what are the rules goldman and morgan stanley are easing?this is around the idea of access to offices. morgan stanley has said testing requirements will no longer be enforced. goldman sachs is saying that vaccination status is no longer key necessity for getting access to the office when you are coming to new york from outside. it makes it easier for people to come to offices. that is part of the push by the office-based economy to get people back more than just one or two days a week, or last. -- or less. we still have very underpopulated office spaces in places like new york, london and frankfurt. a lot of places have gotten used to doing the bookends, mondays and fridays at home. it's the older people, the executives who are saying you should come back to the office more. tom: that generational divide will be a shock to the system for some. why have banks in particular been so keen to get staff back in? >> it is part of our dna, how we do business. you cannot really do what we do from home. you can for a while if you have to but once thes

goldman and morgan stanley still trying to get them back.: they are indeed, they are using covid rules, vaccination requirements. ordering staff back to the office five days a week. similar moves by morgan stanley. everybody is grappling with what to do this winter. can you afford to heat your own home? goldman sachs and morgan stanley order staff back. >> yeah, they have eased a lot of the reasons people might not have been coming back. outside of new york you can go into a goldman sachs office regardless of your vaccination status without a mask and without the requirements for regular testing. that has been in place over the past couple years of the pandemic. morgan stanley, they are getting rid of notification emails that tell you when you have been exposed to someone with covid. also getting rid of masks. seeing a lot of things that bring them back toward normalcy, which of course, goldman sachs in particular has been a big proponent of. dani: i was joking around with manus because my own personal bias, it is busy in london, it feels li

>> i know you are a big fan of morgan stanley, morgan stanley is in the trust and i'm looking for exposure to a financial market but one of the first guess you had from blackrock, i've always been impressed with him, what do you think as blackrock compared to morgan stanley. >> the investing club is meant for people like you. we have morgan stanley, the yield is a little higher. they are doing a magnificent job at morgan stanley but you are right, larry fink from blackrock, he knows they are both great companies. let's go to jack in maryland. >> hey captain kramer. it's a pleasure to talk to you. bring a subset of your crew down. >> what i say to my crew is bait me. >> i'm an engineering physicist and seeking a little insight into technology. one company that is in my portfolio that i'd like you to comment on, the old spinoff msi. >> i have felt and thank you for the kind words, that i have missed the boat on this stock so many times. it's so good. here's what we're going to do, we are going to invite the ceo of motorola solutions to be on next week. that's a game changer. there's a lot of

i think that is what mike relative morgan stanley -- mike wilson of morgan stanley alluded to. it is the quality for the conviction of belief of the earnings will be, and there is one important stock with earnings. jonathan: lisa, can we see more of that in the second half of this year? lisa: he thinks probably people are too long because the charts don't lie and he sees a peak and commodities and a rolling in this. this really goes to the heart of the issue right now, which is the only way for the fed to combat supply had been driven in vision is to curb demand in tandem with how much supplies are down, and we don't know what that is going to do, but it is going to be bearish for a whole host of industries. jonathan: this market needs to focus on the damage done to growth in the meantime. futures down 6/10 of 1% on the s&p. yields lower by a couple of basis points. the focus on potentially landing in taipei with speaker pelosi on board. that landing could take place in around about two hours from now. from a beautiful new york city, this is bloomberg. >> keeping you up-to-date

guy: besides the scale morgan stanley is working with, what are we talking?ie: $1.4 trillion in assets under management. talking to people about what this means, we see new issuers come to market. that has been a trend. this year size of morgan stanley with their own products could mean a potential shakeup of the leaderboard, which is dominated by blackrock and vanguard right now. guy: great stuff. thank you. of course, you can get more. tune into etf iq each monday, 1 p.m. new york time. coming up, supply chains still crimped for companies around the world. we will dig into what is happening. this is bloomberg. ♪ alix: one hour into the u.s. trading set. volumes up on this summer friday. abigail: everything to do with options expiration. the worst day in three weeks for the index ease. one source of pain today, still backing up the 10 year yield 10 basis points. the vix back above 20. as for a tech barometer, a key one, finally coming into play, the 200 day moving average on the s&p. here is this year's bear market. downtrend, rally off the july low. hitting

if anything, the morgan stanley downgrade was glass half-full. if anything, they talk about the upside. there say 4.5 billion in 2023. it could be over $10 billion. they're talking about op ex which is growing slowly. this whole meta have it is one that facebook has been trying to do. i'm not saying they are trying to downplay this. i think they're trying to show that they can be in control of costs. i think they emphasized that there is a lot of bad news in the price. getting down to 225, they pointed out where the street is. be clear on carter, if you cannot feel relaxed and comfortable listening to her on the setup when you see a monet painting behind him, i feel like i hear classical music laying whenever he opens his mouth. i did hear a basin there. i did add to some facebook about two weeks ago. i did not feel great about it. let's be clear, facebook is 7% off of the low of the market when everything else is up 20 to 30%. it tells you that the market is struggling with the story. >> i think carter should do books on tape. we have a double d

we'll ask morgan stanley's former asian chairman steven roche. plus, both key gauges of the consumer we'll get the action, story, and trade on walmart and home depot on earnings exchange, back in a moment at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. millions have made the switch from the big three designed to help you keep more of what you earn. 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 and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com >>> welcome back to "the exchange" saying china is in the midst of an economic slowdown might be

, ultimately vitalize by economic reforms and various business investment that's according to morgan stanley and u. s. army sales hit $20000000000.00 in 2 weeks with one 3rd going to countries previously slammed by joe biden as both properties with presenting you with the facts that challenge the mainstream media and government narratives. this is our to international weak question. do start our program with the very latest updates from the ground in ukraine where it keeps shelling of done yet. residential areas has left, 3 civilians, dead and 11 injured. ah, no, it's not what i do. dutch said dog as the red, not the ear or the rocky did that. yeah, according to i, don yet, officials 30 residential buildings were struck by ukrainian shelling upcoming footage for you here on our tea. showing one house heavily damaged as the debris lives around are scattered around the areas and see for yourself. and we spoke to one woman whose husband was killed amid all this for you. how will i repay all this? how will i bury him? what will i say to my grand children when they arrive and ask, where is grandf

so according to morgan stanley and u. s. dom sales hit $20000000000.00 in 2 weeks with us. we understand one 3rd going to countries previously slammed by joe biden as all talk with . alright, 6 am on saturday here at moscow and a very welcome to you from all of us here. what are you into a national we start our program with the very latest upgrade. so from the ground in new cray, where it keeps shelling of done yet, has left to civilians dead. i'm 3 injured as local residential buildings continue to be targeted. ah, no. it's not what i do, dutch said dog as the red. not the ear or deer. okay. did that? yeah, according to i don't. yes commercials. 30 residential buildings were hit by ukrainian shelling this footage, showing one house heavily damaged with debris lies scattered around the area. and we did speak to one woman whose husband was killed and made all this. how will i repay all this? how will i bury him? what will i say to my grand children when they arrive and ask, where is grandfather? i don't know. i don't know how to continue to leave. thank god that the children

this is economy by morgan stanley is going to be true. oil prices drop below $90.00 and i'm the export growth by 21st. if that happens in debt is certainly going to be the strongest economy in asia. but having said that, the fact is that india has done very well in the last few months, especially because india has been gain extra digit independence, resolve the foreign policy international trade of the fact that the need to countries having pressurizing india against buying russian. why that discounted prices, i think is something to be going to do it here in the i did not buy funded by the shop in yellow, went ahead and bought russian crude oil, which has been in the did the economy and it has head in get it got all the losses that it and go doing the go no, by this time no fact is that the west has been rising india against buying not only why from russia, but also on st invitation. and the system just just happens to be the biggest supplier pharmacy emission to india. we continue to work with them to ensure that they understand that it

equity strategist at morgan stanley is saying. michael wilson is one of the biggest names in stocks on wall street. is big news is we have not seen the bottom. we have been struggling to find footing post jackson hole. then you have that anxious wait ahead of the jobs data. >> june was probably a low for the average stock. but the index we think still has to take out june lows. we have used 3400% of the gross recession or soft landing. a proper recession would be close to 3000. the numbers actually come down quite a bit further. >>'s basic claim is that investors are being too optimistic about earnings. he says multiples will start to come down as earning start to be cut and somewhere in the middle of the process you will really see the bottom here. he sees that between september and december. he says investors are too preoccupied with the fed. he says they will always be late by design because they always focus on backward looking data, the labor market at inflation numbers. >> inc. of america says markets are under at his mating

based on morgan stanley's projection, they are still seeing earning projections coming down even thoughecond-quarter earnings season was better than expected. bank of america echoing that same sentiment. if you look at mark: at jp morgan, sticking with the bu ll case, for 800 level on the s&p 500. in 18% rise from the close on friday for the s&p 500. he did mention that up to seasonality factors in the midterm elections, that will call some volatility. jp morgan they can we will see potentially a rebound in the second half. jon: thanks very much. let's go deeper. capital managing director joining us. what can you tell us about positioning? shaheen: --amy: we continue to expect volatility will rise from here. there are a lot of other reasons we think the end of the year will drive it. historically that doesn't tend to be good for stocks. if you look the vix, september and october is where you usually see it rise, at least for the last 10 years. katie: is at work -- worth -- is it worth hedging? amy: volatility has misbehaved. if you look today, even though we had a downdraft in the marke

this, according to morgan stanley and u. s. arms sales hit $20000000000.00 in 2 weeks was one 3rd report. will you go into countries previously slammed by joe biden? as all of chrissy with saturday morning here in moscow and moments after 7 o'clock, we got plenty of hot hitting headlines. few today in this bulletin on our t international. we saw the program this morning with the latest updates from the ground in ukraine where key ebs shelling of don yet cuz left to civilians, dead and 3 injured as local residential buildings were once again targeted. ah, no, no. it's not what i did. your dutch said dog as the red nod. stay here or there. okay. did that? yeah, yeah. according to our don yeske officials, 30 residential buildings were hit by ukrainian shelling upcoming footage showing one house heavily damaged. as deb relies scattered all around the area. auntie did speak to one woman whose husband was killed amid all this. how will i repay all this you? how will i bury him? what will i say to my grand children when they arrive

and this is all according to morgan stanley. usa sales hit $20000000000.00 in 2 weeks with one 3rd go into countries previously slammed by joe biden, has autocracies with it's a busy saturday here at auto international in moscow, and a great pleasure to have you with us today. thanks for joining. we start the program with all the latest updates from the ground in ukraine where kiev shelling of don yet because left to civilians dead and the 3 injured as local residential buildings were targeted. ah, no, it's not what i do. dutch said dorothy red nod, stay here, or there. okay. did that? yeah, according to i, don't you ask officials, 30 residential buildings were struck by ukrainian shelling li, upcoming footage are showing one house heavily damaged, as they're realised, scattered all around the area. you can see for yourself here at our tea, we spoke to a woman whose husband was killed him at all this. how will i repay all this? how will i bury him? what will i say to my grand children when they arrive and ask, where is grandfath

this, according to morgan stanley, us arms sales hit $20000000000.00 in just 2 weeks with one 3rd going to countries previously slammed by fightin. as all talk receives ah, why from moscow? this is all t international with me role re sushi yet. so i just off to, for you, i'm here on the russian capital and from the entire news team. it's a pleasure to have you with us. we start our program with the very latest updates from the ground in you. craig is where key ebs shelling of done yet because left to civilians dead and 3 injured as local residential buildings were targeted. ah, no, it's not what i do, dutch said dog, as he read, nod, stay here, or do you keep asking for de la, according to go ahead. sca officials are 30 residential buildings, were hit by ukrainian shelling at this footage shows. one house heavily damaged with debris lies scattered around the area. thought he did speak to one woman whose husband was killed in memphis. how will i repay all this? how will i bury him? what will i say to my grand children when they arrive and ask, where is grandfather? i don't know. i don't

two times morgan stanley says we could be below that even with a bond session.nne: what is that mean for stocks? >> it has been a great my -- month either. we are down on a three-month the slide. it is being led it pretty broad-based. at 2%, you can see the line in green. we the s&p and nasdaq below their 50 day moving averages. this was the month of what we were expecting a private. at jackson hole, that was pretty much quashed. yvonne: we still have a lot of things to come up this month that could change or at least next month. the fed, ecb. gosh it's a lot. david: quantitative tightening? here's the thing too, you have all of that against -- history is not on your side. september is the second worst month on record, after august, which was horrible as well. it where that takes you. debt where that takes you -- see where that takes you. rishaad: august ending on a high note, at least. looking at byd's, warren buffett, they're responsible for some of those declines. also looking at china's megabanks as they report slow profit this is xfinity rewards. our way of

or you can by morgan stanley. invest in a bank -- some risk that the transactions are on freeze -- my partner. that will be great for morgan stanley. i listen to him and i give it to you. another benefit of these inflation numbers, they inflate assets that would be troubled if the fed kept raising rates at such a rapid rate and morgan stanley gets a little piece of that. what else? i am a fan of hewitt oil. like pioneer natural. we had devon once walking the street. he pulled a compelling story on a 10% yield. 7.5% after the interview and we brought it to the attention of club members of the investing club because i had -- for a very long time. i was very disappointed in the performance of tech stocks today. things have been on a tear after getting -- put in hard fought -- that said i think the market will let you into the best ones and better prices. here's my list of what you should buy if tech goes down again tomorrow. first, one that has really step- by-step come back is amazon. i have been telling you over an

morgan stanley says actually the trend could moving forward.son for that is if you have lower demand on a lower price pressures you look at what is happening in the later market, your expansion is unlikely because basically if a company has to continue paying workers the same rate but have less demand for goods, it is not good for the earnings picture. heidi: let us take a look at the broader chinese tech space, shares of tencent back technology companies sank over 90 following the report that the social media giant intends to sell much of its stake in a food delivery night as a regulatory crackdown persists -- delivery company as a regulatory crackdown persists. will tencent go ahead with the sale? >> the speculation has been mounting for quite some time, we heard about the possible off of a stake in jd.com and the limited, i sent a result earlier. -- i will get to the result earlier. tencent well or can sell much of its stake, a 19% stake in the chinese food delivery giant, surprisingly some of these other chinese or tencent back companies sa

i am vince lumia and we are morgan stanley.sher investments) it's easy to think that all money managers are pretty much the same, could provide to a family. but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. it is time for earnings exchange where we give you the action, the story and the trade on three names set to report results. first up, toll brothers. that stock has struggled this year as the housing market continues to cool. diana olick joins me and jeff mills, cio of writtenmar trust, has the trades toda

ellen zentner of morgan stanley. looking forward to the conversation in the next hour. this is bloomberg. ritika: keeping you up-to-date with news from around the world. i'm ritika gupta. china is striking back at the u.s., beijing announced it will impose sanctions on nancy pelosi and her family for her visit this week to taiwan. meanwhile, china is canceling military and climate talks with the u.s.. chinese forces are still conducting exercises around taiwan. there are signs that conditions in the u.s. labor market are easing. the july jobs report is out today a: 30 a.m. it will show that the u.s. added 250 thousand jobs, while the unemployment rate held close to a 50-year low. last week applications for unemployment insurance rose slightly. democrats have agreed on a revised version of their tax and climate bill. they will drop a provision that would have narrowed a tax break for carried interest. they also altered a minimum tax on corporations and added a new 1% tax on stock buybacks. a pivotal vote in the senate, piston cinema, says she will back -- kristin cinema,

kriti: of course a call that mike wilson and morgan stanley chairs as well.et's talk about the bowl take for the stock market. we talk about recession in europe and in overstimulated chinese economy for example, does that not have the idea of buying now, because they will support the market leader? -- later? linda: that is a good point, the united states is essentially only -- the only place to invest these days with europe looking at a tough winter and fall coming up and china still struggling with the zero covid situation. money does come to the united states. the bowl case would be that we can see the next cpi report coming and show potentially that the inflation rate is coming down. and coming down enough to where the markets can say maybe the fed can slow the interest rate hikes and in the meantime, there is no other country to invest in the united states. we still look good. on the expensive side of what will be a wide range for some time. kriti: what does that mean for the liquidity perspective as well? linda: it is a mystery. another big concern in th

morgan stanley is out with a list of deflation enablers one of the companies is lowers costs, despiteis down more than stock i and it is up 40% since the beginning of july. let's bring in sanjit, the ceo on the heels of this strong jobs report it shows the tightness in the supply chain and particularly where labor is concerned. how has that affected demand for what you offer >> hi, john. that for having me on and we are seeing the tightness and the supply chain and construction and field services and a bunch of these other physical operations industries. as i think we saw in the jobs report this morning, these industries are going strong and hiring a lot of people and that's causing tightness in the labor market so that cost is significant. on the other hand, they're investing in technology that's making them more efficient so if you can find yourselves eliminating 10% of your time by moving to apps and it's like hiring 10% more people without having to spend as much and that's the deflationary trend that's enabled by technology. >> part of what you're doing is putting sensors on thin

muchas comunicaciones se perdieron& los sancionados seÁn bank of america, barclays, goldman sachs, morgan stanleyunos 75 millones de personas que se ganan la vida como trabajadoras doÉsticas... en california hay una organizacÓn que ayuda a estas personas a conocer y defender sus derechos... uno de los recientes logros es que estas trabajadoras seÁn inclÍdas en un plan de salud estatal... romi de frias nos informa desde los angeles... el departamento d poliÍa de cherry hill, nueva jersey, le de poliÍa de cherry hill, nueva jersey, le presenÓ al conocido actor "gary busey" cuatro cargos, entre ellos dos de contacto sexual delictivo en cuarto grado. el actor estuvo de visita en la ciudad durante el fin de semana del 12 al 14 de agosto, para aistir a la convencÓn "monster- mania", en el hotel doubletree. el departamento de poliÍa o ha querido dar Ás detalles sobre el incidente por el momento. durante el verano, y con las playas inundadas de baÑistas, aumenta el Úmero de personas que se ven en apuros en medio de corrientes de resaca y que necesitan ser salvadas. ahora, los salvavidas cuentan con la te

according to the investment management giant, morgan stanley, the protection comes as the countenance currently 3rd largest economy grew a full 9.2 percent. this fiscal year not says new delhi increasingly pursues an india 1st strategy and refuses to bow to external pressure. here's our t contribute, our t 2 a meeting by morgan stanley is going to be told why prices drop bill $90.00 about it on the x forms go by 21st. if that happens, india is suddenly going to be the strongest economy in asia. but having said that, the fact is that india has done very well in the last few months, especially because india has maintained extra digit independence. resolve the foreign policy, international trade of the fact that the need to countries having pressurising india against buying russian oil discounted prices. i think it's something to be done so good here in the i did not buy under the shop in y'all went ahead and bought russian crude oil, which has been if they did, they've gone to me and it has had india got all the losses that it got during because, you know, by this time no fact is that t

a 1000000 by morgan stanley is going to be true. oil prices drop below $90.00 and i'm to go by 21st. if that happens in debt is certainly going to be the strongest economy in the shop. but having said that, the fact is that india has done very well in the last few months, especially because india has gain extra digit independence. resolve the foreign policy, international trade of the fact that the need to countries having pressurizing india against buying russian or discounted prices. i think it's something to becomes a good here in the i did not buy under the shop in y'all went ahead and bought russian crude oil, which has been if they did, they've gone to me and it has had india got all the losses that it got during the go by this time, the fact is that the west has been rising india against buying not only from russia but also on st. inundation and the system just happens to be the biggest supplier, a mission to india. we continue to work with them to ensure that they understand that it's not in there. we believe that it's not i

well this, so i'll just do economic outlook by morgan stanley would be true if the crude oil prices drop down now basically to $90.00 a battery and the export when you grow. but that is not true at the moment. but in that tap when she has this economic outlook would be true. that said, i would say that india has been doing well. it has actually recovered from the losses that it's in during the quarter. no, i just made. and i think one has just passed and runs to that into movies, foreign policy, and his trick independent result, we should create the fact that there was tremendous pressure on india against buying crude oil from russia on discounted prices. is i think one of the biggest factors for this was a, do you know, projection bought in the me because india went ahead with buying russian crude oil on discounted prices. despite the fact that all the negro nations rising from will be government not to buy away from russia, russia or what your opinion was. that did not happen. and i think that has been a major, major factor in the gardens off wanted to be in the markets and businesses

here's our t contribute our article a 1000000 by morgan stanley is going to be true. boy prices drop below $90.00 and i'm to go by 21st. if that happens in debt is certainly going to be the strongest economy in the shop. but having said that, the fact is that india has done very well in the last few months, especially because india has maintained it. strategic independence, resolve the foreign policy. international trade of the fact that the need to countries having pressurising india against buying russian oil that discounted prices, i think is something to be done to do it here in the i did not fall under that ratio in the i went ahead and bought russian crude oil, which has been, if they did, they've gone to me and it has, had india got all the losses that it got doing. because you know, by this time no fact is that the west has been rising india against buying not only from russia, but also on st. inundation and the system just happens to be the biggest supplier of arms and immigration to india. we continue to work with them to ensure that they understand that it'

john morgan stanley, the projection comes as a competence current. as 3rd largest economy grew a full 9.2 percent. this fiscal year, that's as new delhi increasingly pursues an india for strategy and refuses to bow to external pressure. here's our tea contributor, r t to coo and i mean by morgan stanley is going to be true. boy, nice is job bill $90.00 the battle for grow by 21st. if that happens, india is certainly going to be the strongest economy in asia. but having said that, the fact is that india has done very well in the last few months, especially because india has maintained extra digit independence. resolve the foreign policy, international trade of the fact that the need to countries having pressurizing, india against buying russian who are discounted prices, i think is something to be done to do it here in the i did not find a show in the i went ahead and bought the russian crew by which has been effective, they've gone to me and it has had india to recover all the losses that in doing that go by. the fact is that the west has been rising

haidi: morgan stanley see a canary in the credit call mine. been the harbinger of an economic recession, that was traditionally signaled by junk rated bonds. deposition could be $1 trillion worth of loans. they do keep pace with the benchmark and offer higher returns. it has wobbled this year. in particular, what that means for the underlying borrowers, that they are more sensitive to rate rises and weaker earnings. this is the index they are -- it has only fallen below two times. you can see the covid phil of 2020. it could fall below the 85 level . easily, even in a mild recession. haidi: that's bring in our next guest who says powell reset expectations. joining us now is a portfolio manager. as we heard, they are committed to getting back to 2%. what are you thinking in terms of how it takes? guest: we have seen speakers, and powell's comments cannot reset expectations. it's hard to say where we are pricing rates down is where it will be. it could go higher. even though the pace of the rate hikes slow down early next year, it does not mean

i am peter akwaboah and we are morgan stanley. >>> welcome back too fast money.have earnings on a couple of stocks. let's start with salesforce. frank holland has been listening in on that conference call. frank, what are you hearing? >> let us listen to the call. siding currency. we will get to that in a second. sought guidance for the current quarter and the full year. it appears to be what is weighing on the stock when you look at the decline. the current quarter hit the hardest even top and of eps to guidance. eight cents below estimates. despite the revenue in the quarter, those were actually below estimates. that is where salesforce gets almost all of its revenue from. also for a second consecutive quarter, no operating margin guide. that is something analysts have keaton as a key metric. cells forces of reaffirming the four-year margin guide over 20%, quarter one with over 18%. a lot of questions of how the margin expansion will happen with the current impact the company has been siding. also, one third of the business outside of the americas. they had a g

let's bring in annabelle to tell us the morgan stanley rivalry and opposing calls. are they saying now? >> you have the good and the bad news. this is coming from jp morgan. it had been one of the standouts on wall street. they are saying the rebound we saw in u.s. stocks is going to be extended here. it will be driven by growth stocks and for that pullback we are seeing in bond yields. let's look at what the bears are same. this is being led by the team of michael wilton. we are looking at a few factors for u.s. stocks to slide into the second half there. the move we are seeing higher is just a bear market. they're looking at the macro backdrop. you have earnings at that corporate backdrop as well. that is looking a little bit weaker. it is also about tightening ahead. cross quantitative tightening is something that bank of america is looking at. >> they have been looking at this bond repurchase program. what it means for the u.s. stocks and where we go from here. all of this as the program extends. the reason for that is down to the historical relationship between

. >> finally, sven, you know, both morgan stanley and jp morgan last 24 hours have had cautionary notes not is much about the pace of rates but the fort of qt, when it hits full force coming months. do you see liabilities for equities as a result of that >> absolutely. look, the monetary base, while qt has not officially gone into full year, which it will do in september, the monetary base has been shrinking, and all year, and last year we saw this, this incredible correlation between the directional flow of the monetary base and the s&p. and this year, every time we had a big drop in the monetary base, the s&p dropped, and when there was a slight uptick in the monetary base, we had these big rallies. you have to ask yourself, even if rate hikes slow, or even pause with qt coming into full effect, what is the directional flow of the monetary base going into next year and based on what the fed is doing, the expectation would be lower. and that would represent a head wind for equities, for sure. >> that's going to make it a little more complicated in the next several weeks sven, great stu

. ♪ ♪ i am vince lumia, head of field management at morgan stanley. that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable things a financial advisor could provide to a family. i am vince lumia and we are morgan stanley. >>> let's check out today's stealth mover, it is grocery outlet the stock is down 4% the analyst still likes the stock but after rising 40% year to date it has gotten ahead of the fundamentals. >>> now to some sad news surrounding a wall street legend tiger management co-founder julian robertson regarded as the father of hedge funds died today from cardiac complications he co-founde

joe, you own bank of america and morgan stanley. >> and i also own goldman sachs.hink persistent and elevated volatility is going to benefit both equity, fixed income trading and the commodities division for goldman sachs for morgan stanley and bank of america to a certain extent benefits along that as well i think as a second derivative of an improving risk asset environment you could look towards asset managers, you could look towards exchanges, you could think about a charles schwab or a t.rowe price or furtu financial. it's an environment for a company like vurtu financial where if the environment improves, you're taking advantage of a company that has a very strong buyback program and also gives a very strong dividend as well so, i like that second derivative play. >> my colleague leslie picker did a story on regional banks. i know that's what you prefer as well >> yeah, absolutely. for me as it relates to financials, i like the kre, a regional bank etf. for me the play with financials is own growth and net business income those are business lines the regional

morgan stanley wants you in the office and jpmorgan is the same thing. see the traders them themselves, support staff i'm not so sure. but this is everybody in? >> i'm hearing everybody. unless you can justify with a medical reason or something along those lines, you're expected to be in the office. here's the thing they have over their workers. some kids came out of college very coddled, millennials, ge gen z, safe spaces, trigger words, crazy stuff, they took the attitude to work. during the bull market, it sold. they were able to get away with demanding that sort of coddled treatment. >> neil: not only young workers taking advantage of this this. >> it's mostly young workers -- >> neil: you're a bitter old man. get off my lawn! so, where does this go? where does it go? like you, where does this go? speak on just saying it's not the old guys like us that are demanding safe spaces and getting annoyed if coworkers -- >> neil: at the group of people doing this remotely and now the company is saying every buddy come back. >> it's more than that, as a coddl

so morgan stanley is predicting 5% by the end of the year. and you're attributing that to which key things. >> well, we're contract its contributing towards we're looking at at the numbers are raising the rage that's going that's going to slow our economy down because businesses will not be hiring as many people. we may even see some layoffs, you know, down the road that will that re will really help to in the inflation rate down. we don't have far to go actually to big number, but we have it under control. >> want to ask you about this. a big tip and how important that is to our economy because so much of so many of the products that we buy from cars to microwave ovens have chips laptop computers and we rely so much on overseas chips. but this plan is for us to build a lot more chips. how how big of a deal is that? >> but this is a huge deal. we've been relying on offshore development and there are numberdcompanies, a publicly traded company here. united states are going to be direct beneficiaries of this bill. it's going to cause theheto de

morgan stanley always appreciate the time. thank you. thank you, alex. alright now onto the numbers outside our doors this afternoon temperatures warmed up at least pay a few degrees over some spots. this despite deeper marine layer out there and a beautiful view right behind me, and we'll take it full view and give you san francisco there front and center, where the low clouds are already moving back over the city and will cross towards the east bay by about sunset. tomorrow morning, we wake up with the low clouds, the patchy drizzle and the fog once again storm tracker to hear not tracking any rain unfortunate neatly but we do have enough drizzle some areas picked up a few 107 inch earlier this morning and tomorrow we're likely to see that drizzle back again. the onshore briefs are fairfield right now is a week one. we've got 60 mph reported there in northwest breeze in oakland at 17. and a south and southeast breeze over areas of novato, napa and santa rosa temperatures again on the warm side, especially inland. we've got upper eighties right now in b

some people say 75 at morgan stanley. we think, 50.e'll see another 25 basis point hike in december, and we think the fed will stop there and be at about 3.625% which is high. that's the cost of funds. and so we'll see. you know, uh, we'll see the rates for you know, buying cars go up immediately. credit card rates go up immediately. it has a big effect on home equity lines. also remind us what what? what? what is going to be the end game for the fed in terms? of those rate hikes. what what? what do they want to see in terms of inflation figures when they start to dial back a bit on the rate hikes? the fed has a 2% to 2.5% target and so to do that they will overcompensate. you know, they've raised the rates past few times this far it's had little effect on on core inflation. we've really gotten inflation break. really? because you know we're producing more gas. people are driving less, and those price points have come down, so they the fed has a lot of work to do, so they're still going to be aggressive. they were very clear on that. b

morgan stanley and jp morgan are removing restrictions.n enter offices with no vaccine or face covering. they had -- they have been pushing for return to the office. global news, 24 hours a day and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. >> i think the fed is wrong. i think jay powell has already told us what's happening without focusing on the supply side of the economy. jonathan: live from new york city this morning, futures are positive just about a few tenths with a few days of losses on the equity market. we take out the highs of the year in the euro is weak as well as sterling. tom: what's the emotion of 115. is that why dow 10,000? jonathan: it's certainly troublesome for the bank of england. tom: what does that

morgan stanley report that yvonne just talked about saying, meituan's minimal impact on this leads inhe short-term, given the majority of the profit is generated via its own ecosystem. there is already some contracts in place with tencent. may be divesting, if this is true, tencent is considering or possibly going to unload as much of -- morgan stanley says it, is 70% stake bloomberg data saying it is a 19% stake. reuters reporting that they are looking at divesting that either all or some of that. that has sent shivers to the other companies that tencent backed during the heyday of the golden age of china. we are talking bilibili. we saw some weakness in the u.s. adrs. also, bilibili and kuaishou seeing weakness. david: that is the next question. do we see tencent, they proceeded with divesting part or all of the stake, to they look at the others too? can we read through what is happening now and applied elsewhere? >> we have already seen tencent talk about jd, divesting shares in that. also sea, which is the e-commerce player in southeast asia, based in singapore. separately to this

seth carpenter of morgan stanley. we have the equity market from morgan stanley just yesterday. nt to say what jp morgan had to say on this market as well. it is not going to back off this year. he actually liked high yields up to about hundred 95 basis points. how to get close to 400 basis points? guess what he thinks now? he thinks we must get rich in here, we could have a situation where high yield spreads are pushing 700 basis points. you have a dynamic where high yield is back out, 650, 700 basis points, tell us about the equity market with that going on. lisa: that is the economy the fed is trying to engineer that has not been priced in. knowledge the equity markets, but the credit markets. that is a signal to the equities [crosstalking] tom: i'm going to skip my chair one inch away from youtube. -- you two. there are no seats on any airplanes north to south. the real estate price in jackson hole is comical. we have people driving us around from idaho, which i think is one million miles away. it is a story, i get it. there is an optimism out there that america can work thro

seth carpenter there of morgan stanley.for morgan stanley, they talked about the prospect of a global recession. we are getting closer to that bear case i think for a lot of people and the surprise to the downside, we are not talking about the states, europe has been a basecase problem for a while now. the downside is coming out of china. tom: i will do a shout out to our good friend allen's that in her giving us flyfishing lessons from jackson hole. she was transitory and to her great credit she turned on a dime in the spring of i think last year, i can't remember. jonathan: sure. tom: but it was amazing. she said this is not what will happen. jonathan: you will never see me, at least i hope you will never, go to an economist and strategist for being wrong. i'm interested in the process. how it is developing. my frustration is something out of jp morgan, the line from the note yesterday seemed to take a dig at some of his peers. clearly something changed this year, the start of this year, particularly with the invasion of

let's play first buy up morgan stanley the fight against inflation is far from over.it in the rising rate environment >> yeah. if you look at how the markets have been reacting, that may not be the case today, but the trend is still there the markets are looking past this rate hiking period. the expected turn around for rate hikes is suspected to be some time in q1 next year. so the long end of the curve is moving than the shortened end morgan stanley is an interesting bank we like it has massive free cash flow and good margins and as many banks do in rising rates, you want dividend yield that is a good pick for us. >> next buy is mcdonald's. inflation still running hot. gina, no one has better margins to offset cost pressure than mickey d's >> who knew that fast food was like the great shield against inflation? the reality is it is still at the affordable end of the spectrum people continue to buy it. mcdonald's was able to flex in the latest inflation has hit wages and input costs and they managed to further expand their margins their brand value enabled them to con

. ♪ ♪ i am vince lumia, head of field management at morgan stanley. that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable things a financial advisor could provide to a family. i am vince lumia and we are morgan stanley. >>> welcome back to "worldwide exchange." one of your morning's big money movers is amd, those shares down roughly 5% in premarket trade, this despite beating on the top and bottom lines for the second quarter, but it's all about the future, with third quarter revenue's outlook coming in before wall street's forecast. this follows nancy pelosi's trip to taiwan she just wrapped up. t

tom: you build morgan stanley economics.e the first economists that tried to make a three-leg fed policy. watch the balance sheet, the expansion of the balance sheet. all of that came through. if you were to parachute into jackson hole at the end of august, what is the theory you will find about central banking? stephen: it's hard for me to know how they will phrase it, but the fed theory has to go back to basics. forget this balance sheet as a dependent economy. it has blown up repeatedly since greenspan and bernanke tried it in the 1990's and early 2000. the fed has to go back to inflation targeting, not average inflation targeting but plain old inflation targeting. we need a dose of simplistic but tough and disciplined approach by paul volcker. jay powell said he's very much committed to doing this. the fed is taking big steps but it's small compared to what they have to do. the federal funds rate is still sharply negative. you will not control inflation -- tom: help me here with the real economy unemployment rate. if we

2022 while deal activity is up, are investors ready to get back into the public markets as well morgan stanley's james, where it is going -- the private fintech companies we talk about have either had down rounds or marked down valuations internally. >> the money is still flowing largely into consumer payments area, and different parts of the ecosystem. specifically the part that enables the payment types, integrate with operational software, to your point, you're not seeing quite as much, especially with rising interest rates, and a tightening generally, you're not seeing as much going into things like consumer credit oriented fintech. we're seeing falls in the area of b 2 b or business to business payments, core consumer piece of the ecosystem is attracting massive amounts of capital. >> the big elephant in the room, james, is apple. not sure if you saw it this morning there was a journal article with amazing stats 75% of u.s. phones have apple pay activated, up 50% in 2020, 10% in -- i see it all the time in san francisco, but people are only carrying around their phones, does this sort of le