how big a headache is that for you at goldman sachs?achel: we think volatility is due to rise in the course of the next year. it is likely to be the result of the beginning of tapering. we are coming out next week with a client piece with the subtitle the long and winding road. globally central banks are going to be unwinding, not from the same starting point, but it will begin to tighten financial conditions into next year . we think between the financial tightening conditions and the potential for political risk and policy risks, there is likely to be higher volatility and therefore the trend in spreads will be higher. pemco, theo you at basic idea of hard data, soft data, can we develop a theme? do we have enough confidence in the path of the hard data? mark: you brought up a good point and the word confidence. if you look at what yellen said in her q&a and recent speeches, she is sounding increasingly confident and i think that is because the labor market is doing well in the u.s., the consumer is healthy, financial conditions are e

and i'm going to call professor sachs back up, if folks have any questions. we would love to hear them and then we would love to continue the conversation on social media. i am able to use at least one of those. and in the conference later. so, i see a hand here. thank you. i think a mike is running towards you. >> if i counted right, you had 21 subgoals under your 7 major goals. >> yes. >> there's a lot of political risk to, in many states, to support many of those goals ardently as you are asking people to do. so i ask you, what kind of support financially and otherwise are you going to give to offset the clear risks to a given, you know, in certain states of some of these goals to a state legislature? >> so, i'll say two things about that. the first is, you know, these are not policies. these are goals that we believe are shared values well beyond any party, any ideology, well beyond folks who are just used to voting for democrats. we also know and realize, as professor sachs said, that you have a structure in the republican party that is built around demo

goldman sachs was trading at 239. you could look at november expiration and you could buy the november 225, 250 calendar, paying nothing for it. what are you doing here? you're selling one of the november, versus 100 shares of stock, you're selling one of the november 250 calls at $2 and using those proceeds to buy one of the november 225 puts for about $2 you have up to $11 of upside between the current stock price, 239, and 250, up the november expiration then you have downside at the level of the put strike that you own, but you're protected below that that's what you call a collar. i would say something pretty nasty is going on in goldman sachs, that underperformance for a company often considered best of breed, it's really lagging a lot of its peers to me it makes sense, if you want to stay long and have some time to have some protection but still participate to the upside, a collar makes sense >> what do you think of this trade? >> i like the trade here one of the things you look for when you're looking at a col

even goldman sachs would say that the cuts will create massive growth for new jobs or higher wages. in fact, another recent report by goldman-sachs predicts only the most minor growth effect from these tax cuts. not more than .1 4.2 percent. as the president likes to point out, the stock market is at record highs and companies are raking in unprecedented profits and wages have remained relatively flat. so the companies are already plus with money. record profits they're not creating jobs . they're enriching their shareholders. and enhancing their ceo salaries with stock buybacks. it's proof positive that companies have the cash reserves but don't use it to boost wages. it's the opposite, giving corporations and the wealthy a tax cut leads to higher middle-class wages, belies the facts and the districts and it is a blatant attempt to fool americans into am thinking the plan would benefit then whenin reality it's to stop the rich . no wonder our republicans can't talk about what the plan does. >> cut taxes on the wealthy and powerful, they have to hide and say this is job growth. >> f

the news of goldman sachs.ed. $5.2 a share versus an estimate a four-point plan had been a share. revenue divestment of a $.33 billion versus 7,554,000,000,000. how do you think these numbers low? >> the virus a bit high. as you mentioned top and bottom line. trading looks better. i will say equity revenues look a little light here and that compensation looks a bit heavy. so maybe there is some -- a couple things people could point to with negatives here. stock trading up right now. we have to really dig into this because they are in the top and bottom lines for the surface. again, this problem areas, equities and the calm. trying to renew volatility was nowhere. we expected that a nose in the estimated with goldman sachs and morgan stanley. that was one of the weak spots of the quarter. >> what i don't understand is how much ended like to hear more from michael as he digs into this. 502 versus 417. that is almost 25% higher than what the market was expecting. i'd like to hear how they get out. goldman going in

for goldman sachs and morgan stanley, you are spot on. but for bank of america, which owns merrill lynch, it would be very important, as it would be for j.p. morgan chase and the regional banks. interest rates would be very important depending on the bank. but for the pure capital market players, you are right, it is not as important. vonnie: i have to ask you about the $2.2 billion share buyback for goldman sachs. are you surprised? what does this mean for investors in a gs and the other banks? gerard: gerard: this is a critical component of why investors should own the banking group. it is an overcapitalize group. it will continue to give back excess capital through chair repurchases, like you describe for goldman sachs this morning. they came out and give the total number of $800 billion there will be stunning on return of capital today, a new number for them. what i would suggest is this is very important to why somebody would want to own a bank stock. you will see the dividend payout ratios can we believe, get 40% of earnings, and th

an article, the ft overnight saying goldman sachs is in an identity crisis, because it will never go back to the heydays of generating huge income through fixed income revenue and trading. agree or disagree with that. >> we disagree we think there's a different customer base when you look at goldman sachs. they have institutional investors, hedge funds the interest rates had gone through a period of sharply rising the first of this year. their yield investors, then the yields drop out from under them. then they start to recalibrate, they think are we right? how will the fed move? will rates generally move higher they had a waiting period. at the end of the third quarter, rates went back up you had a path of what direction the fed was going. the fed reassured everyone they would raise rates again that created more certainty that pushed the yield investors back into the game then you saw goldman sachs doing better than what was expected. we think it's much more of a customer concentration issue than a business model issue. >> at this point banks continue to rally because we saw that ba

. >>> what's the matter with goldman sachs? could be in danger of losing another battle with its rival morgan stanley >>> later, one of the biggest bulls on wall street, jonathan golub of credit suisse, explains what he's buying right now ♪fly me to the moon ♪ ♪and let me play amon-- (ding) (bell mnemonic) the amazing new iphone 8 is at at&t... and we know you'll love it. because we know you want more. more great camera features and more power. and more than just unlimited data, we give you unlimited plans with hbo included for life. because you deserve more entertainment. and more spokespeople. talking like this, saying the word more. at&t. it's time for more. am i too close? i feel like i'm too close. get the iphone 8 and with all at&t unlimited plans, get hbo for life. only from at&t. >>> welcome back to "fast money. goldman sachs and morgan stanley both topping earnings estimates this morning but trading in two different directions goldman down nearly 3% this as morgan stanley finished the session up slightly. check out the

this is goldman sachs, who represents shareholders, a lot of them. the former employer of the two authors of this plan, gary coen and steve mnuchin, they ought to heed what their former employer says. even they are saying that the tax cuts won't create massive growth or new jobs or higher wages. in fact, another recent report by goldman sachs predicts only the most minor growth effects from this tax cut. not more than .1% or .2%. as the president likes to point out, the stock market is at record highs, and companies are raking in unprecedented profits, yet wages have remained relatively flat. so the companies are already flush with money. record profits. they're not creating jobs. they're enriching their shareholders and enhancing their c.e.o.'s salaries with stock buybacks. it's proof positive that companies already have the cash reserves but don't use it to boost wages. to assert the opposite, giving corporations and the wealthy a tax cut leads to higher middle-class wages belies the facts and the history and is a blatant attempt to fool americans

goldman sachs and morgan stanley.n from the street straight ahead >>> an $8 billion bet on content. netflix plans to raise its spending on original programming and reports an additional five million subscribers in its latest quarter >>> plus, the new rich list. forbes out with its rankings of the wealthiest americans we'll tell you which billionaire brought in the most cash as the final hour of "squawk box" begins right now >>> good morning welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square i'm joe kernan along with becky quick and andrew ross sorkin futures started to inch a little bit higher earlier now up 20 points on the dow. s&p up less than a point, though, and the nasdaq up a little bit over four points. >> the stock up 1.1% also, a beat coming in for morgan stanley the investment firm came in with 12 cents better than earnings for that quarterly profit. quarterly profit of 93 cents a share. 81 was what the street was expecting. revenue also beating expectations and resul

you mentioned goldman sachs roe returns on equity about 11%.f big banks have been coming in in that range. it's been sticky in that level we're not in hailing distance of the 15%. do you think more volatile markets will cause investors to say i want to own more of these companies putting capital at risk, perhaps the latter part of a cycle? >> i think certainly on the fi krirx side of things, these markets have not been friendly to any of the investment banks clearly, they could do much better in an environment where the central banks aren't putting so much pressure on rates. so i think they'll earn more the question is will people be willing to pay more. from a regulatory perspective, some of the volcker things will get eased. it's not just the changing of the rules. it's the fact you have new regulators in office now and some of the rules will be clarified. i do think we need the investment banks to provide liquidity to the markets we haven't seen the markets need liquidity in a while, but they'll need to be there to provide it i expect the ru

goldman sachs revenue is down quite a bit.nly meaningful beat we got across trading for all of the banks and most of the banks coming in almost spot on. earns the most from this business, about a quarter of their revenue. they have trailed the last quarters and there will be questions on the call. they said the environment is a little bit better, but are they seeing improvement? that is an area where they are over indexed versus their peers. has activities gotten better with the hedge funds? we do not have the three q numbers yet, but some positive signals, is that helping them? david: a broader issue, people tradingsed on their fic . if they are improving is it because the overall tied has gone up or are they making changes such as moving away from hedge: -- hedge fund clients? allison: do your point, the shift in climate is something they have been focusing on. it is something they emphasized at a recent investor presentation just because that business has been under such scrutiny to say, we know we are a little over focused

so goldman sachs looks set to be settling into frankfurt let's go over to our financial correspondent planet in frankfurt and ask him conrad can we call it yet is the city becoming the financial capital of europe. well helena in a sense it already is we have the european central bank based here in frankfurt and this works like a magnet especially for those large commercial banks which one to be close to the central rule maker goldman sachs is not the only one several other big banks already have chosen to build up capacities here in frankfurt but whether or not this is going to be final remains to be seen big banks like goldman sachs also deutsche bank for example are currently building parallel structures double structures in both london and frankfurt because the supervisors want to make sure that the financial services sector is getting prepared for heartbreaks it so no one no matter what the negotiation outcome will be of brick said the banks are. should be set in the position to cater to their clients march twenty ninth teen in or directions they are supposed to be able to do busi

this morning we have goldman sachs, morgan stanley, j&j, united health and ibm.t that. we have the cfo of johnson & johnson joining us that's what's on deck. and an astronaut >> we look forward to it. >>> still to woman come on "wore exchange," a guest who is sick of hearing this is a hedat bull market we'll tell you what his view is coming back. what started as a passion... ...has grown into an enterprise. that's why i switched to the spark cash card from capital one. now, i'm earning unlimited 2% cash back on every purchase i make. everything. what's in your wallet? ♪ ca♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone ♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪ what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley >>> welcome back to "worldwide exchange." futures pointing up. dow futures

in fixed income, goldman sachs used to be number one.nts on how the firm has slid to 10% market share today and he said that that lead you used to have in 2009 wasn't really sustainable you are number one in investment banking. does the same argument apply >> no, it doesn't, it is and has been sustainable the competition has come across the board in our business. we've maintained number one market share and number one fee share across investment banking. as we think about the proliferation of boutiques, they've eaten into market share, not ours, but market share of the top three advisory firms, have largely stayed the same it's really been the second tier that has lost it our view is while there may be more advisers competing for mind share of our clients, as long as we continue to give good long term advice and build long term relationships, we'll continue to have the number one franchise. >> greg, john, thanks very much for joining us this afternoon. melissa? >> thank you very much, wilfred frost. the move of the day, the financials et

we're taking in the news from goldman sachs. even more important these trade talks get going.ening? to be honest, fiona, there have been very low brexit expectations at this summit because eu countries have been clear they wa nt eu countries have been clear they want more progress on key brexit issues, particularly money, before they'll do what the prime minister wa nts, they'll do what the prime minister wants, moving onto those talks about trade and transition deals. that said, the mood here tonight is somehow lighter, you saw those pictures in laura's report of the prime minister walking down the corridor in a friendly chatty way with the german chancellor and french president. all eu leaders here tonight no theresa may is in a politically difficult situation at home, they know as well the brexit money issue is particularly explosive for her and they don't wa nt explosive for her and they don't want her to go home empty—handed. they've promised her and are expected to announce this tomorrow, that they will start talking about trade and transition deals amongst themselves as

and they don't care about goldman sachs. because i see in the polling they don't care about it. >> i think the call about the hypocrisy. like remington and goldman sachs he weaved and ducked. >> it's way more exciting than we anticipated. we caught up with governor christie earlier today and asked him about the debate. and classic form christie is above the battle. >> sitting around popping popcorn, can't wait. these things if you're in them they consume you. so, that's a governor. and another point of this, he certainly is not helping her at all. i saw tonight that she took a shot at him. you think she did that because he's not helping? >> there two different people. the lie that i like that she used was that the inconvenient truth is chris christie is [inaudible] the ballot, i am. the majority of voters look at kim, she's no chris christie. the two different people. i thought that was a great line. >> is this embarrassing for the republicans? a governor not helping. >> the plan was to ride the coattails of christie. when t

if guns are so bad i is goldman sachs invested in gun manufacturers over the years. and how much has he profited by that investment? [applause] >> if i had your track record i would try to change the subject as well. this is about savings people's lives. let's stop changing the subject. >> are you denying that goldman sachs and you profited off of. >> the opportunity to talk about this later. right now, we have more ground to cover. please audience, the problem you're creating is it takes time for you to express yourself and creates a delay on part of the candidates away lose opportunity to cover more material. our next question is to miss guadagno. >> the trump administration released a number of demands tight immigration policies. among his priorities, funding the border wall in exchange for protecting immigrants were brought to the u.s. as children also known as dreamers. these young undocumented immigrants have been protected from deportation which is due to expire next march. but what you do to protect the 22000 dreamers who currently live in new jersey? >> a "n

>> if that's a bad then why has goldman sachs invested in gun manufacturers over the years? and how much is he profited by that investment? >> they attacked often and as expected murphy attacked. [reading names] on his relattionship with governor christie. the debate ran about an hour with issue spanning from immigration to murphy calling for a sanctuary state to wildstein, the hollywood producer currently under attack for allegations of sexual misconduct. guadagno attacked murphy for not calling it out soon enough. >> i want to call phil murphy a coward. he did not start to talk about harvey wildstein until after my campaign today listed the tens of thousands of dollars that he raised as part of his position as finance chair for the dnc. >> murphy ended the night with a 14-point lead according to a

the others were johnson & johnson and n sachs. and the results were mixed. >> reporter: $2.5 million was more than expected. unh raised guidance through next year. its revenue up almost 9% to more than $50 billion. it might have been up even more but unh says withdrawing from the affordable care act markets took away $1.6 billion in sales. still, its insurance revenues are growing, as are revenues in its optum medical services group. >> the prescription drug prices are out of control. the drug prices have gone through the roof. >> reporter: president trump's latest comments on drug prices have the caution lights flashing for some drug makers. but johnson & johnson, whose biggest business is prescription drugs, wants you to remember the other side of that story. >> the overall cost of health care is a topic we should be talking about. but drug prices represent only 14% of health care costs. what's lost in the discussion is the immense benefit they provide to patients. and they actually reduce or help resolution the other 86% of the

thanks very much i'm here with president and coo of goldman sachs, david solomon.orning to you. >> good morning. thanks for having me. >> thanks for having me here at your conference. the builders and instraighters conference i guess we think of goldman sachs often is a wall street titan with big listed companies and in fact, the exposure has grown significantly in terms of prunes i guess i dressed based on former rather than the latter. >> we're in santa barbara. it's beautiful you wonder whether or not we should move head quarters out to the santa barbara. this is a terrific event it's actually a couple days here year that i enjoy. we bring together 100 entrepreneurs to spend a couple days talking about their businesses and the way they disrupt. entrepreneurship and innovation so important to the american economy and the opportunity to brick a unique group of entrepreneurs together to kind of discuss what they're doing, think about ways they can build their businesses and add to growth and change in the economy in is exciting. > let's talk about the broader strat

of investment bank goldman sachs as lloyd blankfein his spot speculation the more jobs a set to move from london to frankfurt amid breaks that uncertainty blankfein tweeted just left frankfurt great meetings right weather really enjoyed it good because i'll be spending a lot more time that britain is home to most of goldman's european operations or has around six thousand employees frankfurt is seen as the biggest beneficiary from wall street banks shifting out of london to cities within the european union when so they can keep operating in you wide. well let's go over to frame for conrad boson is standing by right there at the frankfurt stock exchange for us conrad where is this all leading is suddenly going to become very full. it is already becoming full i can tell you if you're looking for an apartment for or for a house if you are an average earning family here in frankfurt it's become very very difficult to find a place to live where is this leading in terms of business and in terms of banking it's very difficult to say what's happening at the moment is that large banks like go

albie sachs is another survivor, but one of a different kind.survived imprisonment, exile, and being blown up by the country's security forces, and he helped write the posta pa rtheid constitution. he thinks it is one of the world's best — so why do others, especially the young, say that the constitution is against us, especially if you're poor? albie sachs, welcome to hardtalk. you defended black south africans under apartheid laws. you were imprisoned under those laws yourself. you then helped write the most fundamental law of all, the constitution for postapartheid south africa, and then sat on the constitutional court to enforce that constitution. is there enough respect, do you think, for the law in south africa today? it is so fascinating to watch, because the law is playing a central role in our country. the more disrespect there is for it, the more respect there is for the way it's responding. i have been off the constitutional court now for six or seven years, so i'm not bragging about myself, it's my colleagues, another generation. i t

well, goldman sachs employs 6000 people here in london, highly paid and highly taxed.ere considering frankfurt in their plans. today's jaunty text is this just left frankfurt, enjoyed it, good, because i will be spending a lot more time there. what this underlines is that for many in the city, what work contingency plans are now becoming plans they are moving forward with. london will continue to be a great financial centre, the government said. that is definitely true. but what this outlines as many people here have had these plans in reserve and they are moving from contingency plans to plans they are moving forward with. we will not see london disappear overnight, it has been here for centuries. it does not mean it cannot be damaged and other european centres like frankfurt will be picking up business on the back of brexit. simon jack, thank you. 0ur europe editor katya adler is in brussels this evening. the news from goldman sachs tonight an indication of how important it is to get agreement. how far apart are the two sides now? we have known not to get any breakth

that will have to be -- you can say good-bye to that i don't know if it's goldman sachs, whoever it iswave good-bye to that >> the white house did not immediately return requests for further details or clarification on wiping out the debt of puerto rico >> it's been a long running issue, if this is the president endorsing the idea that they would let puerto rico go bust -- >> clean slate >> extraordinary development i don't think it is goldman sachs if we look at a report on cnbc.com, blue mountain capital is named, franklin templeton, oppenheimer funds, these are some of the companies that have exposure >> it's in peoples 401(k)s >> i don't think the president is knowing what he's saying here is he saying we'll allow them to go bust or bail them out i think it's the former. >> unclear >> i think he's saying it in order to try to help puerto rico, maybe didn't understand fully the implications of allowing puerto rico to go bust. >> or raising the issue they have a massive debt problem, and they have a big economy problem as well. not just -- the latest hurricane maria adding insult to

shery: david solomon, goldman sachs copresident and co-coo.ill had, options insight -- looking at how to trade microsoft into earnings. the stock is on pace to close at a record high today, up with a toy 5% year to date. this is bloomberg. ♪ julia: let's recap breaking headlines -- stanford university economist john taylor is said to the straw poll of republican senators president trump conducted. he is the author of the taylor rule and is well known as being progrowth and pro-regulation, one of the most hawkish candidates. our fed reporter joins us from washington. we know that taylor is a combo catered relationship with the federal reserve. inyes, he has been a critic recent years, and he has also been a bit of a republican enabler. he has been called up multiple times for hearings about whether the fed should comply with the , and they have kind of fed off each other, republicans and taylor, tsonga should -- saying there should be more accountability to julia: do struggling to are make up their mind? >> i think the straw poll suggests no. l

a goldman sachs spokesman declined to comment. bank tot nordic announce -- status.reaking these announcements before the deadline comes into effect in january. one for foreign exchange, cash bond derivative. that is your regulation news roundup. nejra: london stock exchange ceo has hit back at critics. he said listing rules were bent to pave the way for an ipo. the u.k. investment association argues that 25% should be the minimum level for any premium listed company in the u.k. he spoke exclusively to me and said that is simply not the case. >> there are some that say there is a 25% equity rule as part of in the market. i have read some of these comments. there is not a 25% governance rule that mandates a minimum of 25%. it is a liquidity test. in the past, there have been in since his of companies which were extremely large that obviously would provide substantial liquidity that were allowed to list on the premium market with less than 25%. this happens in the united states all the time as well. let's not confuse governance. liquidity test is ensuring that there is

goldman sachs is in pink. they are in jupiter's as well.chart, which is one that long itowed, how has been since we have seen a big pullback. we talk about on wall street the pause that refreshes. we have not gotten that in 247 trading days matching the longest ever streak. do you expect a correction coming soon? freddie: i don't think this necessarily implies a correction. you had five more years of a raging bull market. i don't think this should be used for market timing, but it gives you indication of consumer sentiment, investor sentiment, to a degree. this is the last phase of a rally, pretty aggressive, generally. where is the height beat of positioning if we were to get that. of that has been let up by certain stocks, consumer staples. and what people are paying a huge premium for has been certainty. you will be paying a fortune for consumer staples or the high good businesses. what i believe people should be is whether there is less certainty or more of a turnaround situation, etc., etc. that is where i think people should be focusi

goldman sachs?anding it's pretty early in the process for them. they are going out and talking to people in the crypto currency morestem who know a lot about bitcoin than maybe some people they have internally. just trying to explore what it bitcoin.n to trade joe: we this that string all peopleig institutional talking about bitcoin. famously, it's not easy to hold key andose their bitcoins get frozen and stolen all the time. possible they see an opportunity in a simple way to ofd it without a lot headache? >> it's quite possible. holding.mething that's bitcoin being held back. in the conversations i've had folks, they do not necessary -- some of the people who haven't gotten into bitcoin some ofworried about these concerns that you brought up. that maybe one avenue. another one could be to the etf's, derivatives built currencies.ese julia: whole point about this. provides.ity it >> very good question. that's one of the things that gormedman has -- goldman explored. banking is regulated. bitcoin is

officer atperating goldman sachs says he sees things operating globally. for the forecast shipment of the iphone x, supply is said to be half of the initial estimate. .bigail doolittle joining us we are halfway through this trading day and earnings are pouring in. abigail: the bulls are out today. we are looking at yet another record high, the dow on pace for a record closing high. excuse, the s&p 500 -- me, the s&p 500 higher but not as much as the dow. is talkingwhat shery about, they think it is about earnings from a macro perspective. investors are looking for 1.7% investment growth year-over-year. .lus, tax reform hope the one risk to the rally we are seeing this year as if something does not get done by the end of the year. one sector certainly helping today, the financials. take a look at the s&p 500 banks index, up 1.5%. it is generally acknowledged that these companies put up strong third-quarter earnings. today we have a rally in yields, the 10 year yield up about four basis points. that tells us haven bonds are selling off. on the year, it is pr

goldman sachs suf an i goldman sachs suffers an identity crisis.aking the case it's not a cyclical thing the humbling truth for goldman is that u.s. retail banking has become not only more reliable than investment banking but more profitable jpmorgan's balance sheet is three times the size of goldman and it made a 19% return on equity in the quarter compared to gk oldman sachs' 11%. the market reacted negatively yesterday because there is a nagging sense that they overcommitted to areas of wall street that may not come back. gaper says it is what the old jpmorgan went through, an identity crisis in the '90s, which led them to merge with chase manhattan. >> so this brand reorganization. goldman accounting for 44 points on the dow yesterday >>> we are approaching the top of the hour. that means a team at "squawk box" is getting ready. andrew ross sorkin is in new york with a look at what's coming up. good morning >> good morning. we have a big show i don't want to oversell it sometimes i think i say it's a big show, but this is a big show we have ric

goldman sachs has invested in the bitcoin start up.ond wayow has of accessing the internet with a link from russia going live for the weekend. cybersecurity form fireeye says the telecom has long-standing ties with pyongyang and its web connection complements from china. fireeye says it reduces the possibility of the u.s. being able to pressure beijing to turn off its connection. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am jessica summers. this is bloomberg. yvonne: jessica, thank you. we are counting down to the market open in japan. take a look at australia and new zealand is so far. not following through from the gains we saw on wall street. the stronger dollar. sophie kamaruddin. so the: we could be look -- sophie: we could be looking at it holding steady, holding on to overnight losses ahead of key u.s. data later this week. breaking the 113 levels. taking a look at what is going on with wall street. u.s. stocks rose to record highs. we have the dollar trading ne

a goldman sachs spokesman declined to comment.irst nordic bank to announce systematic externalizers stasis. before the mifid ii deadline comes into effect in january. they are already in cash equities but will add foreign exchange, and interest rate derivatives. that is your regulation news roundup worrie. nejra: getting back at critics that's a rules were bent to pave the way for one of the world's largest ipos. up 5% on one or two exchanges but the u.k. investment association argues that 25% should be the minimum pre-loved level for any premium listed company in the u.k. we spoke exclusively and he said that was not the case. say therere some who is a 25% liquidity rule as far as inclusion in the premium market. i have read these comments. there isn't. a 25% governance role that mandates a minimum of 25% liquidity. there is a liquidity test and in the past there has been instances of companies which were extremely large that would provide very substantial liquidity that would allow -- that we are allowed to list on the premium m

can you say goodbye to that i don't know if it's goldman sachs, whoever it is. can you wave goodbye to that we have to do something about. the debt was massive on the island u and. >> my aunt ellie doesn't care about that. she wants help and food she wants to hear from you. >> we are going to help the people out. we are going to get the electric going again that was a complete wipe out that wasn't like a couple of poles came down that was generating plants. that was a lot of very valuable equipment. but, it was equipment in bad shape but we're going to put it in good shape. >> the president and the first lady were enthusiastically received by 99% of the people. they went around to various neighborhoods to comorst people. here this is the cavalry church. they wentz where food was being distributed. i mean, i can hear how the folks there, the regular folks responded to them. this is not politics. this is real enthusiasm from real people. but there are problems, still, with the relief effort. i spoke to the man in charge. general jeffrey buchanan.

goldman sachs saying the dollar is on the move? sentiment towards the dollar in september. stephen: i think there has been a shift, but the last time i was on here with you, i talked about positioning. i think positioning is important when you look at price formation. when you get to an extreme in the market, anytime of marginal -- type of marginal changes going to exaggerate. we did get to an extreme in the backend of last year. people were underweight euro and long dollar, looking at the evidence in the chicago court of exchange. that decision reversed because the dollar weakened considerably and we are at a point where positioning is very short the dollar. interestingly to me, i think there was a story on bloomberg the short-term rally in the dollar, people have increased dollar shorts. the dollar andrt there has been a change on the u.s. side in the sense that it now looks as if there is a tax deal on the table. people expect that to be good for your us -- u.s. growth. is goodlooks good, that for growth. in the background, a fe

david solomon, president and co-ceo oh of goldman sachs best oo of goldman sachs.or a bank that wants to move to london to frankfurt. i don't know of anybody below lloyds. gina: that is very consistent across the industry. they are hesitant to move out of london because they are well ingrained and the city is one of the financial capitals of the world. you have a job in frankfurt. jon: the opening bell is up next. futures are solid. up .2% on the s&p 500. the dow is where the outperformance is. results from adults, 3m and caterpillar delivering. that's results from mcdonald's, 3m and caterpillar delivering. ♪ is this a phone? or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. jon: the sixt day winning str

britain's prime minister tries to break the brakes it deadlock over dinner in brussels the head of goldman sachs weighs in with a provocative tweet. spain's government says it will go ahead with suspending catalonians autonomy after the region's president refused to back down on independence prime minister mariano rajoy will hold a cabinet meeting on saturday to trigger article one five five of the constitution a measure that's never been used which allows madrid to impose direct rule over catalonia leave barca is in barcelona. spain's political crisis is deepening after failing to comply with the spanish government catalonia stripped of its total me. for in the absence of a clear response we note that he has not answered our request and therefore we will continue procedure of triggering article one five five of the constitution to restore legality in catalonia the catch president. had been given until thursday morning to clarify and revoke any independence played last week unilaterally declared independence when. he suspended it to allow for talks. but instead of clarifying his position p.j. se

i don't know if it's goldman sachs but whoever it is, you can wave good-bye to that. the debt was massive on the island. >> my aunt ellie doesn't care about that. she wants some help -- she wants to hear from you. >> we are going to help the people out. we are going to get the electric going again. it was a complete wipeout. it was a lot of very valuable equipment. it was equipment in bad shape but we are going to put it in good shape. >> i really appreciate it. >> you been a great friend.

his career was mostly spent at goldman sachs, which made him wealthy.oured $20 million of his money into the primary but is taking public money for the general election. he spent years as ambassador to germany under president obama. he also served as democratic national finance chair and a board member of the naacp. murphy is a aggressive. he would hike the minimum wage, legalize marijuana, promote affordable housing, and create a public bank that would bring bring statefunds -- held funds elsewhere here. -- hiking the tax on income over $1 million, or hundred million from closing corporate loopholes, and $300 million from taxing marijuana sales. tohas talked about a new tax support transportation, but without specifics. assemblywoman sheila oliver to be his lieutenant governor running mate. his strategy is to campaign vigorously and run out the clock. most polls have him in the lead by double digits. his achilles' heel is the 23 years he spent at goldman sachs and the possibility that voters are resentful of wall street millionaires. steve: we want to

when i met goldman sachs for the for something we agreed within a few minutes the only end result wasationalization. if we had dealt with it over one weekend, it never would have become the new story it happen. after the fall of lehman brothers and then needed to be a gourmet did signal that we would do whatever was necessary to keep the financial system going. i think the move in october 2008 originated in a phone call conversation with ben bernanke and myself. i said i thought it would be a good idea because we were probably considering a cut in interest rates, we agreed that he would speak, and i would speak to some others, and it would become a g10 movement. it took about a week to put together. we changed the time of our normal meeting so we could announce at the exact same time. i agree we informed our politicians just before we did. >> the house let's know that the governor for the bank of england has just announced a 0.5% cut in interest rates. he has done in a corrugated action around the world in which u.s. fed has cut interest rates by 0.5%, the swiss have cut interest rate

it now has a market cap of the goldman sachs. i think goldman sachs is $98 billion.in is now $100 billion. bitcoin moves in mysterious ways. i've heard a lot of potential reasons for this. i think a lot of it is speculation. some people are saying economic instability in zimbabwe could be causing this. a lot of people are buying it in zimbabwe. picture, in the last month or so we have seen a lot of different governments crackdown on bitcoin. it has bounced back up. i think after a lot of these proved to thed of market it is resilient and it can survive these regulations. vonnie: we want to keep a close eye on bitcoin. your latest story with great graphics and bitcoin mania. lily katz.oomberg's ;i; you have to wait a little longer for that sprint-people merger. this is bloomberg. ♪ ♪ vonnie: this is bloomberg markets. sprint and t-mobile are working towards the merger in but would be by far the biggest deal of the year. bloomberg has an exclusive that a news announcement may take longer than expected. alex sherman joins us in today's deals report. what is going on? al