" continues right now with breaking news out of now with breaking news out of russian state media. -- captions by vitac -- www.vitac.com >>> this is cnn breaking news. >> breaking news. the leader of isis possibly killed in an air strike. we are live in moscow with what the russians this morning are claiming. >> good morn

frank: i think look at jpmorgan, citi, they have had great trading platforms forever. want to take one quarter -- i would not take one quarter's statement about the statement of the future. we have always felt that way when we are running those institutions. vonnie: there is not much else to say. he is first data ceo. mark: fascinating conversation. we are headed to the close, four minutes away from the end of the thursday session. stocks are gaining in the first day in six. i will leave you with a currency board. data all across europe. this is bloomberg. ♪ ♪ live from london and new york, this is the european close. i am mark barton with vonnie quinn. stocks led by auto, media, travel, leisure. the benchmark, the stoxx 600 rose by .7%. fourth straight monthly advance, the best run since december 2015. we have manufacturing data, pmi data out of the u.k. showing momentum, confidence rising, strong domestic demand. the pmi rose for the month just below the three-year-the prior month. the market says growth is largely being driven by domestic demand. sterling was positi

jpmorgan at 19$19.4 billion. morgan stanley raising its dividend by 25%.oining us on the cnbc news line is long-time bank analyst gerard cassidy, rbc capital markets good morning is this a sign of strength overall in the banking sector? are these banks being aggressive when it comes to returning cash? >> not at all. this is a good sign of the strength of the system after the stress tests of last week, the banking system, the c-car banks that go through the stress tests, they had over 4$40 billion of capital above the minimum levels even with this disbursement today, we are still well capitalized. and investors should expect another big number in 2018 as well this is not a one-time item. this will continue for a number of years >> gerard, you are a guy that knows distressed banks very well you developed the texas ratio to talk about nonperforming assets to equity. as you look at the bank picture overall for u.s. banks, are they positioned better than just about everybody else in the world at this point? >> i really believe they are we have not seen the syst

jpmorgan was one of the worst performers on the dow.hours a day, powered by 2600 journalists in 120 countries, this is bloomberg. >> traders in asia, japanese shares are climbing after capital spending topped estimates, offsetting the slide in chinese stocks driven by the belowta coming in estimates. korean shares set for a third day of losses. tech shares are a saving grace, tencentas 10 sent -- driving shares. the aussie remaining under pressure, dropping below $.74 to a three-week low. four-dayor the biggest pbocin 12 years, after the -- the yen adding away from a two-week high. checking on oil, we have crude rebounding from a two week low. we have gold marginally higher here. asian bonds mostly higher. treasuries are sliding a little in the asian session. the 10 year yield sticking near the 2.2% level. 9033 on your terminal, the 10-year rate, the white line is rate, equal to the cbi the blue line on the chart. investors are seeing inflation kept in check, not demanding yield premiums. the yellow line is falling to 1.84% from the yea

function on jpmorgan.as $3 billion in the blowup of operating income that crawled back to $9 billion, they were all going to die, the world is terrible. now they are grossing up $32 billion, ramping up to $42 billion, 10 times as much operating income is the ugly year of 2008. it is clear for these people. do they have too much money on the balance sheet? are they making too much money? i think they are in rude health and the stress test has showed how strong of healthy u.s. banks are np or is still underestimates the impact of deregulation. is a veryn report good and balanced report which allows the banks to return capital over the next three to five years. there is a lot of capital return . if you are for income in a low rate world, financials look interesting. lionel, if we go to one of the original functions on the 13% --rg, jamie dimon it at 13% five-year dividend growth. they cannot sustain that? a bank is not good in double-digit dividend growth? if you're jamie dimon, you will say look which banks

bob michele with jpmorgan. kathleen gafney at eaton vance. and michael collins at pgim.he message in treasuries, i want to start there. it is yields and spreads and the curve that is flat. whatever you look at, one day it is something, the other is 50. it just as flat. it says i don't buy the reflation story anymore. what is it saying to you? michael: markets are coming around to the view we have had. the fed is going to keep pushing the front end up, and the long and is pricing in the slower growth. that is coming through on the treasury curve. i would argue there is more room to run. i have a chart of 230 spreads going back decades. typically that goes to zero. when they get to 2.5%, you will see yields around that level for the whole curve. jonathan: that 2.30, you think we can get flat? michael: if they keep tightening, insist on getting that 3%. but they had. i think that is too much. kathleen: i think they are definitely pricing in weakness. i think there is good demand in the economy. i think it is a misread. bob: i think there is so much money out there. central

joining us to discuss is jpmorgan's global head of mergers and acquisitions.l about japan. what we just described in the findings of the report seems to be pretty basic. hernan: this is one of the different trends we are tracking around a different m&a business. the japanese economy has been no growth since the 1990's. it has one of the most vibrant economies, gradually has been declining and there has been essentially no gdp growth since 1995. i think it is consistent with this lack of growth in the economy. what we are seeing is a gradual increase in m&a activity. when you get to the year 2005 reflecting on that lack of growth we saw a step up in transaction activity going to approximately 100 billion dollars level. as time moves on, you look at 2005, there is still not much economic activity or a step up in m&a activity. we have seen a healthy dose of activity around the 200 billion what-- $200 billion mark is also interesting is although that level of activity has been flat for the last 10 years or so, the percentage of outbound activity continue to increa

alix: bob michele from jpmorgan sticking with us.ou can watch us online and interact with us directly. go to ask a question and we can in the segment. this is bloomberg. ♪ alix: credit spreads are tight and there is plenty of capital, that was the theme of goldman sachs' financial leverage conference. one meaning was more leveraged loans. loans, 200 $83 billion and there is still more -- 200o put into that $83 billion and there is still more money to put into that. -- >> to put that number into context, the entire leveraged loan market has about $900 283 billion is up year-over-year. we have had about five dollars -- $5 billion year-over-year pricing -- the market has been really busy. think that will continue throughout 2017? >> we do because a tremendous amount of capital is flowing in year to date. the high-yield market that has had a negative year to date outflow, there is still cycling of capital going on. what we hear from investment clients is bring us interesting transactions and they are pressing us, why is private equity no

the owner of snapchat, jpmorgan, rolling in with caution flags. about a 70% to 80% drop in price possibility. market.o into the #btv 581. this shows the s&p 500 value versus growth stocks, because value stocks are the cheapest relative to their growth since 2000. very interesting to note as a lot of other strategists also note that both bulls and bears are winning right now. the stocks continue to gain in momentum. those betting on bonds continue to see positive returns as well. that will change at some point, yvonne. yvonne: we saw a change in the reversal of the oil price in the last 24 hours as well, amid this diplomatic spat we see with qatar and its neighbors. su: it is a bit counterintuitive. normally, when we see a mideast seems to belash, it supportive of price. there might be disruption in service. take a look at the price here. dropped to the lowest level in more than three weeks, so you are continuing to see the bumpy ride for oil on the market, refocusing on blood concerns after the diplomatic concerns with saudi arabia and a lot of th

ed: on the equity's i we hold jpmorgan and wells fargo. side, we holdty jpmorgan and wells fargo.ltimately, the ability to benefit from the regulation. performed verys well, we did see them broadly element -- there was an of rates rising. a fair number of investors may be backed away. that gives you an opportunity once again to own banks. we were talking earlier about the recent report out of treasury and the opportunity for some of the deregulation to become real and not be dependent upon legislative action. for could be very powerful bank margins and the ability of banks ultimately to distribute some capital to shareholders. we are pretty constructive on the sector as well. alix: great to get your perspective. thank you very much. that's ed perks. like the high-yield, also likes equities. scarlet: thank you, alix steel. we want to bring viewers a quick headline on health care and the attempts by the government to repeal the aca. saying hennell expects discussion of the draft bill after that -- on thursday. the white house press secretary has just ended his breathing, his trump w

jpmorgan stock looks great i'm in mastercard. vi ksa looks great >> you know where i'm going. >> wait a minute talk about the big bank. citi, morgan b b stanley, goldman, jpmorgan. >> don't be so quick to dismiss because these are financial stocks that happen to be in the dow 30 and they're among the top 50 components of the s&p 500 the point being, yes, there are five money center banks we talk about them day and nigh. they're not terribly important to the stock market, although we pay attention to what their prices do, which is little look, i'm in the camp there are some secular issues going on there are first of all, global second of all, technological, either of which the fed has any control of whatsoever. that's number one. so it doesn't really matter. number two, if you're focused on that, you're missing the big picture, which is we have low and slow economic growth, it's lumpy. some quarters, looks like a recession is imminent. reality is neither is the case 2% a year. that's what we've seen almost the entire time of the r

those areas such as bank of america, jpmorgan, really got a jump. we saw treasury yields moving higher, highest in the month. idea fed raised rates, yields are higher, profitability to the banks. 10-year bond 2.22s% as i look at the board there. tech stocks, a whole another story. everybody loves tech for the month. some of the names did well, facebook, nvidia in positive territory but after the tech wreck some were faltering. the nasdaq holding on to gains whether they have eight months in a row of gains, haven't seen that since 1999. alphabet, facebook, apple, google all across the board. people feeling better. the ipo, blue apron, a prn, word on the street it will happen. there is some talk whether or not they will pull it because they lowered the price range. no, zooms a go. 10 to $11 a share versus 16 or 17. they have competition from amazon and whole foods. how will that factor in. we'll watch for that. we'll watch for the ringing of the opening bell tomorrow morning on blue apron. that is all about meal kits. get your gourmet deal delivered t

trish: jpmorgan says walmart could enter into bidding war with amazon for whole foods.announced plans to purchase whole foods for $13.7 billion. critics are saying amazon is getting too big and needs to be broken up. maybe it would help if walmart actually went and bought whole foods instead of amazon. we have a analyst, lisa herzog. we, i don't know about you order everything on amazon. it is so easy. i need a couple headbands or things for the kids and press a button, there couple days and by the way pretty cheap. >> right. trish: you can get anything, anything you want now on amazon, why even bother shopping anywhere else? is this company getting too big? >> seems like you can absolutely get everything from amazon. however only represents .2% of how much grocery we're buying online. people really aren't that much grocery on amazon although we're buying other stuff. trish: incentive for them to get bigger. at some point will people say this is getting a little weird? everything including groceries purchased through amazon? >> they haven't violated any antitrust laws y

this is what jpmorgan and rbc are saying.ere are few resistance levels left before it levels off in a sustained way. it broke through 1.13. let's talk about some of the other big markets. let's check in on the u.s. markets. yesterday we saw this morning shot come across the markets. the dow jones, the s&p and the nasdaq futures all continuing lower. speakers, the nasdaq fell 1.8% yesterday breaking that 50 day moving average. health care got a setback in the u.s., and that has caused the big question mark over the ability of the trump administration to deliver. roughly in line with where we've seen it recently. this is the question, are these overvalued? is it the new risk on the table for the federal reserve? you've got the dollar dropping ever so slightly, the aussie dollar down by 0.1%. the imf warning they are no longer assuming that the fiscal push will be delivered in the united states. former member of the rba saying the potential for eight rate hikes to come. this is the 10 year government bond futures, to the downsid

that included jpmorgan, chase citigroup. wages.a is raising they say the boost is necessary rising ahead of a minimum wage in britain. announced wednesday that they would be closing a call center in cardiff, possibly up to 1100 jobs. chinese car maker is putting $40 million into troubled malaysia proton.ufacturer they will also contribute to an line, as parts of a deal to take a 49.9% stake in proton, agreed in may. they are also buying lotus from proton. the u.s. has suspended imports tofresh beef from brazil due concerns about the safety of the products. the u.s. department of departmef said it has rejected 11% of the beef. agriculture minister said he would travel to the u.s. to try to fight the position. and japanese drug maker is facing expulsion from the u.k. drug industry's trade organization after a series of to follow safety guidelines. the association of the british hasmaceutical industry already suspended them for a year, after believing it misled association on nurse training and prescribing information. top 20e

jpmorgan chase, bank of america, citibank, and wells fargo. >>> news that staples was sold raised the. it was bought by sycamore nearl. sales have declined more than 6% over the last five years. >>> russian president vladimir putin says foreign intelligence agencies are conducting cyber attacks against russia. russia and ukraine with hardest hit by a global attack using ransomware tuesday and west. >> the giant moller maersk is still crippled. >> thanks a lot, roxana. >>> still ahead, the evolution of the iphone. >>> it was ten years ago there was a revolution of the iphone i'm meg oliver. the digital phone that changed the world. ♪ tomorrow, tomorrow... ♪ i love ya, tomorrow in the largest heart failure entresto helped more people stay alive and out of the hospital than a leading heart failure medicine. women who are pregnant must not take entresto. it can cause harm or death to an unborn baby. don't take entresto with an ace inhibitor or aliskiren. if you've had angioedema while taking an ace or arb medicine, don't take entresto. the most serious side effects are angioedema, low blo

they have lower standard than say jpmorgan. i worked at deutsche bank.swing it faster and looser than other banks. >> that could be true. it's just an interesting pattern of meetings jared kushner had in the immediate aftermath of the election, choosing to meet with the head of a state-owned bank that putin uses as his slush fund for special projects. that was an interesting call. it was also an interesting call that jared kushner was open to going to the russian embassy for secure communications with other russian officials. why did he need that kind of security? why did he need to know to ask for that kind of security so he could circumvent u.s. surveillance? that's an interesting question that i hope this investigation will get to the bottom of. >> i'm not saying his back against a wall, but we know what a predicament he's in with that building, 666 5th avenue, one of the behemoth of debts he's under. but people who know jared kushner will say what a savvy guy, so smart, the modern-day alexander hamilton. if all those things are true, why is it that t

jpmorgan cfo told an investor conference that market revenue is down about 15% in april and may fromear earlier, driven by a slump in fixed income. bank of america ceo morning and said revenue for the business will be 10%-12% lower but first half results should be stronger. and selling nonperforming loans with the value of 2 billion , according to two people with knowledge of the matter. the sale was in line for the net value of the assets and had no significant impact on the italian banks capital ratio. mitsubishi motors may have to abandon one of its best-known models as it tries to recover from of fuel economy scandal. the carmaker ceo said he plans to increase spending on r&d while considering whether to keep making the likes of the pajero suv. >> whether we continue with the model depends on whether there's is a market for such a vehicle. we need to decide if it's worth investing a huge amount of money in human resources to prioritize its development. >> that is the bloomberg business flash. manus: thank you very much, sophie. the pound is traded in jittery fashion. the prime mi