bank of america merrill lynch says a hike may be imminent.out that call with the bank's head of economics and rate strategy. this is bloomberg. ♪ >> on the flipside external demand could be adversely impacted should crude oil prices persist at elevated levels or increase and trade protectionism intensified. week, as policy is being formulated, let's wait and see what winds up happening and make a reaction. we think there is still a lot of uncertainty. i think there is a lot of uncertainty as to how this will play out. we will have to see where the chips fall. >> this is something we will have to monitor closely. the direct impact so far has been small. if you look at particular types come outts that have with additional tariffs, thailand is not a major exporter and counts for a very small share of thailand total exports. betty: central bankers from around the world talking about a potential trade for between china and the u.s. and how they take that into account in setting monetary policy. haidi: one of the world's biggest banks will raise ra

is former merrill lynch expected to join deutsche bank as managing editor.dea is the supervisory board will shake up here didn't need shaking up? >> according to one person we spoke to, yes, but maybe it was too late. perhaps it is for you too much in favor to a financial services background then they may have like. ed. this is part of a bigger picture because there is also on the lookout for a ceo to be replaced. there are speculation that there are people that they looked at into the weekend. is discussion about this hurting the company? lisa: they need to focus on restructuring. others have been frustrated by the sluggish growth on the revenue front and have been pushing for change. in the last week or so, the share price has not been improving. the chairman as much in the firing line? elisa: it is interesting that we are hearing that some are saying it is not just john cryer, but the chairman of the supervisory buoyed -- board. he holds some of that with stability and should be held accountable. if the chairman should go, which would be a lot of change f

the bank of america merrill lynch index -- back below zero.his tracks global equities, commodities, currencies, a basket of risk elements. we are subzero. 55% below the five-year average. that is critically important because negative readings mean less stress in the market. yes, the u.s. equity markets have sighed relief. the s&p 500 has its highest level in months. it is back to black for the year. we have wiped out the loss for the year. the question is for markets whether this is a precursor perhaps a little bit more continuity in the market. everything is thrown at this market and we are getting into earnings season which we will talk more about the the next hour. losses in thehe last week. one thing that is interesting this morning is u.s. futures pointing higher. the decent session we had in the united states yesterday despite the latest violence in syria and the attack in syria by the u.s. and u.k. and others. this is a picture u.s. futures are looking at right now. brother upside to come in the early stage of the trading day. we will h

. >> you don't know what about, jack so merrill lynch bank of america merrill lynch yesterday added themu.s. one list. >> buy or sell >> it doesn't say anything >> i said i'm a buy. well then i'll say it -- >> you have no sign. >> i wrote other things on the sign. >> you wonder why -- >> you have 74, 75 a number of times to dan's point so i'm on the buy camp even though i don't know this jack guy either. >> two buys and one sell on exxon. but we want to hear from you head to twitter and vote in our poll @cnn fast money crypto getting crushed one former jpmorgan trader says the bottom is in what has him so bullish. [phone ringing] need a change of scenery? the kayak price forecast tool tells you whether to wait or book your flight now. so you can be confident you're getting the best price. giddyup! kayak. search one and done. >>> bitcoin still struggling to get back to 7,000. the word on the street is that the bitcoin bubble is actually bursting bob pisani has the details j. >> bank of america chief financial strategist michael hartnett, you all know him he's implying bitcoin should join

and joining us is jill carey hall from merrill lynch. good to have you. we are seeing as far as the pullback in stocks still part of a broader healthy correction as far as stocks are concerned? jill: we expected that this would be a more volatile year and one thing we said was if we see more -- policies it could be a reason for this, and this is why we like the high-quality stocks, ones with high earnings ability because they will hold up when the market picks up. but that said, we expect upside to equities if some of the protectionism kohl's -- cools d own and we see the market volatility subside, so we expect to end at 3000 on the s&p. julia: when you're talking about volatility subsiding, i mean, who knows at this stage. and are you suggesting you believe volatility will cool down, or at least level off? some suggest this could be the way it is the rest of the year. jill: we think it could be a more volatile year, but over all what should drive the equity market at this point is not only fundamentals, but sentiment. and if we get to the point where inv

still with us is ethan harris of bank of america merrill lynch.we have year this big collapse and wireless service costs and that drove down the inflation numbers and now we are at steady wireless cost in the last 12 months, so we will see inflation pick back up again. i don't think there will be a big story today in terms of something fundamental change in on the inflation front. has fundamentally changed in the last five days has been aluminum prices. powerfulng its most rally in years, it spread to oil and copper and part of that is geopolitical risk. was the future to inflation expectations? mr. harris: for inflation expectations, they are sensitive to this, especially oil. that adds to the kind of tone of higher inspected -- expected inflation. even in today's cpi number is in the game changer, we are definitely in a world where you are looking for higher inflation and the commodity markets are signaling some pressure. labor market just gets better and better and better. economists have low credibility in this is we forecast a lot of inflatio

we have with us gilles moec, chief european economist at bank of america merrill lynch. see you again. we were talking about this just before going on airand you talking about this just before going on air and you are saying it is spring, there is always strike action some sort that this year, it is different because of macron‘s massive economic reform plans and the added effect that that has. yeah, it is a more interesting test than usual because this is happening against the backdrop of economic reforms in france, probably the most comprehensive package of reforms we have had in a long, long time, actually. this is about reform of the railway system, the status of employees, opening up the competition, france's more traditional conflict over pay, and for the time being you do not have this kind of convergence of industry reaction that we saw, for instance, in previous big moments of social rebellions in france against reforms, as was the case in 95, also about ten years ago. for the time being, it is a test but things have not got to the boiling point, to the kind of b

the head of japan economics at bank of america merrill lynch, reacting to the first quarter tankan surverywn to the open in japan and south korea. let's get a quick check on how u.s. -- japanese futures are trading. the nikkei futures down .2%. we are seeing a slight rebound in the dollar-yen. this is bloomberg. ♪ >> 8:00 a.m. in hong kong. welcome to "daybreak asia." a quiet day expected as asia enters a new quarter. volumes are cited to be subdued for several markets closed for easter. a bust in china as factory shrug off the trade war. beijing prepares to answer u.s. tariffs. just after 8:00 p.m. sunday evening. confidence dented after tesla's were share month. the model free is more urgent than ever. strike a red velvet diplomatic note with a rare concert in north korea. ♪ betty: talk about k pop layer, but the fact or's are singing a nice tune here for the first quarter. the survey showed up better than expected. still looking pretty resilient for the manufacturers. still holding onto decade highest for some of these numbers. this is a breakdown here between the large and small manufa

i look at global risks from bank of america merrill lynch. surprised there is not a bigger spike pulling this up for you -- am pulling this up for you on the bloomberg print i'm surprised there's not a bigger market reaction thus far to everything that's going on at the moment. russia, syria, the whole cocktail of risk is rising. are you surprised we are not see more billion -- beer he let working reaction -- that were not see more virulent market reaction? stocks and the ruble have had a big reaction. what intrigues me, compared to the 2015 sanctions, is deviate rule credit -- the credit of the russian system. to aan cds's move just level of 750 basis points, while in 2015 it got to 600. what does that tell you? at leastyou the market from a credit standpoint has gotten used to or can handle the idea of sanctions. and we saw the corporate sector in russia actually thrive in sanctions. so i think it is contained because of credit, and credit is absolutely key here. stockrse it's a go to globally in itself. seen some global equity managers eve

the white line is the bank of america merrill lynch list indicator.re of indications of currencies and commodities globally. you have a market gauge across asset classes posting its largest streak of weekly decline since november. gauges,tale of two telling different stories. what a joy it is to be back. i am glad you and feel that way because i am awarding today's battle of the charts to kevin kelly. mark: i could see that coming. vonnie: coming up, the president of brazil. this is bloomberg. ♪ 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. this wi-fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only goin

account of five thousand dollars so we're really trying to take charles merrill the founder of merrill lynch as idea of wall street to main street to really the next level and we're trying to offer of the best of wall street to all of main street globally now fandor so you know the spooky factor in ai may be overblown but isn't the real benefit of what you do and what others in ai do is just that there's so much data out there that drives markets that for a human to do it is really a tough deal i mean even if they could by the time they analyzed all the things they have to analyze it be probably you'd be behind the curve on making a trade is that the just what we do about sixteen million calculations every night when we might have fifteen four on that is about one. and what are you looking at your look and you say all around the country all around the world. we're looking at fifty four countries as economies you know so we started with the g. eight and you know over the last few years we've expanded as more and more economies have offered their data online and accessible to our deep learning

minimum account of five thousand dollars so we're really trying to take a maryland founder of merrill lynch as idea of wall street to main street to really the next level and we're trying to offer of the best of wall street to all of main street globally now fandor so you know the spooky factor in ai may be overblown but isn't the real benefit of what you do and what others in ai do is just that there's so much data out there that drives markets that for a human to do it is really a tough deal i mean even if they could by the time they analyzed all the things they'd have to analyze it be probably you'd be behind the curve on making a trade is that the just what we do about sixteen million calculations every night when we don't have to sit in for on what is about one. and what are you looking at you look and you say all around the country and all around the world. we're looking at fifty four countries as economies you know so we started with the g. eight and you know over the last few years we've expanded as more and more economies have offered their data online and accessible to our deep le

this is the bank of america merrill lynch market risk indicator.ows a number of inputs across many different markets. it shows generally a drop-down away from those kind of elevated levels we saw midway through the first quarter. a lot of the market turmoil largely shaken out now. global money managers, you are hearing a common refrain. a little bit of evaluation reset is incremental. people are wanting to take on more risk. indicated, very indicative of the fact that there is money wanting to get back to work in the market. global growth remains, largely speaking, intact. those worries we had around inflation in the early part of the year have largely gone away. it will be interesting to hear what john williams, the incoming new york fed president, says later on today, because any kind of hit around a more hawkish the towards his view on u.s. economy will be very closely scrutinized, especially by bond market investors. for now, equity markets are looking like they have some stability after the initial turmoil we saw in the first three months of t

be of a merrill lynch saying faey may have hit bottom -- bo merrill lynch saying they may have hit bottomesident upping the ante in a high-stakes gamble with china. in addition to $100 billion in tariffs, what he is calling for. what do we know? >> let me set the stage for now. we heard from the white house, donald trump saying he could pose an additional or consider an additional $100 billion in tariffs of chinese exports to the united states. here is what donald trump had to say, in light of china's unfair retaliation. retaliationir it -- in light of donald trump's salvo. they said, i wonder if $100 --lion additional would be under which to impose such tariffs. there is a 60 day consultation period. these are not additional tariffs that have been put in place. there is a 60 day consultation period for which they could find time to negotiate. from thenother salvo white house in response to china's move. who has beening at putting their chips in, how many chips do they have? bob: look at how much the united states shipped to china in 2013, $130 billion worth of good. the one area they hav

morgan chase bank, and ralf preusser, global head of rates and strategy at merrill lynch internationalk. it is amazing to look at these leaders. it seems like the markets have a sigh of relief. how much is -- how quickly can the market react to a geopolitical event? so far it seems like it is pretty much ignoring it. diana: i would not say that the market is ignoring this. are a lot of things going on right now. the north korea issue was one of the geopolitical risks that the market was focusing on recently. there also -- are also talks with it still --. the reaction is likely to be muted. where we could see more reaction is perhaps in some of the asian currencies. the korean yen is one that might react much more. francine: if you look at the risk, and i have a chart looking at korean yen. the market is looking at this and i don't think they have priced in anything. i don't know whether they could president or whether they just used -- price it in our whether they just choose to ignore it? come, i guess the implications of a meaningful nuclear escalation pretty , i guess therea implica

james barty of merrill lynch and simon french of panmure gordon both stay with us.apan, a scandal this month. will it hurt the chances of party leadership election? we will look at what that means for the yen. we will be right back. this is bloomberg. ♪ francine: economics, finance, politics, this is "bloomberg surveillance." i am francine lacqua here in london. let's get straight to the bloomberg business flash. . nejra cehic. nejra: deutsche bank's supervisory board they've a new ceo to replace john cryan. go deputy ceo christian sewing, a deutsche life who heads the bankr's private and commercial arm, will take over immediately. garth ritchie is promoted to head of securities unit and what we come code at pdc oh. the bank -- co-deputy ceo. novartis has agreed to acquire avexis to expand its position in to explorey treatment for a rare disease that affects infants. it represents a premium of 88%. she closing price of avexi shares on friday. the transaction has been unanimously approved by both companies' boards. plunging moscow trading. potential that the fault an

what a lot of earnings coming out, bank of america merrill lynch coming out. a ride, up 60% over the past 12 months, and likely to be more because they penetrate the indian, south korean and japanese markets, still more growth to go there. they will borrow more money to produce more content and do more advertising. one more comment on sanctions, last monday, this time last week, we saw the russian financial markets falling quite a bit. the ruble fell quite a bit, the sanctions introduced the friday before by the us. is it all priced in? what happens to the ruble? what was telling, the qatari government issued bonds, government debt, they raised about $12 billion last week on friday. massively oversubscribed. people don't put money into a region if they think there is going to be more conflict spilling over. follow the money. the thing with russian sanctions, they are very contained. it does not impact the rest of the world. we will keep an eye. still to come: with women's role in the workplace very much in the spotlight, we'll get the inside track on how they

peggy: he is known in terms of merrill lynch when it was getting bought by bank of america.about press the time, but then he was at cit and executed a turnaround. alix: if you are john thain, are you happy sitting on an advisory board? i certainly do not know. i know john thain some. but i am not sure if it is either/or. it would not be the first time they brought someone on board -- that is what happened with ford. was brought onto the board and ended up being ceo. peggy: and this board essentially overseas people on the board and management. alix: and we love talking about hedge funds. that leads to our second topic, which is david einhorn. 14%. losses so far -- you think you would have done better, especially since stocks got him at the last two months. thursday and friday, we were thinking he would do better, because some of his bubble basket of tech stocks really suffered in march. amazon.com, netflix, but it still came in down 9.1% in march, bringing him to a 14% loss for the first three months of the year. david: it is not just tech. negative on. he is shorting tesla.

senior vice president of developing, ari, of bank of america and merrill lynch. >> good afternoon. it is a pleasure to be here this evening -- this morning, this afternoon, today. i guess it's kind of strange. i remember what this place looked like. it didn't look anything like it looks like today. i remember what the residents looked like when i came to visit before ccdc took over the property. it doesn't look like anything like what the residences look like today. this has been an amazing transformation, and it's been an amazing transformation because of many, many, many people. a city, state and local government to get this done. first, i'd like to thank the former mayor. he was really a great partner. he was the affordable housing mayor in san francisco. he was one of the rehabilitaas of america did this project. we knew how committed he was to affordable housing at his core, which is the reason we did this. i'd like to thank the current mayor farrell, supervisor kim, and of course the mayor's office of housing and workforce development, ed hartly, and many, many other people t

. >> merrill lynch speaking out, her interview and your opinion on it. >> we are 107 ° outside, i wasello. >> turn him around. >> i speak to people in public life and not in public life. >> we learned it was so hot bill clinton whose wife was about to be questioned by the fbi would meet with the atty. gen. and the corrupt meeting. the justice department has enough evidence to arrest hillary clinton protecting her, the obama administration, rating the home of the president's lawyer, the modest payment to someone associated. americans should be frustrated and the president being quite under control in his comments about the mess of the fbi and comey and lynch. >> they talked about the timing of this interview, set to make out in the first few weeks, do you think anything was said in this interview makes the timing legit. was anything but shocked you? >> comey's book coming out. we are waiting on answers on that. miss lynch is getting concerns about the fisa issues. and they are rating again the president's lawyer's home, and $130,000 payment. todd: a plane crash on the golf course, what

us, theoec is with chief european economist at bank of america merrill lynch.rtant is the overwhelming theme -- year one and now your two, which is the trump administration and a new american foreign-policy. -- a new eurasia, these geopolitical dynamics that play into a better global economy. we have a better global economy. how do we sustain it? mr. moec: we have a better world economy, but we are also getting a lot of noise from washington, d.c. in the form of fiscal policy which is coming out an audit moment at the sense it is very rare to get into a proper fiscal expansion at a time when the cycle is quite, quite strong. brought inve been their approach, hiking rates without raising for inflation. in -- when hecome came in, nobody really knew who he was. from europe, what do you want to see from chairman powell? mr. moec: the interest of europe is to get the most hawkish monetary policy you could expect from the u.s.. -- europe, the biggest issue at the moment is our own monetary policy is that because we are afraid of triggering too much of a currency depr

there is a bank of america merrill lynch stress indicator that you can access in your gtv library onal. ands showing the risk stress affecting market participants across the board is coming down significantly now. lowse now not back to the where we were prior to the end of january and early february turmoil, but it is well below those stress levels we saw in the early part of the first quarter, so it is signaling the incremental risk taking, and global portfolio managers wanting to add risk around the edges. that is coming back and the by the dip mentality remains alive. the question is whether this can gain momentum. there is uncertainty with the earnings season this week and over the next few weeks. it will be very key, but what we also hear about u.s. monetary policy, john williams, the incoming new york fed president, he is speaking later today. that will be interesting to see what he says in terms of how the u.s. economy is developing, but from a market stress point of view, those coming down and people feeling relaxed. one feature of earnings season has been a rosy profit pictu

merrill lynch, the thesis, exxon trades like an oil when oil was much lower so it deserves to go higherou take a look at where oil prices were when exxon was at this level before, they were dramatically lower big shoulders on that one. especially when it rallies almost 3%. big move for exxon including a fantastic piece from steve how nike just acquired a start up doing body scanning the ability to scan your feet can give them a major up here. i need these i have to buy two pairs of nike -- anyway, too much information. nike has been one of the best performers in the dow. finely, paypal, a company that has been battered from competition of amazon. laying low by talking about losing business. venmo is more beloved by the younger generation than ever there. no michael cohen, no china battles. no federal reserve and a zuckerberg free zone companies doing the same thing, more money for themselves and for you the shareholders stick with cramer. ♪ ♪ my ambition? helping people get what they want, understanding we're not in this alone, and teaching my kids that no ambition's out of reach. ambit

merrill lynch has entered a downturn. the downward trajectory is continuing.our market check. ♪ emily: this is "bloomberg technology." i'm emily chang. let's return to our top story. stocks in freefall on monday's session, a pessimistic start to the quarter. tech stocks led the selloff. amazon up 50% in the last year, after president trump's twitter attack on the online retailer. netflix slid 5%. chipmakers in the s&p 500 plunged more than 5% thanks to intel's worst day in two years. we are joined by michael purvis and daniel flax. daniel, i will start with you. what are the highlights as far as your concerns in terms of what has sparked the selloff and what is keeping it going? daniel: there are a few things driving this selloff. you have concerns about the global economic and political environments, which is leading to more uncertainty. second, you also have questions in the technology sector about regulation and global tariffs. as we look out over the next couple of years, these issues may well be with us, but we are focused on uncovering interesting, funda

merrill lynch, you are getting funds they are paid to offer you.o betterment, we don't get paid by anyone. you don't get paid to sell you certain funds. the only way we get money is the fee you pay us, and that makes us unique in the robo advisor space. we are looking out for the customer's best interests. emily: do you have plans to expand? offeringners are checking accounts and credit cards. you make at to help more of your money. i do not want to just give you a checking account, i want to give you something better, make your checking account smarter and make more money off of everything you own. that is what we do. you will not see us launch just a checking account or credit card, you will see us help you make more money. emily: how many assets do you have under management? 120% this year. i expect that kind of growth to continue. emily: how are you advising on tech, given market volatility and a lot of uncertainty over facebook? jon: it is interesting what is going on with facebook and the broader sense of wanting to regulate these tech compan

if you go to merrill lynch you are getting funds that they are getting paid to offer you. we do not get paid by anyone to sell you certain funds. the only way that we make money is the fee that you pay to advise you. that makes us unique in the robo divisor space. emily: do you have any plans to expand? some of your competitors are partnering with banks. is that something that you would do? >> what i am excited about is how we make customers make the most of their money. i don't want to give you just a checking account. i want to give you something better. i want to make your checking account smarter, and help you make more money off of everything that you won't. you will not see us launch just a debit card or check account like all of these other players. you will see us launch things that make you more money. emily: how fast you expect your assets to grow? >> weaker 120% year-over-year, q1 this year to q1 last year. i expect that same type of growth. emily: there is lots of market volatility and uncertainty with what is happening with facebook. interesting ins the broade

person with a knowledge of the matter, a former merrill lynch ceo is expected to join the bank in may comfort joins us now from frankfurt. feedbackk about the and how investors are going to react, and what that signals about the future of this institution. on those four names who could be joining the supervisory board next month, the largest character, the most famous of the four. the feedback i get from investors is divided. on one hand people are happy that there is more financial knowledge coming onto the supervisory board. ande are three bankers, they could replace a lawyer, a utility executive, a banker, and a software engineer. these are people who may know more about what deutsche bank does. we had tom bien knowledge of banking -- we had too little knowledge of banking. he knows banking and what could go wrong in banking. some investors are saying we are be aed this could also signal of a different age, a different era. and this is not the best signal to send shareholders and stakeholders. they may want to put this in a different context, but it is a dot bided picture. -- it is

i'm happy to say that the global head of fx strategy from bank of america/merrill lynch joining us tol things fx. the greenback has been a surprising underperformer this year most people expected with a more hawkish fed, with the tax cuts that came out of the u.s., the repatriation, that all of these things would be a boom for the dollar but it has not materialized. why is that the case >> the u.s. debt has been strong the fed has been hawkish fiscal policy stimulus is one we expect to support the dollar, however the dollar weakened this year and it's at relatively weak levels there are two reasons that has kept the dollar from rallying. one is the concerns about trade war, which also sends a signal about uncertainty in other areas of the u.s the second is when we look at flows, we have seen strong dollar selling across the board. it started last year after the french elections, but it seems it has accelerated this year this has kept the dollar from rallying despite the fundamentals justify a much stronger dollar. >> those two justifications that you have given me, do you expect them

he's also responsible for the imprisonment are four merrill lynch executives. that was overturned by the fifth circuit court of appeals, and he has been accused twice that i know of of withholding exculpatory evidence by judges in cases. weissmann wrote a note to sally yates. "the wall street journal" reported weissmann attended hillary clinton's election night party. do you want him to be the pitbull to go after you and this never ending, zero mandate witch hunt? that's what's happening. would you want that guy going after you with that track record, and why would mueller ever a point that man? then on his team, jeannie rey. she previously done legal work for the clinton foundation. huge democratic donor. can we say conflict of interest? next, we have the disgraced lovebirds peter strzok and lisa page. based on all the text messages that so have been exposed, it's apparent they were out to get trump from the very beginning. they are the ones who texted about having the insurance policy in case donald trump actually won and called them pretty much every nasty n

merrill lynch saying it is a matter of when and not this. may 30 -- when and not if. the tiebreaker is the nafta deal, whether it points to an increase in may but for now, the canadian dollar is trading back 1.2603.the u.s. bank earnings with another solid report. morgan stanley beat estimates on almost all metrics as revenue topped $11 billion for the first time. analysts from ubs joining us on the phone. i was reading your earnings and you seem satisfied with everything. see car is the question -- car is the question from here on in. brennan:'tis the time of year to start thinking about it, that it has been less of a wildcard in prior years. i am expecting capital returns will increase but that was one of the big questions on the call today, especially in light of the fact the fed has issued new proposals for adjusting the capital buffer spaced around the stressed outcomes out of c-car. vonnie: we had an interesting reaction. we saw it up 2% in a relatively flat market. why did investors give morgan stanley a pass? brennan: i think that the idea here is that we had

betty: and speaking of trade and the currency, we will speak with someone from bank of america merrill lynchics. how the yen might be biting into japan's economy. we will see more of that and the top conservative coming out in the next hour. how much is the currency strength really crimping the japanese economy? haidi: haidi: currency and trade continue to play out when it comes to the china micro outlook as well. we will talk to a senior emerging markets economist, something of a split in the markets saying you look at equities and bonds, they are suggesting we will see economic slowdown. the pmi sort of trade data when it comes out of china looks fine. we have got to take that pmi coming in at 945, so painting the picture when it comes to trade resilience as expected for china. daybreak: asia is next. this is bloomberg. ♪ 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 locatio

not only the merrill lynch business but they are a very large consumer bank and we saw some good numbersiti's consumer business. jpmorgan's consumer business was strong particularly in the credit card area on the processing side. so i think bank of america could benefit from both the merrill lynch strength in equity trading and other types of trading activities, plus the strong consumer franchise and they also should benefit from a bigger chargin. morgan stanley very strong in the equity trading area. so we anticipate we'll see good numbers from these banks when they report next week. >> fred, one last question on wells. does it continue to just have to stand in the corner with the dunce cap here how does it -- how do people look at it relative to its rivals >> well, i mean, it's cheap but it sure feels after this quarter that it's cheap for a reason and it feels like a value trap to a lot of folks at this point in time. they continue to struggle with these regulatory overhangs and seem to be in that dunce cap relative to the fed. it's tough to get excited. at some point the stock price

for joining us. , cio, plurimiong wealth, and kamal sharma, director of g10 fx, bank of america merrill lynchwith us. we will check back in markets and a second. this is bloomberg. ♪ ♪ mark: this is "bloomberg surveillance." i am mark barton in london. the brexit process is being discussed. this option takes you through every asset class and gives you a splattering of prices. this is the equity column. stocks are falling today. treasury yields rising. stocks inclining on both sides of the atlantic. the dollar is in ascendance. year yield rises the highest since january, 2010. we are seeing bond yields rise today. look at the commodities board. even gold is declining by 0.5%. what a busy day on the earnings front. this is the busiest week for european bank earnings. thiam, after the bank attracted new assets at the fastest pace in seven years. key contributions from the asia-pacific. by -- profit and revenue did better than the bank expected. thiam entering the final phase of his three-year turnaround. , the owner of gucci, 6% higher. gucci keeping up its relentless growth pace at the start of

. >> deutsche bank wants the former chief executive of merrill lynch to sit on its supervisory board.pervisory board mean for deutsche bank's direction? >> the names came out a couple of days ago in the press, and people had the time to kind of digest them. the feedback was not so great from the german analysts, certainly. people said zame is a symbol of the old world of finance. the pre-financial crisis excesses and types. so that is one worry people had. other people might say that deutsche bank is deepening the bench of finance knowledge on its supervisory board. that could be a good thing to get a better grip on the kind of business is the bank does, the risk they will be doing and the changes coming for them. but we have to wait to hear more on that, really. >> deutsche bank investors scouting for a new chief executive. today, we have learned investors approached a former jpmorgan executive about taking the job. and we also learned investors talked to bank of america's christian meisner. does anyone want this job? >> we seem to be getting the sense that everybody is thinking oh,

bulls on thursday, bank of america, merrill lynch and jp morgan warned their clients that e phone salesow expectations after taiwan guidance citing weaker demand. apple's attempt to secure a second supplier for its high-end smart phone screens reducing its reliance on samsung has hit a snag, that lg is failing to make them, falling behind schedule. apple has that much less bargaining power over pricing. guys, back to you. >> josh, big story today we'll watch that closely josh lipton for us watching apple. >>> we're watching ge after the company reported beats on opening and for the quarter. signs of progress in its performance despite weakness in power. we're joined by steve whitaker from ubs to talk about where the company is headed from here. thanks for joining us. >> good morning. >> street team is a bit split. steve tusa this morning said our bearish thesis remains in tact where are you? >> about 8% upside from today. and the reason i see that, it was actually the first piece of good news, first decent quarter we've seen in a long time from ge, the absence of negative knews is actua

you look at the bank of america merrill lynch survey, and only 5% of that survey are globally bullishat is the lowest rating since 2016. data, on tophard of sentiment, and you are left with more issues. that you areabe is less important to the north korean discussion. you are less important to me as a trading partner. last week they discussed going into tpp. today it does not seem that is remotely on the agenda. we are keeping an eye on everything they say, watching and alsomeeting watching european corporate's. the markets are updated on second-quarter sales. 2.4estimate had been billion. they're looking to edge that number a bit higher. the first quarter net sales is also coming a touch above estimates. that looks strong. they're getting an update on ultraviolet machines, big pieces of technology that they manufacture for the chip sector. let's talk about where we are in the u.s. futures picture. we talked about the asian session, the u.s. earnings story , this is the picture for futures. we are expecting them higher at the start of the trading day. wto fromenges to the president tr

along, buybacks would be big >> hold on, let me give you numbers directly from backe of america, merrill lynch 168% growth in buyback activity over the four-week period. week over week, 80%. you have buybacks returning with a vengeance. back to a four-year high after they had been just kind of consolidating at a normal level for the last three years i think when you see that kind of activity, then you go and look at things like the advance decline, and you see it really strong and then you look at the russell, which is only 2.5% off record highs if you ask, well, why would buybacks be the culprit or the reason we have this sudden burst of strength back the number one sector with that buyback activity growing is technology financials did not help us they all reported great earnings and promptly sold off. and energy, while it's had a nice few days, it's not that big. >> josh, netflix is not about buybacks and they reported a great number numbers are going higher that's why the stock is going higher >> one stock >> it's bringing up the entire technology sector today. >> one stock one day. >> we'r

this chart in your gtd library shows bank of america merrill lynch as a market stress indicator. from those highs we saw in early february. the environment is a lot more comfortable for risk appetite and global equity -- across asset managers to be allocating more money incrementally. this is not a case of filling your boots but there are pockets of value emerging as volatility has come down. they areeeing regaining a bit of force. rishaad: thank you. bloomberg users can interact with the charts we show on bloomberg. g tv is the function you need. catching up on key analysis. you can save this charts for future analysis as well. this is bloomberg. ♪ haidi: we are looking ahead to the highlight of the data calendar which is china's quarterly gdp numbers. perhaps more interestingly that break down when it comes to success in investment retail sales and industrial production. we'll get a better idea of how things are looking given there of distortion. stability is still the name of the game. we have this deleveraging campaign, these delicate steps toward structural reforms head

this could have a positive volatility, on the merrill lynch unit.cording to reports. there were some weakness for the other big banks that reported. could this earnings season somehow disappoint even if companies to hit numbers? always have systemic risk. volatility could be moving us to the downside. that can affect earnings. this could put of a little bit of a wage on everything else. sector, also, the tech one of the two sectors higher on the year. a little bit of relief now that mark zuckerberg pleaded his congressional testimony. what is ahead for big teach? dan: -- it is a lot of wait and see. facebook is going to be a different anomaly. there are lots of factors beside earnings. there is a whole lot more going on in that picture that probably will have greater influence over the future. place we have more knowledge, lulu lemon put up a terrific fourth quarter. can you talk to us about that? dan: great numbers, is but a followthrough -- a lot of followthrough. a trade that i like is buying may 90 calls, 430 or better. there is a little bit of