goldman sachs in 2018 and '19 is not goldman sachs of 1995 and '96. a much different firm.ople that were there there's 40,000 people there. you can't grow that and have the same culture, plus respectfully mr. solomon is whittling down everything that was a money-maker years ago and he's getting to a firm which is a fee-based utility that the rest banks seem to be goldman sachs today is not goldman sachs that you remember it to be, the billions remembers it to be. >> the show. >> the show. >> i had to bring that up. >> right, but the old -- you're talking about when we used to talk about goldman sachs in the context of morgan stanley, and they are almost two different firms. goldman sachs is moving more towards morgan stanley. >> more back to the old days of goldman sachs. they are the lead underwriters for all of these major ipos that we're talking about every single day. >> to answer your question, i understand why the stock is trading higher, but in the broad scope of things, i don't understand why banks are trading at premium -- well, premium mulls pat. you say the multi

do you want to build a blackstone inside goldman sachs?id: there's actually a significant alternative to asset managers inside goldman sachs. we've been managing a lot of money across a broad series of platforms for a long time, and we've done it for a number of different businesses inside the firm. one of the things i think we recognize as a macro trend is the demand for broad global alternative asset managers, which is a business we are in. it is increasing, and it is one of the things here at the conference. there are a lot of clients that advocate that kind of -- that allocate that kind of capital. we see opportunities to expand what we are doing for clients in that business. i will be a little more focused on --wing ou -- at focused on growing our client access in this area. i think returns over a long time client management has been very strong, and a think that has led to a desire, especially in an environment where fundamental returns seem to be coming down, to look for ways to meet the liabilities. i think that will continue, so i

goldman sachs has a lot of seasonality built into their expenses.rst quarter and then kind of improve as they have a lower compensation rate as they get in the backend of the year. they may be flattening that out to give us a little better trajectory through the year. but the expense saves we're seeing here is a positive sign for the returns that are so critical for the country. dagen: david solomon, goldman saks ceo said we are pleased with the performance in first quarter especially in the context of a muted start to the year, unquote. maria: it was muted after last year's selloff at the end of the year and then of course the government shutdown. we're going to take a short break. when we come back, we're digging through the goldman sachs number with marty mosby. the numbers are out, the stock is up and we're talking about it with vining sparks analyst marty mosby when we come back. zero to 60 in under three seconds, lamborghini's most advanced car yet on the plaza. we'll check it out coming up. stay with us. moving? that's harder now because of p

of goldman sachs one year after the crisis said that goldman sachs workers were the most productive in the world we as economists use to really debate and contest that word there's different theories of value and actually first we debated value and then that turned into a theory of price today we have basically an approach to the economy which is all about prices supply and demand curves that determines price and that determines what we value so the logic actually got reversed think of it chains shareholder value shared value and goldman sachs calling goldman sachs workers the most valuable but what does that actually mean and so when we don't actually have a way to distinguish value creation from value extraction it becomes much easier just to throw the word around in fact the reason i wrote the book believe it or not is that in the two thousand and fifteen election when the labor party lost the analysis by labor members themselves by leaders in the labor party the next day was we lost because we didn't embrace the wealth creators the value creators and by that they meant business and

goldman sachs front and center for everyone.et's give you a sense of where we are broadly in markets. the ftse 100 has dipped a little bit lower. not a lot of action ahead of the key earnings. get a look at what is going on across asset. 10 year yields declining a bit. old has been selling off. the pound a little stronger versus the dollar. crude the big mover as we see production in the u.s. pickup. david: goldman sachs front and center, as of a few moments ago, breaking what they did with their first quarter. they said they beat nicely earnings-per-share come upbeat on fixed income currency -- earnings-per-share, upbeat on fixed income, though they fell short on equities. liams, and alison wil still with us is jens norvig. give us the quick take. isson: i would say this similar to what we saw at jp morgan, which beat by a little bit, but again, coming in just a little better than expectations, which have been falling throughout the quarter. what we are going to want to hear more about is what they are hearing from clients. gol

of goldman sachs one year after the crisis said that goldman sachs workers were the most productive in the world we as economists use to really debate and contest that word there's different theories of value and actually first we debated value and then that turned into a theory of price today we have basically an approach to the economy which is all about prices supply and demand curves that determines price and that determines what we value so the logic actually got reverse think of it value chains shareholder value shared value and goldman sachs calling goldman sachs workers the most valuable but what does that actually mean and so when we don't actually have a way to distinguish value creation from value extraction it becomes much easier just to throw the word around in fact the reason i wrote the book believe it or not is that in the two thousand and fifteen election when the labor party lost the analysis by labor members themselves by leaders in the labor party the next day was we lost because we didn't embrace the wealth creators the value creators and by that they meant busines

that will tap into the goldman sachs resented.ith a concern about your apple card, it will connect you to goldman sachs about statements and disputes. emily: do you think that apple can transfer the sort of aspirational nature of the apple brand to a credit card? i really do.i reall having to integration with the wallet integration and see a breakdown of your spending will powerful for a lot of people. there are a lot of apps online. i have tried a bunch of them but none of them are very good, but it seems like apple's interface will be one of the simplest efforts. i think it will get a lot of customers. emily: you and i were at the unveiledre apple its content streaming plans. a lot more questions than answers, but certainly a lot of celebrity funk. over the last several days, what has been the buzz in hollywood, especially with disney coming out with its service on thursday? how optimistic are hollywood insiders about apple? mark: everyone wants to know the price. they want to know what apple will charge. i think it will be arou

itsman sachs has closed short on dollar yen.year yield jumped the most in three months, a nine basis point rise. we are down three basis points today, manus. manus: and the curve has actually come out of in version of its three-month versus 10 range, and we are in a bit of a reprieve. opec cuts production for a fourth straight month. goldman sachs says it will be a big finish for brexit and the opportunity will be in the pound. we have a big finish and it is coming. s&p futures a bit later on their feet, stocks overall making new 2019 highs. profitability is actually getting better getting a year.ack sweep of let as get your business flash with all the via. via to >>with all the thanks, manus. is trading well below its $72 ipo price, and ominous sign. readou cannot necessarily too much into the first few days. facebook dropped to its lowest ipo price on the second day of trading. outlook has been cut by the s&p to negative, to a-, after this chief executive stepped down last week. wells fargo has struggled to tame a range of sca

goldman sachs will have call centers to deal with disputes.andle the distribution of statements. of course there will be a panel through apple pay app, but all the financial stuff, the nitty-gritty, will be done by goldman sachs. they will support, but that will tap into the goldman sachs representative. to call apple with a concern about your applecart, they will connect you to goldman sachs if it touches on statements and disputes. emily: do you think that apple can transfer the sort of aspirational nature of the apple brand to a credit card? mark: yeah, i really do. with thehe integration wallet application on iphones and being able to see a breakdown of your spending will be powerful for a lot of people. there are so many apps, like mint, to manage her finances. i have tried a bunch of them but none of them are very good, but it seems like apple's interface will be one of the simplest efforts yet. that theyst for yo will get a lot of customers. emily: you and i were at the event where apple unveiled its content streaming plans. a lot more

underwhelming reports from the big banks, citigroup and goldman sachs.getting incremental progress on those trade talks. a potential compromise on agricultural tariffs. i'm haidi stroud-watts. shery: i'm shery ahn in new york where it is 6:30 p.m. let's get the first word news with jessica summers. jessica: china is said to be considering a u.s. request to shift some tariffs of agricultural products to other gets, so president trump could sell potential trade deal as a win for farmers. it would involve beijing moving duties on $50 billion of u.s. goods to nonfarm importers. washington says it will not lift its own terrace on chinese goods even if a trade deal is a great. carlos ghosn is facing yet more allegations. he is being accused of improperly charging renault for a $3000 scooter when he was chairman. it was bought last year and seized after the company auditors asked whether he had been entitled to it as part of his compensation. he remains in custody in tokyo and denies any financial misconduct. the chinese woman accused of illegally trying to ent

goleman sachs reporting earnings this morning.dman's equity trading showed a sharp decline as overall profits beast estimates. for more, we welcome senior bank analyst for bloomberg intelligence allison williams. quiteevenue has been static. if you've got such a static revenue structure, you can't afford a 40% drop in something, can you? alison: part of it is the environment. goldman had a very strong rebound in the first quarter of 2018. if you look at this quarter, pretty much across we are seeing declines. goldman a at better-than-expected beat in fixed income trading, same at citigroup. both coming in a little weaker on the equity side. for goldman sachs, the question areht be on equities, they losing share in certain businesses? we don't get worried when it is a one quarter trend. it looks like j.p. morgan is gaining share on the equities trading side, whereas goldman is coming in a little bit weaker. guy: does goldman sachs want to be j.p. morgan? clearly in some ways it would, but i am curious as to how markets are going. t

down about 30 points goldman sachs didn't help. not help the s&p 500 ending just about flat clinging to the 2900 level. we hit that on friday. 2905 was the close consumer groups did well though financials were the hardest hit groups after earnings from goldman sachs and citi the nasdaq composite down 0.1% and the russell down a third of 1% we're near the record highs for the s&p 500. about a percent or so away here are the stories on our radar. federal reserve's charlie evans says the rate could stay unchanges into fall of 2020. >>> bank earnings from goldman sachs. >>> and lyft shares falling. we'll hit all of that. but first let's talk about the market sarat sethi is here. ali mccartney also back welcome to both of you important that the s&p held that 2900 level we reached it on friday for the first time in six months >> yeah, look. so friday was a great story out of china then you had the first set of earnings and you had some feedback around financials finally getting a pickup from rate movements that was a big day took us up t

i was working at goldman sachs at the time, very close to where the towers had been. in fact, that morning i had a corner office actually on a high floor of goldman sachs, and the actual playing went by my office. when the first plane went, nobody, nobody really noticed that. nobody on the news noticed that. it's the sort of happened but we are sort of in the flight path. but in once all this kickers and debris and spoke started accumulating very quickly aboard and a started to be covered on the news, and the second plane came by, that plane we noticed that plane came very close. at the time that moment of impact obviously none of us knew it was a terrorist attack, but what we did come what did happen was everything got very chaotic very quickly internally. we were supposed to go to an off-site to talk about credit derivatives and all ortega flown in from around the world the night before and we're supposed to go off somewhere and sort of like doing jekyll island in the face with the kind of thing that happens all the and thinking and just be somewhere else. we couldn

let's take a look at goldman sachs and citigroup, both trading down, more so goldman sachs.enues missed by a little bit, equities missed, and also backlog not so strong. citigroup beat topline and bottom-line, but investors selling those shares. that is the case for the bank index overall. wehaps not helping the fact have a bit of a bid for bonds. the 10 year yield perhaps weighing on this group. finally returning to the theme around china stock. we have very positive develop in from the s&p 500 in u.s. stocks, very close to the all-time high. this chart goes back to the s&p 500's all-time high back in september. in white, the shanghai composite. in blue, the emerging-market index. in yellow, the s&p 500. in purple, the dax. clearly the shanghai composite is leading not just this year out of that weakness, but on that recent moves down we see that it is not really translating yet to these other indexes. it has been leading on the year. something to keep in mind, we could just a little but of a pause for u.s. stocks as well. guy: be interesting to see whether the trade narrat

in other news, goldman sachs lower than expected earners.xecutives had to assure investors' concerns over progress, dragging down results. goldman sachs focusing more on an electronic treatment requires more capital. central-bank policies are still a problem. his remarks echo the other ecb officials, but it is somewhat surprising after they pushed to offset some of the impacts of negative rates. bringing out nearly 10% stake in at&t, $1.4 billion. putting the company at $15 billion. they will have to decide how do portion the at&t's stake. the platform is expected to lose money. not expected to turn profit until 2023 or 2024. musk, agetting an on $15 million contract to fly spacex rockets into an asteroid, working to deflect the object with a high-speed collision. the target is for a june 2020 9ants i spacex falcon rocket. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am, r and this is bloomberg. pemmaraju, and this is bloomberg. thank you. goldman sachs

morgan chase, citigroup, bank of america, goldman sachs, morgan stanley and so forth.we go into this century, not so much the beginning of it but the last decade and moving forward until banks stepped in to act as the financers for everything the banks were doing so when the crisis happened in 2008 the fed did this major permit in the federal reserve, mean that the bank did up at it and said well, thanks don't trust each other right now and created a crisis. number two, they don't trust each other even let alone feel compelled to give money to the small businesses or individuals at the rates we will ultimately give them which is zero. into the crisis we will come in and help them and create advocate money electronically in order to provide them with credit because we can but what happened was they did not just do it a little bit but took a situation, federal reserve in connection with the treasured apartment the major banks of the time and took him being that was considered to be an emergency what was going on in the fall of 2008 when there were basically a complete cr

but our massive investment in goldman sachs is also implicated.yers prosecuting, led by the eternal general, have stressed they are breaking it up into all of these component parts because this is the only way these can be understood. in the case in goldman sachs, the government is suing them to recover nearly $600 million that goldman sachs and through issuing bonds for 1mdb stop the government argues it should have known that this was an improper transaction. at the whole thing was corrupt. indeed, one of the goldman sachs' anchors has been charged. —— bankers. there is a fugitive businessman who was instrumental in organising all of the complement —— complex 1mdb transactions. it is a fugitive from justice and has also been charged. it is not known where he is was not the government managed to sell his luxury superyacht for over $126 millionjust luxury superyacht for over $126 million just today. it is not clear how much of the money the government will be able to recover they are arguing this must also be a priority, to get this money back, be

especially morgan stanley and goldman sachs, which are leading that deal. now, the underwriting fees for mega ipos tendtop to be around 2. 5% on average chrks means the bank on uber's deal alone could generate a quarter of a billion dollar in fees the prospectus also showed a stake in uber during its second round of fundraising back in 2011 and another through convertible notes. four years later morgan stanley affiliates invested in uber in 2015 and 2016. in addition to the underwriting fees, those funds should generate massive returns once uber goes public >> once uber goes public, we saw what happened with lyft when it went public. it was a massive run-up. a big valuation. then all of a sudden it's lost nearly 40% of its value since the highs that we saw on the first day since the ipo down about 21%. how exactly does that play into the discussion about the ipo landscape overall and with, of course, the multitude of banks in the underwriting process for the big ipos coming up >> that's a big question pricing is more of an art than a science, and what lyft

when i look at goldman sachs, i think goldman sachs technically breaking out and goldman sachs h fundamentally focused on what you should be focused on as a financial institution, that is fin tech, the spin on fin tech, creating itself as a main street bank, relationship with apple. i like the pivot goldman sachs is making right now. secondarily i think there are select regional banks you can look at. texas banks, brian, texas capital, tcbi, these names are working as well. very low expectations. the banks pivoting where financials are going, when they're spending on technology, those are the names you want to on and i don't agree 13% of the s&p, you don't want to reduce allocations below that. >> we don't own any of the money in the big banks. >> that's what i mean. we can focus on jpmorgan, chase, all we want but the bank in the is ozarks is the best-performing regional bank. amer prize financial near minneapolis, lake mason, they're up 30% this year. >> exactly the financials have not been that bad if you look at the group, they're up 11 1/2% it's the smaller banks that have done much bette

goldman sachs says it's time to missingsks as fear of out grows in equity markets. cash trade is less than 30 minutes away. anna: helicopter money. the u.s. proposes retaliatory tariffs on european goods including aircraft. official site the wto report on aircraft. socgen/is jobs. 1600rench bank has gutted rolls globally with investor solutions seeing three quarters of the losses. novartis will complete gets share repurchase this year as goldman sachs assesses the danger of a world without buybacks. good morning. matt: less than a half-hour away from the european open. take a look, first off. i have the bones here in my screen -- the bunds here in my screen. we are back and forth between positive and negative territory. this u.s.-eu trade story combined with the eu-china trade talks that happened today in brussels could really weigh on bund yields. could be a real problem for the european economy. it is only $11 billion in goods donald trump is talking about right now. that doesn't -- include some important french cheeses. german futures were mixed of this morning,

sentiment was hit after goldman sachs missed estimates for tray revenue. citigroup retreated after its revenue matched expectations. mark cranfield, bloomberg mliv strategist is in singapore. it wasn't really a stall for the csi 300. decent gains on the day, but making up what we lost yesterday. what do you see when you look at the chinese economy and attempts by authorities there to kickstart it? bloomberg's european headquarters in london -- pboc forstarted at the chinese markets opened today. money into the short-term money markets in china for the first time in 18 leaving the market to its own devices. it wasn't a huge amount but the growing impact was pretty important and that helped give equities a good start in the morning and they built on it during the afternoon. outfact the pboc is helping as filtered through the chinese markets and the hong kong markets. we also have central banks standing dovish around the region, as well. it has been a day when equity markets can feed off of the fact that the interest rate part of their equation is quite docil

calling goldman sachs workers the most valuable but what does that actually mean and so when we don't actually have a way to distinguish value creation from value extraction it becomes much easier just to throw the word around in fact the reason i wrote the book believe it or not is that in the two thousand and fifteen election when the labor party lost the analysis by labor members themselves by leaders in the labor party the next day was we lost because we didn't embrace the wealth creators the value creators and by that they meant business and i thought to myself how can it be that we've gotten to the point where even the labor party which is about work labor doesn't you know doesn't actually have a narrative a way to talk about value that's collectively created and they confuse the word wealth creation with business because in the book you talk about lloyd blankfein fully of goldman sachs saying value all productiveness comes from organizations like goldman sachs it's like we're always told this is the of london's a little wall street you know it's creates value yeah but what do y

solomon, chairman and chief executive officer of goldman sachs, who has been at goldman sachs since 1999, becoming c.e.o. in october, 2018, and chairman in 2019. without objection, your written statements will be made part of the record. before we begin, i would like to swear the witnesses in. would the witnesses please stand and each raise your right hand. do you solemnly swear or affirm that the testimony you will give before this committee in the matters now under consideration will be the truth, the whole truth and nothing but the truth, so help you god? thank you very much. let the record show that the witnesses answered in the affirmative. please be seated. each of you will have five minutes to summarize your testimony. when you have one minute remaining, a yellow light will appear. at that time, i would ask you to wrap up your testimony so we can be respectful of both the witnesses and the committee members' time. you're now recognized for five minutes to present your oral testimony. >> chairwoman waters, ranking member mchenry, and members of the committee. i'd like to thank you

goldman sachs last week. right around here i talked about on the show, i got a little excited and thought it was breaking out it's right back to where i bought it. i don't have room in the financials i'd have to sell something to add citi, but i think citi's quarter was a very good quarter and citi is probably 67 going above 70, maybe even towards 75. >> bank of america tomorrow earnings size it up somebody >> i love moynihan i think he's an outstanding ceo. i'm looking for them to do better than what expectations are, and i like the way the table was set with pullback. stock has done well. it's traded up in the aftermath of jpmorgan. but to me, you'll not really get killed in these names. you're just not going to make a boat load of money going forward. >> one thing important to point out is all of these post earnings moves are happening in gaps and at night or before the open in the morning. so they're not really allowing you to trade the news. you have to almost place two bets the first is, what are the re

potential roadblock for the sprint and t mobile merger those stocks are moving sharply, and goldman sachs ceo david solomon speaks exclusively with cnbc why he is more bull ush on the u.s. economy it is wednesday, april 17th. worldwide exchange begins right now. ♪ let's get it started ♪ let's get it started in here ♪ let's get it started ♪ let's get it started in here >> thank you viewers and listen erds for watching 30 more to come here's how your money and markets are shaping up right now. stock futures indicating the dow will open slightly higher. the major average averages all back within 2% of their all-time highs hit back in october of last year. you can see the dow would open up by about 20 points if these futures gains hold into the opening bell the s&p by about five points, and the nasdaq up by just around 22 now, a closer look at technology the nasdaq 100 half a% or less than that. 50 basis points. 50 points away from its all-time intraday high that we set back in october as well can you see there are sharp run higher since those lows that we saw back in the fourth quarter of la

julianna tattle balm, these are your headlines strong e from jpmorgan and ahead of citi and goldman sachs. >>> italy's ftse mib tells cnbc exclusively he's seeing signs of a recovery. >> there are indicators that show us that we are seeing a change in our economy. >>> publicis says there is a $4.4 billion deal for marketing giant epsilon. >>> cnbc exclusively, the arrest of his daughter samay have been politically motivated. >> reporter: if president trump keeps intimidating people, who would risk investing in the u.s. >>> well, good morning, everybody. happy monday happy "street signs. let's start off by talking a little bit about some of the market's action. u.s. equities, very strong day on friday. we had the s&p close above 2900. it is 1% within its all-time highs again. so everything that was lost back in december almost fully recuperated now. also saw the dow end the session about 1% higher as well. on a good start to the earnings season we have positive results on friday all eyes today will be on citi and goldman sachs will be reporting later as well. so far for the bank's earning

i had a corner office on a high floor at goldman sachs in the actual plane went by my office. when the first plane went nobody really noticed and nobody on the news noticed it just happened. but we were in the flight path. but then when it all the debris and spoken community quickly and asserted to be covered on the news and the second plane came by that plane we noticed and we knew it came very close. at the time the moment of impact new it was a terrorist attack but everything got very chaotic very quickly internally. we were supposed to go to an off-site to talk about credit derivatives and all the teams have flown in from around the world the night before and we are supposed to go off tot jekyl island and obviously we cannot. my clearly moment was when one of the people from the major group in the department and they said maybe we leave now will be the traffic out of manhattan. more like no, there's something bobobig happening. it's not about that right now. ultimately the next few days i spent a lot of time just thinking about where i was at, where life is not, i was volu

chesapeake's energy was cut to sell from goldman sachs. the analyst expects the compan to ave less favorable retur than its rivals. the$2 price target is0 and it fell to 317. martin murrieta was upgraded t buy from neutral fro sachs. the analt cites higher prici and morepending on infrastructure. the price target is $232. the shares rose 2% to $212.16. and still ahead, why our market ennitor is finding opportunity in the gaming anrtainment ♪ ♪ ♪ ♪ ut >>> est airlines does not plan to use boeing's max jets until august and that is two months longer than previously n nounced. analysts say amerid unit will likely follow. separately, the fa ahmet today with airlines and pilots to discusthe grounded jet. american airlines said it was a met today nes and ts with airlines and pilots confident in the faa is hea they need to be sati the training and t upgrade. >>> california governor gavin newsom released a nu proposals to help co rising wildfire liab one idea is to create a fund that spreads out the costs fro fire-related lawsuit holding the state

" sit do with makan delrahim and goldman sachs ceo david solomon.s either of those sit-downs. in the çóeantime, a quick check on where the major averages record high on the s&p 500 above that 2941 level. and just a little change on top with the dow down about a point. >> thate1 open music was c.j. f the hour the road map starts with boeing. reportedly failing to tell airlines it shut off the safety feature onsq 737 max shareholders. >> the s&p 500 and the nasdaq, new recorde highs >> a big week for investors gets under way.e earningings and thee1 fed bothun focus, 150 s&p 500 companiese t to report including alphabet zv tonight. >> we're going to start with boeing the annual meeting is getting under way about now as the journal says today the company did not tell southwest airlines its biggest e 737 max cut that a safety feature designed to warn pilots about a malfunctioning sensor had been deactivated in a statement to cnbc,w3 southwest says boeing told the airline the feature was turned off only after the lion air crash in indonesia and woul

ashley: goldman sachs saying mr.going to win based on the strength of our economy in 2020. i guess that's playing into what you're saying but you agree with goldman sachs? >> you know, again, i'm not a political scientist but ray faire, a nobel winning economist, says if gdp is strong the incumbent wins. i believe gdp will be 3% next year. i think if that happens, ray faire would tell you the incumbent would win regardless of which party. the president has that strong a growth rate, they are likely to win. ashley: which makes next year critically important. you don't see any recession on the horizon, maybe mid next year or anything like that? >> no. i think it's highly, highly unlikely. the way to think about it is that with all the factories coming home, the unemployment rate in the 3s, wage growth so high, then you can expect demand to go high, too, because everybody in the cea, we put up a chart the bottom 10% of income distribution saw wages grow 6.5%. so that 6.5% growth in wages is going to lead to 6.5% growth

in an exclusive interview with cnbc, goldman sachs ceo david solomon says the u.s.ging along pretty well and reveals he has changed his view on the chances of a recession. >> i kind of said 50-50, but, youen, my guess is probably not. i think the chance of a recession is low, and i don't see any data in any way, shape, or form that leads me to believe that that chabs is accelerating. >>> we're just getting data out of the u.k., and let's break it down for you because we are seeing a bit of a reaction in the pound here core cpi has come in at 1.8% year-on-year this is versus expectations of 1.9% year-on-year. coming a little weaker on the core metric. when we were looking at the overall number it's come in as -- the rpi number has come in at 2.4% year-on-year the coal was 2.6% year-on-year this is the lowest annual rate since november 2016. just in terms of the core number for rpi, the rpix has also come in at 2.4% year-on-year. in terms of the breakdown between goods and services woor seeing goods innation of 1.3%. sterling dropped a little bit. i should mention, th

lot of weakness on back of weaker bank earnings, and specifically there i'm talking about goldman sachs dragging down the overall capitol composite. that was down 4% on weaker than expected revenue >> full focus continues to be on earnings today we have earnings on bank of america, black hawk, johnson & johnson. after the bell watch out for net flick and ibm amongst others we've got the shanghai composite up about 2%. this was quite well for the european session you can see we're an hour into trading already. about 70% of the names are trading in the green stock europe 600 is trading up .3%. again, here same story as ever optimism about china-u.s. trade talks. china gdp numbers coming up overnight as well. a bit of optimism on the macrofront here's a picture across all of the individual indexes in europe we've got ftse 100 up about .4%. 32 points high are shrugging off some of the weakness in the minors rio pinto coming out this morning and slashing guidance in iron ore for the rest of the year i want to draw your attention to cac -- up .3% >> emmanuel macron was supposed to be giving a

to some extent, you are going against goldman sachs.ast night saying sterling could be the best developed world currency player there is. thanks very much for joining us. mark cudmore, bloomberg mliv managing editor. we haveo point out stocks to watch. one of the big ones is rolls-royce. singapore airlines has grounded two planes do to rolls-royce engine trouble. we will talk about that and stocks to watch after this break. this is bloomberg. ♪ matt: five minutes from the open. let's get your stocks to watch. annmarie hordern is looking at rolls-royce. thomas covering the french aeronautics company. rolls-royce, what is the story? >> this news just broke. singapore airlines is going to be grounding two planes. just keep an eye on rolls-royce at the open. anna: what's the story? >> shareholders are selling their stake. will support the french company's strategy. a 23% premium to yesterday's close. stock indicators showing it up. anna: thank to the team. first go is the function on your bloomberg. this is bloomberg. ♪ so with xfinity mobi

dow compone goldman sachs reported better than expected earnings but revenue fell short. e bank cited lower revenues in client services and investment and lending businesses. but the ceo discussed an improvement in market activity. >> in terms of market activity and client engagement, there was significant pick nextel cup the second half ofhe quarter and given the environment we're in, that pickup cerinly continued. i preface this only two weeks into the quarter so it's hard to take any forward judgment on that, but i think that activity level certainly improved meaningfullyn the second half of the quarter. >> the stock fell more than 3.5% trading today. citi reported a mixed quarter. e itsnings were held by share buybacks and revenue fell. citieported a drop in expenses and is counting on a turnaround in itsonsumer business, particularly credit cards and retail banking to increa its erall returns. ceo michael corbett says the bank is making progress towards it financialtargets. shares fell a fraction in today's session. >>> the predent of the chicago fed said today that

so when enron was happening, at that time i was managing director of goldman sachs. i was working, i had a team that created what were called credit derivatives which were effectively bets on whether companies or any sorts of loans, whether they were attached to mortgages or anything else, would default. basically that's what a credit derivative is. it's like i bet you that you will be able to either pay off your loan or not be able to pay off your loan. if you are a company, you either are able to pay off the debt you borrowed in the public markets or from banks or you're not. then i kind of bet on that. i offset that bet with someone else willing to take the other side or with insurance companies that insure this or that insurance, i'm taking out on the other side to make this bet. but they were much more convoluted than that ultimately, as we found out in the subprime mortgage crisis and the aftermath in the financial crisis. but i created at goldman and bear stearns as well where i ran the analytics department for seven years during the '90s, the creations that c

goldman sachs and citigroup in just a few hours following wha we got from wells fargo and jpmorgan as well as earnings season unofficially start to heat up. >>> boeing airlines heats up as the 737 is being side lined. >>> goldman sachs has a message for wall street. get ready for four more years of president trump and donning the green jacket once again, tiger woods capping off his comeback tour with his first masters championship since 2005. it is tax day, april 15th, and "worldwide exchange" begins right now. ♪ ♪ >>> good morning and welcome to "worldwide exchange" from wherever you are in the world. i'm dominic chu and brian sullivan is in crosby, texas, he's off for the day we'll hear from him shortly. what a weekend for tiger woods, nike and the world of golf woods taking home the green jacket for the first time since 2005 capping off a massive comeback tour. much more on that his tourk win and his emotions coming up but, first, here is how your money and the global markets are setting up their dye stock futures indicating the dow will be relatively stable as the opening bella pr

morgan goldman sachs deutsche bank b.n.p. society generali just b.c. except in the other room you have a living middle class people and the point of blood bank is to take blood from the living middle class people and to transfuse that blood to the dead banks next door as if they've been dead now for more than ten years the people that are in the middle class are going to start to suffer and suffer horribly and many of them will die by the way they won't be getting any of the blood from the other middle class people to keep them alive all the blood all the plasma goes to the dead. even. people who live eat here. need no. need. to be young. and we have many things on the scales and this is it you know. why some peoples also take our things all the power just for themselves and that is the mother. of american politics. and the notion that somebody playing games at the margins of the election. believe it influenced the outcome is frankly frankly absurd if we were to compare russia with the other states the united states has been fall more. in influencing t

citigroup, goldman sachs, morgan stanley all up double digits and the sector has been mostly dead money for the last year and will this quarter's earnings be the catalyst to set the financials on fire. >> the answer to the question is yes, i just don't see it happening. for the life of me i don't understand how you get the re-acceleration in earnings from the banks and they'll be off to the races. earnings have been fine and j.p. morgan's earnings have been very good and when you get toward 1.8 times price in terms of a j.p. morgan i say maybe it's just a tad ahead of itself. why is city bank trading effectively tangible and why is deutsche bank in europe despite the whole commerce bank thing continue to go down? i still think the banking woes in europe at a certain point manifest themselves here >> you have another reason, guy, to really be angry with the fed. it's negative interest rates that i think are killing the global central banks it's certainly killing the european banks, and look, for somebody that's been constructive i'm long j.p. morgan and i'm long bank of america and i can

goldman sachs and citigroup announced their earnings today. goldman falling after it posted a bigger than expected drop in equity trading. meanwhile, citigroup phonics excess in bond trading, helping it to withstand a slump. let's go to jason goldberg, senior equity analyst at barclays. what were your key takeaways after you listen to the conference call with goldman? was a soundought it quarter. the stock had a big run-up into the corner, so you see some selling today. the biggest takeaways were how the company is redesigning itself, looking across its businesses, reimagining itself under a new leadership team, looking to address the customers it serves, and the products that it serves with. vonnie: obviously doing a successful job, but medium-term, any risks to those businesses it is maximizing? jason: the biggest risk near-term is the outstanding ndb remainsound 1 unclear. the other businesses are subject to the markets, which we have seen volatility come in a lot over the last several months. curious to see where that goes looking out. von

we'll get a better picture today when goldman sachs reports.ntelligence expects the top line to decline from a year earlier, but analysts say it's relative strength against the revenue trend that's critical for judging results. also closely watched, key updates on 1mdb, as well as capital return plans. morgan stanley and bank of america, bank of america on tuesday, and the trading numbers may be hurt by the revenue picture. improved loan growth in the first quarter could be a positive for the group, but commercial industrial lending outpacing other categories. matt? much, danis very burger looking at what to expect from banks. let's turn back from europe. one of the key takeaways is europe is the sick man of the global economy. they cut forecasts to the slowest pace since the financial crisis. a telling central bank governor told bloomberg -- the italian central bank governor told bloomberg they will have to act carefully in the coming months. >> still, i think we have to be very, very prudent because growth will be moderate. inflation is not y

morgan goldman sachs deutsche bank b.n.p. society generali just b.c. . and in the other room you have a living middle class people and the point of blood bank is to take blood from the living middle class people and to transfused blood to the dead banks next door that they've been dead now for more than ten years the people that are in the middle class are going to start to suffer and suffer horribly and many of them will die by the way they won't be getting any of the blood from the other middle class people to keep them alive all the blood all the plasma goes to the dead. for good only if you don't sort the rulebook. so i'll sell something. to measure typical someone playing if they don't. believe among the troops. who build them obama did before you accept your then he says and pulls with folks like me the folks at the security just hold it where you go. oh. well and co. inclosure we're going to produce the. most. divisive as this was the one to stop the pushing i was. eating. i live the good. fight. i need no. need to. be young. again. and we have le

analysts say goldman sachs' top line revenue is expected to decline as much as 11% year-over-year.nings per share could be much lower. there is also concerns about its legal exposure. that was a big issue last quarter. analysts talk about that again. earnings are a much bigger part from its trading that its global peers, so it's comparisons could be difficult there as well. morgan stanley, bank of america, blackrock all reporting as well. what our expectations look like? su: in terms of blackrock, analysts are saying they need to focus on their institutional client retention. let's go to a chart of blackrock. a lot of management changes at the top. we know there was a downward adjustment to larry fink's compensation in the last year. there will be a lot of focus on what these banks are saying about their outlook on global growth, which is expected to impact any of these financial institutions with international exposure. citigroup has that issue. morgan stanley also a close area of focus. m&a is also a big area. we do know that morgan stanley and goldman were in the lead in terms o

morgan goldman sachs deutsche bank the n.p.a. society generali h.s.b.c. except for it in the other room you have a living middle class people and the point of blood bank is to take blood from the living middle class people and to transfuse that blood to the dead banks next door that they've been dead now for more than ten years they have all that and are in the middle class are going to. start to suffer and suffer horribly and many of them will die by the way they won't be getting any of the blood from the other middle class people to keep them alive all the blood all the plasma goes to the dead but. my seven years doing drugs my nephews was still in drugs my sister just with doing drugs it was like an epidemic of drug abuse america's public enemy number one in the united states is drug abuse we started going after the users in the prison population sewer we started treating sick people people who are addicted to these drugs like criminals while i was on the hill became convinced that the war on drugs was a mistake there are countless numbers of people wh

goldman sachs on this list because of the 60 some points in the dow, 50 of them are just goldman sachs. so goldman sachs coming in better than expected profits, sales a little worse than expected but they did cut their compensation the whole pool is 20% lower than it was the same time last year back over to you >>> welcome to "the exchange." i'm kelly evans. fed president evans for relation saying he would be happy to leave rates unchanged until the fall of 2020, this as gasoline prices continue to rise. national average jumping 30 cents in the past month. california now hitting an average of 4 bucks meantime tech etf on pace to close at an all-time high. bob pisani is at the new york for example. >> and it is a modest pause in what has been a pretty relent last rally leadership groups today all down still today's earnings beats by goldman, citigroup and charles schwab support that earnings are beating by a ever wider margin than they usually do, that china's stimulus program is helping bottom out the economy and that the global central banks including the fed have pivoted the fed to s

this comes after goldman sachs reported earnings that disappointed wall street on monday. loan growth trading revenues and expenses when it turns in its first quarter results. and united airlines reports the first quarter earnings the day after the carrier said it was cancelling all boeing 737 max flights through earlyjuly. longer than previously announced. the cancellation is the result of problems with the max's anti—stall software which has been implicated in two crashes. jeremy stretch is head of fx strategy at cibc world markets. it will focus on corporate america right now. a lot of big companies with earnings out this week. absolutely, we've started to see some of the bigger banks reporting and that is the gateway into the meat of the earning seasons into next week. we've seen a little bit of mixed performance by the banks thus far. we have another couple of days of banks reporting and in the sense that gives us a prison to see how the us economy is performing and it's something of a mixed picture. there is parts that are missing estimates and that's why the earning