morgan stanley, not jp morgan, big differences in the numbers.a: you see more strength in the morgan stanley numbers even though they missed in the headline figure. it is notable the profile of these banks. this is marv a traditional wall street bank in line with goldman sachs. how much can those banks do better than those more exposed to the consumer? i do wonder and i would love you to weigh in, how much are the consumers facing the banks much more exposed to downside suit -- surprise versus the bread-and-butter of wall street? alison: i think that's right because net interest income is strong for those lenders that has been a factor driving the stocks since last fall. this year really the turn has been more towards the other side of things, the credit hit loss provisions. we did see a reserve build a jp morgan that was more than people thought that will be the focus for traditional lenders whereas morgan stanley and goldman sachs that are more focused on trading in the capital markets unit should benefit more from the volatility. goldman, we d

we will see that with jp morgan and morgan stanley today.he quality of the profit will be interesting. i'm fascinated to see how morgan stanley does. the wealth management margin is legendarily wonderful and it will be interesting to see if they sustain that. lisa: my take is that the big determinant of what makes able market or the bear market, gains versus losses is what margaret patel was talking about, there was a hope for the soft landing to be facilitated by a natural role over the inflation data which is not happening. how much are you going to see this be the pivot point for the downgrade visions and how much of the concern of the foreign outlooks for companies themselves? jonathan: i sent him a quick message he will join us and -- tom: his people spoke to him? jonathan: i've spoken his people. lisa: meeting him. jonathan: yes. tom: it is short, i can see mcdonald doing that. jonathan: we will see. tom: everyone here is wearing a patagonia. in london there dressing. jonathan: i can't speak for london in the weekend, everyone is naked

ray singh: sí, vamos, este va a ser el tercer año, vamos a hacer una cena en morgan hill, con chachos'sidad, y este, y también tenemos otro programa de, un programa de emprendedores, entrepreneurs-- damián trujillo: emprendedores, sí. ray singh: emprendedores, a apoyarles a los jóvenes, no no más a los jóvenes, los que tienen una idea, un sueño, y nada más recibieron dinero para un colegio, esto, si quieren, quieren vender tacos, o lo que quisieran, lo que, lo que ustedes quieran; pero ese, este es un nuevo programa con nosotros, y a ver cómo, yo sé que nos va a ir muy bien. damián trujillo: y lo que me gusta, ray, es que, bueno, aparte de traer los vinos ricos del valle de napa y de sonoma, también lo que hacen es que, los beneficios de, los recursos que se ganan, se van a la comunidad, a agencias comunitarias que dan esos servicios. ray singh: sí, aquí en san josé es-- [hablando en inglés] y tenemos otro beneficio en, en gilroy-- [hablando en inglés] damián trujillo: ah, bueno, son buenos servicios que se proveen; ¿es el 13 de agosto o es el 27, cuál es la fecha? ray singh: el 27, per

you have jp morgan down 3% or 4%. morgan stanley is down around 3%. jp morgan, we now know, temporarily suspending share buybacks the bank did report second-quarter results that fell short of estimates. it is also turning up the heat on scrutinizing the lending books. the cfo talked about on that issue earlier. >> this morning, we're going to scrutinize even more aggressively then we always do. we do that all the time anyway, but of course, we want to turn of the heat on that a little bit. guy: that brings up to our question of the day. what is the bottom line for the banks? what is the bottom line for the economy from the banks? let's try to address both of those questions. let's get a take on the banking side from a macro point of view. after digesting all of this, what's the bottom line, what's the take away? sonali: there's a lot of excitation on the banks making interest in the coming year. that expectation is already baked in. how do banks make money beyond that? the idea here is that trading revenue is a little weaker than expected at jp morgan

morgan and morgan stanley disappointing on earnings. the two year yield climbed back a little bit given the expectations of 100 basis point rate hikes were paired back. crude prices are seeing an upside. it is still below $100 per barrel. this is very important when it comes to the ppi numbers we got today. 11.3% gain year on year. we are seeing producers seeing a little bit of relief given that commodity prices have come down in the last few weeks. right now, we are seeing consumer inflation accelerating faster than ppi. households taking the brunt of these price pressures. haidi: let's take a look at the asian markets. we're looking muted given the uncertainty and headwinds. sydney futures looking at a drop. u.s. stocks closing will off session lows after a lot of fed speak. the aussie dollar is unchanged. we did see a boost for the aussie after the jobs data that was positive in australia. taking look at new zealand where we are saying modest gains early in the session. the dollar yen holding just over 1.39 handle. breaking news, wal

morgan and morgan stanley, after the banks reported earlier you can see morgan stanley down just a halfgan affecting the dow but off its lows you can see the futures. >>> mean while, netflix has chosen microsoft for an ad-supported version were you surprised with microsoft? they do have some good connections between the two companies, i guess, but is it the best thing for netflix >> i was a little bit surprised, just because microsoft's addressable ad solution, mining the advertising solution that can cater to streaming is still relatively new they acquired a company called xander from at&t it's a great fit but a little unexpected i hadn't heard of microsoft with these big deals and xander quite yet. >> what does non-intrusive look like you watch everything, sara i know what a non-intrusive ad looks like do you think they can thread that needle? >> if you take a lolook at hu they 70% of their subscriptions on the ad platform there to them this seemed foreign for a really long time fast forward to 2022 streaming advertising really is mainstream almost every single one of their competitor

morgan numbers.his is the company where the ceo jamie dimon recently said he is expecting an economic hurricane on the horizon. then former hud secretary doctor ben carson is here this morning on the white house downplaying the red-hot inflation story. plus his patriots nonprofit. you want to hear about it. ashley webster at a florida diner talking with voters will be asking every day americans what is most important to them ahead of the november midterm elections. you are watching "mornings with maria" live on fox business. ♪ if you have age-related macular degeneration, there's only so much time before it can lead to blindness. but the areds2 clinical study showed that a specific nutrient formula can help reduce the risk of dry amd progression. ask your doctor now about an areds2 supplement. you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can inves

this is an unincorporated morgan hill. it's just a few minutes away from the morgan hill community park. it's right off one. so the smoke is probably visible from that area at last check from cal fire. the fire has burned 5 acres so far. it's 10% contained. and there are about. 20 homes under a mandatory evacuation evacuation order right now. and here's where that area is. people living on 0 to sycamore avenue hardy lane to tahar away are part of that mandatory evacuation. there are road closures in the area. they're also asking people to stay away from the scene as emergency vehicles are now headed to the area. the evacuation center that has been set up for those 20 homes has been opened up at the morgan hill community center. it's on monterey road in morgan hill. we're working to get more details. we have a live crew there on the scene. we'll have updates starting through during kron 4 at 5 and always on kron 4 dot com and right now our meteorologist mabrisa rodriguez is looking at the conditions in the area yet. fortuna

goldman wants to be more like morgan stanley. businesses are bigger consumer wealth management offsets in decline asset management. that is a part of their strategy, to expand to get the millennials early in the investment stage and then they move into the private banks. the asset management business was down significantly with the earnings of beat on a lower mark to market pricing, likely to come back in the second half of the year. i like the goldman roof work today, i think it's a good one. they do want to be more like morgan stanley to close the gap from 11 to 14 times pe multiple. responding for the trading in the routine you have to have recurrent repeatable success with stable income that comes really from wealth asset management. kailey: you like the report, clearly the market does, too, but let's talk about where they missed in the debt and equity where it reflected a decline in industrywide volume with a talk on mergers and acquisition transactions. how do you expect that environment to change in the second half in the

i'm harris faulkner here is my coast, emily compagno, and we are joined by morgan ortagus, tammy bruced charlie kirk. it's going to get hot shell. we begin the sticker of the house nancy pelosi find herself embroiled in yet another controversy following her husband's recent dui and controversial stock trades, and a chilling morning from one of our nations greatest rivals, china, now warning it is getting seriously prepared for the house speaker to potentially visit. seriously prepared, they call it. she's going to the island of taiwan later this month. the communist nation which is historically claiming the island as its own territory has had this to say on the speakers possible visit. here's a quote. "if the u.s. side insists on making the visit, the chinese side will take firm and strong measures to safeguard our sovereignty and territorial integrity. the u.s. must assume full responsibility for any serious consequence arising thereof. taiwan's military is now bracing for a potential aggression china. the capital of taipei is staging its annual air raid drills yesterday and mobilizin

he has a buy rating on jp morgan and morgan stanley. thank you for joining us. let start with the liquidity question, how worried are you about to the bank's role in terms of making the market? stephen: look, i agree with most of what you have been saying. clearly the banks have passed the capital levels, they went through terrific stress tests and all past. some of the stressed capital buffers increased and that is tripping up a few banks, jp morgan included. they did rise up late last year and they went from 3.2 to 4% buffer. that is kinda behind what we are seeing but liquidity is still good. i think the banks and conference calls confirm this this morning that they are ready, willing, and able to lend. they are not overly concerned about credit quality at the moment, they do see things on the horizon that are worrisome, particularly may be at the lower income levels where consumers are bit strained, but the loss provision for all the other things that did go haywire was in line with consensus at $1.1 billion. sonali: i'm curious about you mentioned those reg

commissioner morgan. >> yeah. chief o'connor, i want to say congratulations on the budget and on the covid numbers going down. that's good news. very good news. i dont know why we get these spikes. as soon as we let our guard down, here it comes. thank god it is getting better. maybe you can explain--probably dumb questions but with the leave of absence, in the human resources section of the report, i imagine these leave of absences are mainly vacations? >> various leaves of absence. military service, you can have for education, request for mental health, family reasons. a variety of reasons. >> talking about the leave of absence with pay, since we are mainly-we have some here where there are certain members off for a whole year with pay for leave of absence. am i reading that right? >> the page commissioner? >> 44. no that is separations, but yeah, that would be 46. intermediate leaves with pay for the time period of march 3, 2022 through october 16, 2023. maybe you can give me examples of these situations. >> wh

jp morgan and morgan stanley report, market turmoil in the earnings reports. jonathan: jp morgan preparing for tougher times and this market is adjusting. you see that for the yield curve, yields higher and the 10 yield -- 10 year yield lower. the breakdown and copper, down 1.3%. crude, wti down. another handoff earlier this morning. the tail risk becomes the base case, recession. tom: think as hard as we can, equities, bonds, currencies, commodities, all of our wonderful guests, expect the unexpected. bank of canada changed the market. jonathan: a new regime is what he's looking for and expects that to come with high volatility and low returns, but ultimately higher interest rates and sticky inflation. you look at that as evidence we have seen the worst, energy will fade and the headline number will calm down, or will this be broader and the fed will have to go higher for longer? tom: i look at netherlands natural gas and there is any number of tensions to focus on. europe is still very visible. jonathan: without a doubt, let's call it parity on euro-dollar.

with digital banking, jp morgan of 11% on mobile customers. they have to spend to make that transition. tom: spending is everything. they will go by way of putnam if they don't get it done. when i was a kid, the exchange was open saturday and grandpa would take me down and they had the paper tape and the old geezer with the tape going through his hand and the spittoons and the whole thing. the dow jones industrial average was the only thing they quoted. jonathan: that makes sense. i hundred years later, we call it the s&p. -- 100 years later, we call it the s&p. tom: and they still call it the dow. jonathan: this is bloomberg. >> russia's defense minister has ordered part of forces to focus on destroying ukraine's long rage missile and artillery systems -- long-range missile and artillery systems. russian troops have in trying to destroy weapons. the u.s. and allies have set shims to ukraine. winding down operations in russia. a company halted business after russia invaded ukraine p they expect costs at $190 -- $190 million. elections after pr

morgan: others think the r eport sparks change. morgan norwood abc news los angeles. dion: new details on a fire burning in pittsburgh for more than six weeks. nearly 20,000 gallons of water are flowing on the fire. fire crews today said the owner is pumping water from the delta water district. smoke has turned into an air quality advisory for tomorrow. the fire is burning underground, which is fueled by heat is decomposing wetland vegetation. coming up, a bay area beach mystery. where a whale washed up this weekend. plus. >> that is why i am here, to support and defend people's right to whatever they choose to be. dion: a reason to walk. we will take a look at the return of aids walk san francisco at the golden gate arc. >> i'm spencer christian. we had a few more hotspots but look at this. it is cooler in most places than at this time yesterday. could this be the beginning of a trend? i will have the accuweather forecast hi, i'm eileen. i live in vancouver, washington and i write mystery novels. dogs have been such an important part of my life. i have flinn and a ne

morgan stanley and jp morgan. they don't have to do that, but the consumer really is stretched to get the most unaffordable houses over the last two quarters, while the recession is a problem for these banks. thomas: the underwriting has been extraordinarily sound. when non-performers go up, which they will, the surprise should not be that they've gone up. the surprise should be that they were zero for so long. it is a remarkable -- this is the most pristine i've seen the ratios in my career. it's inevitable that it will go up. where is the real big risk? i will say two quick points. shadow banking industry exploded in size during zero interest rate policy. i think it will be very keen to watch what happens in the shadow banking industry. it's four times the size of the banking industry, we think. number two is, the majority was really good. these banks have more capital, more liquidity, and they may have higher nonperformers, but i think they will churn through it. tom: jamie on park avenue just emailed in and sa

and morgan stanley.ou will probably see it next week with other banks as well. jp morgan also cited issues with spreads widening and taking some marks on its buyout loans. he saw a similar issue at wells fargo. those losses are contained in hundreds of millions of dollars, so the question is, do they really get worse from here, what do you see the banks get really, really cautious here? even if they do get cautious here and you see that underwriting flow, they are still making money on currencies and commodities. for a bank like citigroup, and potentially goldman sachs, it is a good sign. jon: a great breakdown, as always. bloomberg's sonali basak. we are also watching the chilean peso, rallying after the central bank announced a $25 billion foreign exchange intervention program to support the battered currency. for more let's bring in emerging markets editor. we watch in canada what is happening with the price of copper taking a huge tumble with the strength of the u.s. dollar, then specific policies wi

>> yes, this is commissioner morgan. can you tell us more about the cpr app. >> i'm going to differ to chief to talk about that, can you talk about that more for us. thank you. >> commissioners, president, chief, bob post deputy chief of operations. so what the app is, this is a third party vendor and they work, they're working in concert with our department of management. and throughout the city, there are defibrillator that are placed throughout the city. and when the concept when somebody suffers a cardiac event, it will tell you where the nearest did i lib later is so that anybody is that trained in cpr can administer cpr and get the defibrillator operating. the higher of rate of survival for anybody that suffers cardiac arrest. so the goal is toin crease cpr and increase the public's intersections to try to improve the survive amount of the victims. they can be added into the system and there is challenges with people from the outside responding and interfering with us getting the first. we have not put into that po

now, my charitable trust, you can say you hack, but morgan stanley was a good number. it's very different from jpmorgan because i believe gorman is not worried about a hurricane. he doesn't even talk about a rainstorm. >> i think he feels they're prepared for whatever comes their way. he's certainly not committed to the idea there will be a hurricane. wealth management is obviously a very important component of the overall to those kinds of fluctuations >> this is where we're at a disadvantage being on the set. i want to know how e-trade is doing because robinhood is not doing that well. >> i think e-trade is going okay we'll see. we don't have the call yet we may get more information on morgan stanley >> how did schwab get to be king >> they did buy ameritrade that helped. >> good deal >> yep >>> moving on to inflation, ppi up 11.3% on the year after cpi jumped to highs not seen since '81. the treasury secretary jumped in ahead of the meeting in indonesia. hear what she said >> inflation in the united states remains unacceptably high and it's our administration's top

jp morgan and morgan stanley posted a 50% plunge in investment banking revenue. so potentially souring loans and notably suspended buybacks. so there was a lot of bad or cautionary renews and earnings today, and tomorrow we will bring wells fargo and city, so we will have the banks that set the tone today. what's to come tomorrow should set the tone. shery: we will see what happens with shares plunging. our coverage of u.s. finance with the latest on earnings. we have a bigger interview. don't miss our exclusive conversation with the philippine central bank governor after they surprised market by delivering an off cycle for a basis point hike. for now, let's get this to keenan with the first word headlines. >> we begin with the federal reserve governor who has given his report for a 75 basis point hike after the latest inflation report. he says he could go even bigger if they add his vote will depend on upcoming retail sales and housing data do ahead of the meeting. >> based on the labor market, it is just inconceivable to have a recession with an unemployment ra

jp morgan chase and morgan stanley. watching from her earnings today. the dow fell 140 points yesterday although that was well off the lows of the session and today we are focusing on retail sales come import voices and industrial production and consumer sentiment and will get earnings reports from citigroup and wells fargo. >>> the nissan leaf is one of the first mainstream and cheapest electric vehicles could be on the chopping block. automotive news reports nissan does not plan to introduce a new version and may discontinue the line altogether. production of the current version is set to wind down by mid decade and it would be the latest smaller sized vehicle to fall victim to americans appetites are big trucks and suvs. the leaf is the only electric car nissan cells in the u.s. . >>> amazon has begun cutting the number of items it sells under its own brands as sales fall. the wall street journal reports amazon has discussed exiting the private-label business. the division has drawn scrutiny with european regulators charging amazon uses its size and

morgan. to close more than 4% higher and the action comes as were ready for another big week for earnings. netflix, tesla and united some of the names getting ready to report. yesterday the rally or did we just see a short-term bounce. would anyone characterize this as coming out of nowhere? >> welcome, good to have you. it's great to have you and if you think about what we got this week in the market, we got the worst of the inflation. we think this is probably peak inflation and if you look at gas prices, they continue to make new lows and if you look at the market overall, you have this rally in the quarter end and then you rallied a little bit into july and we have been sideways and from the june 17 letter we are making higher lows. i'm not saying it's time to do cartwheels but i'm saying i will continue to point at semiconductors and those parts of the market that we actually do need to see a bottom end before we get to the bottom of the market. semis have outperformed the s&p. banks and

morgan which caught some by surprise.s certainly an element of caution from these banks about the economy going forward. tom: caution from these banks and concern about the investment banking part of the business. our finance managing editor with some of the takeaways from the earnings from morgan stanley. markets in europe seeing gains of .6%. gina martin adams, thank you for your analysis. surveillance is up next. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. >> such a strong majority with strong leadership is the best solution,

morgan stanley and jp morgan, they have completely different views. sticky inflation will keep the fat on a hawkish path. they will hike right into a recession. you will not get a bullish stock signal. jp morgan sees inflation peaking now or soon, labor market softening. it can move to more bonds and a balanced path. they see a better chance in the second half of the year. what about u.s. recession risks? it is up 47.5%. moving up according to our latest bloomberg survey. according to the forecasters, these people determine the recession, they look at at incomes. you can see the net chart, some things are weaker, but no recession imminent. a big question in europe is after the 50 basis point rate hike last week, that debate continues. we see the hawk from the ecb. we see him saying that the frontloading from last week may not be over. he expects to see a significant september rate hike, not exactly a dove, but another individual from the ecp says it is step-by-step in a gradual way. the german business sentiment closely watched, it fell to the lowest

jp morgan and morgan stanley earnings miss the estimates. citigroup hits the tape today. warm welcome to the show. friday. we got there. it's been good to be together. i just listen to the chris waller tape. we all get ahead of ourselves. that's the key message from the fed. we into a 100 basis point hiking frenzy and it's been tempered. far too aggressive, and of yourself. dani: this is the bullish guy. if you expected someone to endorse 100 basis points, it would be him. he found it more like powell, centrist. getting the market to back off basis points hike. as high as 94 basis points priced into this month. now it's 84. manus: i don't know what the italian word is. we have to call francine. she's on the beat [speaking non-english language] in italy at the moment. italy is in a state of crisis. that could be punched out in the spreads to boones. dani: makes the conversation much more difficult for the ecb. i was ready to show you futures. they don't open until 7:00. we have an hour to go into like and show you that. let me walk you through the rest of the equity market

morgan. it will be interesting to see if he doubles down about the comment on hurricanes, or if he backs off of it. for me, is not necessarily what they are reporting, it's what they are seeing going forward. >> i agree exactly with that. it's like if you had a great quarter, doesn't matter, ideographic order, you'll get penalized for that, you'll get penalized for your guidance, which will likely be soft as well. it is a tough take for that. we'll see that phenomenon of competitive nature. will say walmart comes up first, they don't do well. target will trade down. target comes out and doesn't do well, they will trade down on that. they will be penalized for the same thing. >> specifically in the guidance, what line items we listen four works to make it as demand side, it's topline. in the numbers we have just gone through during the last earnings season, part of the dynamic to target and walmart, it was a marginal dynamic. it was inventory related. this is now all about demand. i want to he

jpmorgan chase and morgan stanley stepping up first.tocks have been under pressure following back-to-back quarters of inflation results it could weigh on consumer spending and the banks' bottom lines. let's go to ken leon for the latest ken, this bank trade is a comeback trade for months and quarters and years now what will it take to get the trade going? >> good morning, dom you are right. the narrative has changed. we're at an inflection point where perhaps the economy is putting pressure on the banks. the question is for investors is where the bull is going over the next 6 to 12 months. not where we are we are going to shed light with jpmorgan chase and morgan stanley today on loan activity and capital markets. all of a sudden, instead of releasing reserves, banks are building up for credit losses potentially next year. >> okay. if that's the case, let's look at the big results coming out from jpmorgan chase and morgan stanley. you could argue beoth are bellwether in the business side of things. what are you looking for out of jpmorg

friday opening bell, we of course had morgan stanley and jp morgan as well yesterday.citigroup, wells fargo out. they're coming out as well. we mentioned the to morgan's they had a plunge in investment banking revenue particularly thinking revenue with morgan stanley -- banking revenue with morgan stanley. >> was get the details of this, any common themes, the big banks have reported so far? >> they are talking about recession, that appears to be the theme coming jp morgan with buybacks to build up capital reserves, 428 billion reserves -- million reserves. banking fees more on the plus side, big upturn in trading revenue. everyone is focused on outlook. let's hear what ceo jamie dimon had to say. >> there is a range of potential outcomes. from a soft landing to a hard landing driven by how much rates go up, effective quantitative tightening, effective volatile markets, will not change how we run the company. we minister a recession before and we will manage through a recession again. >> he is the one that said there is hurricane clouds and storm clouds on the horizon,

an evacuation center is being set up at morgan hill community center.t is at 17 1000 montgomery road. and that isn't working. >> meteorologist lawrence karnow joining us now have a better. the winds there. yes, starting to gust now. pretty strong in that area are getting that on shore flow. but it's that breeze that afternoon sea breeze kicking in. here we go another day, another fire and they're your morgan hill looking at some of those winds gusting to 26 miles an hour. these winds. >> come on shore out of the west. all of a sudden they circle right around the topography, all of us and they start coming north. so that's pushing that fire for the south. but the fires in a very difficult place to fight. there's a lot of terrain there. there's a lot of the mountains there in that area. there's a lot of homes not too far by so hoping firefighters can get a handle on that fire. the good news is this is an on shore breeze and that is carrying with it. some higher moisture. those winds will continue to subside, though, as we head after the sun sets tonight.

i am peter akwaboah and we are morgan stanley. >>> welcome back this morning.a is america's top state for business in 2022, winning for its economy, technology and access to capital we do rank all 50 states, and scott cohn is with us from north carolina, with a look at the states that did not do so well scott? >> reporter: kelly, you missed it during the break, i rescued a swimmer. you missed it! anyway, here we are on wrightsville beach, thank you for the lifeguard who is on his way to make sure everybody is safe if there are top states, there must also be bottom states, and so this year, these are the states that bring up the rear. hawaii is a great place to live, although even that slipped a bit, because we considered child care among or metrics. tied with whole is 26, new mexico, one of the worst for education. one of highest crime rates it is cheap to live there. louisiana is leading the nation in targeted incentives, but it also has the least reliable power grid in the nation by far. state number 49 is alaska, a slight improve, but still dead last for inf

of a fast-moving brush fire in morgan hill. >> good evening. i'm ken wayne and i'm catherine heenan. fortunately, firefighters were able to get a handle on the flames. they say ford progress has been stopped. however, mandatory evacuations are still in place. cal fire tweeted out a photo of what's being called the arm speed fire. this is a long arms be road and sleepy valley road unincorporated morgan hill, just a few minutes away from the morgan hill community park about 5 acres have burned. the fire 10% contained 20 homes in this area are under mandatory evacuation orders. people living on arms be road to sycamore avenue, hearty lane and to way of been told to leave their homes. and there are road closures in that area. >> there's an evacuation center that's been set up at the morgan hill community center on monterey road. cal fire says emergency personnel are supporting evacuees with water and food right now. a fire near yosemite has forced evacuation orders for the community of what, one, a and the campground there. >> the washburn fire has

morgan. delta, taiwan semiconductor some of us are among the nonbanks on the calendar we are looking forward to so we thought this would be a perfect time to play a little game of trade it or fade it. >> that's right, trade it or fade it, nonfinancial edition. let's kick things off with you and pepsi, the drink makers set to report earnings on thursday. >> i will trade it, i will play an additional game. i would rather own coke instead of trading it but i wasn't given that option. as i mentioned, i am postured defensively, i think this pays a good dividend. 3% or 3.5%. the multiple is a bit, but looking back historically it is still within a standard deviation of where'd wear that pe multiple has been. i think that is the shoe to drop, but, given that and given the defensive posture of that brand, i would think even if there is a downside it is limited. sometimes it is about losing less than the alternative and i am willing to play that game right now. >> i will ask you a follow-up, then, you

outperform for jp morgan as well as morgan stanley.t the outperform and will is the take away from results today. >> i think both of these are incredibly sound companies. the way they make money in the stock market i think buying things on their out-of-favor and people are panicking. i guess what i would say, the big takeaway for me from all of this is what incredibly good shape the banks are. you go back most of my career in the market for the s&p is down 16%, somebody would've gotten taken out on a stretcher. it was rothchild in the market crash, shearson lehman in the early 90's, you have bear and then lehman you know. whereas in this case, jp morgan and the 70% return on equity. what i think the real difference is is that james gorman said it well. the environment is complicated but it's not 2008 complicated. what he means by that is the income statements, banking revenues are down. on the other hand the banks are really de-risk on their balance sheets. guy: so chris they are a bit safer. i extension you could argue therefore they

fire crews staying put overnight after a wildfire breaks out west of morgan hill people in its andhank you forget out. joining us some dion lim. i'm larry built quite the scare in the south bay where the arms be fire forced mandatory evacuations this afternoon. steep terrain and heavy fuels in the area west of morgan hill had firefighters worried the plays might grow much much bigger. well tonight residents are back at home crews holding the fire at five acres last check containment 30% here's abc 7 news reporter amanda del castillo. a fire in partner agencies responded after 1pm friday to the arms b fire burning in the corporated portion of west morgan hill just with how fire can develop especially this time of the year we try to go really aggressive on it to slow it down as fast as possible. so it stays small with air attacks ground crews and more fire captain specialist. chris williams says first responders were able to hold the fire at five acres. good news for frenchy's lewis and bosco owner and resident pat blair says she was working around the house when she was alerted by her s

the second half, bonds will be a haven according to morgan stanley. we are not done with the bear market and have not had the concluding chapter. equities lower through trade this morning. across assets, it's about the narrative of recession, how long, deep, painful and moderate will the recession be? let me show you across the assets. copper at a 17 month low. we are beginning to consider a hard landing. let's look at some of the commodity boards in terms of the pricing we have across the market. you have copper also trading lower this morning. crude oil flat at $108, jp morgan with the huge note where they talk about the risk being something of a stratospheric nature. $380 a barrel. in a podcast, talking about demand destruction in the energy market at the moment. dollar-yen, the short end. the yen strengthens and the dollar rose over ever so slightly. that's the state of play in the markets. you are seeing futures trade on this fourth of july. about 288 in terms of yield in the cash market. juliette saly joins me in singapore and she will wrap up a

morgan, the expectation is this is the leader.uestion of whether those provisions continue to accelerate. most of the sector has started to increase their loan loss provisions, a dramatic shift from a year ago, where they were releasing them. they will increase their loan loss provisions. everyone is looking at charge ups. is it going to result in higher charge ups? what we see deterioration in credit result in something more nefarious than a preparation for something bad? is it really something bad? dani: when you think about the value factor, i think of banks and energy. the student to have such diverging stories this year. how do you approach value as a trade when the usual components of it are not acting the same way? >> the long leg of value has been almost entirely driven by energy and materials. what works better in value than anything else is the short leg, everyone is selling off all of their high-growth tech stories, which are the short leg right now. within the value factor is that what you have is divergent performance

morgan and morgan stanley.asically have these 2 wall st angst -- thanks calling for the time -- banks calling for the timing of the pivot. one saying inflation is coming, -- it is different this time around if you're waiting and getting ahead of this attentional pause by the fed, the problem this time as the pauses likely to come too late. david: talking to thomas, head of -- are you on team pivot, or team pause or we continue on this route? >> i knew you were going to ask me that. good morning, for us i think the issue is the fed and ecb are very concerned with inflation in the short-term and the longer-term. that basically means that we will have rate hikes up until probably q4. the problem for us, this is not really a demand driven inflation story. this is a supply driven inflation story. getting super aggressive on rate hikes will not actually solve the problem in terms of the inflation picture. because it comes from the supply side. the market is telling us we are getting 75 points tomorrow, the terminal r

mid 80's in morgan hill. the peninsula in the 70's, sea breeze keeping a comfortable palo alto to mountain view. 66 downtown. 82 napa. inland low 70's oakland to union city. temperatures cooler this afternoon with 80 for you, pleasanton. mid 80's antioch. 60 of the coast. mid 70's bayside. upper 80's inland. sunlight sunday, heating up. temperatures remaining warm to start the work week monday. cooling back significantly tuesday and wednesday. getting into that comfortable zone by the end of the upcoming work week. liz: sounds good. feels like summer. californians doing better at conserving water. data from the waterboard shows overall urban water use was 3% lower compared to one year earlier. the bay area used 8% less while the south coast including l.a. used 2% less. the preliminary number for june shows the state is saving 7.7% more water. the governor has asked californians to cut consumption 15%. the signature suite july brand is coming to san francisco. how you can experienc liz: the winning numbers fro

morgan did.hs raised its dividend 20, 25% wells fargo had a big dividend increase, morgan stanley, jpm, i think, if they really believe there's a potential for a hurricane coming, is living up to what they said they are, which is a fortress balance sheet, and as a shareholder, i suppose i'm happy about that. >> steph, quick, on amx, i got downgraded today at morgan stanley. cramer doesn't like the call, he was clear about that earlier today. amex has been saying business is good they cut the price target. >> i feel pretty good at least the estimates for the quarter. and for the full year, because they have been doing a lot of restructuring internally loan balance growth is strong. credit quality is benign, and billings, they said in may were consistent with the first quarter, so i feel okay about the story. the stock is down 14%. it's held up relative to the other banks, but this is one that i think is a quality franchise on sale. >> all right coming up, more price target cuts to big tech today w

from the morgan hill community park about 5 acres have burned. the fire 10% contained 20 homes in this area are under mandatory evacuation orders. people living on arms be road to sycamore avenue, hearty lane and to way of been told to leave their homes. and there are road closures in that area. >> there's an evacuation center that's been set up at the morgan hill community center on monterey road. cal fire says emergency personnel are supporting evacuees with water and food right now. a fire ne

. >> reporter: the first thing you should know about sandra douglass morgan, she's already carved outong legacy of being first. >> sometimes your experience is questioned when you are the first when usually it's because you worked twice as hard to get there. >> reporter: morgan was the first black city attorney in las vegas and the first black chairperson of nevada's powerful gaming control board now she's the first black woman to become team president in nfl history with the las vegas raiders. >> this is a dream come true for me >> reporter: the 44-year-old black and korean wife and mother doesn't take breaking barriers lightly, especially in a league mired in controversy for a lot of fans faith in the league's fairness has been shaken >> it's not lost on me that i'm the first black female president for the nfl, so that if i can make any type of change or be a good voice, a positive voice or even a sounding board for the nfl i'm happy to do that >> reporter: as the head of one of the most storied franchises in all of sports, first she knows she has a lot of work to do at home morgan

morgan hill in the 90s and 90s the inland areas. i'll take you through the timing and what to expect in a few minutes. >>> this morning there is slight relief for those trying to make it in the bay. the average price of gas in california dropping below six dollars a gallon. bob redell joins us from dublin. prices are continuing to fall. >> reporter: and one analyst believes they will continue to fall. as you can see behind me, we are finally allowed six dollars for a gallon of gas for the lowest octane. barely, but still there. look at the overnight numbers from aaa. san jose and oakland are both averaging around $5.96 for a gallon. san francisco is right at six dollars. look at the second number to the right. that is the price from a month ago and you can see in the past 30 days gas has dropped $0.50 to $0.60 per gallon. a petroleum analyst with gasbuddy.com predicts gas could fall another $0.55 to $0.85 in the weeks ahead. these high prices are one reason why inflation has skyrocketed in the united states , 9.1% compared to a year

morgan norwood has the latest. reporter: recording this video from the white house, president joe biden says he is doing great and keeping busy as he recovers from covid-19 in isolation. >> i'm doing well, getting a lot of work done. i will continue to get it done, in the meantime, thanks for your concern. keep the faith, it's going to be ok. reporter: testing positive for covid thursday morning after the administration said he went to bed feeling funny but did not sleep well. officials say he is experiencing fatigue, a runny nose and dried cough. >> our expectations are he is going to continue to have mild illness. he is going to be monitored for symptoms. reporter: the president is also receiving paxlovid. the 79-year-old is fully vaccinated and received two booster shots, the second of march 30. dr. said the biggest factor in his treatment is his age. he will be closely monitored. >> it is an easy decision to recommend on the part of a physician to take that drug. the president agreed to start it. reporter: cont

ws srnight aks out west of morgan hill people in its path ordered to get out.ening and thank you for joining us some dion lim. i'm larry built quite the scare in the south bay where the arms be fire forced mandatory evacuations this afternoon. steep terrain and heavy fuels in the area west of morgan hill had firefighters worried the plays might grow much much bigger. well tonight residents are back at home crews holding the fire at five acres last check containment 30% here's abc 7 news reporter amanda del castillo. a fire in partner agencies responded after 1pm friday to the arms b fire burning in the corporated portion of west morgan hill just with how fire can develop especially this time of the year we try to go really aggressive on it to slow it down as fast as possible. so it stays small with air attacks ground crews and more fire captain specialist. chris williams says first responders were able to hold the fire at five acres. good news for frenchy's lewis and bosco owner and resident pat blair says she was working around the house when she was alerted b

wells fargo, morgan stanley and jp morgan out. citigroup, next. futures, up 11.d morning. ♪ to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) >> what is happening in europe is impacting the u.s. >> i think we are near the peak of cpi. >>

jp morgan. morgan stanley. wells fargo of course as we wrap up this week.haad: the two morgan's today and city group tomorrow. all right, let's have a look at what we got coming up. we are looking at how the covid pandemic compounded internet poverty. you will be hearing from the brookings institution, who say everyone needs a minimum internet package to access basic internet resources. find out why. this is bloomberg. ♪ david: markets mixed as you can see. we will talk about that later. in the meantime, let's talk about the concept of poverty. when he think about that concept, it's about people going hungry, lack of material if you will. unable to go to school for example. access to health care. our next guest sees internet poverty, that is a fairly interesting concept, impact the 18% of the global population. rishaad: we have had of course covid, the war in ukraine, and political instability that we have been witnessing that could make things worse. let's bring in senior fellow at the brookings institution in washington. what is internet poverty exactly a

obviously morgan stanley, jpmorgan are at the top of that list you buy them, hold on to them and make money as they recover the problem is that everybody is doing well everybody has no nonperformers, everybody has decent loan growth and the nonperformers are key. if nonperformers don't go up, the stocks won't go down to a point where actually you can build wealth owning them at the bottom so again, the money is made when there's blood in the water i'm hoping that we have blood in the water. i know that's not what you want to hear or what the market wants to hear, but that's what we need to get to to make these stocks attractive. >> rich, what was your takeaway from some of the bank earnings this morning as it relates to their performance, which is weaker again, and we do have that inverted yield curve and the broader market. >> sara, i think part of it is exactly what you said. it's a simple model of financial profitability and the better the margins on lending and activity. so that's not real good for the future of banking. number two, i would point out that if you're a devout monito