not at jpmorgan. i talked to somebody who was a recruiter for the large banks and he said, it's such a relief to not be spending 90% of my day looking for compliance people. this is like the first time in a long time that i'm looking for something other than compliance people to fill roles at big banks. >> do you know how many people jpmorgan has in their compliance department 23,000 people. so talk about deregulation -- >> got to stop those whales. >> -- that in itself is a nice tail wind. >> but i'm saying, even with the gain that the financial sector has had. and josh sort of laid it out nicely, how it had this burst and a pullback and a rebirth with the ccar and stress test results, i still go back to lee cooperman saying, i look at these stocks and i want a better -- >> you might get one -- >> i want a better entry point >> listen, that's a very reasonable statement to make the thing is, though, you really had like two quarters to buy these stocks, since the start of the year, at a discount to i

caller: it's like jpmorgan, jpmorgan carnegie, all of these 1% ishat are like the top actually making money off of war . jpmorgan was selling shells and all the ammunition to all of our allies, but he wanted to sell them to everybody in world war i. host: all right. we have to stop you there because that is the end of our program. we want to thank you for making "washington journal" part of your saturday. we will see you back here tomorrow morning. [captions copyright national cable satellite corp. 2017] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] ♪ announcer: next, the results of a recent assessment on teen road day 3 and live at 10:30, ts the net roots -- netroo conference. on wednesday, the family, career, and american leaders of america announced their -- teen road safety national press club. this is about 40 minutes. >> welcome everyone, good morning. less traffic today. not for me, but for most people, i am sure.

you did say jpmorgan was going to be the easiest trade on the planet if the market's going higher, jpmorgantrading 100 in the next couple of months. >> got a question, send us a tweet. check out our website. while your there, check out our cool newsletter. rumor is, it's all carter read while he was on vacation so what are you waiting for? here's what's coming up next >> vix may seem calm, but it just did something positively terrifying we'll tell you what that is and what it means for the market plus, calling all options action fans tweet us your question at options action if it's nice, we'll answer it on air. when options action returns. >> logical [pony neighing] what? hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat? in-app chat o

>> i think i've always said, family first, country second, jpmorgan, literally, last.is the best i can do for my country and my family win spend a lot of time with them. i spend a lot of time with the family, weekends, i have two granddaughters, i have threedaul wife those are kind of the two things i do and of course, without -- my parents died recently. without your family and the support of your family and what you learn from them and in the good times and the tough times, you may not have a great life. i always tell people at jpmorgan chase, you've got to take care of your friends, your family, your spirit, your mind, your body, your soul, otherwise you won't have a fulfilling life and those are important. the job is important, too, because you spend most of your time at the job, but those things are more important. >> you mentioned the tough times. what do you think the single toughest moment of your career was? >> people expect me to say the london whale, not even close and though it was painful for the company and i was quite worried about that, because it hurts

as trish also mentioned to president trump's business panels officially out of business but now jpmorgan jamie dimon speaking out. president trump has disbanded the american business council and the strategy forum is the second one after three more top executives defected following his fiery news conference yesterday. here different to defend neo-nazis by blaming both sides of the protest over the weekend. the wsj office is foreshadowing the distinct possibility more or perhaps all of the people sitting on the council would get up and flee the op-ed writing a g.o.p. president who loses the business class has a big problem problem. these developments come as the administration's desperately tries to change the topic. could anything else in this our attorney general jeff sessions is scheduled to speak in miami about cutting federal funding for sanctuary cities. we are going to listen live. we are standing in miami to speak exclusively with the ceo of the world's largest carnival cruise line and that is arnold donald. he is here only on "fox business"." are all these executives rushing to f

jpmorgan has more work to do in terms of racial equality at the company itself today jpmorgan's stock price hitting a record all-time high >> wall street is a lot older than silicon valley. i remember but maybe you don't if you worked at merrill lynch, you were probably irish catholic and if you worked at goldman sachs, you were jewish and if you worked at morgan stanley, you were white, protestant catholic that's probably not true anymore. >> very, very significant context, michelle. i quite agree. jamie there talking about jpmorgan itself, saying 3 of 9 of the executive committee are women. over 30% of his direct reports are. admitting there is more work to be done on that for him too. >> did you want to say something? >> no. this movement towards racial equality shouldn't be such a hot topic. it should be a topic every day it shouldn't be today's topic. i am still confused on why we aren't making it a bigger priority from the beginning as opposed to after the fact. >> what do you do in your companies and where do you stand on racial and gender diversity >> i don't think about it a

look at goldman sachs and jpmorgan they have been underperformers that's something that's a little bit concerning to me after listening to mr. buffett talk about bank of america, one of my larger holdings, i'm pretty excited about what he's had to say >> what's the reaction since we've had time to adjust these numbers, in terms of thewall street economist and how they see now q3 and how this impacts what they saw for q2 >> so technically, today's gdp number doesn't have a whole lot of information we'll get more information tomorrow, get the personal income and spending data i'm wondering about the market's olfactory senses here. and what -- >> sense of smell. thank you very much. and you can tell -- >> you can tell i'm a "new york times" crosswa word buff by usi that word. we've talked about this a little bit. 2 1/2 is a really good number. and it's not a bad number, because it's not three wor a whole number underlining growth i think around 1.8 i have a sense that the market is sniffing out this notion that maybe we've had something of an upward shift towards the 2 1/2 range. and that

jpmorgan is planning on charging $10,000 a year for entry-level equity research coul.t is the lowest price for financial firms post brexit. barclays is planning on charging $39,000. analysts say that jpmorgan is trying to grab market share, but it also runs the risk of scrutiny from regulators. there would be premium about that for different levels of access and research. the u.s. justice department has subpoenaed mylan over its opioid drug sales. states and cities have sued the drugmakers for falsely representing the risks and benefits associated with the addictive painkillers. in 2015, there were 33,000 deaths from opioid overdoses. on thursday, president trump called the opioid epidemic of national emergency. it's a good time to be th buyina new car or truck. car dealers are desperate to jumpstart sales and the cut prices on new vehicles by the most of the last recession. according to the government report on consumer prices, vehicles cost six tens of a percent less in july than a year ago. that was the biggest drop since 2009. and that is your latest bloomberg busi

sovereign debt which was really, in the first part of the 20th century was, the debt was held by jpmorgan as well as fire and company here but later became very, very important to institutions like the citibank and like the chase cochise became the largest lender to cuba by the end of the 1920s. beyond this questions of sovereign debt there was also something the question of, on one level commercial banking, the financing of trade but also what we might call personal banking. there was a movement in the 20s, especially by citibank to set up branch banks in the caribbean which would serve as middle-class customers. so just the opening of competent interest deposits was a kind of new and revolutionary thing in the caribbean and something that the bankers were quite surprised to find was very profitable for them, the korean people want to save, they wanted to put the money in banks and he wanted to get the small and out of the money at the became a very, very important kind of marketing practice on the part of wall street. it's a monopoly of interest on the part of wall street. >> host: what

jpmorgan may be offering the best margin and we will tell you about this next.s is bloomberg. ♪ ♪ live from bloomberg world headquarters in new york, i am vonnie quinn. nejra: live from london i am nejra cehic. a european been awfully market research will be imposed in a couple of months and 1 wall st giant making a move to grab market share from its rivals. toorgan said to be proposing charge as little as $10,000 per year for equity research, the lowest price so far. we broke the story. great work of breaking the story. this -- is this a race to the bottom? >> the lowest price for equity research in europe we have seen. as a comparison, barclays proposing for the bottom level research $40,000, four times as much as jpmorgan. and it's an by one of the biggest investment banks to have the largest portion they can, hoping that the little subscriptions will add up and fund their massive research operation. vonnie: the head of research for bank of america has said that this effectively means banks will finance europe when it comes to research. what does that mean fo

global market strategist at jpmorgan, he stays with us on the program.us: this is one of the board members saying that the board discusses policy adjustments as they need them. policy can change at every boj meeting. anna: plenty of big business names talking to bloomberg. ♪ is this a phone? or a little internet machine? [ phone ringing ] hi mom. it makes you wonder... shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. [ laughing ] so all you pay for is data. see how much you can save. choose by the gig or unlimited. call or go to xfinitymobile.com introducing xfinity mobile. a new kind of network designed to save you money. --s is koos timmermans "bloomberg debris europe." waiting for a few numbers to break this morning. manus: let's kick it off with lufthansa, and they have delivered their numbers, net income of 740 million euros area they must continue to cut costs and margins according to the cfo, they have reaffirmed their full-y

headlines >>> business boycott president trump's two business councils disband as ceos of blackstone, jpmorgan, pepsi and gm protest his failure to denounce white supremacists. >>> a divided fed. july minutes show some policymakers pushing for caution on rate hikes due to low inflation, while the hawks believe it's risky to divert from the path of normalization >>> blown away vestas shares sink as the danish wind turbine maker misses profit expectations >>> good morning it's thursday. we have another jam packed show for you. let's kick things off with a look at the european equity markets. we are fairly even steven. we are looking at a 0.1% decline for the stoxx 600 this morning we've lost a bit of steam in today's trading session after three days of gains. let's look at the european markets one by one the ftse mib in italy hanging on to some marginal gains elsewhere, the xetra dax, cac cac seeing small declines. we have plenty of data out today in the form of july retail sales, eurozone inflation and the ecb minutes. when it comes to the sectors, we're seeing once again basic resources leadin

jpmorgan pete >> today, i didn't do a lot. the market was down and we were watching it with everybody else. the interesting thing is when you see volatility spike today, 46%% move on the vix i don't feel like these one day events going to be a point in time where it gets people more nervous. gets ta panic. i think towards the 20s. how long can that extend i don't think it sustains up at those levels for lopg. i think those are the opportunities that you're looking and waiting for, am. to be able to use that volatility to sell it against positions. >> i personally, we could talk whether it was like exhaustive earnings or sentiment. i think this has a lot to do with the actions o the president this week. i think he's dialed up the rhetoric in a serious situation. in a way that anybody, no matter what side of the fence you're on, you can't feel too comfortable. you want to talk about how volatility can spike take a look at the weather in bedminister this weekend if it's raining and this guy doesn't have a golf dwam to play, we're

the jpmorgan dollar guests? -- guess?it does over the next few months because i think you will get normalization of inflation and u.s. rates for i can see the dollar stabilizing versus most currencies. the dollar is in a bear market. even though the fed is tightening, a number of other central banks mainly in europe normalizing policy concurrently. when that dynamic takes place, it is difficult for the dollar, you see the occasional fits of strength versus selective currencies. not that you'll see new cyclical beats versus any currency. tom: very good. we will continue with john normand and will migrate to the european continent. our bloomberg business flash. taylor: disney ceo sees a future without netflix or directv. it showed it is ready to embrace the court carter starting next year -- cord cutter starting next year and will sell directly online. they recorded lower sales. hsbc is cashing in on the britain's brexit. in june, a 20 3% increase in demand for hsbc currency accounts, in the u.k.. that is the same time that

look at jpmorgan think about how many stakeholders are involved with jpmorgan, everyone from people with checking accounts to employees, to board members. you much customers all over the world. we are talking about nazis >> josh, let's not forget, the largest company on the council, walmart, 1.5 million employees has not re-signed. it was considered that a consumer-facing company would have to re-sign, because they could face a backlash or a boycott. walmart condemned the comments >> they rebuked the comment, not the man? >> exactly the ball is in the court of the ceos, including the ceo of the largest retailer in the world to see what they do >> i think actually some of these ceos are pulling kind of double duty on a number of these different committees i think the list we just showed, correct me if i'm wrong, i think the name was on the advisory council. >> strategic and policy forum that just disbanded. that's where mcmilan was, unless my list is wrong on the manufacturing council. >> they don't have to re-sign. >> great point as always maybe just difficult solving the council prevent

. >> meantime let's get to wall street's research prices we'll have the details on jpmorgan's move to take market share ahead. only going to charge 10,000. >> could be a race to the bottom >>> retail stocks get crushed, bill miller iv is making a big bet on shopping malls. we'll join us to discuss what's behind that move >> we do start with north korea and the latest developments about the looming threat against the u.s. >> reporter: we could hear from the president momentarily on the latest regarding north korea there's an event set to begin at president's bedminster golf club it could be on fork force workf initiatives. he upped the ante this morning he said the u.s. military response is locked and loaded and to that end he retweeted photos posted by u.s. pacific command of air force bombers at the ready in guam. the u.s. territory about 2,000 miles due south of north korea that it has threatened to target, basically signalling should the u.s. be threatened again the u.s. military response is at bay. guam's department of civil defense issuing an emergency fact sheet for residents on

jpmorgan chief jamie diamond criticized the president for equivocating when denouncing racism. the break with business does not bode well for trump's economic agenda. he is relying on the business community to push lawmakers on things like tax reform. many ceos may think twice before working with trump in the future. >> we have more from our cnn digital politics reporter. live in washington this morning. >> good morning. >> good morning. >> good morning. >> republican leaders on the record, business leaders on the record. >> tmilitary on the record -- >> we could go on. not many calling out this president by name. lindsey graham, yes, john mccain, marco rubio perhaps the most pointed remarks. when they return to washington, will they be forced on the record about this president, about his comments? if so, how does it impact everything they're trying to work toward? >> well, i think many of them are probably happy that this happened during august when they're all over the country and not facing the press corps every day. certainly they will be asked about this. the impact on his

about a year and a half ago, i was fortunate enough to be invited to a seminar sponsored bill jpmorganmiami where jeff bezos was sbruinterviewed. he says he's not negative on brick and mortar -- >> vornado sold their malls. the only thing they kept were the flagship fifth avenue stores, right? >> there's no question that retail is challenged i own phillips venues which supplies all these guys. >> if a client walks into your job -- >> i have to take a quick break. let me do that quick and we'll come back. we'll have more time sue herrera has the latest headlines for us >> indeed, i do. here's what's happening at this hour, everybody. secretary of state rex tillerson meeting with philippine president due theterte on the sidelines of the asean summits duterte is expected to rise human rights with him. >>> iran mocking the u.s. push for inspections of that country's military sites, callicall ing it a dream that will never come true. a foreign military spokesman telling reporters in tehran the response was something a satirist wrote up. >>> the national weather service says three tornadoes

tom: is amazon at jpmorgan? are you telling lloyd it to load up on bezos? interesting sector. tom: this is the issue with they are almost a blends of the sectors you look at at bloomberg intelligence. paul sweeney: a lot of these companies reach across a lot the sectors. google, is it a tech company? it is media. it is technology driven media and we see the intersection of technology, telecommunications we have been talking about and we now see it in at big drivers of the nasdaq. france bank -- francine: what is the favor company? companies, google, apple, facebook or volkswagen? is this where we should focus? paul sweeney: driverless cars, it seems to be driven by technology companies at the moment. the auto companies, when you go to the consumer electronics company in las vegas in january, it is an auto show and that control half of the floor space. -- at autoows companies are investing. left on 6thu turn avenue in a driverless car? gabriela santos: i grew up in new york city so i never got my drivers license, so it sounds like a good idea. are on getting

a million dollars from apple and $500,000 from jpmorgan chase. please roll the video. a dirt biker taking his game to the steep mountains of china with unparalleled drops off jagged rocks. coming up next. glenn simpson is stone walling the investigation into the investigation into fusion gps. sfx: loud poorly played electric guitar that sounds awful but a lot better than last week ♪rock guitar music ♪we weren't born to follow but this is a race i've won olympic gold medals, i really want to win. ten people in america drown every day. it's the race to save lives. one in five kids are younger than me. growing up, my mom was afraid of the water. something she did not want me to feel. so i enrolled missy in swim lessons. swimming became my passion. it changed my life. and now, you can do the same for someone that you love! drowning is preventable. did you know that swim lessons reduce the risk by 88 percent? visit usaswimmingfoundation.org, to find, get or give a swim lesson. there's nothing more precious than your child's well-being. so act now, before it's too late. make

fighting withl be jpmorgan. citigroup. these banks have big lenders to these companies.y are also in the commodity business. for goldman it is new territory. mark: is it a solution, in the last few years they failed to replace senior talent and now they will try to get fresh talent? is that the answer? >> that probably will help. goldman -- there more -- there are more junior people coming in. they realize they need a few big names to help them, to move the scales. if you are going after new clients, you will need a different kind of people, different salespeople that are more attuned to deal with these new clients. that is one of the things they are trying to do. this is a unit of goldman sachs that employed 230 people. it employs 180 today. there has been a lot of cost-cutting. thise: let's move on to massive shipping container company. grow, nots total to organically but by competition. we see growth in the next months? >> they are beginning to realize that cost-cutting has been deep. we need to see growth in those companies. one of the things investors tell me they f

an analyst at jpmorgan points to 12167 is another level to monitor, that marks 50% retracement of declines from the euro plus 2014 high, just shy of 140. loads of technical analysis on the euro. 90 minutes into the trading day in the u.s. 22,000, we hardly knew you, mark. we're seeing the dow go back below that level as we see gains across the board firmly in the red. what is going on here? here's the imap. your consumer discretionary is now the worst-performing group in the s&p 500, the worst performer in the index is nordstrom after women's wear daily said this morning the company has not instituted a bymer -- formal sale profits the second worst-performing group's energy, and that has to do with what happens with oil over the past half hour and what is happening on the earnings and productions front for many of the oil producers. between these two groups we are seeing a dip here although materials and health care lower. let's look at that oil price 30 minutes after we got the weekly oil inventories number and prices have taken another leg lower. i'm going to go ahead and put it on the b

in exceeded jpmorgan chase.n striking distance of the number of chief -- shares traded and microsoft. ngdae you have it, fa carbon. coming up, will inflation drive we will look at prices in china, next. ♪ looking across a fairly damp cheung kong -- hong kong. 9:29 a.m. as the countdown to the start of the session. from bloomberg's asia headquarters. were looking at political tensions that sent volatility up sharply from new york to tokyo after president trump said that any further threats coming from pyongyang would be met with fire and fury. and then of course, there are claims that the north has managed to miniaturize a nuclear device. within sightes are of all-time highs, we have asian equities traded at level that have not been seen in 10 years. were looking at friday's inflation rate at of the united states, which and give an idea of what is going on in the path for normalization of monetary policy. inflation, itrice should be about to come out of china. looking at ppi, 5.6%, also looking at consumer price

the ceo of blackstone, jamie dimon, the ceo of jpmorgan. but this one issue from what i understand, the way they look at it where the president seemed to at least pea quite the neo-nazi -- the neo-nazi rally with the other protesters where it was pretty clear who started this whole thing was a bridge too far. the vast majority of the people -- and i think there is a dozen or so on this council called the business strategy and policy forum, there is about a dozen, the vast majority of them wanted to leave. grer * 9 of 12 -- gerri: 9 of 12. gary charlie: . but the big hitters wanted to stay. you have to ask yourself why. is it political correctness? maybe. gerri: don't they have a lot of audiences to satisfy? they have consumers and investors. there are people in large parts of their company who may not be happy. charlie: could they have gotten heat from the george soross of the world and investors? yes. they won't bow to you just anybody including george soros. donald trump trying to thread the needle on his statements was trying to appease

jpmorgan out with $42 a barrel for next year. us gettingeasily see above $52.n you look at the bigger picture, you pull out the weekly chart and the high we had on thursday or wednesday of 51.43 is a lower high. if we continue down, take a 20,000 foot view, it looks like a slow down trend. it needs to break up, price needs to break out for the longs we have, get some satisfaction and pile it into those. are troubling, it is a contextual piece of data and andave had 2 up, one down, that will not maintain given the production we have in u.s. barrels in 350,000 the legacy production from july to august. you have to have the rate counts going in the right direction, given the legacy production drop off, in order for prices to continue lower it is not happening in the short term. vonnie: we have to leave it there. that was futures in focus. mark: time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. i'll obama -- alibaba and marriott joining up, the companies setting up a joint venture to host marriott on alibab

a million dollars from apple and $500,000 from jpmorgan chase. please roll the video.biker taking his game to the steep mountains of china with unparalleled drops off jagged rocks. coming up next. glenn simpson is stone walling the investigation into the investigation into fusion gps. don't let dust and allergens get between you and life's beautiful moments. flonase outperforms the #1 non-drowsy allergy pill. it helps block 6 key inflammatory substances that cause symptoms. pills block one and 6 is greater than 1. flonase changes everything. it's time for the biggest sale of the year with the new sleep number 360 smart bed. it senses your every move and automatically adjusts on both sides to keep you effortlessly comfortable. and snoring.... does your bed do that? the new 360 smart bed is part of our biggest sale of the year where all beds are on sale. and right now save 50% on the labor day limited edition bed, plus free home delivery. ends saturday! david: the former british spy behind the trump dossier has been ordered to give a deposition. christopher steel who aut

michele with jpmorgan is still with us. 93,000 acres is in the permian. buy and that what price? -- and what price are they going to pay? bob: when i listen to him, you see something of an american ceo coming out, which is get down on businesses where there are not high margins and focus on what you are good at. i am as anxious as you to see who is going to step up and buy them because there is a big supply problem in the shale industry. alix: can we learn something? if we don't see the record high prices, can we infer that the easy money is going to be bled out of the permian? bob: i don't think that is too far of a leap. i bet -- that is kind of what i am expecting. jonathan: we're learning that the freewheeling spending of the hb ceo, -- of the hp's ceo, these guys are cleaning it up -- 's ceo, these guys are cleaning it up. bob: it feels like there was over investment. classic overproduction, oversupply and not enough demand and they are left holding the bill. i think they have no choice but to continue to tidy things up, decide on where they want to

it turned out that was the ultimate time to buy jpmorgan.f you're a hedge fund manager you want to hear everything but if you're an individual, you're thinking, a guy who is much smarter than i am, which he is, they're concerned. no one on amazon -- you got freaked out. >> the level of concern that existed mid-week last week, we had that spike in volatility that you guys watch so closely, that was it. >> yep >> now we're back up 150 points, back focused on what truly matters, being earnings, the economy, dollar, the falling dollar, back to basics on what got us here in the first place. >> judge, it is the fastest trade in finance and it will continue to be that, including bitcoin. you can't make 44% in a day trading anything else but volatility and why is that? because the folks that are in this game, in that deep end of the pool, are people that are running mr. marks or are running elliott over at paul singer and those guys i mean, the people that are running the $100 billion portfolio, stephanie link, the people that are swinging a trillio

at 8:30, alexreak dryden of jpmorgan and ebrahim rahbari, you are sticking with us.nings over the past hour, a mixed bag. second-quarter results, beating estimates but now that is down by 2%. same-store sales were built by an acceleration of foot traffic. macy's was up 4%, now down by 7/10. same-store sales down only by 2.5%. coming up, chuck grom, a research advisor, will break down those retail numbers. i thought the bad news was supposed to be good news. this is bloomberg. ♪ >> earnings season slowly coming to a close. how do we stack up? jpmorgan is saying guidance supports the potential upside for their earnings per share, especially if the taller continues to -- the dollar continues to weaken. ofe is ebrahim rahbari citigroup. alex, i know you have people at jpmorgan but do you agree we want to continue with the weaker dollar trend? alex dryden: that is a longer-term trend. where we think the dollar will be is weaker than where it is today. the second half of this year, for the fourth quarter, you can see the dollar come back. i think that is a very specific tr

it was a very tough job. ,ut they are a retail bank compared to a jpmorgan or something.is quite an institution. it will do better earnings wise if rates do move up, but it is doing pretty well now and has been doing better quarter by quarter. david: take us down three years, five years. will it be more like we -- likely that you have 10% or 3%? to buffett: we are likely not sell any, and they have a habit of repurchasing their shares. will go up with a repurchase more shares. so i would guess our percentage interest would be higher in three years, but that's because of the repurchases. there is a similar deal to inject home capital to places in canada like a home lender. and now you have these prescription services coming out and opposing administering the second --. iago --t discourage you you? mr. buffett: no, the shareholders voted, we buy it, if they don't vote, we do not buy it. we had a piece of it going in, which was less than 20%, and we we owned our own backs up that was cheaper than the one they had. we would like to buy the stock, but if the shareholders voted

david kelly is with jpmorgan trillion dollar funds under management.oth central bankers face the same set of problems. we just can't get inflation to move higher. do either of them say anything about this to reinvigorate the economy? >> not having high inflation is not a problem. vonnie: the problem is it stagnates. >> not really, low inflation is a problem if it means we will go into a recession if it means higher on employment and lower living standards. for you and i, does that really hurt? i'm not just asking a rhetorical question. the central banks are beginning to realize that this kind of buyer powero much a economy whether you're buying workers or labor or goods or services. it will hold inflation down. it will hold down wages and basic inflation but it will not hold down asset prices. vonnie: you are saying the phillips curve is broken? >> yes, it should not be about unemployment, it should be unemployment and asset prices. vonnie: at what level of inflation to workers begin to earn enough that they will spend more and reinvigorate the economy

a million dollars from apple and $500,000 from jpmorgan chase. please roll the video.ker taking his game to the steep mountains of china with unparalleled drops off jagged rocks. coming up next. glenn simpson is stone walling the investigation into the investigation into fusion gps. ♪ the great beauty of owning a property is that you can create wealth through capital appreciation, and this has been denied to many south africans for generations. this is an opportunity to right that wrong. the idea was to bring capital into the affordable housing space in south africa, with a fund that offers families of modest income safe and good accommodation. citi® got involved very early on, and showed an enormous commitment. and that gave other investors confidence. citi's really unique, because they bring deep understanding of what's happening in africa. i really believe we only live once, and so you need to take an idea that you have and go for it. you have the opportunity to say, "i've been part of the creation of over 27,000 units of housing," and to replicate this across the e

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as long as it stays positive, we're back if record territory when we come back, jpmorgan is investingin chicago we will take you there live for the details on that. at 11:30 a.m. eastern time, wilfred frost speaks exclusively with jamie dimon take another look at stocks at this had hour. s&p 500 fractionally negative. sd dn %. wel be right back. they've changed how we get around. and how we meet. our phones have evolved, isn't time our networks did too? introducing america's largest, most reliable 4g lte combined with the most wifi hotspots. xfinity mobile. call or go to xfinitymobile.com. >>> calvin harris, number one. he is the highest paid we're going to hit them all on "squawk on the street. >> awesome looking forward to it. >> meantime, jpmorgan announcing it is investing $500,000 in robotics training in chicago our wilfred frost is there we'll be speak to jamie dimon here later this morning on squawk alley and joins us with new details of this push morning, wilfred >> good morning. let's get to the news, as you said, sara jpmorgan investing $500,000 here in the brazier foundatio

of goldman sachs and moore capital eliminated morgan stanley third point dissolved its stake in jpmorganuquesne got rid of bank of america on the flip side, berkshire hathaway disclosed a stake in synchrony financial. he sold out of ge during the quarter. we saw a lot of hedge funs take money off the table in f.a.n.g.s, es ppecially in amazn tiger pared back their holdings in f.a.n.g jana took a stake in blue apron. there was snap jana, third point, appalossa and moore sold out of snap in the quarter. >> this move in banks is fascinating. the bigger pullback they experienced was end of q1, start of q2. the timing of when this happened is the secret we want to know the answer to, as to whether they decide to go back in again. >> that's the question with these things they're delayed information, as of june 30th you have to think of the move in the three months prior to june 30th as to what they were thinking during that time. it's interesting, as we pored through the different filings, there were certain winners and losers more people interested in b of a, and jpmorgan. appalossa took a bi

big ceos calling out a sitting president like jpmorgan chief jamie diamond.accused the of equivocating. and he's relying the biz community to push on things like tax reform. many ceos may think twice before working with trump in the future. the bottom line is their employees and brand recognition were two big problems. it's been an uncomfortable relationship from the beginning with the business leaders and the president. some, frankly, were at the table with him for the photo ops because they didn't want their p.r. departments, they didn't want a tweet storm from him. >> right. >> and they wanted a voice at the table. a couple of these folks saying that they weren't doing anything anyway. >> that's -- you say photo ops. is there anything -- is there any impact of these councils being dissolved besides the appearance of it all? >> i mean, look, one had had a couple of meetings, but not everybody had been at both. bob iger, the disney ceo, had dropped out before because he disagreed with the president on another issue. either immigration or climate change. the

major averages, financials which is the top sector for s&p 500 with bank of america, citigroup, and jpmorganll trading sharply higher, helping the banks is the fact that we have the 10 year yield of about two basis points represented in red. it tells us that haven bonds are selling off today, aligned with the fact that we have growth year stocks rallying, helping the financials get a bit of a bid today. also helping the bloomberg dollar index. we see some nice gains here of about .2%. however, this is not the story on the year, the dollar index is down pretty sharply on the year. let's hop into the bloomberg and take a look at was probably behind this. 5760, and white the bloomberg dollar index in blue, the net longs to the upside in blue, to the downside the net short. we see that over the last two years as the dollar index is climbing higher, the net longs were very high and then as the bloomberg dollar index has been following this year, we have net longs falling off and we also now have the short position. justin to see whether that continues as the year proceeds. vonnie: some people tak

that does leave 182 million shares held by other employees jpmorgan saying that should "help alleviateear-term concerns around the lockup." facebook and twitter both hit their bottoms the day after their lockup expirations back over to you >> that was julia boorstin reporting. >>> let's continue with our rise of the robots week where we're exploring how technological breakthroughs will shape our lives. now to quantum computing, which turbo charges computerers by allowing them to carry out several functions at once. the tech can be applied to many different industries possibilities are just beginning to be understood joining us to explain this is peter smith from the university of southampton what is quantum competing all about. tell us in lehmaylayman's terms >> so it's not just zeros and ones, it's a zero and a one at the same time. so a quantum computer can do a calculation, but all the possible calculations at the same time. so it's massively more powerful. >> how will this be applied to business right now it seems to be the domain of google, some fiphysics labs at universities how

our own wilfred frost speaking with jpmorgan chase ceo jamie dimon. dimon said he'd rather spend more time just growing the company. >> our preference is always to grow the company organically, so if you asked me i'd rather use that to buy back stock or grow the company, i'd rather grow the company, and some people think banks are buying back stock and not for making loops loans are constrained by other things, not right now by capital so if i had a choice and if things had been different five years ago a lot of capital would have been used to make loans to fund american society and we'll go back to that and the goal is not to go to a bigger payout like to go to a lesser payout and spend more time to grow our economy. it would be $1 trillion more of mortgage loans and a portion of that would have been our bank and that would have fueled american growth. that's what we should be focusing on. not the payout. >> are you concerned about the level of bond markets? is there a bubble there, and when the fed does start to normalize its balance sheet, will tha

jpmorgan, anticipating revenue will take a hit.e -- kicking off the earnings season for chinese lenders. also watch chinese insurers, also to report results today. you can see both stocks have underperformed of the asia-pacific energy index. in noted in blue and white this chart. both expected to deliver a rebound in the first half, given higher oil prices. oil and gas producers aso have given a bit of shine. a lot of it is going to come haveto help oil prices fared in the first half. higher commodity prices, that has been a big boon. --e metal, piping up the popping up the prices. sophie: we have had a lot of naysayers coming to the fore. into that chorus. regulators have been stepping in sync and steel. -- zinc and steel. you can check this out. aluminum, while it is one of the quieter contracts, chinese futures have had the heaviest of month in august. surpassing the record we saw last november. the aluminum story might be seeing a fundamental shift which has prompted the likes of ubs to raise their forecast. aluminum, it is the

jpmorgan is down around 0.6% today.y of the stocks are covered and yields are still relatively low soan a bksre hurting up next, we're coming right back with the closing countdown ♪ ♪ (bell rings) ♪ (screeching tires) (bell rings) >>> welcome back toe "closing bell." the nasdaq is on pace for its second monthly drop in three months and booms has the big movers for us. >> yeah, it's interesting. you've got the russell 2000 today, small caps are actually up for the fourth straight day in a row, but it's been a rough month for small caps they are on pace for the worst performance since last october led by real estate and financials to the downside on the upside apple. and that and to see the unveiling of an iphone eight most of the phang names are off this month amazon down three pounds and a couple of stocks today of note that are riding high juno continuing to ride potential speculation that it, too, will be acquired like rival kite this is one of the immunotherapy players and the advisory board splitting in two and serv

>> doesn't mean that jpmorgan and all the others -- >> doctors, there's a senior financial index in the top 30 banks in europe that i track and it tells you when there's problems emerging in the banking system last year in brexit it didn't budge. it's making a new low. bank cds, the derivatives that tell you there's a problem in the market that's pending and credit are historically benign the chicago fed national financial conditions index which measures stress, 105 indicators in banking, shadow banking and credit markings is making a new low. >> let me ask you this what aside from some sort of geopolitical concern, i.e.,, north korea, should keep any investor in the u.s. up at night? >> the one thing that caught our attention from our new asset class strategist, brian reynolds, he's noticed when the t bill auction went off it was a bad auction. it created a hump in the very short-term market. you're going to have the government run out of money. by october they are coming out with the debt ceiling. when you had a hump in the market, which has only happened in the cycle three times, you

as trish also mentioned to president trump's business panels officially out of business but now jpmorganie dimon speaking out. president trump has disbanded the american business council and the strategy forum is the second one after three more top executives defected following his fiery news conference yesterday. here different to defend neo-nazis by blaming both sides of the protest oe

getting cut by a number of analysts, jpmorgan as well neutralit to a hold or and jeffries coming -- cuttingfrom up i to a hold area you will see the stock move at the open. guy: a massive debate happening as to whether north american supermarkets are better than europe in supermarkets. matt: they are much bigger. guy: figure is not necessarily better. -- bigger is not necessarily better. matt: not the case in the eyes of an american. are going exs dividend, you can find them on your bloomberg. can see them listed right there. the other stock i want to mention is novartis. thewill see this morning news that the fda has cleared a new leukemia drug. originally the university of pennsylvania, quite a breakthrough in terms of the treatment of cancer. the open is four minutes away. this is bloomberg. ♪ so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locati

jpmorgan's ceo jamie dimon writing, sit a leader's role in business or government to bring people togethert tear them apart. the nation's top labor leader also lashing out. >> we believed that the symbolism of being soeassociate with that spirited defense of bigotry was unacceptable. >> reporter: it's a punch in the gut to mr. trump, a billionaire former ceo who ran as the jobs president. >> he needed corporate america to back his claims that he was a businessman president who could get thing doens with their help. now they have turned their backs on him. >> reporter: the president's surrogates largely silent. the vice president rushing to his defense. what is happened in charlottesville was a tragedy. and the president has been clear on this tragedy and so have a. >> reporter: both former bush presidents saying, america must always reject racial bigotry, anti-semitism and hatred in all forms. >> pathetic, suspect it? the president of the united states needs to condemn these kind of hate groups. >> reporter: a cascade of criticism that could further stall the president's agenda. >> i think

jpmorgan adjacent ceo jamie dimon said in a statement, fanningdy veesiveness is not the answer.is a leader's role in business or government to bring people together, not tear them apart. the events in charlottesville have raised the national debate over what to do with federal monuments. in richmond, virginia, the former capital of the confederacy, the city will examine the removal or relocation o monuments. confederate monuments have already come down the in cities from baltimore to new orleans. the federal poverty law center estimates there are some 1500 confete rat memorials across the country. there are 10 u.s. military bases named after confederate officers. >>> a memorial was held for the woman killed when a car mowed down counterprotesters in charlottesville over the weekend. heather heyer's mother says the way you honor her is to make a difference in the world. >> no father should have to do this. >> heather heyer's father shared his pain during her memorial in virginia. >> love my daughter. as i look out on you guys, you loved her, too. >> the 32 yield was killed while

i think jpmorgan to 100 right could be one of the easest trades on the harkt.'s going to break out and go to 100. i know you're long >> easiest trades. it could be worse. >> don't sell any upside callsjn >> and it's moved i think the most of citi. >> are you in that trade >> no, but i would consider maybe a spread just saying, it looked really interest iing for a breakout it's like the the whole thing you don't go to the prom whatever right. that, too. >> apparently is -- >> it's the girl you brought to the prom >> fine, whatever it looks like it's going to breakout >> easiest trade out there there's another easy one if you look at juniper, went from 27.5 this month up to 30 back down to 27.5. now, it's 28 risk reward to the long side sets up well >> i'm easy like sunday morning, bought a little bit of european equities today euro stocks 50 oversold you can play this bounce >> still ahead, apple making a fresh high the company crushing results we'll tell you what tim cook is saying about the new iphone and a special project the company is working on, plus, spri

jpmorgan calculates the level of political anxiety with an index and finds it elevated now. other note bable piques, the desert storm war in the early 1990s, the 9/11 terrorist attack and the r arab spring. they say they've looked back on other times when the index has spiked and finds these rules of risk. first, the it's the rule, not the exception. second though, it has delivered four of the past six recessions, mostly through an oil price fight, but third, there's a short-term market reaction, but there's often a big retracement within a few weeks or mont goldman sa points out that for decade, investors have been rewarded for betting that a flare up in the north korean problem would go away. the question is whether the real situation with the advanced nuclear program and rhetoric from both sides have changed the situation enough so that this time, the market should be less complace compla, more concerned. i'm steve liesman. >> in flags has been soft for five month, raising questions about whether prices will rise enough to hit federal reserve's target level. labor departm