let's move over to equities, a place where jp morgan -- where jp morgan has been nipping at morgan stanley's heels. you are seeing jp morgan pull in more equities revenue than analysts even expected at goldman sachs and morgan stanley. again, it sets the bar very high for the other two large investment thanks. lisa: what about -- investment banks. lisa: what about the real economy? consumers still are not borrowing. how big a concern is this? sonali: a huge concern. the card business is what we have been looking out for, but average loans are up 5%. on the headline, that is a great number compared to last quarter, where you saw it flat. but it is coming from the commercial businesses rather than auto loans, home loans, and cards. so people are waiting for 2020 to for that to really turn around. -- for 2022 for that to turn around. but how much do higher rates get anyway? tom: it is original territory, buried in this are charge-offs that were have as much is the gloom, and the reserve release was nothing short of lights out, and mr. dimon releases that. fortress jp morgan is intact, isn't it?

morgan.ank of america beat on expectations for net interest income, and they did see credit card loan growth. this to me is interesting, especially given the fact that people are wondering if consumers flush with cash are going to start to borrow again. 11:00, we get the u.s. planning to release the crude oil inventories. the price of oil has been up. it is persistent, and we are hearing from the likes of francisco blanch that it could get to $100 a barrel sooner than later. at 8:30 a.m., we get the u.s. producer price index data. this follows what we saw in china, where they saw the fastest pace of factory prices going back 26 years. how much can we continue to say transitory if these are persistent, and we are seeing it brought an out respective two factories, with home prices? jonathan: that final part is so important. at the start of the year, it was a possible story. we are temporary, connected to the reopening of this economy. the longer this year goes on, it gets harder to tell that st

morgan has been down. bank of america has been down seven past earnings reports on the day of reported earnings short-term they have been negative, but if you look at all of those stocks over that period, they have all done pretty well. the market sold the news and people stepped in shortly thereafter >> paul, great speaking with you. thanks pete, what do you think of those sectors paul mentioned >> it's interesting, mel when you look at who is going to get affected most, there are names that come up you look at nike and who is under the most pressure. when i look at some of the financials, that's a different type of pressure and they have been dealing with this for a long period of time. we saw the j.p. morgan numbers it was a matter of where was j.p. morgan in terms of where was the stock trading. i mean price to book there is a lot of other names that trade very inexpensively, bank of america, citi, some of those names where they have the ability to give a great number and move to the upside >> breaking

jp morgan, not the case. you might remember, tom, back in 2008, they acquired bear stearns as it was failing, and they picked up the failed washington mutual. but to your point, what we are seeing, because of the digitalization and the delivery of bank products through that channel is less of a need of people in branches, and we are seeing those shrink. it is tough to really calibrate for every dollar of technology spending, you need .5 less people -- that is a tough calculation to do, because we just don't have the data to be able to accurately do that. needless to say, as the digitalization increases and the penetration rates increase, you are obviously going to need fewer people in the banking group, and we expect to see a slow decline in the number of people employed in banks over the next three years to five years. jonathan: gerard, thank you, sir. stay close as we work our way toward those numbers. jp morgan down, .3%. lisa: we have got eight minutes. jonathan: your sense is :47. lisa: i took the eight

jp morgan is jp morgan, and we will get citigroup, morgan stanley, more diversified companies that team to find a way to perform no matter the environment here. some of these regional banks that have a business model that is maybe more singular, how do they hold up in this environment? >> in the near term, you are seeing some margin pressure in a low term interest rate environment. all regional bank that reported today was down about three basis points. we talk about loan growth being muted. jamie dimon talked about potential green shoots in commercial real estate. that is something that we will be mindful of to see if that trend is continuing, among others. i do not think they have, to your point, the same investment bank and trading operations that are benefiting from capital markets activity. taylor: pivoting a bit, yesterday we spoke with mike mayo at wells fargo. he has been hinting that banks need to pivot quickly to rival fintech's or become technology companies, if not consolidate some of the other fintech players if they can't compete, buy them. our banks pivoting fast enough t

morgan, and citigroup?ey are handcuffed with their ability to grow assets, so they have to be selective with where to get the best profit for the return. as far as investors, i have to disagree -- bank of america looks like a clean quarter. everything is firing on all signals. wells fargo, they have a bigger delta opportunity if they can improve businesses. with wells fargo, the velocity of mortgages, refi is a big engine for wells fargo in they have another big delta on the card business -- they still have a national platform for the consumer, so it is not always who is the best and who is the worst, but who is changing, and that is what investors need to capture. bank of america is a great company, but this is their first clean quarter, as noted earlier, versus the last two. lisa: just to be clear, it sounds like you are more bullish on wells fargo as an equity investor then bank of america. ken: that is correct that i have not seen today's results, but when you have turnarounds and you are kind of in the

david: this is going to be fascinating because you got jp morgan, morgan stanley have done the rightad huge numbers of customer relationships and that is one thing that, for all their technological superiority, d5 particles do not have. you cannot make money if you do not own the customer relationship. that is a large strategic advantage for the big banks. what they don't have is the ability to keep up with the protocols and blockchain technology if they do not buy their way and. they also have a lot of cash to do that. what i think you're going to see is a gradual transformation of these traditional banks into more tech savvy firms via acquisition. a gradual transformation as these technologies become -- alix: we are going to leave it there. thank you so much. david trainer, new constructs ceo. appreciate that. coming up, finance minister bruno le maire wrapping up with reporters. he will be joining us next. this is bloomberg. ♪ ♪ guy: finance minister bruno le maire finishing in washington. he is there with annmarie hordern. over to you. annmarie: we are dodging acorns. this guy is

morgan? >> morgan: everything that the president will vice president does is all about inventory.ies and whatever happened to apples? when we were all supposed to be healthy? i digress. it does have this, let them eat cake feeling, doesn't it? i guess from a comp's perspective i don't understand why the white house has the president eating ice cream and the vice president eating bakery suites. it just all seems, i think it's indicative of how out of touch they all are. let everyone eat kick. >> it reminds me of nancy pelosi in the heart of the pandemic. people dying by the thousands every single day and we are still losing good people i like ice cream, it's over pricey but remember she was eating it? it's kind of the epitome of out of touch. i do want to get into the nitty-gritty. and she assured us in the campaign that she was competent and she campaigned on need to reform immigration laws. she champion for the rights and humanity of those people of color who are trying to come across our border she said. and now she is missing. the brands point i agree with how he said, if she w

bertha >> thanks, morgan.ary care services in store announcing a $5.2 billion deal in primary care provider village md, that doubles its stake to more than 60%. plans to roll out 600 clinics by 2025 in under served and urban and rural areas, part of the company's launch of integrated services under walgreens health. >> when you think about health care it has to be local. it must be local we can move in local communities to have a physician connected to our walgreens store and it creates a wonderful relationship between that pharmacist and physician and then when you think about putting in the background of that a tech-enabled platform so that all of your medical records are pulled together and the conversations are uniform, and youring if recommendations are being shared directly with the pharmacist, i think that's a game changer >> also looking at shifting offerings in the front of the store. >> we're actually looking at that now and making some deliberate decisions about what should the front of the store re

morgan, morgan stanley, bank of america.y had their best quarter ever in investment banking with revenues jumping 67%, to $2.85 billion. bank of america saw a 65 percent jump. j.p. morgan almost tripled their advisory fees from a year earlier. that was obviously a huge positive. on the other hand surprisingly, we also saw a massive jump in equities trading revenue. that was driven by the serious volatility we saw in september. citigroup for example posted a 40% jump in that area for the quarter. shery: loan growth has been a key issue for banks and they remain challenged. any surprises this time around? investors reporter: were certainly very concerned about that. we did see a couple of those stocks selloff pair that is because while they are doing really well in dealmaking, loan growth still has not come back. most people are still using those stimulus checks to pay down debt. while they are starting to spend a little bit, they are not yet borrowing money. we saw consumer growth down and that was 2% as well as 5% at wells f

he mentioned jp morgan. that stock is down sharply.ost is going to be a factor going forward. we are going to be talking more this quarter about the way import cost are going to influence the outlook, and the question of courses, how long does that last? how long is transitory? not a huge reaction to that cpi number, although we did see more response at the short end of the curve. matt: absolutely fascinating day for fixed income, for govi's. we talked to ira, he set another a-plus auction yesterday. it is very interesting, especially when you consider the inflation data coming at the same time. let's get back to the stock market, because i want to go to our stock of the hour. we see the index is bouncing back. financials are a big part of the reason we cannot really take off. bank earnings season, as we told you, kicked off with jp morgan. the m&a part of it was really strong, but the basic business of banks is not making too much money, taking deposits and making loans. dave wilson is here to explain. dave: it is really the long part

from bank of america, morgan stanley, and wells fargo.ions about booster shot risks. that wraps it up for me and guide. jeffries chief economist will be joining david westin on "balance of power." this is bloomberg. ♪ guy: from the world of -- >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." president biden meets today with a group of corporate leaders and administration officials on the racial issue of supply chains and what we can do about them. for a preview we turn to our washington correspondent, joe mathieu, host of sound on on bloomberg radio. give us a preview of what we expect to hear about the supply chain and what the president can do about it. joe: is not the first time the president has convened stakeholders on supply chains and supply shortages. today is coming with more news. the port of los angeles moving to a 24/7

morgan.e net interest line came in at 11.2 billion, forecast was 7.6 j.p. morgan on that line was up about a percent year over year and they are seeing loan growth in a way that j.p. morgan was more guiding to seeing loan growth in the years ahead. strip out their ppp loans drawing down at this stage they saw 2.3% growth quarter over quarter. definitely focus on that the fee income side, also strong 11.7 billion the forecast was 11.11 and like j.p. morgan good on asset management investment banking 2.2 billion, ahead of forecast and includes a record all-time high for advisory m&a is huge. and similar to skbrrks morgan on the trading, good in equities, that's a beat. a bit of a decline year over year in fixed income trading still 2 billion, nothing to turn your nose down down quarter over quarter for expenses, it was high last quarter, flat year over year, nothing fantastic but not bad like it was last quarter and the stock, unsurprisingly jumping 2% it was down 1% yesterday in sympathy with

lisa: we compare open sex to morgan stanley, who is winning?: when you think about strategic evolution, it is clear morgan stanley is ahead. it is basically an asset manager , growth weights comparable to any in the industry, almost 10%, so they really -- they are there. they have figured out strategy. i think goldman is more of a process. if you would ask me in terms of a strategic transformation timeline, morgan stanley is clearly ahead. tom: is there an urge to merge? i mentioned scale earlier. is there a frenzy in the interest rate environment or the debt acquiring environment to do transactions, to do combinations to generate scale? christian: i think so. figure out strategy and take advantage of very accommodating markets. fast-forward asset manager and it has done wonders. multiple extension on buying companies for growth. i certainly believe that cover m&a in this environment where innovation is happening quickly. m&a makes a lot of sense. tom: christian bolu, thank you for the brief. american wall street, dow futures over 35,000. lisa:

morgan, what about you?s when bret said that my granny was a hottie. she is the biggest fan of bret baier. i hate when i dream about work. it drives me nuts. i don't usually dream about work or school. if i am stressed, i dream my husband did something wrong and i wake him up and i tell him why i'm mad at him and he says, but it's a dream. i try to watch seinfeld or friends before bed so i stop thinking about life. >> emily: blaming the spouse. >> carley: my favorite "the five" handoff, i loved when you turned your head into a cartoon bear. >> harris: that was great. >> carley: i have a recurring work dream. a lot of people and tb have this, similar to bret. i am trying, i have a segment coming up and i keep on forgetting and it's hours later. "but i've got to get to --" and i have no makeup on. it's a stress dream. i have one that i am in college and finals are coming up that i haven't taken any classes, and i don't have any of the books and i have -- how have i failed so greatly? those are my reoccurring d

i wouldn't have shared that. >> morgan, final thought. >> harris: they know i'm kidding. >> morgan: everyonei didn't do it, i know peep they'll do. i will buy shares in the company. >> thanks to everyone. here is "america reports." >> bye, greg. >> sandra: thank you, team. fox news alert to kickoff "america reports" and brand-new hour. one person killed and another wounded on the set of alec baldwin's new movie after the actor fired a prop gun during filming in you new mexico. tragic story, indeed. hello, i'm sandra smith in new york. hi, john. >> john: i'm john roberts in washington. director joel, director of photography, hutchins were wounded during a scene for the new western called "rust." hutchins was flown to the hospital and later died. souza was

morgan, and particularly morgan stanley., we could see citi showing weaker trading results for fixed income. tom: what did we hear about loan growth or lack of loan growth at jp morgan and what it tells us about demand from consumers and corporate's? >> that is an important focus for investors, and we have seen executives saying that consumers are beginning to take on debt again. there is a real turnaround that is some ways away. overall, loan growth came in higher, but it is the asset and wealth management arm. when it comes to consumer and commercial loan growth, those remain. credit card balances should begin to grow. it is expected it will take time before they return to pre-covid levels. those are the numbers some are focusing on. and there is a lot of ground to be made up. tom: thank you very much. switching to santander, the chairman saying no one should be left behind as banks strive to transition to a climate finally future. she spoke exclusively to francine lacqua. ana: most of us are not zero in her own operations

morgan stanley, bank of america, wells fargo, all and all healthy. credit card spending better than anticipated. we did see wells fargo feeling the pressure right there. some misses when it comes to growth. it has really been about that dealmaking and trading windfall. with the pandemic, we saw the m&a advisory continuing to rise. this chart on the bloomberg showing how mergers and acquisitions have been a huge part of those valleys this year. -- those rallies this year. a relief for some of the banks who have struggled with traditional lending operations. i was talking about the consumer and commercial loans still under pressure not only for wells fargo but also for jp morgan. paul: those big banks thanking the good times are going to roll for some time. talking about a long pipeline for dealmaking. we had a long ranging conversation with the morgan stanley ceo as well. he was giving his thoughts on inflation, the path ahead for the fed feeling it is time to pick the bubble a little bit and

morgan stanley, different kind of animal. multiple >> dan >> i think karen is correct. the morgan stanley thing is interesting. goldman sachs will be tomorrow morning. i would be more focused on them. we were focused on the interest margins. i'm kind of more in that camp less than the money banks to this point >> guy, i know you watch closing bell closely and religiously >> religiously >> the valuation of morgan stanley versus black rock, the valuation of morgan stanley is considerably lower should it reflect more of the strength in the as set management business? >> i think so. i have a memory like an elephant it has to be over a year or so ago that dan nathan pointed out morgan stanley had the best looking chart out there. a couple of years i would not have said that, but they have morphed into something a lot of people are aspiring towards, three distinct business units. i think they are growing into it i think we trade through the 195-ish and i think it will deservedly grow. >>> jim cramer sticking by one big name he said

jp morgan yesterday.rgan telling anyone in the front office unvaccinated employees face higher payroll deductions to cover the cost of testing and health insurance starting next year and if you're not vaccinated, you won't be employed by jp morgan if your new employee and if you are current, you cannot go and meet clients. tom: this is a core reason i have an optimistic cast on lisa's gloom. it's as simple as this. companies are acting. united airlines, jp morgan, different strategies, same goal. lisa: i'm not pessimistic about the pandemic ending, it will end. there is an issue of what the underlying on the economy are praying -- underlines on the economy are. jonathan: futures up 4/10 of 1%. yields higher by a couple of basis points. up next on those booster shots, johns hopkins center for health security. this is bloomberg. ♪ >> with the first word news. shares of facebook rebounding today after the global outage yesterday sent the stocks falling. the company blames its network integration. it took dow

morgan stanley will come in and the back of the back.l revenue is expected to be robust given the trading revenue is skewed more towards equities trading, and there has been strengthen m&a and ipo's. you're looking at the bank index. bancshares for 2021 have been one of the strongest performers for the year. shery: su keenan with the latest on u.s. bank earnings. quick check of the latest business headlines. plans to invest that trade on commodity exchanges. wood had mentored name to the atf, which would track the world's largest cryptocurrency is measured by the index. blackrock is seeing a record slot of money as a jump to sustainable investing, of the $98 billion the firm took in last quarter, about one third went into sustainable funds. the asset manager ceo who is a big yes to backer says returns were especially high in europe. blackrock's third-quarter revenue both be estimates. hyundai is doubling down on electric vehicles and china pledging all vehicles introduced will be battery-powered by 2030. the carmaker says it will build t

morgan's net income to $11.7 billion.eo jamie dimon says the bank has weathered supply chain disruptions well. on capitol hill, the house has approved a short-term increase in the government debt limit. lawmakers are sending the legislation to president biden just days before the treasury was at risk for running out of borrowing authority. there is likely to be another partisan confrontation over spending and debt in less than two months. opec is sounding a cautious note on the strength of oil demand, despite international crude prices surging above $80 a barrel for the first time in several years. opec has revised down estimates for global oil consumption. this year, the cartel says the spike in natural gas prices could boost petroleum use in some areas, but hurt it in others, like refining cutting is 50% of customs protections for northern ireland and up to 80% of checks on food imports. the agreement keeps northern ireland in the civil market, as opposed to the rest -- the single market, as opposed to the rest of the u

but definitely says something about jp morgan. firms like goldman sachs go in the other direction and offer access to their clients. it will be interesting if this affects the jp morgan stance and you've got though think that he is running the show, this could impact, you know, what availability there is for cryptocurrency but it's true the legitimate path even if you look at the etf path gary ganes letter and others have said it's bitcoin futures versus spot prices it's becoming more mainstream which the old school bitcoin thus yavts would almost shy away from for me saying we don't need jamie dimon preponderate the adeal is getting around the banks. you have both sides of it. >> totally very well said and all this as bitcoin is above 57,000 as we are talking kate rooney the latest. >>> pricing power plays. which stocks are poxed to best combat inflationary pressures? our next guest has a list of names. and later kwoent still king for netflix. especially talking squado squid game the stock getting price target hikes. our trading

tracy morgan is here. -- i have to say it's a little weird to see you in that hospital bed after you spent real time at the end of last season, you got -- your character got shot. he went into a coma. and this season, i mean, is that something that you wanted to do or they came to you and asked you and did they do it delicately? >> well, no, i pretty much wrote the season. that's what really happened to me in my real life. i wanted to just say it, to have closure. that's what happened in my life. i wanted to see me go through it. >> jimmy: what did it feel like to be in that bed, in that gown. >> in real life? >> jimmy: no, not in real life. >> it brought back a lot -- i relived it and it was done. to be in that bed and then -- i remember the day the lady came and took the catheter out. i remember just being in that hospital. i went back to the hospital after i filmed that. i went back to the hospital i was in, and there's pictures out there where you see me in my actual room, kneeling on the floor crying

that kicks off with jp morgan. manus: yes. some of the data points. 1:30 yen, we will keep an eye on that. 7:00 p.m. u.k. time, this is the heart of bostick. he has moved up his timeline on hikes. dani: how many times will they say that dirty word, transitory? i am ready for the daybreak tips jar, the dirty word tips jar. i am going to make it. manus: i have a dollar for you here. dani: perfect. coming up, stagflation becomes an issue. we will learn more from the standard chartered, next. -- standard chartered ceo, next. this is bloomberg. ♪ manus: that is "daybreak europe." in the exclusive interview, the standard chartered ceo said, inflation may be transitory but structural wage pressures won't be. bill: i think what we can be sure about is stagflation. you can hear the narrative that it is transitory. inflationary pressures are transitory, but i also see structural wage pressures building up. they will not easily be resolved. i think the inflation trend is transitory, that will be a little bit dismissive. the early stages

morgan reported better than expected profits yesterday. revenues rose, loan losses came down and they released some of their reserves it's not just the big boys many smaller banks have been rocking this year with the median return of the bank stock, a gain of 33%. for more on all of this brying n anton schutz welcome back i know you tend to focus on the smaller and mid size banks but of the massive banks we just mentioned, is there onethat yo like or are watching more closely than the others? >> sure. i mean, obviously you like j.p. morgan, but it's pretty close to fully priced it was a great quarter, put up fantastic numbers and everything just clicked that sets a high hurdle for the rest of the banks. we own wells fargo, it's a self-help story. they need some help. they have to get through the regulatory issues. they've got plenty of capital, they need to be able to grow once they're able to grow, the earnings will move a lot to the upside i think what's really important in this banking space today is how much capital the banks have, and

morgan said the market is getting ahead of itself. as we've seen from corporate australia, they are flagging risks around higher costs, seeing a risk from logistic costs being ever higher. sophie: those disruptions and -- shery: those disruptions and inflation concerns. let's bring in the ceo. you are still bullish on u.s. stocks. we have a heavy weighted tech stocks, which have led to valuation concerns. >> we believe the large tech stocks are poised for some growth. when you look at historically the performance of tech, as soon as that big tech stock announces. i am counting facebook, amazon, google, microsoft and apple, which is on monday, those markets historically speaking have pushed higher after the first one announces. shery: we continue to see yields rallying with the 10 year up above 160. how do you position for rising rates? >> we are fairly confident we should test the high we saw earlier in the year. if you are a bond investor, that's not the greatest outlook for you. we like the high-yield market in this situation. if yo

morgan, according to j. p. morgan. this week's rally has been driven by institutional investors hedging against inflation with big coin. now that's important, institutional investors are following on the high net worth individuals who have already been buying bitcoin for j. p. morgan and other big banks, offered bitcoin to their high net worth individuals last year and the year before that they've been buying bitcoin cheaper. right. then the institutions come, they follow the exec of, of these institutions were already buying bitcoin a few years ago than the institutions come. then you have the masses, who watch cnn are sitting there watching c, n n. looking at the stock price go up because all the bite and bucks and all of the, you know, j pal, pumping up the stock price. and they think that's what they should be looking at. that's that distraction from the institutions the wealthy that you know, jumping into the life boat out there while you're sitting there dancing on the, you know, the dance floor of the titanic. t

jp morgan sets the tone.ave 47% of financials reporting and the big six in the next couple of days. i want to hear the macro economy. that to me is number one are we at the inflection, andrew we are close that bodes well for the guidance and the three cs consumer credit capital markets. lots of moving parts but i think the commentary is the most important. >>what are you expecting in terms of credit card balances? do you think they'll be paying them down? >> i think they do consumers have $2 trillion in excess savings they are and have been i think credit is in check the biggest question mark for jp are not revenues or credit it is expenses are they going to guide that expense dollar for the full year let's watch those numbers. >> 17. none interest expense 17.1 it is out. i thought i'd tell you. >> that's good >> isn't that exciting >> very exciting the company earned $3.74 revenue is 29.6. >> all revenue on a managed basis was 30.44. that's better than anticipated up 17% $3 trillion. larry fink is laughing t

. default, according to jp morgan-— default, according to jp moraan. ' . , , morgan._ morgan. the effects will be cascading, the _ morgan. the effects will be cascading, the ensuing - morgan. the effects will be i cascading, the ensuing weeks could go anywhere from a recession to a complete catastrophe for the global economy and i don't know why anyone would take a chance like that. , �* .., that. president biden called the meeting _ that. president biden called the meeting to _ that. president biden called the meeting to ramp - that. president biden called the meeting to ramp up - that. president biden called l the meeting to ramp up racial and republicans who don't support raising the debt ceiling and believe democrats should do it on their own. creating a rift between corporate america and congressional republicans, traditionally aligned on economic issues. it is giving the us treasury secretary and ally as she urges congress to set aside politics for the sake of the economy. for decades, our country — of the economy. for decades, our country has _ of the economy.

so welcome aboard, commissioner morgan. [ applause ] >> and, mr.on, since our president is not joining us here today, as the president of the commission would you like to welcome him. oh, well, of course. >> thank you very much, madam mayor, for that occasion and this honor. i wanted to congratulate commissioner morgan. i stand here with your fellow commissioner. it's going to be a really wonderful experience that you're going to be having. the fact that you are taking the spot of tony rodriguez was very important. i was able to finish off his term as vice president. you know join us as his labor representative, but more than that, a san franciscan. and we know your contribution to our team is going to be wonderful. commissioner covington. >> thank you, sir. it's wonderful that you're going to be joining us. we do need a full complement of commissioners. there is a lot of work to be done and i know from what i have heard that you are well-able, and up to the task. we have many things that need to be done and we are, as a commission, we are a cohesi

morgan stanley reiterating. >> i saw that j.c.ney is open the other day thee reinventing what do we think about sax offering online. what was that, david >> simon property has had a very good move. >> people won't go to the office, but they're happy to go to the mall. >> including restaurants and more >> right that, of course, is again a key question we continue to come back to. i think -- a number of people i talked to made the mistake of going to new york thinking i would have a meeting on friday nobody's in the office on friday yeah i do friday, and then would say, a three-day weekend, but i made a mistake. nobody would see me on friday. as the goldman sachs report -- we're talking about it there, but i don't have much -- i don't know what your thoughts are. initially my thinking is macy's is worth a ton more. they do have a brick-and-mortar business that could do very well i said, macy's remains undervalued based on this, because i don't really think much of s-- >> we've been saying all along there have been these bogius jvs.

jp morgan is taking a cautious stance.hey have said to us that the legal risk associated with this ambiguous law prevents them from bidding on most business right now with texas public entities. dani: interesting. before we let you go, there was a lot of wall street news from overnight from blackrock to jeffries. what else has caught your eye? >> jeffries has turned in a record quarter for their investment banking division. they have doubled revenue from this time last year to $1.18 billion. this has been fueled by dealmakers who are enjoying an unprecedented deluge on wall street, which has been in turn fueled by the economic recovery. very good news for jeffries, but also very good news for the wall street banks that are yet to report earnings. jp morgan, bank of america, goldman sachs report earnings a little bit later and jeffries has always been considered a -- no like blackrock is saying that it would like most employees back in the office at least three days a week from november 1. they are trailing a pilot program

>> on jp morgan and the xlf. i am more bullish than daniella.n see 22% more upside from here definitely still a buyer the xlf. in terms of jp morgan, it is a nice short of breakout happening here we think there is more upside in this sounds like from our fundamental analysts they see potentially meaningful catalysts in terms of the banking side of it and also in terms of the m & a side of it being catalysts for the shares buyers of the jp morgan heading into the print. >> great to see you both for more on trading nation, head to our website or follow us on twitter. >>> still ahead, what's going on with the jobs market summer is over, kids are back in school, offices are reopening, expanded unemployment benefits ended. why aren't the jobs being filled we will get insight on this next. >> announcer: now the latest from trading nation.cnbc.com and a word from our sponsor. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast busines

morgan on october 14 in terms of its reporting. and it may have to address recent scrutiny over its bonuses. three of c.e.o. the lieutenants are eligible for as much as $5 million in bonuses apiece. and that's tied to certain targets. but you got wells fargo's bank analysts saying there's no specificity on the targets. he says that's kind of like charging us for a dinner before we know if we're getting hotdogs or caviar. so that will be an interesting issue on that call. back to you. haidi: hotdogs than caviar. we are continuing to monitor the comments from the australian treasurer josh fryberg and had been speaking about china playing down the impact of these trade policies, beijing toward cambra saying the china actions have affected less than 6% of australian exporters and exporters have found resilience and innovation and found new markets in lieu of chinese demand and also making commentary when it comes to the economic recovery saying that he expects australia's economy to contract by at least 3% in the third quarter due to t

morgan. function of their valuation being a bit more full than the rest of the group i cover. they're still upside for the names. what we have in our outlook? we have two rate hikes in 2023, and with all of the talk of inflation the question on the table is could that be sooner? that would drive up my estimate and make the multiple -- make it more attractive to him the stocks. it'll be interesting to see what jamie dimon says on wednesday. at our conference in june he did a bit of a might drop, he did a market to market on nii where rates were in the curve was. he has not spoken publicly since then, at least in a large forum on this topic. i wonder, is he going to say that given this rate outlook that we'll will end up having an uptick in net interest income as we look forward. guy: pretty down on the bond market for quite a while. a busy week. thank three much for setting us up for it. betsy graseck, morgan stanley, thank you very much. this is bloomberg. ♪ alix: energy moving higher. heavy

he's from jp morgan.t has been without a doubt -- and here me opine on things as i admit i was early and wrong and now three with the unusual growth stock i'm not going to be -- let's say i can't be sang win. but i am excited about the p prospect of the future as i'll communicate when i do my talk with the club not long from now. richard in california? >> caller: hi, jim, great show i'm calling about the only -- the only medical company that is -- and images is the heart and soul of all good medicine and insurancer payers are -- with the cost of the 75% lower big pharma needing images for the new blockbuster drugs for the alzheimer's drug and the baby boomers and the small float coat company and revenue and earnings going higher and the third quarter coming out in three weeks is a great quarter and had a nice pull back. >> all right >> it is called rad numb. >> what? i misnamed the stock it is come down a lot but this is the kind of health care stock that you like. and that, ladies and gentlemen, is the c

>> may, when morgan mentioned watching the last launch, i was there. and as one standing on the ground, watching it, smelling it, experiencing it is something that i will never forget. as someone who has actually been in space, when you watch this and think back to your experiences in outer space, what was your most memorable moment? >> let me just underscore how exciting a launch is. the first time i ever saw a shuttle launch, i had worked that launch the night before, as one of the support astronauts for kennedy space center. so launches give you this visceral feeling, where you feel two things. there's a physical feeling of this roaring in your chest, but also that here's humanity moving forward. in terms of my experience in space, probably one of the fondest memories is what i saw first got to space, which was my hometown of chicago. literally, the first thing i saw out the window was my hometown chicago, because i had launched on the middeck, so i didn't have a view, and the crew commander called me up to look out the window and there was midtown.

i want to go to jp morgan. if you take all their leverage up and add in equity, they are 6.2% of the american economy. jonathan: stocks doing ok as well. tom: we don't understand how big these super banks are. jonathan: we will get into that tomorrow morning. then we round out the week with goldman sachs at the back end of the week. from new york city this morning, good morning. love catching up with alicia. my apologies, alicia. tom: you were cruel. jonathan: some things out of my control. yields down a basis point on tens to 1.631%. -- 1.6031%. from new york, this is bloomberg. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. in north korea, kim jong-un showed off a buried arsenal of missiles designed to frustrate u.s. defense systems. it was a rare display that appeared to be kim's latest effort to break the diplomatic stalemate over his nuclear program. he blamed the u.s. for creating regional tensions. the house is set to vote on a short-term increase to the government borrowing limit today. t

morgan was 152. earlier today it traded 172. $20 on j.p. morgan that's an all time high.o i think the setup isn't great. i like the banks, not like they are super frothy, but j.p. morgan had good numbers in january and april and july i think the bar is getting high. it's getting high enough that i think people might be disappointed i am staying long. i am not going to trade around it i have taxes to worry about and i don't know when i would get back in, but i am not that excited or hopeful we will see a big run in the banks next week >> the action going in makes a big difference we have seen time and time again. >> i know you are a football fan and playbooks are a big thing. playbooks for banks, for karen's point she doesn't like the setup. for good reason. we have seen them sell off on the back she is spot on i think there will be an opportunity in the form of some of thesean bks they will trade at a discount to tangible book, citi being one of them >>> up next, final trade ♪♪ ♪♪ at vanguard, you're more than just an investor, you're an owner with access to financial adv

currently number one followed by jp morgan and morgan stanley. alix: it was super solid. you will be back at 10: 30. later today, the exclusive interview with the goldman sachs chairman and ceo. the good news for guy, i am deciding what to bake, we are deciding what to drink it, what to do, the u.s. can open its borders to vaccinated foreign travelers on november 8. what is the upside? >> the airlines have been asking for this for months and they are finally going to get their wish. that means that travel can get restarted. people can start going to the u.s. after months and months of lobbying. that has created carriers like lufthansa which depends on the u.s. for business. guy: what am i going to have to do, how me hoops am i going to have to jump through? >> you will have to do a covid test before flying. you need to be vaccinated. the u.s. is not allowing in unvaccinated non-americans. they do allow americans who are not vaccinated with a covid test, but none vaccinated non-americans will not be allowed into the country. while the details are a little short, they will

it was also hard for morgan to listen to. some days she wished she had come to court.d during a crucial moment in the trial. >> when i found out that tammy there's going to testify, i really wanted to be there. because i do look like heather. and she ran into me in the hallway and it was the first time she had other ever made eye contact with me, and then up close and personal with. me i could hear her audibly gasped. >> but when tammy took the stand, she seemed confident, ready to tell her story. she told the jury she wasn't a ruthless kidnap or. she was a mom. >> my youngest is on the far left over there. >> and she was a wife who found out her husband was cheating on her. and initially, tammy said she texted the other woman's phone number to find out who she was. >> the messages were never directed towards heather, they were directed to the mystery person. i just wanted to know who it was. >> at the end of the day, tammy said the only reason she was angry with sidney was because he wasn't forthcoming about his affair. in their marriage, they had an arrangement. >> i

thank you. hipaa morgan on the line from cartoon that live pictures. we are looking at some of the real chaos on that bridge there. i'm also keeping half an eye on sit in the state television at the moment, which has just been showing what appeared to be pre recorded music for, for the last few hours actually. so so we're going to translate is working on having listen to that and find exactly what because there is a gentleman sitting on screen on, on state television at the moment. so we might come back to that in, in just a moment. here remind us who were actually waiting to hear from a what we're hoping to hear what people are hoping to hear, or rather what we're waiting to hear from right now is, is a statement from the military all from the head of the sovereignty council on why what is happening and what the next move is. again, with restricted access to information with the district. that phone line is not clear yet what is going to happen. but a couple of them to you can see hundreds of people in front of me marching and chanting for testing aga

, morgan stanley. citi is no different. investment backing revenue, $1.92 billion. the estimate, $1.54 billion. the story for the equity, the stock, we are up by 1.34%. we already had a full picture of what was happening on wall street coming into these numbers. citi is up. the numbers are decent. sonali basak is still with us. your early read on these figures? sonali: huge beat on the equities business, and he did beat on fixed income as well. the investment banking division also doing well. citigroup up there in terms of the top underwriters in the world in equity underwriting. i do also have to point out that when it comes to global consumer banking, their revenue has dipped quite a bit, about 14%. lower card balances was part of that. when you look at the international business, a lot of weakness in asia as well. there will be some questions about that, but the core business is doing quite well. citigroup has a much more global footprint than some of its peers , say bank of america, so how is it do