jonathan: bob michele from jpmorgan, thanks to him.w york, that does it for us and we will see you next week. from new york, this was "bloomberg real yield." this is bloomberg tv. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. carol: welcome to "bloomberg businessweek." i'm carol massar. jason: and i am jason kelly. carol: coming up in this week's issue, a future with robot taxies. we will introduce you to a pioneering driverless startup. jason: and how best buy is surviving and may be driving in an amazon world. carol: first, we start with a cover story. we will take a look at president tr

jonathan: bob michele from jpmorgan, thanks to him.york, that does it for us and we will see you next week. from new york, this was "bloomberg real yield." this is bloomberg tv. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. alix: commodities in crisis. copper leads commodities into correction territory as king dollar claims more victims, gold provides no safety. and alcoa angst -- the company cutting its 2018 profit forecast, the latest victim of president trump's trade battle. room for everyone. woodside petroleum ceo peter coleman talks about china's rising lng demand and how it can absorb the jump in u.s. exports. ♪ alix: i'm alix steel, and welcome t

jpmorgan was up.me of the strength and equity derivatives there. .e have not seen the car charge that is another thing we are looking at for citigroup. for wells, the expense ratio is a standout. for that include a criminal ual foruel -- accr legal troubles. when you take it how do you filter through their news that they are down a bit? >> that is disappointing for us. that is one thing we have been watching. you can look at it two ways. growing more than expected. regardcern for us with to the car business is competition. they have been growing faster than competitors. selection asdverse the business becomes more competitive, that has been our main concern. we can see the consumer as healthy from a credit perspective but could there be issues of profitability? the headlines, earnings come in 163. revenue was up 2%. light versus estimates coming in just over 18.4 billion. equity trading was up at 864 billion. that was lighter than estimates. banking was also down at 1.42%. the city brand was up by 1%.

jonathan: bob michele at jpmorgan asset management sticking with me. our special thanks to lisa coleman, who heads up global investment grade corporate credit. great to catch up with you, lisa. coming up on the program, we will stick right here at jpmorgan asset management hq in new york city. joining us around the table, i am really pleased to say, will be diana amoa to talk emerging markets. that conversation up next. this is "bloomberg real yield." ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield," live from jpmorgan asset management. over to china we go, where chinese markets ended the week on a stronger footing, with the yuan reversing an earlier slump spurred by the central bank's move to weaken the daily currency fixing by the most since 2016. joining me to discuss china and emerging markets is diana amoa, senior portfolio manager involved with emerging markets debt here at jpmorgan, and still with me is bob michele, head of global fixed-income. always good to catch up with you. your thoughts on china, and whether you have a handle

morning, jpmorgan and citi, all reporting earnings i know jpmorgan's call was at 8:30 bring us up to date. >> we have been jumping on and off calls for the last few hours. jpmorgan beating on the top and bottom line, citi beating on the bottom line. while wells fargo fell short of analysts experts here's what's going on underneath the surface wells fargo had a tough quarter, marked by lower fees and deposits loans also declined by 1%, that sent profit down for the quarter, that's even after excollue exclude excluded on the media call, the cfo of citi said the thick weakness was due to thin rates and secure advertised products. the sector also saw a decline in banking revenues j prpmorgan presented a much brighter picture, on an analyst call, jp jamie dimon reported -- >> probably because similar to trade, so you're looking for potholes out there, not a lot of things out there and growth is accelerating and of course things are always a little bit different. >> in focus is this idea of this trade war and how that impacts the business of jpmorgan and citi they both said that the trade

bob michele -- jonathan: bob michele from jpmorgan, thanks to him.new york, that does it for us and we will see you next week. from new york, this was "bloomberg real yield." this is bloomberg tv. ♪ alix: commodities in crisis. copper leaves commodities into corrections territory. and alcoa cutting its 2018 profit forecast, the latest victim in president trump's trade battle. room for everyone. cpi leader peter coleman talks about china's rising lng demands and how it can absorb the junk in u.s. exports. ♪ alix: i'm alix steel. welcome to "bloomberg commodities ed.

wells fargo missed expectations, and desetter than expected earnings from jpmorgan and citi, investors apparently were convinced that business should have been better. it pressured all three stocks in trading today. leslie picker has m te onhe disappointing d for banks. >> reporter: three of the largest bank -- jpmorgan, citigroup and wells fargo -- receiving mixed reception from investors today after reporting the secd quarter earnings. wells fargo's numbers demonstrate it's stillou climbi from the years-long scandal over fake accounts that were opened so employees could meet sales targets. the revenue and profitability declined during the quarries, the numbers showed particular ak weness from mortgage banks thanks to higher interest rates. citigroup s weakness i their consumer banking side with little to no growth in the branded credit card unit and services. the firm saw a bit more strength from the business it does withl corporents in terms of ending and helping large investors trade equities. >> jpmorgan's results were a bit more of a brightspot. the firm posted record revenue and

second one, take a look at jpmorgan 3rd of august expiration they're buying upside calls in jpmorgant $118 a share i don't think it is because they think it is going to $118, judge. they're buying for 8 cents they need a pop in jpmorgan like they got this week the calls go to 20 or 25 cents and the person doubles or perhaps triples the money. >> it is not outlandish to think jpmorgan could pop to whatever. >> it is the best chart in the whole group. back to the fxi, important for people to be aware, it is not really a true representation of the shanghai what that is is the chinese stocks that trade in london. it is an index composed of chinese stocks trading it is close enough, maybe, but it is not the exact same thing. >> it is a mechanism to maybe take the temperature somewhat of the market hang on real quick jpm, the best chart in the group. >> it has been even when the banks were going down, it was going down less the buyers habitually have come where they should to preserve the uptrend. it is not overbought, though it had a nice move in the last week for me, if you're someone th

i've only seen jpmorgan.emains very good which is obviously something that's good for the banks, good for the economy as a whole yield and assets are rising which is important because obviously that's going to, you know, improve their net revenues long-term net interest income was over 10% year over year your revenue's growing pretty good i think the other thing is they're turning equities 10% for jpmorgan which is well above what people thought they were going to be able to do in 2011 and '12 after all this regulation. they are earning a tremendous amount more than what people thought. i think the challenge is being able to grow loans again, as your guest said, they've got about a trillion four of deposits and only a trillion of loans. there's a lot of room there to grow loans the next decade or so to add to earnings the other thing i'd mention is they've got 32 million mobile customers and that's grown about 12% or 15% when you talk about moving into the -- they're moving that rapidly. >> overall are the th

plus coming to me from london, i am pleased to say, iain stealey from jpmorgan asset management.et's begin with you, krishna. solid, solid, solid. it is all i heard this morning. is that what it is? krishna: solid is not so bad. it was across the board reasonably good. good for risky assets, for sure. good growth in employment. so telling us overall economic growth is decent. the payroll -- wages are stable. so everything is playing out according to plan from the fed's perspective. jonathan: iain stealey, i was looking at the numbers this morning and everyone turned around and said they were absolutely solid. but ahead of the numbers through the week, it was the least anticipated payrolls report i've seen so far in 2018. why do you think that was? iain: i think it was one of those things where actually when you look at the major issue, jobs in the u.s. are fine. the u.s. economy is fine. everyone is focusing on tariffs, and everyone is concerned about trade, and that is what has been driving the market. i would agree with what was said on the payroll report. it was solid. it had

jpmorgan is up bank of america is up 10%. it feels good if you have some financials in your portfolio, but you're not going to have the recovery by see iing names like twilio orrer card or a facebook fall over >> you're going to see the investors in the value stocks like jim and myself. the people who are following momentum who have done well are going to feel they're returns are going to be less that than the marketment. >> you can call caterpillar a value stock. i think it trades like a growth stock. a 19 pe oon highly selected company is great >> it's 19 >> 11.5. >> forward meaning this year. >> remains to be seen. >> i think july 30th, i feel comfort b bable that not going to fall out of bed if china goes worse, it could. if i could try to summarize this >> can i steal it quickly? >> because look you're going get value taking over from growth it has to be because people are paying attention to price. if they get burned bay 20% down day and you don't see it bouncing back, that's when people are going to say hey, i'm going

jpmorgan and icbc are said to weigh deutsche bank stakes.ve been trying to figure out what they mean by that, when they would come in. for the moment, we are trying to reach the various press offices. as soon as we have anything confirmed or denied, we will bring that to you. investors looking at that story, saying it could be plausible because the share price is greening -- gaining 3.2%. theresa may is facing a battle with her cabinet over future ties to the e.u. the showdown with ministers threatens to throw the brexit process into disarray. joining us is bloomberg's the mea news writer. still with us is jim mullen. david, is this crunch time? there's rumors that boris johnson may resign. >> i'm nervous about saying it is a crunch moment or a decisive moment. we said that so many times. approaches, ane decision does have to be made. they are being locked away. some people have called it the body bag summit. high drama really. we are expecting a decision to be made. we may see some people feel that they cannot go along with that decision. a

things washe first that trading was really strong across the board, especially for jpmorgan.sachs, bank of america, morgan stanley, goldman and morgan stanley have strong trading, a lot of the earnings are tied to the markets. good trading is good for other banks. and we saw growth in loans. a big positive for the banks. vonnie: at the same time, all these trade tensions, jamie dimon's was shaking them off and said it would be good for banks . >> jamie dimon shook it off and so did citigroup. they said it was not an issue right now but both definitely said it could be an issue moving forward. jpmorgan said it could be an issue as soon as the second half of the year because confidence dries up been so does dealmaking. -- dries yield curve up been so does dealmaking. what was the color in the analyst calls? >> they shrug it off, said it was not always that to be flattening and jpmorgan said the yield curve would steepen once again. concern,shrug off the it is a huge deal with these banks because they borrow short and land along. interest margins are compressed should the yield

we are live from jpmorgan asset management this week. it is time for the final spread. week, a rate decision from the european central bank, plus you have a g20 weekend meeting of finance ministers. another round of earnings including european banks and fintech. and a latest reading on u.s. gdp. i am joined by bob michele. he is global head of fixed income. i want to go over your for conviction trades. do you believe the federal moreve will raise four times and then close? bob: absolutely. that brings the fed fund rate to 2.75% to 3% depending where inflation is. that is a real yield of about 0.5% to 1%. that is still generous by historic fed terms, but not overly accommodative. they will have raised rates for 3.5 years. why not step back and see what other central banks are doing and also see how the economy is doing a year on? jonathan: and to wait it out. that takes me to the second conviction call, duration. bob: we are bearish. as the fed raises rates and supply hits the market and quantitative easing switches to quantitative tightening, yields will drift higher ac

jpmorgan and citigroup, wells fargo picking up earnings today.he banks. a good few months really picking up the u.s. mortgage markets improved. i think they should lead the way in what is a good earnings season that gives us a nice bit of relief from the trade wars as a nice alternative. good to see the u.s. banks doing well. gerri: crispy gem, thank you for that. great to have you on the show. cheryl: thank you for watching "fbn:am." we now send it over to maria bartiromo. happy friday the 13th. maria: good morning, everybody. i am maria bartiromo prayerbook onto the program friday, july 13th. top stories right now 6:00 a.m. on the east coast. president trump then british prime minister teresa may hold a bilateral meeting shortly after president trump warning made that her government brexit plan could kill a bilateral trade deal with the newest in a new interview. the president gave an interview to design even before he sat down with teresa made. the latest developments coming out of investors on edge. look at future is very much waiting on earn

awaiting jpmorgan chase for the second quarter.ing before the bell this morning will likely set the tone for market. features are flat ahead of those numbers and we will likely see a big change. dow industrials flat as the s&p 500 and the not that composite. nasdaq up three points, the others are down fractionally. yesterday the nasdaq to an all-time high of 78.23. the nasdaq up one and a 3%. the dow is also showing again. up 1% and the dow jones industrial average. markets are higher across the board. the dax index: territory. markets closed higher in the best performer was japan. to make average of 2%. at&t getting ready for battle. the department of justice filed an appeal which allowed the company to allow time warner for $85 billion. the ceo of at&t, randall stevens in. the new thriller skyscraper. netflix and it the 17 year -- all of the stories coming out. our top story this half an hour, wall street picking up this decade quarter. second-quarter numbers before the valve. jpmorgan and sharply higher earnings per share compar

to jpmorgan on price to book and earnings i don't agree with the call because you got jpmorgan which'll state as an opinion is a better franchise it has less problems less damage. you get it for the same price. a better growth trajectory >> i'm asking you about wells. >> i wouldn't buy it because there are too many alternatives out there. can't say well it's just about wells. no the four major money center bank, citi group, wells fashion, jpmorgan, are all pretty much identical in what they do. if one has damage entry to upper end premium to the average of the other four i don't see why you would buy. >> they are not all identical. wells has a domestic business. the others have foreign business with citi having the most. i disagree with josh's superposition that 25% is a lot of punishment. i don't think it is. it-a premium multiple based upon management and what we found out the management had no close because they did it through disreputable sales practices once you lose that luster, that shine, then you deserve -- so here's what i think of the stock. i think that going forward to t

jpmorgan cut to neutral.writing about the outlook for print circulation and advertising for them in this environment of rising newsprint costs. had denied a report in a german magazine in his part in deutsche bank. there is that someone will buy a stake in the company. price hasank's share been terrible over the last couple of months. today it is a by 3%. joe: let's take a look at the government bond market starting with the u.s.2 and tenure -- 10-year. there down by one basis point. speaking to the jobs report, it is the thing that is decent but nothing else in the feds have to tighten. if we look at the intraday chart of the 10-year, you see decline. it faded a bit, that was the initial impulse of people looking at that unemployment growth,e mediocre wage and tsonga is no inflation. scarlet: let's look at -- and there is no currencies inflation -- there is no inflation. scarlet: let's look at the currencies. a.m. you can see strong job growth, but it was weaker than expected. presuming that the fed raises i

remember, jpmorgan will kick off the second quarter season earnings fday. another positive catalyst was friday's jobs report. that added 213,000 jobs in june, beating expectations,ag but growth was modest. that kind of lldieks scenario makes trader more comfortable that the fed may n embark on an aggressive campaign to raise i erestrates. >>> as bob mentioned, next comes rnings which stan ernest on friday, could profit reports and believe it or not trade actually help the bull case for rastocks. >> tde tensions have been seen as a drag on the stock market this ye, living with trade policy fction for several months has helped the market backdrop in a few ways. this could set up wall street's goals for another shot at stretching a rally to january's peak levels. how have global trade disputes been cast -- they pressured ars of the stock market. such as industrial manufacturer's, which has left the sector nearly 10% off its reco high. this has made that crucial group appearar less extensive too a few months ago. >> weariness over trade has also compressed long

jpmorgan putting up a strong quarter, strong numbers across the board. shares down about 1% despite the fact that they beat the fixed income trading revenue number. citigroup, a small miss. investors not liking that. worstfargo down 3.9%, the of the stocks. it's worst day since march of this year, and their bread and weakr mortgage business is for another quarter. a bit of a recovery at this point although still down, this is j&j, down more than 3%. -- a jurymore than 1 ordered them to pay -- that is the sixth largest product defect verdict ever. investors are not to bring worried, off 7/10 of 1%. mark: 90 minutes until the end of the friday session. we are up for the second week, the best run since mid-may. attention turning to earnings and away from trade, boosting sentiment. sterling, it has been quite a day in the wake of the interview president trump gave with "the sun" newspaper and it came to the fore after the black-tie dinner last night. we just had the news conference. trump seemed to be backing away from some of his pronouncements and maybe a

they come back from the highs since with a denial from jpmorgan.would've been the rationale according to these reports for jpmorgan and also i cbc to potentially take stakes? nicholas: they are very thinly sourced. it is speculation amongst investment bankers and frankfurt. it is very nonspecific and they denied it already. the rationale that they put in it is that the stock fell so much that is would be a good time to get in and also the exposure to frank for, but that's really where it stops the logic. simplytly don't see how an equity stake would allow any of these banks to really increase their footprint here, especially the case of jpmorgan. they already have a big investment banking outfit in germany. the have very capable people on the ground with the balance sheet and the clients. it was a pretty thin report to with. with. vonnie: what happens next now that we have this report, nicholas? nicholas: what happens next? obviously the guys at deutsche bank are happy to have a slight bump in their share price, but it does hammer home if you didn'

quarter from jpmorgan was enough to get the group rolling.rica reported a great number this morning, the group finally caught a bid it marked a huge turn for the big money centers. bank of america delivered a terrific six cents earning with higher expected revenue on robust long growth, rising deposits, aggressive cost cuts and superb digitation. they don't need high long-term interest rates to make a killing. ocould this begin the financials let's get a better sense of the quarter and what his company's prospects are. mr. moynihan, welcome back to "mad money." good see you, brian salt have a seat. >> good to see you, jim. there. >> are is many great lines exceptional loan growth, the knack you can return so much money, the $2.8 trillion deposit. i am struck by the digitization. you are well ahead of all the other banks. and tell what's that means for you and for shareholders >> well, if you think what digitization means, it means better convenience for the customer and lower operating costs for us and more assured transactions think in a con

i will put that question to above michael here at jpmorgan mr.t management, -- to michael here at jpmorganagement, along with others. it is 30 minutes dedicated to fixed income. we are really looking forward to the program just around the corner. shery: we are looking forward to it, thank you, jonathan ferro, hosting bloomberg's real yield today at 1:00 p.m. eastern. kevin: coming up, fcc is raining on sinclair's parade. we have what the hearing order could mean for the sinclair tribune merger, ahead. this is bloomberg. ♪ ♪ kevin: this is bloomberg markets: balance of power.i am kevin cirilli in washington, d.c. shery: i am shery ahn in new york. kevin: they have pumped the brakes on the sinclair tribune eggmerger, already the local television operator in the nation. sinclair signed off on a $3.5 billion purchase of rival tribune media. the fcc is calling into question how transparent sinclair was to regulators and is ordering a hearing. that could take months. joining us to weigh in his bloomberg's sec reporter, thank you. are they going to get the merger done or not? >> that is the quest

. >> that was jpmorgan chase sitting down for a candid interview for wilfred frost. dimon giving a vote of confidence to the american economy, saying rising rates will be good for global growth all this happens as the fed kicks off a two-day meeting. there's a lot to talk about here what was your takeaway aside in jamie's shirt? >> aside from that, i thought -- he's very optimistic on jpmorgan, the u.s. economy if anything. he had a message to the trump administration, in terms of frayed policy that maybe they're not handling as well as they possibly could >> we're struggling to get through this segment now >> as was i trying to watch the interview. >> i mean, he's -- obviously, he's right in the center of business, he probably has more data on the u.s. economy than anybody. he seems pretty optimistic, the symptom has done well in the last month, it shouldn't have gotten as low as it got. i like it here, when tim talks about value notice market. bankamerica city, j.p. morgan, those are all value stocks i like them all. >> as much as people talk about the curve. the b

jpmorgan -- end lower.organ and citigroup flirted with higher levels after the earnings read there's concern -- earnings. there's concern about loan growth. we will be speaking to the cfo and wells fargo in just a few moments. we are watching cisco here. company to betest hit by competition from competition of amazon. a report that amazon's cloud unit might sell their own switching devices according to the information sending those shares down 4%. mcmoransaw freeport copper fall even though prices were on the rise. there is concerned there is an agreement with indonesia. there are plenty of hurdles before they can secure a deal and operate a black shaft -- flagship. broadcom is sliding for the second straight day on concerns that it is not in its strategic interest to make its latest deal. day, not ae latest lot of movement here. these are something of a disconnect as we see more movement on the stoxx front and bond front. stocks are moving easier today. we are seeing buying across the curve. on the week, i

we are waiting for those jpmorgan figures to come in. you like the good kind of toatility, investors want know if trading gains could persist for the rest the year. once your take on it? we are in a stealth correction. the s&p is up two or 3% this year. if we can continue to plot along and deliver mid single-digit this year the s&p against the backdrop of 20%, that's a win-win. we want to get fundamentals back and my -- back in line with prices. best way to do it is tread water and let fundamentals catch up. francine: how much to trade concerns hit banks in financials? the trade to me, anyone investing in the large banks nowadays is assuming were panacea steepening yield curve and rising rates. in the firstck quarter. now remains to be seen. a lot of it depends on how persistent his tariffs are going to be and how much pain we're willing to suffer in the near whatever it isle we want to reconcile longer-term. someine: we are getting earnings that we have been waiting for. the second quarter earnings or share coming in at $2.29 area of nu

the ceo of jpmorgan chase. i talked to him about the trade path of the president and whether he could be undermining all of the success in the economy. listen to what he said. >> if you do another $200 billion of tariffs and this national security thing with cars. you are getting close to reversing the benefits we have had in the economy. >> this will chip away at the president's support? >> it could if soybean farmers are suffering because of the tariffs. not right now. there is part of the voting population that supports and likes him. there is a disconnect between the facts on the ground and who he is. right now, he is counting on that and the numbers are strong enough that these are long-term concerns. >> that european car decision could come soon. wednesday is a meeting with the president and european union. >> i want to ask about marco rubio with push back on the president of the allegations of spying on the spacampaign. >>> 14 people shot in the central town of toronto. one of the victims has died and an

jpmorgan, citigroup, wells fargo.se are not stocks you're really looking at for id owe sin cattic performance it mayo cur, but these are big, money centered bank stocks wells fargo trading at a significant premium to book value. that's why it's trade. the yield curve is going to steepen unless we get a recession. john pointed out that jamie dimon doesn't believe a recession is imminent. i think we get a china issues revolved partially get them resolved partially. bank stocks react. >> back to washington on what the deputy attorney general is saying overseeing the russia election he's going through the counts that are being lobbed against these 12 intelligence officers from russia. there are 11 criminal counts that this grand jury has indicted this group of 12 russian intelligen intelligence, to committing an offense against the u.s. through cyber operations it's a wide range of offenses that the department of justice in this investigation has found these individuals to have taken part of. they say this group was opera

we heard from jpmorgan and city and wells fargo.tflix, blackrock. tuesday, industrial production numbers are out. goldman sachs will report earnings along with charles schwab. then wednesday the beige book is out. that's a market mover. american express, morgan stanley, a lot of people will be wondering what companies have to say about guidance. weekly jobless claims are out. microsoft will report earnings along with the black stone group and union pacific. we wrap up the busy week friday with earnings from beleaguered general electric, and we'll be watching for news there. on the political front monday president trump is in helsinki, finland for a one-on-one meeting with president vladimir putin. we begin early pat 5:00 a.m. eastern. next week a big program here. a big tech showdown. microsoft ceo is my guest and bill mcdermott. so join me for sap ceo and microsoft ceo be saty a nardella. we'll talk about congressman ratcliffe who was one of the questioners of peter strzok. tune in on the business network for "mornings with maria."

from walmart, from fedex, and from jpmorgan chase. each one of these representatives will share what her or his company is going to improve their employees' lives in a variety of ways, starting with wages but expanding to other efforts, quality of life, chances for mobility. with a particular focus on entry level workers. we will will begin with efforts produce quality of life with entry level and lower skilled workers. we'll begin with presentations from each of our corporate representatives beginning with kathleen and chris and amanda and our own michael strain. let me quickly give some bios on our guests. kathleen is president of the walmart foundation. she served on the board and is a member of the committee encouraging corporate philanthropy advisory board. aman is the head of jpmorgan chase where she oversees strategy for the corporate responsibility team. before joining the firm in september 2016, she served for 1 years as the united states chairman of commerce where she was most recently president for the center of advanced te

>> he has five more years on the board at jpmorgan chase. you know, i asked if he has public service in his future. he said no. we will see. he is one of those people who is rumored as a treasury secretary? some would like to see him run for president. you hear about bob igor or him. he says no. >> many would love him to run. >>> the duck boat that sank killing 17 people last week will be raised to the surface today. what survivors say about life jackets on board and why no one was wearing them. for long-lasting, continuous freshness, try febreze plug. febreze plug provides 45 days of freshness, with a unique dual chamber design that alternates between harmonized scents for a continuous renewal of fragrance. plus, febreze plug is formulated with odorclear technology, which cleans away odors instead of just masking them. for freshness you'll notice week after week, try febreze plug. [sfx: mouse click] man: are unpredictable crohn's symptoms following you everywhere? it's time to take back control with stelara®. for adults with moderately to s

jpmorgan chase, citigroup, wells fargo, pnc report earnings this friday. will earnings be affected with a trade war with china? u.s. stock index futures right now. the dow points open up 107 points. s&p 500 up almost 10. nasdaq up 29.5. you are watching "fbn:am." ♪ add-on advantage. only when you book with expedia. ♪ ♪ build and run apps anywhere you like, while keeping your competitors at bay. the ibm cloud. the cloud for smarter business. turned to welcome back. taking a look at features on your monday. lucy volumes pick up today. the dow was up 101 in the premarket. s&p up nine and a quarter and the nasdaq up 27 and a quarter. president trump's lawyer rudy giuliani demanding evidence from robert mueller before any possible interview with the president. >> i think we are pretty much decided where we are and we await the decision of the independent counsel. we would not recommend an interview for the president unless they can satisfy us that there are some basis of this investigation. >> this lessens the chance for a sitdown between trump and robert muell

gessner,ng in maddie jpmorgan alex -- jpmorgan asset allocation strategist. we have been whipsawed.hen,s were pretty tepid, at the end of the trading day, they went up. key onink trade is everyone's mind right now. that a reduction in uncertainty around trade is going to allow people to get back to the bargaining table and then potentially have investment behavior come back into the market and corporate behavior begin to start investing again. those are watching for. as these things escalate, more uncertainty from corporate behavior will impact earnings and results. is this sometimes, a bit of a genius, i guess, when it comes to creating a situation where we see so much downside and then creating a solution? before that, some breaking news. arie ceo moore will be retiring. ake replacement, wikramanay will become the ceo. we'll get more on that when it becomes available. it is saying operating groups are performing better than expected, but the key news is moore withent of wikramanayake to become the new ceo. witharie underscore name scrutiny coming through from that royal commission

still with me is oksana aronov, of jpmorgan asset management. joe higgins, and matt toms.re does still seem to be very much a search for yield. it has been risk on. there was a story that caught my attention this week, a bloomberg story, looking at how at least 69 companies have increased in their debt loads by 50% or more in the past five years. it raised the question, are we getting to the end of the cycle, and will there be a reckoning? joe, what do you think? joe: at the end of the cycle you always get distortions, not just in the high-yield market, or in the loan market, the investment grade market. the bbb component of that index has roughly doubled. for investors in passive vehicles, they may want to think, is the passive vehicles necessarily safer? we don't think indexes are necessarily safer. active management can move you away from some of these issuer concentrations. lisa: matt, where do you see the biggest distortion right now? matt: the corporate space. debt to gdp just from corporate issuance in the u.s. continues to rise and is beyond precrisis levels. that

so with that i will turn it over. >> jpmorgan chase. >> thank you so much.e at jpmorgan chase like is a lot of words on slides so brace yourself because some of the font -- something other what a joint from but thank you for the invitation of will do my best to make sure that we can prime your questions and get ready for the discussion but also to try to tie some of these things together. i'm going to take this briefly in three parts. one just a quick overview of how we think about recruiting top talent and making, being an employer of choice. secondly, really thinking about more broad jinga think that some of the structural challenges and how do we address some of these questions of pathways and pipelines and leverage some of our philanthropic capital in that regard. and then how do we really scale the impact? while we have 250,000 employees globally, and if you put our country's together you starting to get into real big numbers. but if we do things in silos we can't have the same impact if we all work together. this notion of scaling and collaboration are

christine romans has our exclusive interview with jpmorgan's jamie dimon. >> i spoke to the head of jpmorganepreneur of color fund event in chicago. and he told me the president is right to target china on trade, but he's not right about anything else. >> the way to look at trade, the president has raised serious issues that are pretty accurate around china that need to be fixed. we want nafta done. i think mexico is wonderful neighbors. we want nafta done. and to be torturing mexico this way, in my opinion, is dead wrong. and it should be fixed. we thought that what the president should do is work with mexico, work with canada, do tpp, work with our european allies and japanese allies and go to china in a common front, not against them. this is the way the world should deal with trade, particularly ip, state-owned enterprises. now we have a trade war and trade skirmish with our allies and china. so if somehow the president's team does a great job, maybe we'll have a great outcome. but i would remind folks, the president's team already said there will be no retaliation. they have already bee

jpmorgan sees a record-breaking bull market run until 2020. second, trump fed bashing could backfire. and top, trumps uproar around helsinki summit with another meeting with putin. niskanen first word news with taylor riggs. italian bonds have fallen amidst concerns that the may be forceder to step down. short and i italian bonds, which border most of the brunt of political uncertainty, leading decline. it was reported the country's populist leaders were united against the minister over nominations for the leadership of the state lenders. and china, the central bank has weakened its rate by the most in two years. by 9/10 of 1%nd to 6.7671 per dollar. authorities are sanctioning the losses by not intervening and have helped make the yuan the worst performer amongst more than 30 major currencies in the past month. the indian prime minister faces a no-confidence vote in parliament later today. the key test of modi's alliance is the first such challenge for any administration in 15 years. while the ruling coalition is expected to easily defeat the