of goldman sachs. do not miss any of that. this is bloomberg. later today the ecb will decide whether the euro zone needs more stimulus. that is as other central banks turn toward looser policy. investors and economists are looking for a signal mario draghi will deliver a last burst of monetary support for his -- before his term ends. joining us is maria tadeo. great to have you with us. just how dovish is draghi likely to sound to? the question is whether he's going to amp up the market. >> exactly. given all the tensions we are seeing play out from trade, mario draghi will likely say the risks are to the downside. that warrants a dovish tone. the question is how and by how much. we will get a forecast for inflation and gdp. the market is not expecting big changes. i'm sure you remember the european central bank cut its productions at the start of the year. -- projections at the start of the year. when it comes to the technical cheap loansround of for banks. the market wants to see the pricing. the qu

i am in paris at the goldman sachs conference.sia makes up more than two thirds of revenue for london-based bank standard chartered. but with trade tensions rising, how are they weathering the storm? we are pleased to be welcoming the group's chief executive, bill winters. great to have you, as always. it looks a little bit like the studio. tell me more about how the trade tensions affect your business. bill: so far, not so much a must and we are hopeful that continues. for us, the u.s.-china trade is a small proportion of our income. but keep in mind, the trade has not reduced very materially and trade within the asian region is still strong. we did say the more tensions go up about the more trade between china and the rest of the region will increase. both because chinese goods will find an outlet, but also because of supply chains are being reconfigured. so more of the investment from international companies who are eventually exporting back to the u.s. is being diverted outside of china. but also, chinese companies are moving

it is in our headlines, goldman sachs capitulated and joined the fray. we putent bond yields, that handle on last week, we never held, goldman sachs down from 2.8%. we have had a gorging on duration. goldman sachs 10 year slashing., 1.9%, let's roll it over and have a look at the dollar. what do you get out of a true set of the g20? what will that do to the dollar? ?ill trump pile on the rhetoric you are looking at dollar-yen at the bottom of your screen. there is a little reprieve in that market. i have no idea what this is. nejra: bitcoin, you know it. manus: i have never seen it written like that. i learned something new. 13,000, a shock from the producer. i have to talk a little bit about the markets i am looking at. you have u.s. futures pointing few days of a declines. we have risk on edging into the trade truce. we are seeing wti come off of the five-week high. tensionsse trade weighing on crude not necessarily at the moment weighing on markets. markets in in on the asia. juliette saly in singapore has more. certainly the optimism about a potentia

of goldman sachs.derstood what has happened to gross and equity when this has come up in the past, with ibm, at&t, and microsoft? guest: there's been a lot of discussion in the press from the ftc and apartment of justice about some investigations taking place. we went back and looked at some experiences in the case of ibm, at&t, and microsoft. what was the share price performance? what was happening to those stock prices over the time when the companies came under investigation, when lawsuits were initiated, and over that litigation period? what happened post settlements? the pretty common experience was a major downshift in sales growth from before to after, and a decrease in valuation. that would be the concern one would have as an investor, to think about what the impatiens would be of some of these investigations were to materialize in a lawsuit. david: let's take a step back before the investigation. whichve an analysis sectors are most concentrated. tech is right up there. monopolies are good whe

and malaysia's president wants more cash from goldman sachs to settle the 1mdb affair. up next, more of this week's top business headlines. turkish president demanded a do elections, theal and the move clearly backfired. >> it is a significant point in a 16 year rule for the man, to have lost the city. taylor: this is bloomberg. ♪ taylor: this is "bloomberg best." i am taylor riggs. let's continue our global tour of the week's top business news with the u.s. government putting more pressure on chinese technology companies. last month, u.s. firms were barred from doing business with tech giant huawei. this week, there were further developments in that ongoing story. >> the u.s. has put five more chinese tech firms on a trade blacklist. days ahead of a meeting between president trump and xi jinping. what do we know about this? >> these entities included four chinese companies as well as a research institution that the commerce says was involved in china's supercomputing efforts. the statement the commerce department released said that this is of a national security concer

goes to goldman sachs means that we get 90% of the money raised but we see interest on 100%.areaid waiting for a response from goldman. what was the query? we wanted to settle ourselves out-of-court if possible, but it seems they are not willing to offer a reasonable sum of money. >> and what is the reasonable sum? >> we would like to get our 10% back at least. >> when will you take legal action? on -- they will try to expedite this is much as possible. >> how long are you willing to wait before you take legal action? >> we are very patient. [laughter] can't hurry the cause. we can't tell them to expedite the matter, that would mean withdrawal and we can't do that. >> will you be filing a civil suit on top of the criminal suit? >> that depends on the case. we will have to examine the case. ♪ ♪ this is "bloomberg best." let's resume our roundup of the week in business and finance with a focus on company news, starting with the deal that brought together two high profile players and pharma. ♪ allergangreen to buy aboutsh and stock, worth $63 billion. it is seen as a good thing,

but the 10% extra that goes to goldman sachs means that we get 90% of the money raised. killing onhs made a this. >> you have said that you are waiting for a response from goldman. what was the question? >> we wanted to settle it outside of court if possible. but it seems they are not willing to offer a reasonable sum of money. still 6.9? >> we want to get our 10% back at least. >> when will you take legal action? depends, try to expedite things. >> how long are you willing to wait before you take legal action? >> we are very patient. [laughter] we cannot interfere. >> will you be filing a civil suit on top of the criminal suit already? >> that depends on the case. we will have to examine the case. ♪ taylor: this is bloomberg best. i am taylor riggs. news focus on company starting with the deal that brought together two high-profile players in pharma. buying botox for cash and stock. thing and we see , witholders of allergan an overreaction? >> shareholders are losing some stock because they are going to spend a lot of money and pay a big premium for a company that has s

i did well in a previous life, broker at goldman sachs, gave my investors one of the largest compoundeturn after fees 24% when the standard & poor's gave you an 8% return during the same period i will come back to that number, so hold onto it. but i mention it now because i am lucky enough to do what i want to do at this stage of my life every now and then again i'm tempted to thinking maybe i should be a hedge fund manager whenever that occurs, my late father thought way much happier doing what i'm doing now and he thought the old life was too hard plus he thought the show was terrific and was really helpful and my bigger backer in what i was trying to accomplish here. thanks, pau. so why ever talk about individual stocks, then? first, we know that someone must want the information or we wouldn't have lasted as long as we have. in the end this is a commercial product and the market has judged this commercial product to be worth something. if it weren't, it would have been canceled years ago. second i do it because of six stocks national video -- you don't have to write this down, thi

now, this as goldman sachs joins jp morgan slashing forecast. indicating a risk in session is ahead. futures, same impression. dax futures up 0.6%. paris, a quarter percent. gains of 0.2%. what do you see in the gmm? >> asian equities going higher. yields higher. despite president trump's talking about how he has a plan b? has been captivated by reports may be a truce could be on the table if we see some restarts. hong kong up 1.2%. we do see money coming out of the yen. let's go to the other side. you can see coming out of treasuries, and going into debt. watchinging to be mining stocks in the european section. prices, and focus in brazil and china. concern about supply. those are interesting features to the story which could influence the trading day. let's get to the markets. good to have you with us. let's talk about the mood in the markets. protectingvestors themselves around what could weekend, intoe the weekend. what is your expectation for success. markets are in a different mood from where they were. hoping for some sort of truce ifry a

goldman sachs did their dividend by 47%.rgan announced a $30 million buyback, much better than expected on the street. wells fargo's buyback and dividends better. a lot of strength. you see how it could affect stocks going forward. let us look at stock rate and dividends. in blue, dividend percent -- per share. stock price. we see a rough correlation all the way until last year. last year we see this divergence between the share play -- share price being weighed on. the dividend is going in the right direction. this is before the increase. the new dividend $1.25. you have to wonder with goldman sachs returning capital to which shareholder if they can help boost the stock. guy: we will. which one of those two lines will snap towards the other one. thank you very much. but us figure out where we go next. in john, who joins us from boston. abigail making a point that these stocks have been underperforming where some of the dividends have been from some of these banks. onlynight's release provides further fuel for the fire? in t

already got major announcements for dividends and also for share buybacks in the billions goldman sachs for example is announcing it to increase the quarterly dividend by almost 50 percent and you could clearly see that here on wall street and the dow jones industrial average for instance goldman sachs j.p. morgan being the leader of the pack and talking about the pick now we did finish not just the months not just the quarter but also the 1st half of the year and the s. and p. $500.00 in the 1st 6 months of $29000.00 gained about 17 percent and with that it's the best 1st half year on wall street since 1997 so in more than 20 years so now the hope is that all will go well with trade talks in japan and that also that the federal reserve will cut interest rates by the end of july and go to new york thank you. now to some of the other global business stories making the news as a bank could slash as many as 20000 jobs in an effort to stay afloat more than 20 percent of its global workforce that's according to the wall street journal. having has been telegraphing deep cuts but has yet to gi

may haveoldman sachs feelings on this. you are waiting for a response from goldman.ettle out of court if possible. it seems they are not willing to offer a reasonable sum of money. >> what is the reasonable sum? >> we would like to get our 10% back at least. >> when will you take legal action? upon if theyds will try to expedite things as much as possible. >> how long are you willing to wait before you take legal action? >> we are very patient. [laughter] can't tell them to please expedite the matter, that would mean withdrawal. >> will you be filing a civil suit on top of the criminal suit that has already -- >> that depends on the case. we will have to examine the case. >>>> that was the malaysian prime minister speaking at the business summit in bangkok. a goldman representative says the bank won't be commenting on any negotiations with authorities, and if you are wondering, you can see my interview in full on our special 4ogram, coming up july 3 and at the times you see on your screen. >> looking forward to that one, thanks. scandal,truggle, a sex slow progress i

in past cycles, something like a morgan stanley or goldman sachs does that. >> bummer we won't have it under 40 minutes to go thank you. see you in a bit. >>> the dow up about 50 points we have been hovering higher slowly drifting after two strong weeks all day long technology is a standout communication services, the fang names, all doing well today. also come back for some tech stocks that sold off hard on friday. >> all despite yields slipping really near their recent lows. >> 308 i think where the 10-year yield is. >>> after the break, a rare downgrade for disney and a bullish bet on deere >>> later shares of goldman sachs have lagged over the last year and the firm might be on the verge of a big structural change [ alarm beeping ] wake up! there's a lot that needs to get done today. small things. big things. too hard to do alone things. day after day, you need to get it all done. and here to listen and help you through it all is bank of america. with the expertise and know-how you need to reach that blissful state of done-ness. so let's get after it. ♪ everything is all right what

paul: that was goldman sachs international ceo. call onalso how investors should be trading currently amid the rise in trade tensions. for more on that, let's bring in adam haigh. why are strategist recommending the yen and the swiss franc? is about how cross-border inflows of money is affected under the trade war environment. and what they point out is that japan and switzerland, you know, the largest global sources of foreign direct investment, they would expect their currencies to appreciate and the well supported during this time of a period. i think you'll are already seeing in the sense that the yen safe haven flow has not been as strong as some people would have expected. hold upthe yen did not as well as some people thought, but you are starting to see that now as cherry pointed out with dollar-yen now around 108. it is starting to strengthen somewhat. in this chart energy to the library come -- in this gtv library, they are starting to unwind. largely the speculative community starting to bring down those bets on the fact

the credit card says apple and goldman sachs.ou raised the right question. >> i would argue, goldman's m k marketing is still influx. we don't know. >> marcus. >> it is kind of catchy. >> catchy? >> david solomon, he counts the rate cuts were not priced into ma market when we return, elon musk's message to tesla's shareholders. we'll fill you in. taking another look at futures this morning we broke the six-day win streak on the dow yesterday we are under a little pressure and nothing extreme. dow futures down 36 and s&p is down 4.5 resqwkn e re" ve at the post 9 at the nyc when we come right back. ital of the wor, it also has the highest growth in manufacturing jobs in the us. it's a competition for the talent. employees need more than just a paycheck. you definitely want to take advantage of all the benefits you can get. 2/3 of employees said that the workplace is an important source for personal savings and protection solutions. the workplace should be a source of financial security. keeping your people happy is what keeps your

shery: is that why golden sachs is -- goldman sachs is recommended the yen as a safety play? sense, it is part of the overall sense of what the trade war does. in particular, the goldman affects strategists who are saying the yen and swiss franc should benefit is because of what you see as a slowdown in investment of cross-border flows in the economies. japan and switzerland are particularly exposed in the because there can shooting in their economy. those currencies should do well, and on the flipside, places like australia should do relatively poorly. something of an safe haven, but not as much as some people have expected. we have started to see hedge funds. as you can see, diving back on that but there is the appetite for safety during the turmoil ahead will continue to support further. --l: bloomberg's mobile local -- global markets editor. he can check out the chart have been talking about. go to gtv on the bloomberg terminal. shery: let's get more insight from ftm financial chief economist to joins me in the studio to talk everything about the u.s. and global econ

it is a new product for goldman sachs.long term, we view it is a very profitable business. the tie up with apple has had a number of different benefits for us, just in terms of accelerating our entry into the ourselvessuggesting -- subjecting ourselves to the rigor of a technology company like apple, and getting to hundreds of millions of consumers is a very big move for us come us of the partnership with apple has been already a benefit to us. vonnie: that was goldman sachs scherr.o stephen guy: let's get a bloomberg business flash, a look at some of the biggest is in the news right now. in the banking sector, the german government is looking at a possible tie up between commerzbank and dutch bank ing. finance ministers from the two countries discussed the matter last month. ing and unicredit have showed interest in commerzbank. the german government is commerzbank's largest shareholder. aviva haso of launched his overhaul, with a plan to cut costs and jobs. he wants to reduce expenses by $380 million a year and get rid o

this was followed by a warnings from goldman sachs. by half a percentage point. france is looking for an overhaul of the european union's antitrust rules. bruno le maire says they leave the continent's companies of vulnerable to u.s. and chinese rivals. he was the eu to examine killer acquisitions. that's when foreign tech companies by startup to stifle competition and innovation. and warren buffett is becoming an increasingly expensive lunch date. the charity auction for a meal beat its record with a leading offer of over $4.5 million. the anonymous bidder can bring seven friends to dine with the billionaire investor. they meet at a steakhouse in new york. global news, 24 hours a day on air and at tictoc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. thanks, desley humphrey in dubai. president trump arrives in london for a three-day state visit posted by the queen as the u.s. president's trip to europe continues. watch for headlines from his twitter account and tomorrow f

i first heard of the concept of suitability when i was in training at goldman sachs for the group thatelped small institutions and individuals i had been buying individual stocks for myself and for others for a half decade before i got to goldman in '83 as a summer intern at the time i was watching financial news network between classes at harvard law school. that was the predecessor to cnbc when i could, i would run over to the harvard business school library where they had old reports from lehman on stocks on a totally catch as catch can basis. when i found a stock i liked, i would ask the liberian for a microfiche of the filings. these are little pieces of plastic you stuck into a machine and read the filings, all if you were lucky enough would be only six months old everyone i did back then is now online and instant and updated now everyone can know everything but more on that later in the show i would spend all week trying to find one stock that i thought would work, one stock that would be good for one week, where anyone who wanted to invest could take the idea and run with it an

goldman sachs joins j.p.n with slashing forecast on ten-year treasury yields to 1.75%. 2020, democrats talk about health care, immigration, with a second debate tonight in the early stages to win the nomination and face donald trump at the presidential election. you are watching bloomberg surveillance. i am francine lacqua in london. let check out your movers in the markets. bayer up more than 7% as an activist firm this close more than one billion euros stake and alley it says it wants to put to rest litigation about weedkiller roundup to unlock a more than 30 billion euros for shareholders. 9%, second quarter profit below estimates but markets focused on the fact they have a strong start to the summer with june sales up from 12% compared to last year and the biggest loser is christian hanson, a bioscience company, they missed analyst consensus in terms of sales and shares dropping the most since there 2010 ipo. francine: the very latest on your movers. breaking news, pictures from japan where world leaders

mmitt miss goldman sachs head of coody's research jeff currie ahead on "power lunch. we're back in two. my degree from snhu has helped me tremendously. the flexible class schedules allowed me to go to work full time, run my catering business and be a mom and parent. when i reached this accomplishment, it was like, it's here, it's happening, it's now. we at southern new hampshire university are the ones who succeed. we are the ones who break through. >>> welcome back, the yield on that benchmark u.s. ten-year treasury dropping to its lowest level since november of 2016 earlier today, and we're stuck below 2% still lets get out to rick santelli. he's in chicago for the latest moves. rick, here's what i find kind of interesting. the fed says look, if tariffs linger as a concern and as hurting the economy, then we'll be forced to cut rates and my point would be if you're the president you might say sure, i'd be happy to keep that uncertainty around a little while longer then i'll get my rate cut. >> and then the president gets a more active turbo trust on the market, from

first goldman sachs says a $140 billion merger in the works.turn to cnbc's steve sedgwick with the latest good morning, steve. >> very good morning, frances. everyone is eyeing the federal reserve decision goldman sachs is going ts into $140 billion bear mark. it will make it a practice tim rtive to investors they invest in real estate and other hard access deals. back to the target story, it wag their card apparently they had to turn to this old thing called cash cash what's cash? one of the data is not terz apparently was not a security related issue. but cash what is the world coming to? final story coming for you, the hbo mini series which has had such acclaim is leading to a boom in tourism of all places chernobyl. 150,000 people are set to go this is 90 miles north of kiev, a place i've worked many times i'm surprised i haven't thought of going to chernobyl. but everybody is wanting to go there. >> everybody is raving about the docuseries i was talking about it with a coworker something to see, the series and the location steve, thank you

it's a new product for goldman sachs.t as a very profitable business, and the tie up with apple has had a number of different benefits for us. ♪ ♪ you are watching "bloomberg best." let's resume our global tour of the week's top business stories. billion onbets $18.7 urban logistics properties. the warehouse is used by amazon and other retailers used to fulfill orders from online shoppers. the deal with singapore will almost double blackstone's u.s. industrial footprint. ♪ a company that is no the world's largest landlord, trying to invest money, and they have lots of it at the moment, therefore it is very difficult. is this an indication that blackstone is only going to be looking at massive, massive deals? it needs to get these kinds of deals done and i guess if you want to invest the kind of money they have, this works. >> they are seeing a lot in this pattern. the difficulty is finding assets at the right valuation, that will be good growth stories as we go into an uncertain economic environment. i think this warehous

nor -- nordstrom downgraded by goldman sachs to a sell. the analyst saying the second half could be difficult. boeing down 2.4% as the faa is saying there could be more safety fixes ahead for the 737 max. finally, if we going to the bloomberg ahead of the g20, we are seeing a small bit for bonds with some investors seeking safety on the year. goldman sachs just slashed their 10 year yield forecast to 1.75% from 2.8%. in blue we have the 10 year yield and in white we have the forecast. we see that the market is well ahead of the forecast. the forecast at 2.35% for current expectations. the 10 year yield above 2%. we do have goldman sachs saying it could be 1.75% by the end of the year. investors seeking the safety of bonds and thinking about the fed and does go rate cuts by the end of the year. david: now we have news. twitter has announced a new plan that could affect its most famous user, president donald trump. twitter will now hide questionable tweets behind a warning label that explains the tweed is against company guidelines but has b

. >>> goldman sachs is raising some questions aut the tech sector today. the firm says the valuation for growth stocks is high, and if so, what could that mean for the overall market? joboing us to talk that is paul meeks. he is the lead portfolio manager for the wireless fund. welcome, paul. nice to have you here. >> thanks, sue. >> you know, goldman sachs made some pretty compelling arguments, but you think they've taken it a little bit too far.u' not as bearish on that particular sector of the market. why? >> now, i'm value-sensitive. i typically only buy stocks when they've really come down a lot and they're still embracing m long-term themes. i think goldman's call today was far too broad, because when you take a look at the tech sector, it's actually made up of a number of component industries. and there are a couple of industries, such as rs semiconduc that looked actually quite cheap to me because they're the ones that have beeneaten up t most by the ban on huawei and also the continuing trade and tariff battles with china and the u.s. >> we, that'

goldman sachs. lehman brothers morgan stanley merrill lynch bear stearns j.p. morgan citigroup and so on. the friends extended itself on loans were sought by the public by falsifying their own financial situation on loan applications. therefore the public and banks were complicit committing bank fraud. my name is richard none. i was senior vice president and business chief underwriter for citigroup.

it's quite interesting because i believe it was either goldman sachs 01’ believe it was either goldman staff because they actually feel they want to be less formal with their clients. there has been generational change as well. a lot of the time it is customer facing situations or customer facing staff that have dress codes applied. a lot of firms are having to look at their policies for both their male staff members and female staff members and to make sure they are comparable. many have said to me this morning, sally, you always wear high heels when presenting. i do but i enjoy it and i'm not. do it, and i'm only in the studio for a few hours a day. and i'm not. do it, and i'm only in the studio for a few hours a daylj only wear heels in the workplace. another viewer from china says, only wear heels in the workplace. another viewerfrom china says, i've never heard of such a ridiculous law. another viewer says, wearing high heels is bad for health. another viewer says, make men wear them. some like wearing them! thank you for your time. thank you for your company as well. we shall be

it's a new product for goldman sachs.rm, we view it as a very profitable business, and the tie up with apple has had a number of different benefits for us. ♪ >> you are watching "bloomberg best." i am juliette saly. let's resume our global tour of the week's top business stories. blackstone bets $18.7 billion on urban logistics properties. the warehouse is used by amazon and other retailers to fulfill orders from online shoppers. the deal with singapore's gop will almost double blackstone's u.s. industrial footprint. >> this is a company that is now the world's largest landlord, trying to invest money, and they have lots of it at the moment, therefore it is very difficult. is this an indication that blackstone is only going to be looking at massive, massive deals? it needs to get these kinds of deals done and i guess if you want to invest the kind of money they have got, this works. >> they are sitting on a lot of dry powder. the difficulty is finding assets at the right valuation, that will be good growth stories as we g

anna: thank you francine lacqua at the goldman sachs conference in paris.hat is a conversation about banking, m&a, and if we would minor effects on the trade war. away from the open. up next, we look at stocks to watch at the open. and we will focus on the car sector. fiat is walking away from its megamerger with renault. merger is in the mix when we talk about m&a and the car sector. this is bloomberg. ♪ matt: welcome back to "bloomberg markets: european open." stocks to at your watch. the auto industry is hotly anticipated merger is no more, fiat to combine with renault delayed the decision for a second time. fiat lamed the french government biggest renault's shareholder, thing the political conditions for a successful deal do not exist at this time. our bureau chief joins us. what killed this deal? just the french government? with a dragging their feet? o --that was the accusation. they said the demands from the government was too much. the board was going to go ahead and endorsed the deal. a bit of a question mark whether nissan would join. industry --h

coming up next, jeff currie from goldman sachs on china and metals.alix: this is "bloomberg daybreak." i am alix steel. bpi out in just a few moments time. trumps says the fed rate is too high. he says low inflation is good. you are buying equities and selling bonds in the u.s.. that is the trade of the morning. yields up in the u.s. by two basis points. crude participating in that rally. the ppi numbers out for may. back out of food and energy on a month-to-month basis. may in line with estimates. 2.3 present. sequentially, lower. does not seem to be big surprise. david: we are at where we are expected to be. if you take out the trade, there is a difference. alix: takeout trade, energy, and food, up .4%. still up 2.3%. does not seem to be moving one way or the other. unemployment still steady despite that last number we got on friday. chinese equities posted their biggest gain in weeks. china's finance ministry taking steps to ease their growth slowdown. there is also an attempt to boost infrastructure spending on a local level. currie,us is jeff gol

according to none other than jeffrey sachs a very well respected economist at columbia university since august of 2017 since the sanctions imposed by trumpet that over 40000 venezuelans have died due to those sanctions because they have been able to purchase things like insulin chemotherapy drugs hiv drugs food. and sacks predicts that this year over $40000.00 venezuelans more will die and so 1. it's a cruel joke that the u.s. claims it cares about the venezuelan people and the latest sanctions trump has announced is to sanctions venezuela's few food distribution program called the clap program which guarantees a certain level of food for people in venezuela per month and now every 15 days in fact so now trump wants to sanction food distribution in in venezuela so again the pretext of being concerned about the humanitarian situation in venezuela . is a joke but it's not a funny 1. 1 of the things i noticed also this week was that michelle a. former president of chile and the u.n. high commissioner for human rights she went to venezuela and i have this to say. if the looting going to eur

what it goldman sachs made a huge killing. said you are waiting for a response to goldman sachs.seems they are not willing to offer a reasonable sum of money. >> is it still 6.9? when will you take legal action? >> as soon as possible. >> how long are you willing to wait? >> we are very patient. [laughter] we can say, please expedite this matter. will you be filing a civil suit on top of the criminal suit ? >> that depends. paul: that was the malaysian prime minister speaking at the bloomberg business summit in bangkok. the bank will not be commenting on any negotiations. we want to get you to live pictures in australia. the bank of australia governor is speaking at the australian leadership forum. he is making a few remarks about the economy and talked about great cuts in major economies. -- rate cuts in major economies. the rate in australia was cut to a record low in june. he says there are limits to what further monetary easing can achieve. you can watch this on your bloomberg, go to live go. shery: the vanguard asia chief economist joins us to talk about the outlook for the

the dow is positive thanks to goldman sachs, the best performer right now. 2.03%.year yield bristol-myers squibb is down , giving up quite a lucrative drug. 1.5%.l one down the fed being a little bit harder on the credit card side of things. guy: we are waiting for that g20 meeting. we will be keeping in of it -- we will be keeping an eye on things in turkey, were president erdogan lost that mayoral election. bond proxy stocks continue their incredible round. the dollar is down versus the euro. we hear from powell again tomorrow. bid, 1406nues to be where we are now trading. vonnie: bitcoin above $11,000 right now, making a comeback it seems. in's get more on the markets general, including how geopolitics are playing in today's trade. we are joined by ab emerging multi-asset portfolio manager. fedt: the change in the tone has certainly supported risk assets more broadly. i think this is probably going to be a more constructive week going forward, but i think after the g20 meeting, it is more likely that people will be reminded we are in a slow growth, high volatility environment, so strat

goldman sachs expects the fed to cut rates by 25 basis points in july and september.g if disappoints. this is according from a note. joining us now is the head of fixed income. great to have you with us on the show today. what should bond traders do next? my guest and the last hour says it's a simple trade. you simply by bonds. >> if only it were that simple. it's worth keeping in mind the valuations we have now. we have a two-year note that is fully discounting two or more rate cuts. one of the messages in the ,ackground from the fed was this is fine-tuning. bey don't anticipate this to the start of a full-blown easing cycle. needs tohe bond market be careful about getting to ahead of itself. equally, the messaging that they are putting out there is very dovish. the market has taken it on face value for the time being. all we need now really is the data to follow through to justify it. nejra: if you look at eurodollar futures for september 2021 spread, but they are pricing in is an easing cycle. as my colleague said the last hour, they expect it to be short and aggre

. >> you bought goldman-sachs. >> because it trades at about 93% of tangible book value okay that means that if they sold off all of their securities, which are liquid, paid down all of their assets, you'd get 1 hundred cents for every 93 cents that you're putting into that stock. by the way, i don't think they're closing their doors, i think they're going to earn $15 to $20 a share this year and that will add to that book value and even if the book value doesn't appreciate, i get about a 15% return >> the problem is you can't figure out, steph, what earnings are going to be. this muddies the whole -- muddies the whole picture. jpmorgan's dubrov, trading tariffs are playing with fire. everybody's talking about the impact on business and earnings, mike wilson is out again talking about trade being a risk to the market and not the only risk that exists. bank of america says bond inflows were the biggest this past week since february of 2015 >> so you -- before you ask the question, can the federal reserve by its actions of cutting rates impact the economy, that's not the intended conseque

rishaad: that was goldman sachs international ceo richard gnodde.et's bring in our next guest from oxford economics in singapore. let's start off with what you're feeling is about what is going on right now in the trade war. i know you are an economist, but ultimately is the market now pricing in a complete different relationship between washington and beijing, or is it pricing in perhaps a deal in a few months? >> i think it is fair to say everyone at this point is swinging according to the news flow. mexicoy china, there is in the home mix -- whole mix. markets have taken relief that donald trump yesterday said he may not go away with tariffs immediately. the start of the year, everyone was very gung ho, a deal is around the corner, and there that came to the unexpected announcement of hiking tariffs on china. it -- rishaad: if we don't get a deal and the two sides become even more polarized, is there any to give guys have done us an idea of the damage to the global economy? priyanka: we have scenarios under the trade war. our baseline is we don't

and receive nice gains for jp sachs. goldman goldman sachs raising its dividend by 4.9%.p morgan with a $30 billion buyback. getting it not for a few u.s. operations, and bloomberg school today, saying that the tobacco be cutting as much of half of its equities operation. but investors seem to like that. and finally, it is the last day of the trading month. let's take a look at stocks globally going back two years. these are the monthly moves. in yellow, the shanghai composite in china, in blue, the german dax, in white, the s&p 500. would have seen lots of selloffs in the last year. this year, a lot of gains. china was the best month since february. may was very rough for stocks, led by china putting up a small monthly decline in april. but this month, all three of these indexes are higher, led by the s&p 500. the shanghai composite underperforming, but the s&p 500 and the dax doing better in june. guy: interesting stuff, abigail. as she says, the last trading day of the quarter. let's get back to our guest joining us in new york, t miller,n pit and we also have mark ard

goldman sachs paid him to leave the internship, they just said, this isn't working out, you can go.o he went back to stanford and he started a company that was basically selling software through disk and mail and nothing, software that you can find online and packaging it and this is when he stumbled upon the idea, the company's name was los altos technology and his partner was his friend, the idea had come as they often do by seeing something new and realizing what he could do with it, it came one day when he was in his office taking orders for los altos technology. at first many of the orders came in over fax, but they also began taking them in platform of e-mail still relatively uncommon given that in 1992 only 23% of u.s. households had computers. as the emails began coming in, kremen felt naturally curious about the people on the other end particularly when he got an order from a woman, do you think she's cute he asked dubin, what does that have to do asked dubin. look, dubin said it was a 500-dollar purchase this is good, kremen went on but do you this one is cute? and there w

it is not using the traditional route which is you get the likes of goldman sachs or morgan stanley toation. sure, there are still some involved, but they do a direct risk —— listing rather than an ipo where they list new shares to raise capital. they have $800 million on the balance sheet already so they don't need to raise money. they just sheet already so they don't need to raise money. theyjust need to list shares. it is a much cheaper process. there will be 20 million of fees but that is a lot less that the likes of uber would have paid. fees but that is a lot less that the likes of uber would have paidm some ways, there is disruption in the market. and how this is being done. and the big old fashion investment banks are not getting a piece of the action in the way they used to always do. exactly, they are worried about it and with all the same process used with spot if i last year, and if more tech companies use this route, there are concerns there is a disruption with their model —— spotify. concerns there is a disruption with their model -- spotify. this is your area of experti

us something about that monument and the bit of controversy that was surrounding it as well manuel sachs quite interesting after the permits to stop building up the monument has only been given 9 weeks ago 9 weeks before that commemoration the reason being that some french people astute against it because they say good bye to interview they were unhappy about the whole memorial being put in dock place because they were being cause of buses of tourists from england history taking and memory taking a back seat to the local static which is of its roots in normandy because you cannot escape it anyway interestingly enough it is d.-day veteran who came up with the idea for the memorial and for him it was very interesting to see fish so a 9 foot figures of british interests old is coming ashore. what do you think about this memorial and it's important or for memory and the event but what i think you know the fact that it was conceived by a veteran is very crucial because everyone is saying that this is more or less the last major celebration of this event that is still being attended by veteran

the head of commodities at goldman sachs is about to join us we'll talk ab bt how high oil could go if tensions are iran continue to escalate plus silicon valley's congressman, his take on the billion dollar plan to help the west coast housing crisis and the calls to break up big techs. stay with us woman: my reputation was trashed online. i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you are under attack, i recommend calling reputation defender. vo: there's more negativity online than ever. reputation defender ensures that when people check you out, they'll find more of the truth, not trash. if you have search results that are wrong or unfair, visit reputationdefender.com or call 1-877-866-8555. xfinity mobile is a designed to save you money. whether you use your phone to get fit or to find the perfect gift, you'll use less data with a network that automatically connects to millions of wifi hotspots and the best lte everywhere else. so you save hundreds of dollars a year on your wire

and jpmorgan, no surprise third one, png they got an upgrade from goldman sachs.this upgrade read like a capitulation, we missed the move this is a stock that is up 40% over the last 12 months. the number one performer in the dow jones industrial average over that period goldman says this past year has marked a turn in png's market share and organic sales growth we expect next year to mark a turn in the margin profile and profit growth relative to organic. we missed the move but we still think there is room to run they were on hold. clearly some room with png doing really well on a combination of factors including, you know, safe and defensive, pays a dividend, but showing some growth that it has not shown in years. the market caught on to that story. >> the target was the earnings growth already projected and the yield gets you to 10%. to your point, kind of a -- you can own it, even though nothing is -- >> josh brown called that kind of thing a clown grade. >> clown grade not a downgrade, it is an upgrade. i bet josh has another word for that only upgrade to neu