morgan stanley and goldman sachs -- goldman sachs have been the connect. there is m&a to think about. it is come tentative among the top three, morgan stanley, goldman sachs, and jpmorgan. at the same time, for goldman, they have to work on a lot of the consumer initiatives. david: and get trading back on track. >> i would say that to investment bankers at the top that goldman would be one of the biggest trading houses in the world. david: thank you for that report. now today's brief. let's start with you, david. a second day in a row. you have relocated from north carolina and south carolina. >> i'm in the eastern part of north carolina, but fail, 90 minutes inland from the coast. we are serving to see gusts of wind here and there. we are seeing the leaves blowing a lot harder. people are moving with more intensity to get where they are getting going. david: it went from a category 3 to a category 2. is there a less sense of urgency on the part of the people in the business is in getting ready? >> i am not seeing less urgency. looks like people are still

and to say goodness is awful time but goldman sachs may be up.i'm one of the many stories of people who were fired and that's what led to where i was because it forced me to rethink about what i was doing and i was passionate about economic policy so it is not like overnight i bail a policy writer and started putting out books i took a jobs a fund raiser to raise money and work for nonprofit to raise the money -- to pay bills so that i could read an write on night and and so now i used to think i was lazy. turns out i wasn't lazy but doing wrong job. it is nothing for me to work all weekend and nothing for me to work -- dawn until dusk every day for weeks at a time writing books. is it something reenforces skill and intelligence and so as the book makes clear, i'm telling my story in describing what people can be. >> here's john camny most recent book end of work why your passion can become your job. you're watching booktv on c-span. >> you can watch this and all other booktv programs from the fast 20 years at booktv.org. type the authors name an

goldman sachs is a giant in the world of investment trading and the fa ct world of investment tradingt that they were planning on the opening of trading desk in the world of cryptocurrencies lent that world a great deal of credibility, but one business insider has reported the bank is now backing away from those plans. at a tech conference in san francisco, the chief a natural office of the goldman sachs called that report fake news. nonetheless, the values of those currencies have been taking a nosedive, falling between ten and 20% over the last two days. dr stephanie hare, independent technology expert joins me now. good morning to you. stephanie, what problem does cryptocurrency solve? we have got lots of currencies of our there, why do we need a whole other basket of currencies?” our there, why do we need a whole other basket of currencies? i think it is probably worth going back to the origin, the history of cryptocurrencies. 0ne the origin, the history of cryptocurrencies. one of the unique selling points of this cryptocurrency, one is the very fact that it cryptocurrency, one i

we have breaking news about goldman sachs.ship of goldman sachs is coming to focus. david solomon is new ceo. >> buddy john has been working with david solomon. we reported he would be rising. he goes back to the bear days with david solomon. it has been a long time coming. when you are ceo, you want new people at the helm. the current cfo will be taking charge of the trading desk. stephen scherr

our chief european economist at goldman sachs going to be joining us.ng about what is happening in the economy right now. and we have another exclusive interview coming up. this is bloomberg. ♪ francine: judgment day for argentina. the present waits the u.s. market response to yesterday's emergency matters -- measures. leadersusiness, italy's discuss their 2019 spending plans after the deputy prime minister suggest he will push eu rules to the limit. bus carney questioned, the bank governor faces eu leaders today as speculation

citing goldman sachs is probably partly accou nta ble for it.ce we saw yesterday. —— so i think, longer term, in the price we saw yesterday. —— so ithink, longerterm, i in the price we saw yesterday. —— so i think, longer term, i think it is probably not that significant in terms of their long—term development. thank you very much, we are going to leave it there. and lawrence will be back in about half an hour to review the main stories being covered by the global media. so we will see him a bit later on. let's not talk about brazil. —— now. one of the front—runners in brazil's presidential election has undergone surgery after being stabbed while campaigning. the incident happened at a rally in minas gerais in the south east of the country. a warning — this report by katy watson contains shocking images. out on the campaign trail and working the crowds, we just a few weeks ago before the elections, far right presidential candidate jair bolsano was in his elements, but the celebrations came to a sudden end. mrjair bolsano suddenly gripped his che

it will be known as marcus by goldman sachs, after the bank's founder, mark uth goldman.lier, we spoke to managing director des mcdaid. we have talked to thousands of customers, and we asked them what they thought of goldman sachs, and they thought of goldman sachs, and the message we got it was the prestigious band cover and recognise games. who did you ask? we ask thousands of savers, from £1 £2000 across uk. when you look at those names, fined $5 billion for profiting from the financial crisis. he got to be of $10 billion from the us tragedy. the us attorney general described the bank has serious misconduct. you said you sold —— z you sold mortgages you knew were likely to fail. why should anyone trust you? there is no doubt that we learned a lot, and many banks had to change. one of the things we have a simple products. we are offering a really simple savings account, with no catches, no fees. you can move your money when you like, and you can your money when you like, and you ca n start your money when you like, and you can start with a plan. that simplicity and tran

goldman sachs talking about commodities saying we are getting used to the idea of trade war tensions and for that they see commodities rallying. applies toy that other asset classes as well? maybe we will stabilize on some of the stories. we continue to watch for individual movers. -- new flowtrade out of boj which has moved things around a little bit on the fixed income market. pushingll of this

goldman sachs is sounding a little more relaxed.t softer after a week of gains. .e are down three points on the we have banks up 3% on the u.s. tenure. the crate spat with china is heating up. the president is threatening to impose tariffs on $200 billion .f chinese goods isthe first point

goldman sachs saying that is not really going to be obtainable.ow big an issue for you is oil right now? ames: it's moved up quite long way after the last few weeks and months, and i think the risk is in the near, it does go higher. to trump'st react relative aggressiveness in trying to increase supply, so there is the potential for that to happen. we don't really know the impact from the iran sanctions. it?hina going to ignore there is a lot of uncertainty about strong growth in the u.s. which could contribute to that demand pushing oil prices higher in the near term. nejra: rebalance risks more to the upside to you. could we get $100 oil by next year though? james: i think it unlikely. reserves.elease nejra: before the midterms? james: possibly so. it was ahead of the midterm elections at this stage. his current popularity rating is 25 to 40t with losing seats in the house, leaving the democrats running the house of representatives, making things difficult. this is one option where he could get traction with the voters. what concerns me for next

that's the appropriate way to do it wells fargo has fundamental issues wrong so does goldman sachs. jp morgan is the most diversified with the best balance sheet. devg the highest multiple in terms of lowest discount rate. near a all-time highs. jp morgan at all-time highs with the market and you trade them all the same. regional banks outperformed for a long time if anybody is rate sensitive it's those guy. >> announcer: the vix is below 12 and peak. we do a great show friday at 5:30 with dan is the absolute star of. the vix is giving you another dunt below 12. that's sort of the level where getting long volatility is protectionist it's been right the last few years and here it is again the vix tells you everything is okay with the s&p. s&p went a great performer but the rotation i think to the banks is encouraging it can continue. >> that's an interesting point danburys up in terms of being a believer in the improvement of the global kpee or even the u.s. economy let's say. to so retail stocks for instance industrial stocks what would you rather rather. >> or would you rather. >>

wall street giant goldman sachs is launching a savings account for uk customers.it offers 1.5% a year, that is the best rate on the market. they are calling it markets, after the bank's founder. it could prompt other banks and building societies to try and offer better rates as well. a quick look at what's trending in the business news today. from business insider, trump claims the trade war with china has had "absolutely no impact on the economy". he made the claims as part of his press conference on wednesday, despite american businesses warning about pain caused from the tariffs. ford says it has cost them $1 billion so far. from wired: "congress challenges google on china. google falls short." it says google's privacy chief ducked questions in congress about whether it's building a censored search engine for china. and an opinion piece from the financial times. economist megan greene — a friend of this programme — says italy's coalition government is playing poker with the public, the eu and the markets. that's it for the business briefing this hour. this mark

goldman sachs, talking about the indicator being alarmingly high.ore on that as we go through the program. lets coming up and programming during daybreak and further beyond into other european programming later on today. host of exclusive interviews coming. today's brexit show we will be speaking to the former u.k. prime minister tony blair and tensions -- while tensions between the u.s. and russia heat up we speak to my cows are done of -- juliette: u.s. president donald trump has demanded that the new york times reveal the identity of a senior official who wrote an anonymous article. he or she or others in --ernment the root of the problem is the president's immorality. >> when i won they were forced to apologize to their subscribers. they wrote a letter of apology. the first time anybody has ever done it. the covered the election incorrectly. if the feeling new york times has an anonymous editorial, can you believe it? anonymous. a gutless editorial. juliette: contagion growing louder. jpmorgan and blackrock are amongst the big wall street names

remember he got out of goldman sachs, $15 a minute or something like that?e made out like a bandit. liz: they needed the money. no one would lend it to them. >> do they go to warren and say give us some money here. liz: talking tesla? >> i have heard it. i have heard it rumored and speculated. i'm not saying it's going to happen. you don't think so. why don't you think so? liz: i thought you meant buy tesla outright. i think warren buffett, when he sees a company like he did with harley davidson or goldman sachs, i believe tiffany as well, he got incredible terms. >> why wouldn't he get incredible terms out of elon? liz: because those three companies have a tried and true and reliable, reliable history of hitting targets. >> goldman sachs did, too. g.e. was g.e. liz: i don't know if he looks at tesla as reliable. >> maybe he doesn't look at the management as reliable. one of the things that came out about this whole dance, know what's fascinating, five hours before they announced they weren't going private, i was on your show. we were talking about how they

. —— goldman sachs.ell—known bolton racket wall street name moving into the retail space. there is not much money to be made in that, is there? there is a bit of money to be made in that. from an overall point of view, they reckon they can suck in an extra 5 billion dollars in annual earnings asa billion dollars in annual earnings as a result of creating this bank. they studied in the united states as yea rs they studied in the united states as years ago and got a very attractive headline rate to suck in money. —— they started this in the united states. it looks like the best interest rate for instant access. so good news for savers. from one of wall street's biggest. talking of wall street's biggest. talking of wall street, a us debt could to be costlier than the military. this is a staggering article in the new york times. the debt level is go to reach $1 trillion next year. we were talking that italy with a budget busting budget will stop what about the united states? yes, for me, this is going to be

we're talking about goldman sachs.s. morning. you're launching this online bank account today and in the uk, why now and why in the uk? we've been operating for 149 years and for the last two years we've offered retail banking in the us, loa ns, offered retail banking in the us, loans, savings and financial management and that's been really successful. that's because people are using technology to manage their lives and money, but they don't manage their money well so we think we can use technology to help, using the power and knowledge of goldman sachsin the power and knowledge of goldman sachs in designing simple, easy to use products and offering great value, but using technologies to pass on benefits to our customers. you will pay about 1.5%, we are so used to rubbish interest rates from the banks, you will use that to playing consistently competitive rates. we asked 3000 customers before we launched about what they wa nted before we launched about what they wanted to... 1.5%, will that last for the duration of the

sachs himself, that freedom of speech is important as well. prison corruption — the number of prison staff caught smuggling drugs, weapons and mobile phones into prisons is rising steeply video games which allow players to make in—game purchases will have a warning icon on their packaging from christmas. and in half an hour mike thomson meets five lottery winners from around the world to see if winning the jackpot really can make you happy. good afternoon and welcome to bbc news. good afternoon and welcome to bbc news. the prime minister has re—stated her opposition to a second eu referendum and says she won't accept anything in a deal with brussels that's against the national interest. writing in a sunday newspaper, ahead of mps returning to parliament this week, mrs may said she would not betray those who voted to leave in the referendum two years ago. here's our political correspondent susana mendonsa. she's shown us her moves can be unpredictable, but when it comes to the prospect of a second referendum, theresa may is standing firm and st

the incoming goldman sachs team handpicks his team.s, we will talk the strength of the banking system and lehman's 10 years on with the chief executive of bnp paribas. this is bloomberg. ♪ ♪ francine: economics, finance, politics, this is "bloomberg surveillance." i'm francine lacqua here in london. hurricane florence is threatening to unleash widespread destruction as it hits the carolina coast. wind and rain have hit waterfront towns, causing floods , which could produce a debbie 11 foot search. hundreds of thousands of people have been evacuated and farmers have rushed to save crops and livestock ahead of the storm. for more on the economic impact on hurricane florence we will bring in our executive energy -- editor for energy and commodities. it is much more than oil, because it also impacts farmers, livestock. what will be at the forefront of people's minds? >> in terms of the economic impact, yes, we are obviously clearly concerned with retail side, we care about the infrastructure side, but beyond the obvious risk to human healt

goldman sachs investment bankers are completing a takeover of their own firm.most important roles will now be held by executives who rose through the dealmaking unit, overhauling the top of the company that has been a wall street powerhouse for years. john waldron will be the next president and chief operating officer. the second powerful position in the bank. uber's ceo has said the company will spend more than $150 million in canada to support driverless car research. he also said the company has to demonstrate its path to profitability in what he sees as a multi-trillion dollar industry. >> now in urban environments we think we can build our host of services that essentially replace all of these use cases of the car. this is ultimately a $6 trillion industry we are going after. juliette: global news, 24 hours a day on air and @tictoc on twitter powered by more than 2700 journalists and analysts in .ore than 120 countries you can find more stories on the bloomberg at top . let's get a check of asian markets, finishing up the week with sophie kamaruddin in

goldman sachs is one of the lag guards here, charlie.wn about 1 and 2/3% at moment. >> nothing to do with this story. we're talking about what -- liz: financials are getting hammered. not hammered, they're getting hit which is interesting because a rising rate environment is supposed to be good for financials because it means they get to charge more for money they lend. >> none of the people at goldman sachs can charge for this. liz: they can't put it on expense account? >> i thought we were doing a hit on expense accounts. as we were reporting goldman sachs cracking down on expense accounts. we thought it figured out, nice thing to do to figure out exactly what you can eat there when you're working late and expense and put in an expense. by the way the expense account is something like $25. has been that way for years. here are some of the stuff you cannot expense. liz: those are carrots. wait, what? >> say you're working past 8:00, right? you have a 25-dollar allotment. not a lot of money. average meal in new york is $50. this is why t

goldman sachs warns there remain more pain to come. games, russia and china demonstrate the unity with a joint military exercise. we are live at the eastern economic forum. a dose of realism. the pound jumps as a deal is achievable but michel barnier warns there are three major areas of disagreement. ♪ nejra: good morning, everybody, from hong kong to dubai, from lagos to london. we are seeing a little bit of quarters optimism in asian equities. the index mapping eight days of losses which was the longest losing streak since december 2017. tensions,e of trade perhaps an opportunity to buy these markets. 111.41.en trades at we are up 3/10 of 1%. the bloomberg dollar index overall pretty much unchanged. the yen is one of the g10 currencies at the moment weakening against the dollar. barnier from michel that a brexit deal is possible in the next eight weeks. cable holding on to the 130 handle. the two-year yield -- i know we look at the 10 year, but the two-year yield at its highest since 2008. 2.71%. keeping an eye on emerging markets as

i picked goldman sachs because i wanted to work with a big firm, and i never wanted to live in new york had asked me if i was interested in investment banking ofi was always suspicious people that came out of their mother's womb knowing they wanted to be an investment banker. they were not making huge sums in those days. i went because i was interested with substance, the idea of multitasking, working and advising clients in industries. i poured myself into my new job. ♪ thinking back on those years at goldman, i know they were intense. hank is intense. no surprise. i knew they would be demanding. i heard tales of people leaving homes before the sun came up and coming back after the kids were in bed. that was no way we were going to raise a family as far as i was concerned. hank: she said -- if you do not start coming home and helping me with the children at night, you are going to come home some night and i am going to be gone and the children are still going to be here. >> he took the 442 home, read them a story. i made a decision to be with the children in the earliest years. i felt

. >> coming up, tesla's electric storm, the stock thinking after goldman sachs increased competitionve got the details. plus pot stocks starting the week on a high note, the company that andrew lest targeted last week much more "fast money" still ahead. >>> welcome back to "fast money," pot stocks are on fire after one short seller targeted two big names in the space aditi roy has the details from san francisco. hi, aditi. >> hi, melissa one of the short seller target cronos group had a wild ride in the company shares last week it saw a 21% move last monday and the best day since february 6th and the forward trend of cannabis companies as canada marches for the legalization of recreational marijuana on october 17th and shares tumbled 28% last tuesday making it the worst day in the listing's history dating back to july 2016 and the stock ended the regular session today up nearly 13% following that volatile week that report made a pointed allegation about cronos' disclosure business agreements with canadian provinces saying cronos' management appeared to have been deceiving the public

analysts from goldman sachs say the tariffs may have delayed hiring. august is also typically a sleepy month for job growth. the bureau may not fully account for seasonal factors. >>> brett kavanaugh can exhale after two days of tough questioning. the supreme court nominee left with few missteps over the confirmation hearing. we learned one thing with the final day of testimony. cor yer cor yerks book -- cory booker is running for president. >> the democratic senator releasing e-mails despite designation as committee confidential in what he called an "i am spartacus" moment. kavanaugh has written he favors race neutral security practices. senator booker calls the decision to release the e-mails an act of civil disobedience. >> reporter: dave and christine, the drama began to unfold when senator booker said he was willing to risk expulsion by disclosing confidential e-mails. republicans called it a show saying those e-mails had already been released at 4:00 in the morning. five and a half hours before this hearing began. republicans further accused cory

accounts of city of london banks only later was malfeasance identified lloyd blankfein of goldman sachs who used to be the boss of governor of the bank of england makani was accused of misleading congress do you think more and blankfein was lying or was he telling the truth that. well he was not being straight with the his clients in a lot of ways and we showed that in his bipartisan report and he wasn't being straight with the congress when he said that there was no massive bet against goldman's clients or some wall street down the city of london for what they were long before the fifteenth of september twentieth and it wasn't just socialist politicians like jeremy corbyn who saw it coming those who worked in the banks themselves were coming and when they told their superiors they were sacked joining me now is paul more author of crash bang wallop and the former head of regulatory risk and one of the biggest banks in the world h. boss paul thanks for coming back on they'll be acres of newsprint loads of stories about the ten year anniversary some people saying this isn't an accounting

the news from goldman sachs, though they are in the business and actively trading it, the masses arer legitimacy to trade themselves. yesterday was a blow. romaine: let's move onto a stable speculation. wti and oil futures, about $70 for a bit and now we have dropped over the last couple days. is this related to the emerging-market issues or is this more a domestic supply and demand issue? rise in theecent last month, really about iranian sanctions, also iea demand forecast and good inventory reports. now we are going back to normalcy of it based on the fact that demand is good but not great. slowdown,ried about a global slowdown, even though consensus thinks we will see a compromise out of china and the u.s., that is just a guess. that said, the odds of a slowdown are good. oil is starting to sell in that range. romaine: we saw the api numbers last night showing a building inventories, we will get the data shortly here. how would you trade that knowing what we know from the api numbers last night? larry: i would be on the short side, i have been on the short side of oil for a time t

morgan stanley and goldman sachs, both down nearly 10%. the way, saw a 17% decline in trading revenues last quarter. that was due to low volatility and the limits on the ability of wall street traders to profit from market bets it was the worst on the street that stock is now -- by the way the worse performing dow component this year. but banks have bigger problems put together flat yield curve within loan growth that's mostly flattish and higher deposit costs. and you have investors saying, there is better places to put my money right now. back to you, scott. >> thank you very much we'll trade it now >> it's interesting the stocks can't get you bid. >> they seem to foretell another story. i think theearnings profile is returned maybe not to prefinancial criticizes buts valuations are compelling. and i think higher salaries by the way don't mean suddenly the guys are having gangbuster businesses the business haves never been more efficient there is one-half the people working at the banks paying people who are performing makes sense to me.

goldman sachs saying we just got used to the trade tensions. want to ask you about the hong kong dollar. why the strength in the currency? one. this is an unusual it started with the pboc. late yesterday the pboc said it is going to issue short-term money instruments into the hong kong market. that would be a tightening of liquidity designed for the offshore yuan. it will filter through to the hong kong dollar as well. on top of that, hong kong itself is going to make slight changes, technical changes, to the way it does day-to-day liquidity. it is seen as helpful for the hong kong dollar. we have a series of holidays coming up. money markets would have been tight anyway. china's coming up to his golden week holidays. the dollar is a bit soft. a lot of people opposition the wrong way. together in ang perfect storm. we have seen massive volumes in the hong kong dollar. volumes are running at 50 times their usual average. you can see the extent of why the hong kong dollar is so strong. matt: expectations for the fed to raise rates again next week

where do these changes fit in to the broader story of goldman sachs? sridhar: the largest story has been over the last year, 18 months, we have seen an extraordinary change where a lot of folks closest to the currency of lloyd blankfein have been breasted the side or do not have --important role, and -- pushed to the side or do not have an important role. as a result, you have seen movement. vonnie: they are obviously close to him but at the same time he has a specific bent in investment banking. there's goldman beef up its investment banking as a result of these changes? sridhar: if you go back a few years, trading revenues for goldman sachs were a giant share of where the bank made money. that is not the case anymore. you have more equal among asset management, trade, the investment bank. goldman will become more like a traditional bank that will be lending money and making money through asset management to work with clients. an important company, just not as important as before. is they are becoming more variety of where they can pull their money fr

you saw goldman sachs.e have been waiting for the herd, the institutional herd to come and so the fact that morgan stanley and citi bank, that helps sentiment. the custody is actually probably a bigger deal. because that's the rode block. if you have more than $150 under management and you are a private fund, you can't custody your own assets you can only get sew o so big in this space with custody, institutional quality custody, regulated custody that's a big step forward. >> for more on how the latest development can make bitcoin comeback we bring in mike bell shi the ceo of bit co. >> what sort of interest have you gotten so far. >> it's been ongoing the last couple years as traditional finance started to get engaged with cryptocurrency as the mechanic has grown and spronen o shons proms for the future it's growing everywhere >> what's your guess a to who the commerce will be the first clients. >> in the spectrum of folks needing custody. there is more aggressive and less grfrs a number of hedge funds, f

goldman sachs has called time on the surge in indian stocks.etary-general says demand for oil is still robust enough to bring stockpiles below their five-year average. he also told bloomberg about headwinds brought on by unrelated factors, over which the energy market has little control. he rejected criticism of the cartel and the independent allies, saying the oil sector needs strong management. >> there is no viable alternative on the table. other than institutionalized and with goodncorporation partners in a permanent fashion. the world needs it. >> global news, 24 hours a day and at @tictoc on twitter, powered by over 2700 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . it impact of the typhoon, looks like they are at loggerheads according to the "wall street journal" report that china may decline talks over trade, seeing asian markets back in the red today. we have taken japan off the map, which closed for a public holiday. banking stocks lifted the asx 200 higher, but generally

jens: they probably have a good product at hand, even if goldman sachs, for example, analysts earlier this week said that competition is increasing from german carmakers. this goldman sachs analyst is saying that the stock would drop in addition to 25% or so within the next six months. it is certainly a crucial time. the stock of tesla in the past month has lost about one third in value. christoph: jens korte in new york, thank you. back to phil, and a look ahead at general elections in sweden. phil: voters look likely to give a big boost to a right-wing populist party on sunday. according to opinion polls, the sweden democrats on a law and order, anti-migrant from, are searching against the established parties. right-wing populists have presence in coalition governments in 8 eu countries, united by nationalism, euro skepticism, and opposition to immigration. those issues are weighing on swedish voters' mines. crime is another subject undermines. sweden democrats have made it one of their key talking points. this report from the city of malmo. reporter: just in time to break of a disp

david kostin of goldman sachs.s, and little bit of a risk on, s&p futures up by about six. european stocks up for tents. and the other asset classes, that gets my attention. euro-dollar still moving higher. .ou had that spike yesterday now there is a pause in the dollar as we wait to see what happens with the fed. sterling no continuing to climb higher on the highs of the session -- sterling still -- sterling note continuing to climb higher on the highs of the session. yields in the u.s. up by about one basis point. germany taking it on the chin. crude up 4/10 of 1%. david: time now to find out what is going on outside the business world. we turn to emma chandra with the "first word news." emma: bright kavanaugh says he never sexually assaulted anyone and is not going anywhere. kavanaugh defended himself last night, appearing with his wife in an interview on fox news. the senate judiciary committee will hear testimony from him and on principal accuser thursday. deputy attorney general ron rosenstein. the president

goldman sachs, they want to trade it. is a wonderful environment.wonderful, but then actual value case as a digital gold as a digital currency is really strong with these emerging markets collapsing like turkey. there is a good place for people to go now. bitcoin is one of the most volatile. the problem is going from a bear market to another very market is a bit of a problem. people are using bitcoin to good money, diversify, and then move more stable coins. the biggest, best, most appreciating coin is tether. it is very controversial. vonnie: what are the points they move off of? d.c.ng about are these coins trading at all on any of those headlines? >> right now is the dump operiod -- period. last year was the pump. it is still too speculative. i think the key thing to remember is the market gets overhyped and technology just needs to catch up to the hype. if i use the dot-com bubble as an example, it takes about two years. it usually takes about two years. we are only nine months into this one. romaine: thank you. i think we will leave it there. t

morgan and goldman sachs are all leading.e as well the two year yield hitting a ten year high. it's at 2.807% the ten year note is at its highest level since late may the credit card names, those are of note. they're hitting all time highs mastercard, visa, as well as american express >>> we begin the second hour of power lunch with three big investment themes. pot, playing, and your pock pocketbook so the pot stock is soaring. turray up 1186%. now from pot to playing. the gaming stocks. activision up 19% this year. finally, from playing to your pocketbook, the s&p retail sector up 37% in 2018. new numbers on the holiday season today could keep the rally going. that's where we'll begin right now. let's bring in john kernen who says we have yet to reach retail euphoria a growth of 3.1% on the high end, growth of 5.6% at least as of today that's the high number. we had a really strong holiday season last year, what makes you think the euphoria isn't over yet going into this year's holiday season >> yeah, hi, thanks. we don't th

why does goldman sachs say we could see more pain ahead? >> why?the model that goldman uses where we are at a point where if you look at the where wes is a moment will see a reassessment of prices in the emerging market. then we go back to the contagion question and which of those countries within the emerging market universe are most vulnerable. events some interesting coming up in emerging markets this week with the turkish and russian interest rate issues. turkey watched the most of all of those. -- theative calm today story will change in the coming days as the events unfold and we will see more of the weakness that has been experienced in recent days. , to what extent are you impressed by the actions taken by certain countries versus others? indonesia seems to have done quite a lot. argentina has also been busy tackling the forces at work. but, turkey less so, perhaps. bilal: indonesia has followed the best textbook way of dealing with all of the us. they -- with all of this. they were preempted. they began to intervene. argentina was too late

bank went bust we speak to rolling stone journalist in all the time he famously described goldman sachs as a great squid wrapped around the face of humanity plus she's following through on the crisis but it was she stop and think through sorry i don't think all of this to be the leader of western europe's largest labor movement gets only a blairite accusation of racism in response to his grilling of minority u.k. government leaders or raise them a. type of arrogance with a consolation for the banks that lehman brothers the american war monger john bolton well the simple coming up in today's going underground but first today marks ten years to the day that the self-styled musters of the universe got that come up and or rather the entire western world was crashed by an economic model centered on financial services that were built on sand within days as the financial contagion spread u.k. labor iraq was supporting chancellor. gordon brown claimed to have saved the world by setting the stage for austerity policies that continue today we not only save the world save the bank was. you know yo

goldman sachs down 11 days in a row. coming up, more on the morning central-bank decision.e will break down the ecb, turkey, and see yeley -- and boe. this is bloomberg. ♪ alix: central-bank bonanza. ecb keeps rates unchanged through at least the summer of 2019. boe of grace its q3 growth forecast. bracing for florence, the hurricane weakens as it moves to make landfall in the curling less -- the carolinas. wouldn warning the s&p fall into bear market if the u.s. opposed a 10% tariffs on all imports. to quantify the trade impacts. david: welcome to "bloomberg daybreak." i am david westin alongside alix steel. i think we will call it central-bank day. alix: turkey has been the most interesting. mario draghi's press conferences about half an hour away. s&p futures up by about 7%, getting a boost as turkey hiked interest rates. euro-dollar flight. not a lot of -- euro-dollar flat. not a lot of movement in the stigma, but ending bond buying march us is will be data dependent, they say. little bit ofin a hawkish and of us and -- and dovish talk at the same time. yields go nowher

shares oos goldman sachs nearly 3% to 235.58. >>> drug maker crisp therapeutics says it's planning to offer $200 million worth of common stock in a new public offering and as often happens the news of a secondary offerin initially sent sharps lower in the extended session tonight. it also finished the regular session down about 2% at 51.89. and then after the bell, soware company red hat said a rice in subscription revenue helped revenue earnings top expectations total sales missed estimates but the company gave weaker than expected guidance for the q currentrter and shares fell in the after hours. finishing the regular day up a fraction to 143.16. and the stock of the day, had to be canadian marijuana company tilray. shares of most of the cannabis-related stocks hav been on a tare lately anyway. but today it was crazy. ading in tilray had to be halted five different times during the regularsession, all do you to tremendous volatility. when all said andto done the finished up another 38% to4. . and since the initial publication offering just back on july 19th, shares of tilray e up mo

accounts of city of london banks only later was malfeasance identified lloyd blankfein of goldman sachs who used to be the boss of governor of the bank of england makani was accused of misleading congress do you think more and blankfein was lying or was he telling the truth that. well he was not being straight with the his clients in a lot of ways and we showed that in his bipartisan report and he wasn't being straight with the congress when he said that there was no massive bet against goldman's clients some sole wall street and the city of london for what they were long before the fifteenth of september twentieth.

they are calling it marcus by goldman sachs, after the bank's founder, marcus goldman.ion authority has called on ryanair to compensate passengers affected by staff strikes this week. the caa says ryanair is bound by eu law, which entitles travellers to a refund or new flight if their trip is cancelled — but the airline says it will reject any claims. ryanair has cancelled 150 of its 2,400 scheduled flights this friday — affecting some 211,000 customers. it's been a really busy week for new york. the united nations general assembly has been under way there. 0n the sidelines of the united nations general assembly, president trump has reached an agreement with japan's prime minister shinzo abe. the aim was to informally open trade talks between the two nations. sarah toms is in singapore how have those talks been going so far? well, it may not seem much. they have just agreed to open talks, but this is still a big deal at the moment. prime minister shinzo abe for the past two years has been resisting pressure to start these talks, and that's because mr abe wa nted talks,

but we didn't have firms like goldman sachs with the custody solution that seems like if there was a call for 40,000 to be made it should be made around now if you think that institutional money is the ticket. >> listen, we had a global speculative mania that drove prices crazy i think institutional investors to start with are going to be more sober listen there are plenty of levels on the chart you have to get through if you get through 680 oh you get through 880 oh then maybe 10,000 and then that opens up the old highs you need to see not just the custody solutions in place you have to see the state of making the allocations i think it's going to happen we're talking to lots of them. and at that point, you know, the sky is the limit i think -- but there is -- we're not getting there by the end of the year we're going to be higher by the end of the year. i think in the first quarter, maybe the second quarter when the money starts moving in, you know -- because it takes one guy and then the second guy and then they all roll in one of the most influential endowments has made an invest

accounts of city of london banks only later was malfeasance identified lloyd blankfein of goldman sachs who used to be the boss of governor of the bank of england makani was accused of misleading congress do you think more and blankfein was lying or was he telling the truth that. well he was not being straight with his clients in a lot of ways and we showed that in his bipartisan report and he wasn't being straight with the congress when he said that there was no massive bet against goldman's clients some soul wall street and the city of london for what they were long before the fifteenth of september twenty eighth though and it wasn't just socialist politicians like jeremy cool been a story coming those who worked in the banks themselves saw it coming and when they told their superiors they were sacks joining me now is paul moore author of crash bang wallop and the former head of regulatory risk and one of the biggest banks in the world h. boss paul thanks for coming back on they'll be acres of newsprint loads of stories about the ten year anniversary some people saying this isn't an a

i'm taking a closer look at g d goldman sachs.e are seeing clients increase their positions in financials not necessarily pure play investment banks but also some of those asset management firms that have private equity and other asset platforms. it is looking interesting to us right now as well. >> okay. thank you so much. amazon unveiling a suite of alexa powered devices. >> reporter: amazon announced dozens of alexa powered devices. this is called the amazon basic micro wave they used alexa to cook it >> yeah. it's a microwave it has deeply integrated alexa into it. >> reporter: they stopped it using alexa. it costs about $60 and will ship later this year. the other is echo autothoug it is integrated with alexa. you can stream music or do things like have it read to you. it costs $50 and amazon is partnering with ford, toyota and bmw. it comes with a dash mount for the echo device. basically it looks kind of like this like your cell phone. it's pretty compact >> i think the microwave is a bit out there. i think it's maybe marke

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peter oppenheimer from goldman sachs.ng you more exclusive coverage from the goldman sachs leverage conference your out the morning to stay tuned. guy: welcome to the european open. i am guy johnson. my cohost matt miller is out today. what are we talking about? a mixed session in asia among kents -- continuing concerns. stocks are reopening after the labor day holiday. the cash trade less than 30 minutes away. guy: an emerging crisis, argentina's

it's driven on the back of the goldman sachs comments i think the depth of the market is thin.hink the retail community who are investing primarily in cryptocurrencies are looking for that under belly support from wall street's big banks and big global trading banks without that element in the market the market remains thinly traded even when we went out to the chicago board of exchange, that was supposed to be a highlight but the volumes have not picked up i think this is because of a couple factors one, regulatory oversight. and also the second factor that is in there is the intense scrutiny over fraudulent activity that happens in the underbellies of that market which is keeping people on the sidelines. >> yeah. do you think that bitcoin and the other cryptos will have a difficult time until we get institutional support, either in the way of a goldman sachs trading desk or an etf that is approved by the u.s. scc >> i think approval on the etf scale would be dynamic for the market that would ensure there's a regulatory oversight investors will look at it more carefully. if yo

i forget to try to game it's all about speed look at goldman sachs can figure out a way to go backwards in time and still money from trades in the history they would do it but this. the best option is to just increase the speed in the here and now to steal that are much rapid. you know world a big part of the lot and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's tough for critical thinking it's time to fight for the middle for the troops the time is now we're watching closely watching the hawks. and that this guy like he. had to get that out will dead. and add to the money add that one the money of the two. that it. didn't get and then think and that is out there in his home up to a mile out of the island i think after i'm gone a long time that a lot of us have the now growing starting how many. super not of them miles out of town a lot of amount of moderately full of people got. it out about them. as i asked by the