start with morgan stanley, because we do have a little bit of breaking news here.lly, to us, through the spokesman, that there's no plans to change the labor day start date and i believe that. i am talking to executives at the firm, and what they are giving me is a little more of a nuance. they really do believe that given the surge, the delta variant surge, particularly if it keeps going, we've got a few weeks to labor day as you know at the end of august, beginning of september, they believe that's going to get pushed back. they really believe it is a good chance if you get pushed back, because the city right now is in complete flux. new york city, where the headquarters of morgan stanley is where they have a lot of their brokers are located here. it's in flux. there's mandates about getting vaccines to go into restaurants, some buildings have mandates about mask wearing, you've got to be masked up inside their building, so it's all over the place, and so what i'm hear ing is internally, they are telling, people are telling me that at morgan stanley they are reth

andrew sheets of morgan stanley in charge of herding cats at morgan stanley. what's great about the morgan stanley view is invented by doctor roach everybody argues and argues and argues and get in the have a sinity of same james -- vicinity of the james gorman page. what's your disparate that steve invented. what's a distinction of the morgan stanley in-house debate? andrew: thanks. good morning. it's nice to be with you. i think there are a couple of areas where we differ. i think we are more bullish on the dollar than many investors. i think that's linked to the idea we do think the fed is not just going to be embarking on a tightening cycle, but that tightening cycle will continue to be well ahead of many of its major d.m. peers. that's one of the reasons we are more cautious in emerging markets than maybe other investors out there. and i think when we look at global equity performance, where we are really forecasting underperformance of the u.s. equity market relative to what i call d.m.x. u.s. markets. europe, japan, australia. we think those are the mar

but morgan stanley is done waiting for games at micron.lson has a look at what is going on in this stock which is off more than 8%. dave: the lowest price for shares since december and possibly the biggest decline since march of last year when we were in a bear market. morgan stanley effectively cut its rating on micron to the equivalent from hold to buy, going from equal weight to overweight. the first rating cut at the firm since january of last year, according to our data. it is all about dram, dynamic random access memory. it goes into computers, electronics, accounts for more than 70% of micron's revenue. morgan stanley is concerned about where that market is heading. to have that concern pop-up at a time when, as you mention, companies increasingly have to wait for their chip orders, that certainly gets your attention. in the dram market, prices are kind of flat the last few months, which tells you there is perhaps not the same sort of supply-demand imbalance we are seeing in chips more broadly. not everyone figures the dram market i

thank you. >> thank you. >> ellen zentner, morgan stanley. for more on the fed, tune in to "the exchange" tomorrow for an interview with the dallas president, robert kaplan at 1:00 p.m. eastern time. >>> with the senate passing its bipartisan infrastructure deal, what are the best place for inve investors? our traders will break it all down, next before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. millions of vulnerable americans struggle to get reliable letransportationnge in plans? to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, a

we are morgan stanley. customers get our best deals on all smartphones. into strategies forthat's right.ad. but what if i'm already a customer? oh, no problem. hey, cam...? ah, same deal! yeah, it's kind of our thing. huh, that's a great deal... what if i'm new to at&t? cam, can you...? hey... but what about for existing customers? same deal. it's the same deal. is he ok? it's not complicated. with at&t, everyone can ace back to school with our best deals on every smartphone - like the samsung galaxy z fold3 5g. ♪ ♪ experience, hyper performance that takes you further. at the lexus golden opportunity sales event. get 0.9% apr financing on all 2021 lexus hybrid models. experience amazing at your lexus dealer. >>> all right welcome back to half." medtronic hitting a new all-time high after better than effected quarterly results. eps about 10 cents above estimates. the michael farr, the man of contradiction. you own this what's your fake a lot of surgeries were put off during the pandemic? do you believe they

across town morgan stanley has just informed staff they must soon provide proof of vaccination.achs, morgan stanley, i feel like these are two of the banks that are prescriptive in terms of everyone needs to get back into the office. why are they softening now? what has pushed them to shift? >> you are absolutely right. these were among the banks that were more stride ept about their people returning to the office. at goldman sachs what you're seeing is that instead of saying to people to come back now, they are saying if you do come back, you are going to have to wear a mask in the office. these are some of the plans being discussed by the scenes. not yet yet implemented. and testing staff so they can spot infections before they spread across the floor. manus: i surreceived. had some water. don't need to -- surreceived, i had some water. don't need to worry. at the fed, they have delayed the return to the office there as well as. it is about what the new normal isant it? >> absolutely. maybe going forward, wearing masks indoors and outdoors and having to show your vaccine passp

morgan stanley saying there will be a turnaround anytime soon.organ stanley's strategists saying why they expect em weakness to continue beyond the summer. delta concerns. they are recommending staying bearish on em credit as well as shorting emerging-market current these against the dollar, given their new dollar target implies that will wipe out all the foreign exchanges that have been in. flipping the board, morgan stanley expects the renminbi could outperform asia with before and selling of chinese stocks having a limited impact. out from abm amro, they assessable inflation will go from here. cost inflation pressures continue to be aggravated by supply shocks and higher shipping rates so a longer path to normalization increases the risk of pass-through to consumer prices. the impact of commodities is more important when it comes to that instead of the impact of supply disturbances so they are seeing some stabilization as commodity inflation, haidi. haidi: we have a beat when it comes to retail sales out of new zealand. we are seeing retail sa

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morgan stanley could lose momentum. more on that story next.his is bloomberg. ♪ ritika: it is time for the bloomberg business flash. i'm ritika gupta. reportedly cutting the pay of employees working from home by up to 25%, according to reuters. an attorney -- an internal salary calculator -- an employee in connecticut who works in new york city could face 15% less from working from home full-time a colleague in new york see no pay cut. a warning from southwest airlines. the recent surge in coronavirus cases is hurting u.s. bookings and may make it hard for the airline to generate a profit in the third quarter. this month southwest has seen a slowdown in bookings and an increase in cancellations. bloomberg has learned that boeing is in talks with the newly created indian budget airline, for the 737 max jet. the airline is looking at operating a fleet of 70 jets within four years. valued at $8.5 billion at sticker prices, but discount is, for those large orders. that is your latest business flash. guy: thank you very much indeed. morgan stanley s

of morgan stanley -- ellen zentner of morgan stanley in just a moment.d over to remain. romaine: united airlines will require all workers to vaccinate . that is in november. remember, the vaccine approvals are for emergency use which raises a lot of questions about people who have medical conditions. it is expected that the fda will move to make that approval, which basically means it is safe for everyone, and united says that's all of its workers need to have that vaccinations. about 90% of its pilots are already backs and -- already vaccinated and about 85% of flight attendants. there will be some exceptions if documented for medical or religious regions. but this is the first major airline to do this, and it is expected that the other airlines will follow. we did get earnings out of expedia yesterday. they were good overall. the only problem is if there's a bit of a slowdown, analysts seem to want more aggressiveness when it comes to guidance. this is a broader story going on . things are great right now, but the sustainability of this is in question,

you still got morgan stanley south of 4000 on the. then you've got the bulls come the likes of goldman. tom: the dispersion is there. i'm going to go to the way it is constructed by each of the bulls. it is very nuanced now between revenue growth, between the leverage that comes down to the different lines on the income statement, and down to free cash flow. everybody's got a different view. jonathan: let's get one view right now with ed yardeni, yardeni research chief investment strategist. through the framework for you. ed -- walk us through the framework for you. ed: all you have to do is get pe and e right. the trick is getting them right. the challenge ahead is the valuation is already quite elevated. it has been earnings driven bull market. we had a melt up really since march 23 of last year, and initially that melt up was led by the pe. forward pe went from 12.9 to 23 by september of last year. since may of last year, earnings have been on fire. they are going to be up 80% just in the second quarter. i think the market is going

jonathon: what does morgan stanley have to say? morgan stanley things we are underestimating the margin -- market pressures. they think price-earnings ratios are too high at this point. that is relevant. that is important at a time when everyone is all bulled up. jonathon: you can look for multiple constructions and have this fantastic view on earnings. tom: there are other people on board with mr. gallup on that call. i have set this all along. it is about a boom economy and profits. jonathon: from new york city alongside tom keene and lisa ramos. -- lisa abramowicz. your equity market is unchanged this morning. good morning. this is bloomberg. ritika: the u.s. senate is moving closer to passing the $550 billion infrastructure bill. a vote is likely late this morning. once the measure is passed, democrats plan to reprove a budget which will clear the way for passage of the rest of the economic agenda. they can do that without any republican support. for the first time in decades, american workers are calling the shots. companies s

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the move coming after morgan stanley downgraded it to equality weight.lysts say shares will likely be range bound in an environment where memory chip prices start to decline you can read more about the call on our website go to cnbc.com/pro dan, what do you make of these moves? the note was interesting, basically pinning a lot of this on the d-ram prices. >> transitory, courtney. that's what i say. here's another example where we had in bottlenecks, some supply/demand dynamics obviously very affected by the lack of ability of supply, and some weird demand situation i will say there was a note out talking about consumer pc demands, so we're starting to see some of the stuff abate. it's probably another indication that we'll get past those in the not-so-distant future. when you think about it, it's a very commoditized product out here i think it topped out at a price, that sniffed out some of these situation where commodity pricing in general so to me from a technical standpoint, i think the break of 70 or so, if that's coming, that's below the levels of w

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-- morgan stanley is 100 bucks as well morgan stanley's mike wilson says the strong jobs report puts the equity valuations on notice. so are we going to contend with that issue perhaps however, the market has been able to absorb almost anything that's hit it with a little pullback a rolling correction not the big one, if you want to call it that mike santoli is with us. senior markets reporter. commentator. whatever your title is welcome. good to see you p. >> i answer to them all. >> but you're looking at that. this push/pull and the ability of the market to withstand a lot. >> it's not that this market hasn't had corrections it just had these asynchronous corrections. they've had their pullbacks, just not at the same time. it's come off as this very harmonious rotation that's had the s&p up 18% this is nasdaq 100 megacap growth broadly speaking against the banks index. what was the issue going into february and march enthusiasm about the reopening, right? banks just ripping higher. yields going higher. what was the biggest fear at that moment? march, april the fear was overheating

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it is nearly identical to one it offers the clients at rival bank morgan stanley this comes after morgan chase ceo jamie dimon has been the skeptic of bitcoin and other digital assets you have to give your clients what they want. >>> the white house announced efforts to boost the number of covid vaccinations for kids 12 and older. the medical providers will be urged to ask students about vaccination status during sports physicals. the administration will provide schools and colleges with resources to hold pop-up vaccine clinics. many have been doing this. as of last week, 30% of 12 to 17-year-olds have been vaccinated just weeks before they head back to school. >>> and senator manchin is urging jay powell to scale back the stimulus efforts in the letter to powell, the democrat from west virginia said that he is increasingly alarmed that the fed continues to buy $120 billion of u.s. government debt and mortgage backed securities each month. that it may lead to the economy overheating as well as inflation. manchin's letter marks the first example of the congressional democrat urging the fe

and morgan stanley. yamiche: terror in afghanistan and a race against time. pres. biden: we will not forgive. we will not forget. we will hunt you down and make you pay. yamiche: a suicide bomber kills more than 150 people, iluding at least 13 u.s. troops, outside kabul's airport. president biden vows to go after the terrorists but he is sticking to his august 31 deadline to withdraw u.s. service members. plus -- >> there's no one in the world outside of joe biden who thinks we can get everybody out by august 31. >> the end of the month, will be on us before we know it and i think we need to maintain our military presence long enough to get everyone out.

and morgan stanley. >> general hr mcmaster, welcome back to "firing line" and thank you for your service. >> great to be with you, even at this difficult time. >> president biden has been warning about threats from isis-k for days. what is your reaction to the kabul airport? >> it's heartbreaking to see the loss of ourourageous servicemen, but also the loss of innocent life outside among afghans who are desperately trying to escape. and, you know, i think this is obviously predicted and even though it was predicted, of course, it wasn't prevented, in large measure, because i think the difficulty of that tactical problem, that we are in this airport, that is right in the middle of an urban area. it's very difficult to defend when you only have a perimeter and you don't have any depth in your defense and we've been banking on and understding with a terrorist organization and that's an extremely dangerous position for our servicemen and women to be? >> isis k claims responsibility for the attack. and this g

mike wilson, morgan stanley chief equity strategist and cio. this line from yesterday, "we have learned of the fomc tolerance for an inflation overshoot that is not as large as durable -- as large or as durable as we previously understood." i think that is important. lisa: it is especially important in light of vice rich clarida basically emphasizing that they are getting closer. they are moving to this. jonathan: getting closer to a deal in paris as well. lisa, i know you want an update from this as well. this from the associated press, lionel messi traveling to france , a person with knowledge of the negotiations has told the associated press. there you go. tom: take the redeye. jonathan: and let's stay there for the rest of the summer. lisa: amen. [laughter] jonathan: lisa wants us gone, clearly. it is a beautiful one here in new york. your equity market unchanged. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. president joe biden's big plans for the economy are about to pass their first meijer legislative test. the

media research at morgan stanley he has an outperform at disney ben, it's good to see you.'s start with why this stock has gone nowhere this year this has been a very strong market >> let's good to see you, thanks for having me. look, it's been a tough year for streaming stocks i think the massive move that disney had last year, while it certainly had to do with the vaccines and the recovery and the consumer, it was primarily around the expectations around streaming, significantly better than expected. this year we've seen it for knelt netflix, for roku. streaming has been pretty modest across the board this summer as people are watching less tv [ inaudible ].term. >> how does it fit into the overall disney equation, and specifically how does it fit into the streaming strategy? >> espn, which if we go back a decade was sort of why people were bullish, and then it quickly became why people were bearish. it's sort of fallen off people's radar screens, and in our last report published about a month ago, we actually raised our espn-plus estimates. in fact they're pacing, in our

we are morgan stanley. >>> welcome back to "the exchange." let's get you a check on the markets.ard highs for the nasdaq. over 15,000 today, by a point at the moment it's outperforming 2/5 of 1% dow is up 75 let's check on some of the individual movers. we have share of capri holdings seeing a nice jump after the company announced they'll replace their ceo. current ceo john idle will become executive chairman. ford is also moving higher after saying itwill double its production target for the f-150 lightning, that's the ev, due to early strong demand. it was released earlier this year, already had 120,000 customer reservations. shares today are up about 2.5% robinhood is jumping, a $55 price target had a good month of 38%, 40% off the highs trading around 48 today. and also up 5.5%, shopify is currently in pilot mode, up 3.5% >>> now to rahel solomon >> here is what's happening at this hour. the caldor fire has burned more than 117,000 acres and remains only 9% contained. a 40-mile stretch of highway is closed and officials say it's unlikely to be reopened in the near future. >>>

bank of america, goldman sachs, morgan stanley all posting games. this comes as the benchmark ten-year treasury yield continues to climb higher. it is now at 1.34% guy, what did you make of this big move >> well, we had a few people on over the last couple of weeks, i know tim has been loving this. jeff mills, when i hear from him as well. banks are going higher dan pointed this out a couple of weeks ago. the banks stopped going lower. that was your tell they've been off to the races ever since to me, citi is the most compelling trade here. i think it trades north of tangible focus about 78 bucks we've been as a show, collectively over black stone. they made another acquisition. that stock can continue to go higher and if you think as i do that rates will continue to go up, the insurers look really interesting. specifically crew and met life >> we want to go to the white house. we told you about the cyber summit that president biden is holding. jamie dimon is leaving now basically we're witnessing the ceos at the summit leaving the white house right

morgan stanley and goldman sachs and employees returning to office. how uncertain the outlook for treasuries has become. look no further than bank of america's latest rate forecast. if you have any questions for any of our guests, this is bloomberg. ♪ francine: west bounding back to the open, everyone. we're 50 minutes from the open. 50% higher for the dax and the cac gaining .2%. 10-year yield sliding below 1% by year end amid economic recovery stalls or gaining 2% if the growth stays robust. traders are torn between crosscurrents that include an an improvement labor market. and a looming u.s. debt ceiling. joining us is a global market strategist. always great to speak to you. thank you for coming on. you see a bifurcation in the market going forward? >> you have to keep things simple. you have to say that the economic backdrop is strong. we're unlikely to reach the same levels of year-on-year growth that we had in q2. ultimately the recoveries do not look to be derailed. as we move toward year-end you're likely to see central banks more comfortable

i think that financials are right for buybacks look at morgan stanley morgan stanley is now an advisory company, and yes, a lot of multiples meg tirrell is saying don't forget yesterday fauci said people should get the regeneron. i'm saying that the actual -- it's kind of like emergency use versus whatever. they need to make the regeneron. i'm going to go right back to financials, they need to make regeneron to have regular use like they did for pfizer when i saw jpmorgan at 14 times earnings, i said does that really deserve to have such a low multiple given the amount of cash it has. bank of america if you think rates are going to go high, which i think they may, what a great steal. why not buy back stockm facebook does buyback, but facebook's higher multiple apple does buyback with apple higher multiple. >> and we're going to talk to rod hall later on this morning. >> rod hall? >> in the 10:00 a.m. from goldman, who has been stubbornly neutral on the name. >> there were some people who were negative on palo alto >> that didn't work out too well for them >> no. >> ill-advised strategy.

and how america's tech giants could fall morgan stanley making the bear case >> we start with another sharp sell-off in chinese stocks as carl mentioned big tech companies in china shed more than $50 billion in market cap yesterday after new rules were announced and they're down again today here in the u.s. baba, tencent, baidu, they are all in the red by about 10% each the new measures banned businesses from faking sales stats, posting misleading customer reviews, and hiding negative comments. and platforms they can't use data or other algorithms to influence customer choices today we got a peek into the funds that actually bought shares and are exposed to didi like tiger global. that stock is up about 4% today, but it is down more than 40% since its june ipo s.e.c. filings reveal funds including soros, tiger global and singapore sovereign wealth fund, where investors as of the end of q2 knew headlines that operations at the company slowed dramatically also worth mentioning tencent music, you see on the screen there, down nearly 12% after revenue fell short of estimates. and that is

we are morgan stanley. that building you're trying to sell, - you should ten-x it. - ten-x it?head. ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it. make fitness routine with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. try pure protein shakes. with vitamins and minerals for immune support. >>> all right. we're back i just want to update you on the markets. the dowat the lows of the day and firmly so. a loss of 438 points we just had the conversation with bay crest technician jonathan krinsky suggesting in a new note dropped during the program. don't buy the dip, the headline. for a variety of reasons maybe weakness small caps you can see the you russell 2000 to the right-hand side, the last red til

we are morgan stanley. go aflac!!! what the heck, troy - that's not your kid! aflac duck is just covering for sophie. same way he got me money to help cover her hospital bill when my health insurance didn't pay for all of it. but this isn't fair! that's exactly what i said! but then i learned health insurance isn't even supposed to cover everything. wait...for real? for real real. luckily i had aflac. aflac!!! get help with expenses health insurance doesn't cover. go aflac! !mm-hm! get to know us at aflac.com. !mm-hm! tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ >>> welcome back to the rachlt report." imi'm rahel solomon

morgan stanley turning bullish the analyst hbehind that call will join us and ann sarnoff is with julia. >> it is an all time high for the nasdaq the tail of red riding hood this morning. robinhood shares plunging after the company announced that some existing shareholders think venture capital firms with big holdings in the company would sell almost 98 million shares through convertible notes. there is a big difference here from the meme stock sales we have seen, like amc, robinhood will not go any proceeds from the transaction. while the ceo champ pond retail traders during that ipo last week, big institutions like andreissen, horowitz, rea capital, they're cashing in on yesterday's surge. and they're also some of the names who rescued robinhood earlier this year during one of its most controversial moments. >> yeah. a lot of controversy around the name our next guest just initiated robinhood at peer perform in the note titled why robinhood is uninvestable right now, warning clients don't buy the stock. steven chubak joins this morning. do i have you? >> yeah, i'm here, can you hear h

morgan, goldman, morgan stanley. i go jpm >> steve >> steve >> here we go. agree 100% and when you look at the year-to-date performance, b of a is up 39% against i think middle 20s in j.p. morgan so, they've definitely outperformed and that would get to the point where they're a little bit more expensive. jpmorgan is definitely best in breed. you could ask 10 people and i bet knee-jerk reaction is 80%, 90% say j.p. morgan will be their bank of choice to that last comment on buybacks you can't reach across the market there's a lot of rules you can't shock the order. you can't run the stock up on a buyback, but it's extremely supportive when people know that the buyback is there, to the other point that was made. when people know the buyback is there, they're more apt to buy the stock. j.p. morgan, we can finish off holding hands. >> finally michael, give us a closing word. >> i think marketwide buybacks are a big thing. they don't always benefit directly the company doing the buying back. they buy it from people, the cash goes into a brokerage account. they o

i say go with morgan stanley and wells fargo. morgan stanley is not a bank anymore. that means it's bank light i like that. wells fargo was so horrible. you have to wonder why they have warren buffet stuck with it so long, selling near the bottom. these days, though, it's a turn around story i believe in the ceo charlie sharp, he's tough as nails, and done playing defense by fixing everything from the board of directors to direct reports. he's on offense, will buy back a mess of an amount of stock i expect wells fargo to return to the high 50s where it was when all hell broke loose. stay the course. i like the bull market and retail survivors, it's it too late to buy something like dick's sporting goods, up for the year now a special dividend, laying out a multiyear strategy, and based on that plan, the stock is cheap. still, i prefer best buy, which spent a fortune on digital, and has a membership club that will take care of your home office tech support needs, and also bed, bath and beyond, up 62% for the year this is a turn around story, and what i have seen from

going into october, morgan stanley continuing to see these rates.he worst week since january. we have the 11th month of gains. that would be the longest run on record when it comes to wins for the asx 200. up at a season. companies like bluescope and woodside delivery, a sizable dividend. they are cautioning the outlook for commodities on china and the u.s. when it comes to consumers. we want to check in on the pop for the stock. more than 70%. the biggest gains for the shares in wellington. >> let's take a look at the commodity space. they gained a little bit of ground. this after losing 40% of its value. copper also hit by fed concerns that they may be curbing back on stimulus pretty soon. those tapering concerns have hurt base metals throughout. corn and soybeans also have been under pressure. there have been concerns that the u.s. could be reducing how much biofuel needs to be lended into fuel. that would be the first step to try to balance competing oil and agricultural interests. we also had weather concerns around agricultural commodities. we

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jon, we'll let you get some technical assistance there joe, you mentioned the consumer, morgan stanley's mike wilson out saying, disappointing retail sales and consumer sentiment suggest the u.s. consumer is fading and there's growing evidence the slowdown could be greater than expected. within that note, mike wilson cites inventory to sales ratio being misleading sales are robust than retail expected and there may not be all this pent-up demand people are anticipating joe, is that an opinion that you share? >> i agree with a lot of what's contained in mike's note the problem is that mike -- he might be a little early on this. the consumer is clearly the number one indicator for me as to when we're going to see a correction that's going to be more than 2.2%, which is what we got last week. it is going to be the ultimately the consumer retrenching and seeing their economic behavior go in the wrong direction. now why do i say i think he's early? because i think that behavior is really tied to what we know to be the wealth effect that's the pricing of assets and also the pricing of housing.

morgan stanley, casinos, theaters. we'll talk about the chart in a moment.gan stanley not selling at the moment. tom: a couple of drivers from china. that bit buying pushing stock much higher. stay with us. this is bloomberg. ♪ >> good morning from bloomberg's european headquarters. it is 6:30 p.m. this is bloomberg daybreak europe. here's what you need to know. vaccine boost. the f.d.a. gives full approval to the pfizer vaccine raising hopes for sustained economic reopening. asian stocks follow the u.s. higher. the p.b.o.c. vow toss stabilize the growth of credit after there was a slow growth in supply. and kamala harris makes a major foreign policy address. the vice president blasts china but says the u.s. will not force allies topic sides. so if you were looking for capitalist ins these market, a few have start toed come through as you rightly "sportscentered" out -- as you rightly pointed out manus. the f.d.a. approved the pfizer shot and private enterprise ins the u.s. have been pressure todman date those vaccines. support from the pb of courser c and s

robert roser is with us with morgan stanley.stanley is so good at putting out that 30 page deck that you gotta read. after you looked at the labor market, what are wages going to do? the ultimate inflation indicator is rising wage growth. will we see that? >> thanks for having me. we are certainly seeing wage pressures right now and seeing them across and easing -- an increasing number of industries more in middle and high wage sectors as well. we are seeing somewhat of a conflicting side in the labor market where you get the signals of tightness in higher wages despite the fact that there is a lot of flak and still a lot of lost jobs and many people who were previously unemployed -- previously employed are now unemployed and are now unemployed enter out of the workforce. we looked at how much that labor supply is expected to come back and there is a number of factors behind why we see labor supply being constrained. a few of those factors are more short-term in nature. we have concerns around health that are lingering. we have

morgan stanley saying the korean won will face appreciation pressure.xt, more heavy rains hit japan after the climate report establishes a factual link between extreme weather events and emissions, but how much difference will the report make for climate skeptics? we discussed. this is bloomberg. ♪ >> last week's report on climate change gave world leaders unprecedented evidence that a full-scale climate disaster is looming. the report offered no original research or told government what to do. let's bring in the bloomberg head of research. what are the most relevant findings for the asia-pacific region? >> thanks for having me. this year's report is quite extensive, almost 4000 pages. one of the unique features is an interactive outlet that allows policymakers, analysts, and corporations to look at individual regional impacts on different scenarios. this is a powerful tool for climate risk assessment. >> which aipac countries are reducing emissions in line with the recommendations and which ones are clearly not? >> unfortunately none of the major aipac

morgan stanley lab launches the first summer cohort this week.is joining us vice chairman of global health management carla, before we get into that, i want to talk about what's going on in the markets this morning. the dow off 240 points largely because of the view the fed is accelerating the taper timeline and what it could mean for the vc space what is your take on where we are with the fed and what may happen >> thank you, andrew the market hates two things. uncertainty and surprise the suggest that the timeline is being moved up when there is at volatility, it is risking the investor portfolio. what is going on in the private markets, no question, people would be a little more cautious when you have a volatuatile pubc market it will make you cautious with the profile and investing activity >> have you found with conversations with the vc founders and private equity funds and others you talked to that they are saying, it will cost more to get leverage in this space if that is what we are going to do or the exit could be tougher maybe the pric

morgan stanley says we have to raise points. barclays, a 17% plunge. but despite that, money flew into equities. i put it to you this morning that the reason you have passed through this existential angst moment because robert kaplan has opened the trapdoor to the possibility of a delay in the sequencing of tapering. that, ladies and gentlemen, has repriced the dollar and emboldened some the equity risk takers. let me show you the rally. a bounce back in china. the tech stocks up 1.5%. what is more important? the scale of the heights or the pace of the taper? do you want more big tech? are you worried about delta? the china implosion in terms of regulation and growth is what is worrying global fx markets. this is the oil market bouncing back. kaplan waivers and the dollar goes over and oil bounces back. it is not genius stuff. bitcoin above 50,000. i put it to you that any valley in euro swiss would be an opportunity to buy a little swiss for the weekend. jackson hole is the event the world will focus on this week. virtual gathering. the scrutiny and t

we are morgan stanley. into strategies for the road ahead.ic advisors. they suggest that we marry our fortunes with...the capulets. blasphemy! fear not. these advisors managed one of the largest mergers in history, creating billions in value. billions? plus, they have experts in global trade. this merger shall be a boon for our spice business. and set a course for growth. here, here! friars, send word at once. yes, m'lord. >>> what is the top grossing movie of all time? the answer, avatar the 2009 thriller has earned over $2.8 billion. >>> still to come here, former white house advisor to talk the china tech crack down and what it means for business. we are awaiting results for general motors we'll bring you numbers and we'll have the company's ceo after the show we are back after this millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give e

all sorts of judgments can you make banks can be deceptive too many think morgan stanley's stock is aheadt i look at it different morgan stanley is no longer traditional investment bank but wealth adviser for all sorts of demographics, a better business. and by comparison, goldman sachs is just seven times earnings, isn't that like nucor? but belief that business will be worse next year? could be might be a bargain construction deere and caterpillar traded 20 times earnings, rather have deere because agriculture, great business with expanded food stamps and high grain prices that last quarter wasn't up to snuff. if bad quarter, they're hurt worse than deere figure out what to avoid stock that looks cheap now but would be expensive when we look back 12 months from now. micron's stock looks cheap but turned out expensive, peaking. bargain hunting, looking for pricey stocks that are good values when earnings are better than expected. think about that don't throw a perfectly good stock with high price right now. i would be more worried if it's low right now. the market is not that stupid. sto

. >>> coming up, one of the street's top strategists, morgan stanley's mike wilson joins us with hists for the rest of the year i can tell you the s&p is ahead of his year-end target by quite a bit. i don't know what that means we'll ask him. dow futures down more than 200 points sq "squawk box" is coming right back designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app. that's how you get your money right with sofi. millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you. for the love of people. for the love of community. for the love of progress. citi. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/h

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morgan stanley, merrill lynch, bear stearns, j. p. morgan, city group. and so the friends extended itself along were sought by the public, by falsifying their own financial situation on loan application. therefore, the public and banks are complicit. committee bank for me. my name is richard. i was senior president and business chief underwriter for 2nd group me at the time city group was the largest think it was my responsibility to make sure that the $90000000000.00 a year that we were purchasing and mortgage alarms that were originated by other banks. and mortgage companies, these met our policy standards in early 2006, i discovered that over 60 percent of these mortgages did not meet our guidelines. they were by definition defective. when i discovered this in this was june of 2006 silly me, i thought it was my job. i started issuing warnings because i was supposed to make sure that these met our policy guidelines. and i sent email. i put it in my weekly report, i made committee presentations, i mean, i'm not a shy guy. i cornered people in the hallwa

graham secker, morgan stanley chief european equity strategist.e are going to dig into one of the segments graham was talking about in a little bit more detail, next. luxury stocks very much under pressure amid concerns about a crackdown on wealth and china. redistribution is the new theme. we will get more on that next. this is bloomberg. ♪ guy: one of the reasons why we have seen such performance amongst european equities this year has been the drive that luxury stocks have given the markets. in particular, the cac 40. but broadly come the stoxx 600. you can see that on this chart. blues, orange, white. the cac 40 you can see as well. these stocks have been real powerhouses until lately. you can see the drop that has been driven, it appears, by basically a new policy of redistribution the chinese authorities are keen to push forward with. they are keen to drive the middle class to the center of attention. what does that mean? does it mean fewer lvmh handbags? does it mean lower sales? china is super important for these companies. bloomberg's sen

morgan stanley looking for high yield.ost of the big banks on wall street still looking for high yields, but i keep asking the basic question. the fed is good to go, right? most fed officials are setting us up for that at some point over the next six months. does that lead to higher yields are lower yields? when you ask people in the bond market, they don't exactly have the confidence and conviction you would expect. tom: the more ambiguity, there's a lot of ambiguity there. i will look at the ultimate global litmus pager. -- litmus paper. he mentioned the resilient dollar, to say the least. jonathan: are we starting to see some decoupling emerge again. we are talking about more fiscal effort down in washington, 550 billion dollars on the one side, and that the democrats will go for the big one. elsewhere, in germany, do you have the same enthusiasm? tom: em as well. jonathan: the confidence read in germany today was dreadful. euro-dollar back down to 1.17. tom: i really want to emphasize dxy with a solid 93 prince this mo