i am incredibly hopeful that we'll get the done by the end of the year >>> jpmorgan ceo jamie dimon takes aim at president trump's policies, saying the u.s. economy would be growing much faster if the administration got its act together. >> ask any of new this audience what have regulations done they're crippling businesses small business formation in this country, the united states of america, is less in a major recovery by 500,000 businesses >>> embrace new opportunities. that's the message from european commission president jean-claude juncker as he strikes a bullish tone in his state of the union address. >> the wind is back in the sails. we have now a window of opportunity, but it will not stay open forever. >>> welcome, everyone. let's look at the energy complex. the oil market has coped well with the busy hurricane season that's the message from the international energy agency. in its new report, the iea said crude prices were settling after recent severe weather. it added that investor sentiment pointed towards tightening markets and an expectation that oil prices will rise modest

jpmorgan down 2 1/2%. city group down 2.2%.ties eke out a gain. so much because of tensions with north korea and also controversial talk about daca and what will that do to the president's agenda for tax reform, regulatory reform and the like. liz? liz: nicole, thank you very much. we have so many issues facing us as we kiss the three-day weekend good-bye as we head into september. let's call it what it is the worst month. every month of september since 1950 the dow has fallen. what are the golden areas not only will protect you from the coming volatility, which is, by the way, here already, volatility up 29% today alone, more importantly gets you perhaps turning away from the platter of disaster we've been facing? bring in jpmorgan asset management chief, global strategist, david kelly. from north korea, to hurricanes, to the debt ceiling looming, so much more, what are you saying is the best way so stomach, because we've been talking about wretching at the moment for the markets but to stomach what is going on here as it pert

david: stephen parker of jpmorgan will stay with us. coming up, we have alan krueger of princeton university with a new study on the effects of opioids on the u.s. workforce. this is bloomberg. ♪ david: this is bloomberg. last week, u.s. consumer price index gave a stronger indication of inflation. this morning we got the final read for august cpi in europe confirming that 1.5% inflation rate in europe. joining me now is mike schumacher, wells fargo head of global rates security. i want to show you where inflation is across the world. is lacking aw little bit, the u.s. is turning up a bit, and read his china, blue is the eurozone. let's talk about what this means for central banks and rates. >> it tells me inflation is not that low. it seems to me that we are seeing inflation. it is a little below 2% in the u.s., but it is not terrible. it could be higher. wage growth is pretty weak. that is close to the target point, which should make the central bank comfortable this week announcing balance sheets cuts. there has been too much fuss ma

jpmorgan, the investment bank is telling investors to bet against cbs. cbs which broadcasts nfl games own fears people will not watch the games. the league must get a handle on this. roger goodell has to step up to the plate literally, he, entire nlf, cbs, or anybody broadcasting games will pay the price, with low ratings and bad for business. connell mcshane in washington, d.c., with the very latest on president trump's tax reform push. hey there, connell. reporter: president speaking before the national association of manufacturers, and he told that group they can expect to get a big and beautiful tax cut today, make them more competitive, cut corporate rate down 20%, companies choose to want to do business in the united states. he talked about going from the back of the pack, pretty much to the front when it comes to corporate taxes while acknowledging we won't actually get to the lowest rate in the developed world but it will abettor situation president said than one we have now. general message, lower taxes more competitive business environment was

why jpmorgan's ceo said he would fire any trader betting on the cryptocurrency.tt: welcome back to "bloomberg markets: european open." we are looking at jean-claude juncker, president of the commission, delivering his state of the european union address right now. the europeans do it in the morning. the americans do it at night. some of the headlines coming across our very interesting. younger saying the euro area has to have a european monetary fund . also that the euro area must get a minister of economy and finance. this is something that actually have become less and less controversial over the past few weeks and months. the minister of finance position is not the same as having shared bt, and he has not voiced any support for that in this speech that far. if you take a look at live here, you can go ahead and follow his speech. just type in live on your bloomberg. you can type tv . there is a number of ways to get to it. live is one of the best ways to get directly there. guy: let us talk about bitcoin, matt, one of your favorite subject. j

morgan -- jpmorgan chase dropping 20%. it will be the worst for jpmorgan chase and the worst basically i think in years. jpmorgan stock ended the day in the green, up more than 1%. we are staying on that story. let's get to hillary clinton kicking off her book tour new york city but watch this walmart cut the price for the book by 40%. we are bringing in katrina pierson our campaign spokesperson to react. hillary clinton is on what's being called the blame game tour and the story for you as well new video of an egyptian tv anchor making fun of than mocking quote american wailers american crybabies on the anniversary of 9/11. we will bring in the -- he's going to talk about egypt having far more anti-american ideology than the nose to spite the $70 billion we have given him in the last 70 years. don't go away. think your large cap equity fund has exposure to energy infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income. bring amlp

mark: former jpmorgan trader is going into electronic execution in the u.s. and japan.tage there? why focus on execution? >> and a bundled world, when research and execution, where together a bank could rest on its research laurels. they know the flow will come in, as long as people want the research. when they are being non-bundled, the buy side may say, i may go a fork a format -- bank a my research by the floor is open when it comes to execution. if you are strong in execution, you have great high-tech services, you have a chance to prove yourself. vonnie: why confuse people with all of this pricing? may chargehat banks and the basic fee may be, fixed income research the maybe. will people get too confused, should be there just an agreement that they will announce on a certain day but they're pricing is? >> they may be market making in the press. we have noticed that prices have been coming down. some can be as high as almost half $1 million for all-inclusive services, jpmorgan said something like 10,000 two read-only which is a big gap. i assume that will close only

jpmorgan's chief says analysts are taking down their trading revenue estimates by about 20%. and goldman sachs' president said conditions for fixed income trading have not improved since the beginning of the year. >>> on the economy, we learned today that america's middle class had its highest earning year ever last year. according to the u.s. census bureau, median household income was more than $59,000 in 2016, surpassing the previous record of $58,000 set in 1999. the figure is adjusted for inflation. the census said the uptick in earnings occurred because more people found full-time or better paying jobs. >>> and the number of job openings in the country also hit a record. the most recent report from the labor department suggests a slowdown in job growth last month was an aberration. other economists say that report shows that experienced workers ar >>> still ahead tonight, the most valuable publicly traded company in the world is making big changes to its flagship >>> the upscale department store chain nordstrom may be close to going private. according to late day reports

today, jpmorgan upgrading the cybersecurity stock to an overweight, calling for 25% upside it is our the day. jpmorgan also points out, john, that this is a stock that had been trading at a discount to its cyber peers for a while now. so now it deserves to be at a higher multiple. >> it certainly got an immediate reaction out of folks that scrambled into the stock, mel. but the sector's been a bit of a widow maker. look at fireye, and palo alto, yeah, it's caught fire and there's a lot of bets that it goes higher from here, based on this upgrade >> you know, pete, it's interesting, because your brother points out that it's been a widow maker, just because of the highs and lows. this year for 2017, we just showed that graphic. they've actually been pretty solid performers, but even in this age where we have all of these cyber breaches, citizen not been a consistent trade. >> no, it hasn't and i think that's why there's such an opportunity here why the price target was raised from 180 they talk about improving sales, sales strength, the application of cloud being an area of growth so t

. >>> jpmorgan gives its take on the airlines. analysts at jpmorgan lowered their rating on american airlines and united-continental to neutral over concerns on domestic pricing weakness and higher fuel costs. but the firm upgraded southwest, citing an attractive valuation. shares of american fell fractionally to $46 even. united was off 2% to 59.80. southwest was up to 54.72. >>> analysts at evercore thi cc nvidia has more to run, saying the company is creating the industry standard in artificial intelligence systems. in its known, evercore went on to say that nvidia will likely maintain its leadership in the space. shares of the stock took off, rising 6% to 180.11. >>> anthem says it is reversing an earlier decision to exit from the affordable care act exchange in virginia. the health insurer said it will instead grow its presence in the state after learning that its exit would leave more than 60 county without obamacare coverage. anthem shares were off slightly to 186.59. >>> and automotive seat supplier adiant saw its shares t

jpmorgan downgraded yet. >> jpmorgan is going to 100.it is rotation time >> all right good stuff >> thanks to all of you watching watching the markets now, 22,303 is where the dow sitting the president speaking about the tax plan in a little bit "power lunch" starts right now >>> i'm melissa lee. fixing america's broken tax code republican leadership unveiling details of their big plan. we'll break it down and what it means for you and your business. >> reports say the cardinals head coach, rick patino and athletic direct rer out in the wa wake of the basketball scandal. >>> and why amc ceo is going all in on vr "power lunch" starts right now

is the biggest threat mankind faces right now, after pyongyang threatens an h-bomb test but the jpmorgan ceo thinks investors should stay calm >> i wouldn't price a crisis in north korea or nuclear war into the market geopolitics is always a surprise sometimes positive, sometimes negative the history of mankind usually resolves itself. >>> theresa may hopes her speech in florence will break the brexit deadlock as she prepares to offer better protections for eu citizens as well as outline the divorce payment plan. >>> l'oreal shares jump as the death of heiress liliane bettencourt puts the beauty company's agreement with nestle under review, opening the door for a stake increase or even a full buyout. >>> good morning it's friday. let me get straight to some data in the form of the eurozone flash pmi for september. we saw prints coming out of germany and france those were much better than expected what you're seeing from the eurozone is better than expected flash composite is 56.7 verses a forecast of 55.6 and an august print of 55.7. that's better than expectations. the euro/dollar pair

critical relationship that institutions, wall street institutions, including what's i now citigroup, jpmorgan chase,. had to u.s. imperialism in the 20th century, how the institu institutions really grappled with the question of international expansion through legal practices, to their attempts to sometimes trample tl regulations, sometimes extend regulations to support international capital accumulation. finally, to also understand what his relationship between theee history of capitalism through wall street, through banking institutions and its relationships to its the development, expansion, generation of ideas of race andr racism, especially as they impinge on and affect the sovereignty of caribbean peoples, of peoples and haiti, dominican republic, to the, et cetera. >> when did wall street become wall street? >> guest: i think wall street, i would argue wall street really became wall street in the early 19th century. you know, early u.s. history so wall street as, new york city, as one of a number of capitals of capitals in the united states, as commercial. baltimore was a significant p

jpmorgan and goldman sachs are the top underwriters.artment has opened a criminal investigation into whether top executives at equifax violated insider trading laws. looks as to whether the presidents were aware of the massive data breach when they sold shares. announced a discovered the breach on july 29. it sold shares of a $1.8 million in early august. that is your business flash update. scarlet: we have more on that equifax story. i think one thing we need to make clear is that while there was a criminal investigation open up, all kinds of issues are covered. >> there is a lot of laws they have to follow, not just security laws, but state and protection laws. attorney's looking broadly at the issues at the center of this. scarlet: we are curious about what happened with the stock sale by three insiders which allegedly took place one day after the breach. the officialsys didn't know what was going on when they sold it. a quick response. >> to violate insider trading laws, you have to know about the breach. what the agency is looking

jpmorgan and apple up nearly 40% each, caterpillar more than 45% and boeing almost 80%. liz? >> liz: thanks nicole good stuff there. now check out this video, an angry indianapolis colt fan, he's burning his jersey after the nfl's national anthem protest. he's going to be here later in the show to talk about it. he says the nfl protesters are totally wrong. the flag is a symbol of freedom. our soldiers die for that flag, it's not a symbol of oppression. also democrats once again complaining about tax cuts in the upper brackets. historian doug weed is here and he says democrats are totally wrong too. he will explain but first democrats also hitting president trump for cutting taxes for businesses, the america chair craig smith says wrong again democrats more money for business means more jobs for americans in the middle class. he says it's time for democrats to do their job and stop the nonsense after this, don't go away. i count on my dell small business advisor for tech advice. with one phone call, i get products that suit my needs and i get back to business. ♪ they save us

-- over at jpmorgan?eball parks? -- the big banks are more diversified. the regional banks are more exposed to the loans. time onspend 95% of our five banks. imf idiot. gina: -- i am an idiot. are: the asset management's pretty high value because everybody's been down the gates. he have some value in insurance because of the hurricanes recently. tom: ewen: dollar recently. gina martin adams, sticking with the dollar. let us walk a little bit of safe haven, 112 on dollar yen. sterling, 94.36. stay with us. it is washington. ♪ what did we do before phones? they save us from getting lost, getting hungry, and getting nervous in places like this. now phones can save us money too. introducing xfinity mobile. with unlimited data for just $45. that's the lowest price out there for one line. and you can get the same price on up to five. see how much you can save when you get unlimited on a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. >> the latest obamacare repeal effort

tom: we have the likes of morgan stanley, jpmorgan, ups, and we heard from jpmorgan last year.ld off or exited from their jv structure because they were waiting. we heard from jamie dimon in june this year saying they are working with regulators to try to get full ownership. you expect those institutions are going to benefit and be happy with these proposals if they come to fruition. we have also seen last year that fund managers are allowed to own 100% of their funds operated here in china, so you have the likes of bridgewater, fidelity, setting up their operations and playg to expand effort and a part in the money management role. there is a number of winners, potential winners from this, if these proposals come to pass. we discussed, we are waiting for the timetable of this, the timeline. we may get details out this week, possibly. haidi: thank you so much for that, tom mackenzie. let us bring in the chief china economist for his take on, you know, -- is it likely to be a game changing set -- this package of financial reforms? >> this could be seen as part of the promise he

reports that gary cohn could be going to jpmorgan.y jose. >> there are plenty of good people at jpmorgan like mary to take on the job. i talked to jpmorgan folks yesterday who said, this is a fun parlor game, jaime is there for a while. we have good in-house people. and do they want to bring in a former goldman guy to run the bank? i don't know. >> before i go, i must ask you about equifax. some in the senate say there needs to be a hearing. for me, the fact that senior executives including the cfo managed to sell stock just before this became public, are you kidding me? what do you think? >> it's insane they sold stock beforehand after knowing of the breach. congress is going to look into that. they have said the company didn't know before they sold the stock. we'll see. but the fact of the matter, think about equifax with a giant bank but the stuff it holds is all our personal data and information, which is incredibly valuable in this information age. they couldn't protect it and are lightly regulated. cfb regulates them and the fdc

he is a global strategist in the asset management team at jpmorgan.ynchronized upturn in profit? uest: right. i think we are seeing a synchronized upturn and economics. we also have japan growing above trend and europe growing well above trend. the u.s. is doing ok. emerging markets are recovering. there's a synchronized upturn in market growth, as well. it is important for us to take risks at this point. where you should take that risk, we think a cross regional correlation is extremely low. you have added diversification benefit for doing that. julia: you can test it for serving saying there is a large underweight. there are a lot of people worrying about a thousand things in your view. patrik: that is right. we resisted doing that. and if a consensus call to be underway in the u.s. we think the u.s. is worth taking some risk. clearly, we like to say this is one of the most hated bull markets. people try to find the nits to pick. you worry about valuations, which we think don't tell you anything. they try to worry about labonte yields, which we don'

jpmorgan's c.e.o. said he would fire any employee trading bitcoins for being "stupid." jamie dimon said it is a fraud that won't end well. >> what happens this quarter is not related to the business you run. you try to have a good trade. we have an exceptional business. it would be down about analysts estimate around 20%, something like that, this quarter. last year it was a particularly good quarter. to four people miliar with the government's schaeiblewill keep his job f merkel is elected -- re-elected. the cost for the government to protect crude exports against a drastic drop in prices will be about the same. > it is likely to be higher. we don't have the tchooverpling we used to have. we almost export as much as we import. it is also true that the -- markets are exposed to changes in the price has been reduced as well. were due to meet in brussels for the fourth time since june but will now gather on september 25. the delay is adding to signs that theresa may is planning a public speech on her latest strategy. global news 24 hours a day powered by more than 2700 an

, holding >> jpmorgan is not our favorite i can talk about the one that is with r to jpmorgan is we sot there's an be >> you getting any populist pressu she's there talking but is >> it's an interesting question indust to be an unsound positi the question is the group that genera still been in play even barney frank thinks that has called for that review the question is what's the right amount of regulation in many cases the american banks are regulated much more strictly than the european banks. and that the interpretation has conser the banking companies will do better if you get some of this recali and i personally on that point, the nominations i think it's been slower than in prior administrations. so the reality is we haven't bluepr >> systemic risk from european banks? >> the amount of capital that's extrao the 30 or so globa civili are i a safe position. europe is rebounding there' some good pro growth my view the direction is positi just been too slow that will change invest should be patient >> bank merger will be part of >> they are. sointerstate banking came in happen since

jpmorgan kicks it off october 12.de as we talk about the balance sheet and rates, this one is interesting and it comes from brian over at bloomberg news who points out, you would think, as you see quantitative easing, you would think on -- while on buying is happening, you would seal -- see the yields fall and prices rise at that is not what is happening. here is the balance sheet and yellow and the 10 year treasury yield and blue. you would think during those purple times, when you have quantitative easing, that yields would fall but that is not what happened. there is question about what will happen as the said's ounce sheet shrinks. that is one other thing investors will pay attention to, and that is earnings. the federal report is after the close of trading, fedex, bed bath & beyond, seeming to be the worst of the retails today. i know you will watch the numbers as we see a mixed trade on the stocks today. >> we will break those numbers after the close. thank you. global business forum kicks off tomorrow, bringing

jpmorgan, rowling with the financials. facebook as well participating in this tech rally.ell areot doing as the hopes for the recovery efforts. stocks related to that. lumber and home depot and lumber liquidators are all trading lower. because the storm wasn't as bad as feared. that means there won't be as much of a need for clean up and reconstruction. >> coming up, we will explore how president trump debt to deal with democrats made it harder for gop leaders to pass tax reform. this is bloomberg. ♪ david: this is bloomberg markets -- a balance of power. let us go to mark crumpton with the first word news. mark: irma continues its march north. the national weather service cautioned the tropical storm estelle storm is still capable of producing hurricane force winds. storm isopical force still capable of producing hurricane force winds. andill move on to alabama tennessee. four people have died in florida since sunday. the death toll across the caribbean is 27. the research firm lowered its damage estimate from $200 billion to under $50 billion. the trump is asking justice

vittorio: certainly there is concern, the right now as jpmorgan we are fully ready and prepared to servehe circumstances are going to be in 2019 and forward. thinkk that everybody, i the major institutions have taken the proper, proper decision to make sure of that. are sort ofe also relieved by this new sort of talk about transition. what now it's not clear exactly the transition will look know that when you move from a consolidated andation like the u.k. european union to one where there will not be any longer, that will take time to execute very us institutions of the proper plan. this sub transition, we think, is very important. vonnie: how are you preparing for the scenario in which janet yellen is no longer the federal reserve chair? vittorio: frankly, that is not something that we, as a global bank, we are always preparing for all possible scenarios. i think that this is a , wesition that will have to will have to look when it ,appens and i think it is not this is not the moment now to discuss that. mark: thank you so much for joining us, vittor grilli. up, a pioneer in helping co

. >> jpmorgan flags 20% in trading revenue.amie dimon says he is tired of the focus on short-term results. hello, and welcome to "daybreak asia." i am haidi lun here in sydney. betty: and i am betty liu in new york. we are thankfully not talking too much about north korea. it is all about the iphone. and apple shares and how they are reacting. but i know you have breaking news on south korea's job data. haidi: the unemployment situation in south korea has been a real problem and the key campaign promise of the new president. augustthese numbers, the adjusted jobs rate at 3.8%. a little higher than the 3.7% expected. still continuing to be an issue. we are watching the data more closely coming out of south korea, given the trials and tribulations with the north. if we take a look at the markets, it was so much and apple story. but also the absence, continued northrom hurricane irma, korea, that pushed markets of higher overnight. big relief rally yesterday, that may have carried over into today's trade. it let's see where the ma

jpmorgan will open operational headquarters in warsaw, poland, and polish officials say the bank willire several thousand employees. taking advantage of poland's lower cost. that is bloomberg's business flash. alleges anport insurance gambit at a dialysis provider. 7.7%, now five point 5%. here to walk us through the allegations is julie hyman. from the southern investigating reporting foundation, a journalism organization. he looks at something between the company -- at the relation and thethe company american kidney fund. the american kidney fund is a nonprofit that provides funding dialysissis care to patients. the article is alleging that essentially you have a circular scheme by which the company donates to the american kidney fund, which then funds a lot of the treatment for devita patients. a lot of their patients are under public insurance, medicare, medicaid, it's the lucrative patients under private insurance to he alleges are getting the funding and who account for the profit margin for the company. again, there has been reporting on this before, but this article really dig

you compare it to jpmorgan or bank of america, it's well above them in terms of the metrics you have u.s. bank, two times fluc very expensive i think it's mostly noise. the wells board has to get their act together whatever they say in washington this week, they better make sure they know what's going on and they got it right. because the real issue with them is internal systems and controls the fed f they contin, if they stumble, will continue to make changes. they have the right to change any offer. they have that power they may have to use that at some point >> thank you for joining us. >> that hearing will probably be must-see tv. >> the same day as the equifax hearing. >>> the gop's last ditch effort to repeal and replace obamacare seems to have received a fatal blow late last night senator collins said she will not support the bill she is the third republican no it's unclear whether they will even vote on the bill. >>> this was the scene ahead of last night's monday night football game between the cowboys and cardinals. the cowboys players and coaches along with owner jerry jon

jpmorgan upped its target to $30 from 28 bucks. well, it's at $27.52 right now.he s&p 500 leaders today. >>> up next, the trump administration putting the full-court press on for tax reform. blake burman live at white house right now. he's going to tell you how the billionaire in chief plans to sell the plan to america's middle class, and it may be tinged in democrat blue. "countdown" coming right back. i count on my dell small business advisor for tech advice. with one phone call, i get products that suit my needs and i get back to business. ♪ you know win control? be this guy. check it out! self-appendectomy! oh, that's really attached. that's why i rent from national. where i get the control to choose any car in the aisle i want, not some car they choose for me. which makes me one smooth operator. ah! still a little tender. (vo) go national. go like a pro. . liz: we keep hearing that the president is going full speed ahead in economic growth agenda, but now we actually have some indications and inside scoop that it's actually about to truly kick off. according

listen to what he said at the delivering alpha >> the success of jpmorgan is inside jpmorgan. >> letquestion -- >> i have enormous respect for gary don't confuse the two. our company is large, global consumer businesses, cash management businesses, we have several people who are unbelievably talented. >> you will want to hear the full jamny diie dimon interview those delivering alpha.com that speech and interview just posting. >>> the delivery wars just took a twist in news about how lazy americans have gotten, walmart is testing a service that will deliver not just to your door but inside your home so customers can have products delivered to their fridge or freezer. walmart is teaming up with august home so users can watch the process on their smartphone using the home security cameras. get excited. we're ten fridays away from one of the most yushl day crucial dr retail black friday look at that countdown lock. joining us with a pulse tech on the sector is stacy witlet thank you very much for joining us i wanted to start with walmart this newest test is one piece of all of the innov

fact that i agree in the reason for it i agree that every major institution, by the way, including jpmorgan, i said this two days ago, it's their form of being involved in it, every major bank is going to be in this business. the question is, is bitcoin the token you want to follow >> let's get more on bitcoin, despite the plunge on the streets, tom lee was on the show, i asked him if this would be the best bet for this year. the question was bitcoin or stocks here is what he said >> between now and year end, it's easily bitcoin. >> easily bitcoin. we brought tom back on set to tell us why he would still buy bitcoin. tom, what do you make of these drawdowns? you seem to be regulation sort of provoked selldowns, actions from china banning icos, shutting down bitcoin exchanges by the end of the month, et cetera >> i think there's two factors one is, there is a liquidity effect china exchanges are 30% of bitcoin volume if you're going to give notice to shut those down, there's going to be forced selling i think that's what we're seeing as seema pointed out, there have been seven times we've se

this morning with us now, david lyon from jpmorgan good morning to you. thanks for joining us. this risk-off move yesterday, do you put that mainly down to north korea and if you do, does that create a buying opportunity >> absolutely. i think the news over the weekend definitely caused people as they got back into their seats and returned from summer break to take a pause and start to worry about some geopolitical risks that have been with us absolutely purely geopolitical driven, and news headlines across the board >> do you see north korea and maybe other geopolitical risks, the current one being north korea, as a binary issue if we don't get to that cataclysmic thing of missiles being fired, any day is a day to buy the market >> absolutely. geopolitical risks are knee-jerk reactions and short-term opportunities to step in typically after a few weeks, a few months, the markets revert back to fundamentals we see the volatility as an o opportunity to step in and reposition >> the ecb meets tomorrow to discuss how to move out of this ultra loose monetary policy. what happens eu

good for jpmorgan and goldman sachs.nce again on financials and is tax reform a part of that as well? >> i think you have to be cheryl, as you alluded to. new 52-week highs for some big banks. the real story in the day in the stock stock market, with a nice up day, but bond market, long-term interest rates take a move higher. this could be sign of inflationary pressures down the line and are interest rates higher down the line? interest rates continue to creep higher, perhaps even higher than the federal reserve would like ultimately. we'll have to see. here now the bull market continues for stocks. cheryl: that is a good point. 78%, we're getting interest rate hike. that was new high. all that churned this afternoon. jonathan hoenig, thank you very much. >> thanks, cheryl. david: the next battle on capitol hill, getting you that tax cut by the end of the year, is it possible particularly after multiple gop failures on health care? georgia congressman buddy carter is here. cheryl: the war of words continues between the p

jpmorgan 500,000.st, a list of people they say are haters, should be, god knows ostracized for all of us. one of the bravest women i know, spoken out against a call islamic terrorism. she has been on our air before. she as 24/7 security. they are pointing her out as a hater. she is somebody we all should be supporting. >> this is what thert the media that suffer from what i call tds, trump derangement syndrome. they will not heed that warning. david: herman, we have to leave it at that we're up against a hard break. come back soon. >> will do, david. neil: thank thank you it's whooping cough. every family member, including those around new babies, should talk to their doctor or pharmacist about getting vaccinated. .. .. with some breaking news right now. apple facts just announcing its cyber security incident from 143 million consumers saying criminals exploited the u.s. website vulnerability to gain access to certain files. >> look at what is happening. the companies offering an investigation. there i

let's disus wicuss that with bre kasman from jpmorgan let's talk about ma move hithat higher in yields move higher in yields has that been driven by general global risk sentiment or expec expectations of what the fed might do today and tomorrow? >> i think it's about both the continued good signs on the global and u.s. economy as well as the idea partly off of what we saw in the last inflation report that the fed is not done, and that there's still a good chance the fed will be moving not only in december but multiple times as we move into 2018 >> is that what moves the yield curve and the dollar, expectations of rate hikes as opposed to the balance sheet normalization that we are expecting to happen as early as today and tomorrow if we get that balance sheet normalization do we not see a reaction in the yield curve? >> the balance sheet normalization is important it's been so well telegraphed with lots of detail that we believe the market is already processing that to a large degree what's been news, i think, is the economy and to some degree not just the fed but the broader messaging

banks like jpmorgan are asset sensitive, asset priced, far more quickly than your liabilities. if you have a rising rate environment, the 210 is a red herring. but i think the run anticipates that >> okay. so in terms of the sectors and the stocks relying on the fed's largesse, are we to believe, if the dollar is going to strengthen, should we be concerned about some of the stocks that benefitted from a weak dollar? >> steve may or may not agree, there are two things that stuck out to me today. we all talk about the ten-year tlt closed up on the day slightly xlu, a utilities etf, in my opinion should have sold off a lot more than it did today listen, obviously 24 hours does not a day make, tomorrow is a brand-new day, i get it. if xlu were to go positive tomorrow and the tlt were to rally tomorrow, which there's a good chance, maybe the 210s that are not a big deal for the banks become a big deal for the economy. >> all these correlations seem to be off the table. when you see the dollar is telling you something different than what chair yellen has been telling us, so if we loo

the rates weren't doing anything special but look at citi, jpmorgan, goldman sachs, they're breaking out i expect to see the xlf at 30. >> it did hit a nice level on the ten-year yield >> today it didn't do a whole lot. we're not at the two six level like we were the explosiveness of the facts, which has been record earnings and revenues, that's what people care about >> yeah, no, i 100% agree. first of all, i don't think anything is priced in for tax reform it could add 7 to $10 of earnings to the s&p 500. as far as if things go through the question is if they go through. the problem is if you're an investor, you can't sit back and not discount a very meaningful, meaningful and potentially positive outcome so you have to get prepared for that i said earlier, maybe four months ago, investors were going to give this market a pass until first quarter of next year they will continue to do that. as we get closer, you'll start pricing in some sort of tax. >> it's clear from the performance of russell, it broke out in a massive fashion i think there is -- obviously investors weren't placin

so those earnings, the facts again proved out to be right. >> jpmorgan. >> yeah.the name since i guess the high 80s it doesn't move quickly, but, you know, this is a name that i feel is destined to be a triple-dit stock they do everything right they may not have as much upside as smaer bank or a bank taking on more risk, but this is the type of name you can sleep at night with and you've got a dividend, the best management possible, and it's a growth bit within banking, you know, which is pretty extraordinary in today's day and age. i reallylike it, i think it's going at least $100 or higher. >> joe, valero, an all-time high. >> yeah, i think it's -- the benefit obviously of what we have heard in terms of taxes the last couple days obviously valero with a higher tax rate, that's coming into place. what we witnessed unfortunately down in houston was a catalyst i'm surprised by of move i'm obviously wrong with that one. >> pete, you bought it >> i did i think people are looking for that, when you hit a 52-week high, 10% or higher, that's what people are playing off.

jpmorgan has been ordered to to pay more than $4 billion in damages.g went to joe hopper and her two stepchildren who claim the bank mismanaged the administration of her late husband's estate. however, the verdict is likely to be knocked down on appeal to payngenta has agreed more than $1.4 billion to u.s. farmers. the payments are related to a complaint that the marketing of the company's genetically modified corn shut them out of the chinese market. nike shares fell in late trading after a quick turnaround of its domestic operations. it expectsmaker says north american sales to decline again this quarter, following a 3% dip in the region last quarter. the converse business will also drop in the current period. itstwitter will lift 140-character limits on tw eets to a small group which may lead to an expansion. it allows as many as 280 characters, lengthening the ch aracter limit may result in more engaging conversation on the platform. that is your bloomberg business flash. manus: thank you very much. it is in the mutual interest of the remaining nat

jpmorgan points out two reasons companies hold money overseas, one to avoid taxes, the other is to runverseas businesses some tech and pharma companies have ownership overseas mostly to avoid tax or pay lower taxes. they are the most likely winners from repatriation. consumer products companies keep their money overseas for overseas operations, they'll probably boost payouts less, so their stocks will be less winners. deduction winners and losers and there's a lack of clarity here some companies will see deductions wiped out for example, the interest deduction is on the block. the r&d tax credit, probably not. and then there's a big debate between capital and labor. thadminiration argues a corporate tax cut will benefit labor, which they say pays the bulk of the tax through lower wages. this idea that workers bear some of this burden, it's widely accepted, but the administration is definitely at odds with mainstream economists and argue that workers pay the bulk of it. they say 70%, others say more like 25% or 30%. one more thing, will corporate taxes and repatriation lead to an invest

very much like jpmorgan did when jamie dimon was buying their stock back at $53 a share and everyone said, he's crazy, what's he doing? he's buying 500,000 shares at a clip that's incredible to me. that shows you that he actually sees the future. the future is not just about the ten-year, it's all the different avenues these banks have now to create revenues. and i think they're doing a great job. stephanie points out something that i -- >> so pete, bank of america is trading within the same three-point range since last november >> right >> so there's probably more volatile areas where there's a lot more money to be harvested from things like calls and puts. i'm just curious, what would happen -- what would have to happen for you to change your mind and say, you know what, i've been bullish on the banks, now i'm not. what -- would its be an earnings miss or -- >> yes >> an economic thing what would be the thing that makes you change your mind >> i think the economic thing would be part of it pb but i think more so, josh, i think the more important thing would be, if there was a mess,

. >> deutsche down grades jpmorgan and pnc on a flatter yield curve. i don't know what you think about the fangs sort of rolling over, but this month alone, yes, there has been a healthy rotation as josh says about does it matter for the long term health if fang oig is dislocated for a while? >> i don't think it's a big problem if they correct in a material way it's a problem because 23% of the s&p in weighting. so you have to have this sector hold in there. so we can kind of hold in like it's been doing when you have some winners and some losers, i mean, cisco is acting pretty well oracle is bouncing a little back so some of the havevalue names doing better but i think earnings will be very good. and so if the technology stocks can hang in there until we get earnings, then you might be able to see kind of a rally in this group fp nechl group. in the meantime, it's all about rotation the bottom tier names in the s&p since september are up a 5%. the top tier names are down 1% so this is reversion trade >> but doesn't that only last and take you so far?

jpmorgan's chairman told themberg it is important at federal reserve is charting the way on normalizationpolicy. comments comes after the policy decision on the fed. >> on the conditions that have to be in play, we have a very healthy labor markets, unemployment is very low, the duration of unemployment has declined, economic activity in terms -- has recovered. went up andon needs direction. juliette: global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . today,ave japan closed which means what we are seeing in the yen is not doing anything to equity markets, but the indexes are holding at 10 year highs. this as a number of brokers rally with index futures trading them. be leading gains in the region, up 1.2%. we are watching a number of stocks, in particular the developers because china's home prices rose in fewer cities in august than july. china resources are up 7%. this as people speculate it is unlikely you will see more reforms coming through the pboc as they seek signs of pro

. >> earlier this week, the jpmorgan ceo said that the coin is a fraud and will eventually blow up --he bitcoin is a fraud and will eventually blow up. is he right? jens: jamie dimon also said that they are risky and more troublesome than what we have seen with the two lip prices in the netherlands. on one side, he could be talking textbook as bitcoin and other crypto currencies are competitors to some of the banking business of the traditional banks. we should not forget, it is still a rather young industry. yes, there is a lot of wild stuff going on, not just with bitcoin, but with other crypto currencies. the so-called ico market that is the equivalent of ipo's here on the stock market. you and i could give out bitcoins, the question would be if anybody give us the money. so there is wild stuff going on, but the jury is still out and it is too early to release a that bitcoin actually are blowing up, how jamie dimon put it. >> thank you. and from wall street to silicon valley, which has faced charges a treat men and women differently in terms of pay and career options. now three for

to buy the nine biggest stocks in the s&p's subindexes, that's apple, exxon, johnson & johnson, jpmorgan, ge, and amazon. and holding a basket of those stocks has produced a 22% return this year. that's pretty impressive. i'm bob pisani at the new york stock exchange. >>> standard & poor's has cut china's credit rating for the first time since 1999. the rating agency is citing risks from soaring debt in that country. analysts say the downgrade highlights challenges faced by communist leaders as they cope with slowing economic growth. >>> president trump announced new sanctions on north korea and said china, north korea's biggest trading partner, has ordered its banks to stop doing business with pyongyang. >> china. their central bank has told their other banks, that's a massive banking system, to immediately stop doing business with north korea. this just happened, just in addition to everything else, what we will do is identify new industries, including textiles, fishing, information technology, and manufacturing, that the treasury department can target with strong sanctions. >> the tre

if you give citi a multiple that even a jpmorgan enjoys, you're talking about a stock that's probably closer to $95 not to suggest that they deserve the same multiple. but i think you could pretty much say 1.4, 1.5 times book for city is reasonable it gets you to a $95 stock >> how much in your calculus is a rate increase? >> we talked about that last night. >> did you talk your shirt and tie? >> no, because i didn't have the same shirt and tie, but it's an actually very elegant. >> it's a cute tie >> the president needs a win we think he'll get the win in some sort of tax reform or tax deal i think that's going to be positive not necessarily for rates. but for the banks overall. >> let's take that off the table. let's say tax reform or tax cuts take longer, which is probably what most of the market thinks, than a q4 event. will rates rise enough to keep the sector going >> tim has made this point i don't know that that is a reason to be bullish my reason to be bullish in banks comes down to valuation in the form of price to book. >> i think where guy has gone with this, you have a ca

at td ameritrade >>> welcome back to options action our next viewer, john harris, asks, i bought jpmorgan 22nd, $91 calls at 75 cents. what are your thoughts going into monday? dan? >> in a few weeks we'll have earnings i think you want to extend that call out if you think it's going to get back up to that recent high of 94, maybe back to 100 for the first time ever, you probably need a catalyst. that would be earnings that's going to come in the second week of october >>> time for the final call. dan? >> to me i think it's interesting, the setup in options here they are cheap american express are cheap >> carter. >> i want to be long tesla and short mcdonald's >> looks like our team has exre o tpid,urime has . >>> my mission is simple to make you money. i'm here tolevel the playing field for all investors. there's always more work and i promise to help you find it. "mad money" starts now hey i'm cramer welcome to "mad money," welcome to cram america. other people want to make friends i'm just trying to make you money. my job is just to entertain educate and teach. tweet me @jim cramer bo

. >>> jpmorgan's jamie diamond said this is the currency of the dark web, drug dealers how would you explain that it's not too far away from the truth. there's simply not enough compliance in this market. >> i think jamie's comments reflect really a lack of understanding. i think he's certainly not a very tech focused executive and i don't think he understands the technology space very well with all of that said, there's been an incredible effort to take care of the public, auditable, trackable nature of these assets, work closely with law enforcement, operating in a regulating fashion, working with the secret service, fbi and actually assist in stopping criminal activity more so than banks who have been responsible for enormous amounts of money laundering all around the world. it's a hard criticism to hear. hopefully he'll spend time better understanding that. >> take that, jamie dimon. i don't know if you're watching or listening or not. it might be too early for him. china's crackdown on the ico, that was a bit of a shock and led to the big selloff do you think other regulators wi

essentially you have a situation where if you would look at the spread on the jpmorgan middle east indexnd compare that to the five-year energy market's edx spread -- yousef: we have done exactly that on the basis of your notes on the bloomberg, which compares and contrasts versus middle east credit. tell me more about where this trend goes from here. guest: i think that is the interesting point. i think what we are going to see is probably middle east outperform global e.m. over the next six months or so, see you are probably going to see that spread widens again. the basic reason for that is because the average credit quality in the middle east is still much higher than on global emerging markets, and also because you have seen a huge outperformance of global emerging markets over the past 12 to 15 months. as credit spreads in the middle east, it is actually risen slightly as qatar and other issues have caused this region to be either stable or slightly higher, where global e.m. spreads have compressed significantly. we are now in a situation where if you were to see any volatility inc

separate topic, bitcoin, there was a huge debate going on at delivering alpha about bitcoin jpmorganhairman and cor o jamie dimon not mincing words, he called it a fraud and went on to say eventually it will become the emperor without clothes. >> governments, first thing they do is form a currency. they like to control the currency they control it through a central bank they also like to know who has it where if is, where it's going. okay china is closing down the bitcoin exchanges. all i ever said is bitcoin, the bigger these things get -- they look at it as a novelty. washington, talking about technology, we love technology wait until someone gets hurt wait until it's used for illicit purposes which is somewhat -- they can use it for illicit purposes they would close it down and others saying it's not a fraud. >> is it a fraud >> no. absolutely not >> will it blow up >> no t cannot blow up what countries can constrain today is how it's traded but it's a system that is peer to peer. to the extent you can eliminate the will and actions of every single person in the world you can elim

jpmorgan chief executive jamie dimon his thoughts yesterday.ed it bitcoin -- it is guest our roles to trade and stupid. -- rules do trade and stupid. mark: why does he not think it will end well? a wonderful piece. two reasons it may not end well. tell us what they are. >> focusing on the market dynamics, whether it is bitcoinn by regulators, -- what interest me is that the demand on the ground, is it being used as currency. it has not -- you have to wonder, what are these price levels based on. if you believe there is something there, klein, but it is not there today -- fine, but it is not there today. mark: good all regulation may do. >> jamie dimon has a good point when he says regulators will come after the bubble burst which will put it in line with previous crisis is and bubbles. these things tend to exhaust themselves. regulators have bigger fish to fry today that to actually get in on this cryptocurrency issue. vonnie: not just cryptocurrency you point out in your piece, like marijuana stocks, there is a lot of gimmicks. some fundamenta