you applied to goldman sachs? yes, and i you applied to goldman sachs?plied to goldman sachs? yes, and i applied to some _ you applied to goldman sachs? 1a: and i applied to some banks. i wanted to be an economist. did you sit there, thinking _ wanted to be an economist. did you sit there, thinking you _ wanted to be an economist. did you sit there, thinking you could - wanted to be an economist. did you sit there, thinking you could work. sit there, thinking you could work there? i sit there, thinking you could work there? ., sit there, thinking you could work there? . , ., , there? i had these two drugs in front of me _ there? i had these two drugs in front of me and _ there? i had these two drugs in front of me and i _ there? i had these two drugs in front of me and i made - there? i had these two drugs in front of me and i made a - there? i had these two drugs in| front of me and i made a choice. when you're at the bank you get excited, you work in the british embassy in washington, dc. it was post 9/11. it embassy in washington, dc. it was ost 9/11.

you consider the 'ob at goldman sachafi goldman sachs? i was offered two “obs when goldman sachs?an sachs? i was offered two jobs when i finished university, . jobs when i finished university, goldman sachs and the bank of england. i chose the bank of england because i wanted to be an economist and also i believed in public service. i learnt a huge amount at the bank. i was on the japan desk analysing the japanese economy at the time they had quantitive easing and 0 interest rates and they had beenin and 0 interest rates and they had been in and out of recession for the best part of a decade. little did i know it would be parallel with our own economy a few years later. what own economy a few years later. what about goldman _ own economy a few years later. what about goldman sachs, _ own economy a few years later. what about goldman sachs, you applied question that yes, i applied to some banks, i wanted to be an economist. did you sit and think, i could work here, i could work at goldman sachs. do you think if the bank of england hadn't have offered you a job, he would have gone t

you considered a job at goldman sachs. you considered a job at goldman sachs.ank of england, and i chose the bank of england because i wanted to be an economist and i believed in public service. i had a great time at the bank. my firstjob was on the japan desk, analysing the japanese economy. this was a time when they had zero interest rates, quantitative easing had been in and out of a recession for a decade. had been in and out of a recession fora decade. i had been in and out of a recession for a decade. i didn't know there would be paralysed with our own economy a few years down the line. but what about goldman sachs? you applied to goldman sachs? yes, and i applied to some banks. i wanted to be an economist. did you sit there thinking you could work there? do think if the bank had not offered you a job, you could have gone in a different direction? i had these two jobs in front of me and i made a choice. when you're at the bank, you get seconded to the us, you work in the british embassy in washington, dc. it was just post—9/ii. it was, and the reason why

and are you with goldman sachs - levels. and are you with goldman sachs that - levels.goldman sachs that we | levels. and are you with - goldman sachs that we could see the price of oil at $90 a barrel by the end of the year? we have been more bullish or optimistic then goldman sachs have been for a long time but for us cities next year. this year, sure, we could get $90 if it is a cold winter but that cannot be a base, right now what is going on the key driver for oil has been natural gas prices which i know you guys have been covering for a while as well. gas is so, so high right now that it is pulling oil demand back into power generation, a bit like the 19705, and that is driving oil up. we do not think that can go on for much longer. given that these gas prices you are actually getting demand destruction, industries are shutting down but next year we think oil will go to $100, inventory is around the world are very, very low. and there is no investment and this is why we have been warning of the supply crunch for some time now. , ., supply crunch for some time now,

this is according to a new survey from goldman sachs.or more, let's welcome joe wall , the national director for 10,000 small businesses voices. let's also welcome our own sonali basak. >> joe, you cited this issue about inflationary pressures. which specific inflationary pressures are you seeing impact these small businesses more than others? >> thank you for having us on. as we look across the data, cross industries, we are not seeing a lot of fluctuation that you would see in construction, manufacturing, retail, hospitality. that is where we have the highest level of inflation. dating back to june, over the last three months, 81% of small businesses say inflationary pressures have intensified for them. in terms of the impact to their financials, three quarters say it is impacting their financial health. we are seeing it across the board, and that is consistent with june as well. the only thing from june is that the data has intensified. numbers are anywhere from the mid-80's to the high 90's across industries. sonali: always interesti

today goldman sachs downgrading its u.s.c outlook on delta headwinds and the consumer impact of pandemic aid measures ending as we just discussed. a former department store ceo suggests it's premature to presume retail will see a blow a senior advisor to mastercard, steve, thank you so much for joining us here today. you know, i know that august was pretty strong by mastercard's num numbers. back-to-school has been pretty g good as well is this something that is a new trend or is this just a natural replenishment for school supplies after a wacky 2019 and 2020, or is this real consumer strength >> well, good speaking with you. i think we are seeing some really, really good consumer strength out there if you look at the mastercard spending numbers for august, the ex-autumn was growing at 10% after continuing to see that similar kind of growth in the june/july period so back to school is very healthy. the consumer has money in their pocket and i don't think it's just a replenishment you have clearly had the recovery category,

what does it signal about the direction of travel like goldman sachs?onali: musical chairs again at goldman sachs. it is certainly a big deal. when he had come into this position as cfo, it was an early move as david solomon was named as cfo. now dennis coleman, the global head of financing, will be stepping into that role. another investment banking veteran, finance particular. we see goldman really leading in the financing universe. i also want to mention another big move, beth hammock stepping into dennis' role. it is unclear according to my sources whether she will be remaining as chair of the treasury borrowing advisory committee, the treasury's bond whisperers. she's a very important person in the market, and certainly at goldman sachs taking a new role. alix: the new york times has a piece that elizabeth warren is asking the fed to break up wells fargo. sonali: they've gotten another regulatory penalty just as they were looking like they were turning the curve here. i also want to mention, an addition to this report by the new york times, elizabe

goldman sachs will be returning to their offices at full capacity.few of those social distancing measures. tom: ending the free food as well to support local businesses. vanke you for breaking that down for us. let's check on the markets. he change in mood after wall street closed lower. asia has picked up. japan is back in the green. chinese stocks are back in the green as well on the back of technology shares picking up, some change in the reporting and some walking back on the ban on online games. as far as futures in europe, they are pointing up by 0.3%. the futures in the green. euro-dollar at 1.18. the ecb saying that taper was not a taper. christine lagarde saying they are not tapering, but they were adjusting bond purchases. the focus now shifting to what happens in december. likely to be contentious. 's take a look at the things we are watching out for today. 11:30 a.m. u.k. time, the bank of russia announces its rate decision, followed by trade and dg -- trade and gdp figures. #xthe latest canadian unemploymt figures will be released. we ha

uber shares higher today after goldman sachs put the buy rating on the service.on the stock of the hour and a return to travel. michael brown, ceo of travel and leisure joins us to discuss the demand or drop off as the delta variant emerges as a real problem for the industry. amanda: that will be an interesting read as we move past -- try to move past this pandemic, stocks remain mired, the closed all-time highs. even if they are down slightly, just barely off record highs. still, we are seeing soft action partly because we will get a read on cpi. energy a clear leader as opec raises expectations for demand for its products. we are seeing the energy subgroup leading. not a lot of leadership from big tech subgroups that make up the -- stocks. weakness in the nasdaq showing its energy and financials keeping that above water here. some new -- coming out of china on the regulatory front. reports it may be cracking down on how all the pay -- alipay is operating. goldman sachs raising its price target on uber to $64. that stock is getting a move today. goldman giving a

goldman sachs' vision of the future the firm launching a new actively managed etf its second ever. can they rival the success of arc's cathie wood. we speak with one of the managers about the similarities and key differences. we'll dig into that. plus a bold call from an influential wall street watcher. why esg investing in a waste of time and it's going to cost everyone he'll join us to make his case >>> and america's best-selling truck for the past four decades has been electric. the first lightning ford f-150s are leaving the factory today. we'll speak with ford's president of the americas about presales, range and competing with tesla first, we begin with today's market the dow down 143 points after giving up all of our early gains. we're down about 0.4% across all the major averages the nasdaq down about 0.3% all of this happening after a better than expected retail sales report hitting ting aroun0 a.m. a rebound in bond yields that had been declining going back to the weaker cpi this week these declines are being seen across the commodities copper, silver gold in the red toda

see the followthrough through a full cycle when you're generating organic revenue growth, goldman sachs is more prudent to do that and tech is driving the banks theme goldman sachs is a microcosm of the industry banks re-tooled their technology for the last decade. you didn't see the benefit of that until revenues came back and then they have record profit margins on these new revenues and they have some traditional banking revenues and when those come back you'll see record profit margins on the judicial banking revenue. >> joe, i want you to address this here you have the number one bank analyst saying i'll have everything i want every flavor in the cabinet except for the one that you like, and he's not the only one because i mentioned the downgrades of morgan stanley by other people, too. are we all offsides? >> i'm not selling not selling. they doubled the dividend, 3.1% yield right now when you look at the wealth management business, the growth is still there. you look at the capital market business and the growth is still there, and if you look at trading activity they're number o

goldman sachs put out a notice today and said that 71% of options trading and the interest in it are in options expiries that are two weeks or less that goes to show, they might be more speculative in nature >> have a nice weekend, dom. >> you too >> thanks for watching power lunch, everybody "closing bell" starts right now. >> he always does. thank you, kelly, and dom. welcome to "closing bell." i'm sara eisen stocks are under pressure. nasdaq is the underperformer today, down a full percent as we head into this final hour of trading. >> i'm michael santoli in for wilfred frost. big cap tech is ticking lower. things like apple, microsoft and nasdaq are weighing on s&p 500 the material sector now down more than 3% on the week and vaccine names are in focus, as an fda advisory panel meets about boosters moderna, pfizer, and j&j, all in the red today. 59 minutes left to go in the trading week >>> coming up on today's show, plenty of questions in this question surrounding those vaccine boosters, and we're going to get some answers. hopefully from the fda this afternoon. dr. anthony fauc

higherand higher, and if you follow the investment firm goldman and sachs, it is projecting a ten dollarto $90 by the end of this year. today in asian trade, brent climbed by just shy of a percent to $80 per barrel, it has not been there since october of 2018. the concern is that this will fuel inflation which is also headed upwards in many key economies around the world. let's talk this through with the chief chief investment officer. i'm sure you have been listening to the conversation so far. 0bviously listening to the conversation so far. obviously in the uk, we are seeing prices go up at the pump but this is a global issue? . , pump but this is a global issue? ., _ . .,, , ., issue? the idiosyncrasies of what has — issue? the idiosyncrasies of what has happened, - issue? the idiosyncrasies of what has happened, in - issue? the idiosyncrasies of| what has happened, in terms issue? the idiosyncrasies of - what has happened, in terms of the global picture, really in a nutshell, what is happening is there is much more demand and consumption of oil than we had expected there would be, an

oil is higher, the call from jeff curry at goldman sachs that you could see oil prices exploding. manus: yep, and it could be very tight in the gas market. let's look ahead to some of the important events. cpi print at 1:30 u.k. time, and in israel, we get the gdp and cpi data. tom: ok, the chinese foreign minister visits his south korean counterpart to discuss regional and global issues, and apple will be rolling out its biggest product launch of the year as it unveils the latest line of iphones and other products. let's dig it deeper into some of the big stories we have flagged and are watching today. firstly, let's check in on the asian session with juliette saly. juliette: yeah, really watching the movement in the nikkei. there is some optimism lifting stocks in japan, we've had a leadership a boost to the topix and others. the topix at 74% of companies listed lifted. goldman seeing limited downside to beijing's regulatory clampdown. the vaccine optimism flowing into korean assets. south korea one of the better performers, the won leading fx gains. south korea expects 70% of t

goldman sachs economist cut their forecast for u.s. pointing to a harder path ahead for the american consumer. overall expansion is seen at 5.7%. goldman fears the delta virus may have demand switching from goods to services. supply chain disruptions are also hurting inventory stocking. 10 men charge for killing police officers during a rally in 2019 -- the south china morning post says they are accused of conspiring to place explosive devices with the intention of causing death or severe injury. they've been charged under the city's antiterrorism law. angela merkel says she is shocked by the death of a close confidant just days after he took on the role of ambassador to china. he was among her closest advisers, having gain her trust during the 2015 refugee crisis. the chancellor said he has deep humanity and extraordinary competence. the president of el salvador says the country has 200 bitcoins and plans to buy more, posting on twitter brokers would make more bit coin purchases before tuesday when el salvador adopts the currency is l

you applied to goldman sachs? yes, and i applied to some banks. i wanted to be an economist., thinking you could work there? i had these two jobs in front of me and i made a choice. when you're at the bank you get seconded, you work in the british embassy in washington, dc. it was post 9/ii. it was, and the reason why this was available was because the british government and civil service wanted to up their capacity at the british embassy in lots of different ways. one of them was its economic analysis. obviously, there were huge problems in the global economy after 9/11 with recession and interest rates cut. so, i have the privilege of working at the embassy and trying to understand what was going on in the the us economy. i was 23. did you meet the politicians coming across? gordon brown, in those days. i remember irvin king coming over and he met alan greenspan. and then the governor of the fed in washington. we went into the white house and met the chief adviser to the president that we used as our text books. ministers came over, but so did mervyn king. that was an amazi

, goldman sachs is up over 40% year to date that's double what jp morgan is up year to date. jp morgan is the poster child for all financials, right, everyone loves jamie daimler when you look at goldman, goldman has actually performed when you get a chance to buy goldman that is under water, so to speak, on an rsi level i think you want to jump at that but yes, you have to look at the yield curve. eventually, yields will go up. eventually the curve will steepen. hopefully the curve will steepen because i am pretty deep into value stocks and value stocks do need that? >> banks are value. >> steve, we will take a break here stick with us because we have breaking news on general phil lebeau. >> general motors has put together a plan to fix the recalls on chevy volts to fix the battery fire problems. chevy will be repairing these modules starting in october. they don't say how long it will take but they are working through this process of not only fixing the defective modules now that they have determined exactly what the problem is, in these chevy bolts that have these batterie

this is bloomberg. ♪ haidi: coming up next, a new reshuffle at the top of goldman sachs. this is bloomberg. ♪ ♪ shery: a big change is in the works for one of wall street's most dominant banks. goldman sachs says cfo -- the cfo is being replaced. su keenan has more on executive shuffling. su: you have seen changes at several banks after a long time with no changes. the cfo is integral to the power structure at goldman, so focus on this move. cfo stephen share leaving the bank in january after nearly three decades, and dennis coleman, the cohead of the global financial group becoming cfo january 1. to ensure a smooth transition, he becomes deputy cfo almost immediately. coleman isn't the only beneficiary of this reshuffling. observers see the bank as positioning its treasurer doug camtek in bigger roles including taking charge of the global financial group. that is also something to watch. as for sheer, he is considered a strong partner at goldman and played a key role in the most recent effort to expand in mainstream banking. he said in a recent post connected to the anno

goldman sachs flagging options in terms of shop -- stocks of around $3.4 trillion.hat this tells us about market sentiment will be in focus. volatilities the name of the day when it comes to the play through into the equity space. let's check in on the markets across asia. you're seeing modest gains across the msci asia pacific. it's a mixed picture in china. japanese stocks are in the green, the futures in europe pointing to further upside, .6% after closing in the green yesterday. it was travel and leisure that were top of the list in terms of sectors. we'll talk about the commodities pressure shortly. in terms of the u.s., they are flat. the nasdaq closed higher, s&p lawyer -- lower. jobless claims increasing stateside. iron ore, look at that level $ 105. it will drop below $100 in the next couple of months. the focus is on what's happening in china, particularly around the property sector. this squeezes continue. demand from china is looking softer for iron ore. we can show you the price action year to date as well. it has dropped iron ore, the record from july,

it is just a cfo change at goldman sachs. goldman sachs named dennis coleman as the new financial officer as of yet -- as of next year. as you said really well, basically banks are rethinking the way they look in the years to come. the pandemic was a tipping point for a technological shift and trying to bring up some of the younger banks in a way it had not been in the past. tom: mr. coleman very much associated with united kingdom as well. also associated with us is barry ritholtz, bloomberg opinion columnist. thank you so much for joining us. housing. we needed a dishwasher. the sump pump had been used in hurricane ida. i love homeownership. is it worth it? barry: you have to live somewhere and as someone who has lived in rentals and my own house, it is nice not to live in an off-white no change to any of the living circumstances. the old joke is no one watches a rented car. nobody improves a rented apartment. if you want an updated kitchen, if you want to paint your house a different color, ownership is how you manage to d

be familiar with that company, but trust us, it is big, and some major american companies, goldman sachs, pimco, fidelity all have some financial exposure to evergrande group you can see from the charge, not only asia but australian companies falling as well. it's the mining names not just real estate that are also getting hit. that comes on fears of drying up demand from one of their biggest customers, china if the chinese economy slows down, the ripple effects for commodit commodities, oil and gas, real estate, consumer are going to be felt not only there but around the world. also, of course, in europe and like us, the european markets they are under pressure in the early going as well. we will get much more on this story in just a couple of minutes. it is right now a big one. another major market story over the last couple of weeks has been oil and natural gas natural gas in particular, prices going nearly parabolic straight up in recent days, they are lower a little bit now but still near 5 bucks per million btu. just this morning uk government officials are calling for another roun

she worked at goldman sachs in hong kong.the stock is way below the 14-dollar offer price on the ipo, they had a lot of hurdles to cross in terms of privacy concerns, removed from some of the app stores in china. there is this reuters report, which again i have not been able to independently verify but sounds like the cofounder might be looking to leave. airlines, you mentioned outperformance there, on optimism restrictions could be lifted with the fda relieving them of that 14-day quarantine for all vaccinated adults. but you know, when you're up in the down market, that is outperformance. i thought some stocks rallied 1 1/2% or so. stuart: american still below 20 bucks a share. hasn't gone anywhere. susan: hasn't gone anywhere for a few months. stuart: have we got something on smile direct? susan: outperformance, this is the latest meme performance. it has been going vertical. there is a lot of short interest in the stock. another wall street bets favorite. piling in to this to try to kill the shorts. see where that land. i

. >>> goldman sachs has programmed 10,000 small businesses invested $750 million to help create jobse economic growth today they are launching the goldman sachs 10,000 small business fellows program that will create paid internship opportunities for historically underrepresented community college students joining us is goldman sachs foundation president and global head of corporate engagement, nice to have you why are you doing this >> you know, it's so great to be with you this morning. the reason that goldman sachs is doing this is because we really saw an important opportunity we were hearing small businesses, we have worked with 12,000 of them over the last decade, and they were saying, i have help wanted signs on my door on the flip side, we were talking to community college students and they were saying, i don't know what doors to knock on so goldman sachs has decided today to step into this space by providing paid incertain ships for community college students to work in small businesses. we are really giving them a front row seat as to what it's like to be an entrepreneur in

goldman sachs. vaccinations will have positive impact on employment. means less threat of covid to help people return to work. moody's. vaccinations means fewer hospitalizations and deaths. in turn, a stronger economy. i thank everyone for joining me. >> this meeting comes after a week since the president announced sweeping rules for companies with more than 100 employees to require vaccination or weekly testing. i want to remind people of that. require vaccination or weekly testing for anyone who is forced to vaccinate. they are not. monica alba is at the white house and gabe gutierrez is here in new york city and dr. redletter is with us. gabe, a lot of mixed messages on boosters. help us understand the latest. >> reporter: stephanie, tomorrow, as you mentioned, pfizer will breakdown the booster shoot data to the panel of outside advisers to the fda. that panel is expected to recommend whether americans should get that extra shot to help protect against covid. stephanie, as you stated, this is a very controversial issue in the medical community. mode

we will talk to jeff currie of goldman sachs later on in this hour. there call overnight is that you are looking at growing scarcity across physical markets, pretty much across the board. coming up right now, olivia engel, state street cio of active quantitative equities. more on those calls next. this is bloomberg. ♪ ♪ alix: rbc's lori calvasina was on earlier. she does expect a pullback by 5% to 10% at some point, and sees a lot of volatility picking up. that echoes a lot of what we've heard from most wall street strategists and newspapers over the weekend. this is where we are at. s&p 500 fell five sessions in a row. we haven't seen that in quite a long time. s&p up today, helped in part by energy. what do you do if everyone is getting nervous and there are some catalysts lining themselves up, whether from d.c. or earnings? let's get perspective now from olivia engel, state street advisors cio of active quantitative equity. olivia: yes, i think, just given the uncertainty around the trajectory of this pandemic and what might happen with inflation ,

as we mentioned, facebook's down more than 10% this month goldman sachs does reiterate as a buy.ric, i don't know if you've heard our conversation, but to julia's point, you have competition. you have algoes under pressure perhaps to be less sticky. you have advertisers looking at negative social externalalities. are these beginning to add up in ways that would weigh on the stock? >> thanks for having me, kar and there is a lot in there, so let me try to unpack a few of those things i do agree that i think there are elements of growth in younger users where there is a more diversed engagement in apps and you have to capture as much as you possibly can and obviously, advertising changes more broadly we believe the way the company articulated forward guidance back in july, articulated and captured a lot of that forward head wind, especially from some of the apple changes that we talk about so we don't see a lot of downside to financial forecast we're always going to remain vigilant in terms of forward growth, especially from a younger demographic. though we have pointed out in simi

goldman sachs mandateing the vaccine. jpmorgan has not done so just yet. others about the vaccine or testing. what about hong kong? how are we doing there? are. >> i want to take a look at this prep index. you can see in hong kong here. we're really very close to this white line, prepandemic levels. we have been there for sometime. hong kong is very strict approach. they are taking a no covid approach there. they are isolating really from the rest of the world but they have had some backlash from business byes saying this could be debt home in their label. tom: is there a linning between sandwiches and users? >> i would love to talk about that. we have seen such a pickup in activity. the london underground, we have had the busiest morning going back to march. we are 60% below prepandemic levels but it suggests we are getting a slow return back to desk. that return to school factoring in. very interesting here. the story we will be watching in the case week, goldman sachs will be returning to full capacity in their london office. anna: there were lines outs

goldman sachs says oil is the target of $18 a barrel.it will be hard for investors to avoid inflation in this market. joining us now is stephen guestroom ski. as you look at things, where are we in terms of the price pressures, the supply and demand debate good have details out from iran over the weekend. how are things shaping up for you? >> when you look at it, there is a lot of upward pressure on the market. there is enough supply to meet up with demand. there were worries that the delta variant could curb this demand response and you could see that supply growth would potentially grow faster than demand. now, we are moving into a tighter market. the general view is that we could go up to an $80 range and at that range, you will need more supply in the market and it is challenging outside of opec-plus. manus: the balancing act is opec is putting 400,000 barrels a day back onto the market between now and christmas and the whole debate last week -- i'm wondering why they pivoted so quickly. ida caused a drop but that will alleviate, so

and goldman sachs was a warning about a blackout for industries. tom: you have to hope the weather turns good to relieve some of these pressures. let's look at the various data, new analysis from pfizer and moderna suggest the efficacy of the virus -- of the vaccine diminish over time. michelle, what is the data telling us about booster shots? michelle: we know that the potency of these vaccines wane over time. we are seeing additional breakthroughs that are occurring more quickly and people who are vaccinated long ago. meanwhile, data from israel shows that if you give a booster it really -- reduces by leventhal the chance of getting an infection. so there is a lingering issue out there that the vaccines are's not still very effective against preventing infections and death, or severe disease and death. do we want to significantly protect a smaller group of people, or do we want to get them out more broadly and spread protection to everyone in the world? that's where we are right now and there is still scientific debate going on about this. the fd

especially goldman sach's and j.p. morgan to keep this holy role leading the ipo and it often came at the expense of giving good advice to them and saying investors are going to not want this company to go public with you getting more shares and more voting control. there are so many things that just jump out at people saying like you're talking about being the mission driven company and you don't have a single woman on your board. they popped up right away said yes their hired hands but this was to help you get out the door. this company got too much pushback to get out the door. >> the inhibitor to that we their own reputation. they all obviously live to fight another day. we'll talk about the psychology is so essential. there is a sense of community there. but the same time it's very much a capitalist. i think it is somewhat of an oxymoron with the desire for money and fame as much as he does. in the book he treats himself very differently. but there was a cult like religious atmosphere with him and his wife. i know

my top five holds are amazon, nvidia, goldman sachs, and draft kings.d >> that guy is cool as all get out, and westfield, my daughter crushed them in swimming here we go goldman sachs, absolutely, even here at $390, it's a terrific financial. paypal, i'm going to call fintech. jason robins doing a terrific job at draftkings. he's doing well, nvidia, what am i going to say when you have a dog named nvidia, you like the company semi-conductors in amazon. the great web service, great retailer, great advertiser fintech, financial, betting, and the best semi-conductor. what can i say i say -- that guy leads a good life, i bet. all right. let's go -- oh, my god another video? oh, my god another video. let's go to cordell. >> this is cordell calling out of ohio. thank you for having me on the show again this week and jim, the five stocks i'm calling to see if i'm diversified is disney, apple, tesla, citigroup, and amazon thank you. >> i love this portfolio i love it. citi, the cheapest large bank. hope it does -- you know, they need some earnings power apple,

i think goldman sachs might be a little bit too far. we just missed our last gdp if number, so i think this is one of those things that the fed or the administration can screw up, and i think they're both going to give it a good shot. cheryl: for 2022 they're looking for 4.6% annual growth, i think that's a good call. tim, from morgan stanley this morning with regards to equities, they say the next two month period carries outsized risk to growth policy and the legislative agenda. >> well, look, there's no doubt that september has a history of being the worst performing month of the year for the stock market where october always has a lot of volatility. a lot of times by the end of october the market has recovered. now, that being said is, the market has looked nearly invincible since the brief correction that we had in may. and sometimes when the market looks so invincible, it's time to take a little bit off the table. cheryl: you know, and also, scott, if you look at reading between the lines of these two massive reports that came fro

. >>> women back goldman sachs out with a new note, saying tax reform is the key risk to the market throughs we get some fresh details about how democrats plan to play for the spending plan ylan mui has more. >> sara, how democrats unveiled their plan to pay for the social spending package today, and already it's getting slammed by big groups the proposal would raise the corporate tax rates to 26.5%, move the top vin tax rate back up, raise the capital gains tack to 25%, and three percentage point surcharge on people making more than $5 million any increase in the corporate raise would position or country even further behind global competitors like china, and carry devastating consequences for american workers the retail industry leaders association, they called this plan a nonstarter, because it doesn't include the corporate minimum tax that was in president biden's religion framework, but the draft text is far from the final version even the leadership of the house ways and means committee acknowledges they want to make changes to this bill, including working with senate democrats. now, t

goldman sachs cayman with a presentation and he showed slides interesting in their comparing wework in bob marley and mother teresa and maranda. just talking about it. >> the father performing at wework. i just want to make that point. >> and hamilton. >> getting into their summer camp to perform. we saw time and time again to the ipo the f1 that they showed to the world was mocked immediately. they often were competing against each other goldman sachs and jp morgan to get or keep this role leading ipo and often came at the expense of getting good advice to them and things, investors are going to not want the company to go public with you getting more shares, getting more voting control, there is so many things that jump out at people and say you're talking about being this mission driven company and you don't have a single woman on your board things pop up right away and there's questions of hired hands and they're supposed to help you get out the door in this company not too much pushback to get out the door. >> it would've been their own reputation which would be a result of what th

if you look at a firm like goldman sachs, about 80% our millennial and gen z. can convince him to move to florida, which is trying to move -- to be a base for wall street. if you cannot attract them, can you build unsubstantial presence? wall street south is never going to big that should be as big as manhattan. this is not the only move that firms are making, but attracting people has been a big? -- a big question mark this is a question, can i build a lifestyle that is exciting as manhattan down south? what will pay look like? these are all questions, but you can definitely see west palm, miami really trying to live people in. matt: where are we going to see trading floors? are we going to see actual equity sales? what units are moving? sonali: yes and yes. you are going to see trading talent in miami, especially since clients are down there as well. you see other areas in florida attracting talent as well, places that are not so crowded. it is all across the board. you see investment anchors down there as well, particularly with private equity and hedge fund

there's only one. >>> welcome back, goldman sachs betting big on the buy now pay later space.uisition will help further goldman's push into consumer finance. shares of greensky soaring on the news joining us jason goldberg, managing editor of barclays, and hosting at his conference. we want to get to the conference in a moment, but firstly, this deal for goldman, is this a huge positive is it in fact a slight negative that it suggests that they haven't been able to grow in this sort of space sufficiently organically? >> listen, i think a few years ago, goldman sachs laid out a strategy to become a digital, you know, consumer bank, and they already have, you know, markets, unsecured lending product, a credit card relationship with app and will gm upcoming. they talk about rolling out a digital checking account, and now with the addition of greensky, they add a point of sale financing partner they scale up that component relatively quickly with this deal, and i think overtime they have the ability literally from scratch to build a very large consumer digital bank, which is an at

. >> the cco this afternoon said at the goldman sachs conference he said that while they are on trackthat growth numbers will be choppy. he said paid subscriber numbers will grow by low single digit millions and also he talked about head winds of delta-driven delays >>> but he did highlight areas of strength including the theme park saying they like the recovery they are seeing and that bookings increased between the fiscal third and fourth quarter and said that crews ships bookings are higher in the second half of the year than the first half they also said they may be interested in sports driver which could be another growth driver for disney. but they are down on the subscriber warning >> thank you, julia. so this sounds like a testament to what disney's valuation is made of. he said all of the things including sports betting interest which would have gotten investors excited, but we are down 4% because streaming is not panning out to what it should be in the near term >> the driver of that valuation is starting to slow and now it appears to matter. look at some of the things that

guy: that was stephanie -- alix: that was stephanie cohen of goldman sachs earlier.y are expanding into buy now, pay later with the acquisition of greensky. david: we are talking about an all stock deal. we are talking about $12 a share, which does not sound like a lot and is not considering that greenguy went public in 2018 at three dollars. it shows they have had the relationship with the company for more than three years and decided to buy it to expand that consumer banking business market. that said, goldman has a deal with apple to provide installment financing for its products, so we will see if this takeover becomes part of that. now, this is a group, when you consider greensky and the fintech area that's really been in focus. if you look at the relative performance of these stocks, they have taken off this year. lending club the best performer in the nasdaq fintech intact -- fintech index. it has done well and they did a deal a few weeks ago with amazon.com to provide installment financing to its customers, so this is an area where we have seen interest. >> d

. ♪ taylor: big reports coming out of goldman sachs. they are cutting this year's u.s.dp forecast, citing a harder path ahead for the u.s. a consumer. ritika gupta has been going through that report. what did the details tell you? ritika: we got that weaker u.s. jobs number. we have goldman sachs cutting their forecast from 5.7% -- 25.7% from 6% -- forecast to 5.7% from 6%. switching spending from goods to services. that fiscal support being reined in. all this could impact the u.s. economy. let's take a look at this chart here. you can see this blue line is the u.s. gdp forecast taking a dive here in september as those covid cases continued to surge. i will say they are raising their forecast for next year by 4.6%. guy: it will be interesting to see how the delta story works its weight through the -- works its way through the u.s. economy. what does the next month look like? how is september going to set us up for the rest of the year? amy, what is the setup? what are the options markets telling us about what september is going to look like? >> the options market has b

i seem to remember back in june that you were standing in front of goldman sachs headquarters with an umbrella and it was all about the return to work of all of these anchors and there were people going back to work. this week was supposed to be the official return for these banks. >> it's not happening anywhere near people thought it would. on top of that, though ones who pushed back plans to october are wondering if they should push back plans even further. the ones that have headlines in the middle, take morgan stanley, the idea is for some flexibility, we wanted you back and it has been about 50% back in the office, it has not been a perfect science. some banks have higher numbers than others, but they are inconsistent in terms of what their demand czar. romaine: have they made it clear to employees about what is expected or what the next parameters are going to be? sonali: in terms of what is demanded, it's a big question. we are nearing the end of the year. trading volumes are much lower and there are concerns about the market. is your bonus dependent on whether you are going to

goldman sachs cfo is retiring and will be replaced. su keenan the details.ther round of executive reshuffling in the top ranks. su: for many years the cfo position has long been a key power position at goldman, so a lot of our eyes are on the bank in terms of what happens in this next chapter. the chief financial officer will depart the bank later in january, on january 1, dennis coleman will take over, although to smooth the transition, goldman says he will immediately start serving in the role of deputy cfo. the 57-year-old goldman veteran rose through the leadership change that ushered in david solomon. before that he was part of a key push by goldman when it made its recent effort into mainstream banking. victims of the reshuffling do not only include coleman, but observers are saying that the treasurer has been position internally for a bigger role. so this big change at the top might open a wedge of greater responsibility for her. a post said he does not intend to retire anytime soon and is announcing his next chapter apparently shortly thereafter. hai

goldman sachs egging you could see $90 a barrel if there's a cold winter this year. bloomberg dollar index closing in on a new record high. let's get the market reaction with juliette saly in singapore. what's out for you? juliet: $17 billion injection from the previous he bringing, to asian markets that have been rattled over the last couple of weeks. hong kong resuming trade after yesterday's holiday, jumping in italy by as much as 2.5%. a lot more money going back into those property stocks. korea has been on holiday this week. foreign investment dumped out of this market. we are looking at the risk barometer as well. the aussie yen rebounded somewhat yesterday as we started to see traders assess that some of these risks with the fed have dissipated somewhat. let's have a look at the flattening of the yield curve that you mention. japan out of action for a holiday. there's a little bit more hawkish momentum coming through in the fed. if you look ahead to u.s. futures, looking like we could see some gains coming back through into these markets. the other key focus

we're talking about the likes of goldman sachs and sydney group boosting their outlook for the metal. it is interesting to note that a lot of people are now looking at the cover price and saying that is far too expensive and actually switching to aluminum instead, in certain industrial processes, anyway. we might have for the demand on the demand-supply equation. david: one of the companies making that call for casting 75% growth in copper in the next few months. we are tracking the shanghai composite coming up in price a little bit. yes, we are up. yes, we are at six-year highs. volumes coming back in a big way, but volumes -- markets are pretty much split with 830 on the way down, fitbit split, but net-net, we are up about 21 points. rishaad: the ecb in focus yesterday, coming out and announcing a slowdown in its pandemic on purchasing. it is a move which some have described as tapering in all but name. this gives you an idea of really the balance sheet and how assets are struggling since march of 2020. margaret thatcher years ago said that you may turn but this lady isn't for turni

goldman sachs say let's take a look at this.htness in global gas supplies is a clear and potentially meaningful bullish catalyst to the oil market for this winter. will it build and boost oil prices? >> gas production is tied to oil production. we need -- when you invest in oil, you have a problem with gas. we will see prices spiral in both areas. manus: you think oil could spike too? >> an additional $10 on the barrel. the next six months. manus: in terms of will that endure, that is the question. can opec continue to add 400,000 barrels a month as you see it at the moment? >> is a challenge getting that done very quickly. surely you cannot have a cure in six months. manus: when do you think production for you will get back to your allocation from opec? you have underperformed. >> we see getting back to the opec level probably by the end of october. manus: thank you very much. we will check afterwards. the managing director of the nigerian petroleum corporation joining us here. annmarie: good morning. annmarie:thank you for bri

thank you for your reporting on this topic let's bring in the chief european economist from goldman sachs. great to have you with us on the show today i just want to pick up on some of the comments surrounding growth that ms. vander leyen made in her speech they were patting themselves on the growth saying european growth surpassed that of u.s. and china. how would you describe the pace of european growth how much of what we've seen do you think is just a function of pickup in terms of vaccinations overall? >> right we clearly saw a really strong second quarter across europe that really happened as europe opened up into the summer. all the indicators surprised to the up side in the second quarter. very strong growth rate there, but of course as you said, there's also a lot of catch up to do for europe because europe opened up much later than china or the u.s now the latest data i think still looks good but a little softer than the data we saw in the second quarter the august surveys have been a little bit on the softer side. the pmis, the national surveys, and also some of the higher freq

goldman sachs are warning along with a number of others that brookings institution hamilton projects,y talk about a physical space going into 2022. if you are a slightly longer term investor, is that the bigger risk you need to scale back in u.s. exposure, because we need a stimulus bill to come through? we've got elections in the middle of next year. are you worried about u.s. growth on the back end of next year? goldman says down 1.5%, down 1.7% from this year. alan: that is kind of normal in the low growth environments. we are having a huge post-covid recovery with big numbers and then we will moderate and go midcycle. we are not going to have the fiscal stimulus, and it is about -- and terms of equity markets in particular, what analysis has been right? it has to be the correct analysis. dani: but in terms of equity markets -- go ahead. alan: you go. dani: just quickly, and terms of the equity markets, we haven't seen a 1% of higher in almost 40 days. are we going to see it soon or does it continue to fall? 30 seconds. alan: it's good we haven't seen a rise, we need some consolida

a former goldman sachs compliance analyst was helpless to stop the bank from insider trading has beenharged with insider trading. the sec claims he used his position in the banks office to access confidential information to carry out trades netting $470,000 in illegal profits. a lawyer for him could not be immediately located for comment. the international olympic committee says no international spectators will be allowed at beijing's 2022 winter games. tickets will be sold exclusively to spectators residing in china's mainland to meet virus requirements. the ioc also says athletes who are not fully vaccinated will have to quarantine for 21 days upon arrival in beijing. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg. manus: thank you. this is what we are keeping our eyes on. inflation nuances. cpi from france. germany at 1:00. how entrenched is your inflation strike? dani: we will talk to the cbr management director economist coming up later to discuss those points. coming up, european equities

i would agree with goldman sachs on that one.ould be concerned about the impact on the global economy. dani: i'm afraid we are going to have to leave it there on a very somber note. manus, just want to mention, hong kong asking banks to report exposure to troubled evergrande. giving banks 24 hours to report their exposure. this is bloomb (announcer) if you've struggled to lose weight, you might think you were born with a slow metabolism, but what you may have is insulin resistance. fat becomes trapped inside your body and it becomes very difficult to lose weight. now there's golo. golo works to reverse the effects of insulin resistance, increase metabolic efficiency, and targets stubborn belly fat. join over two million people who have found a smarter way to lose weight and get healthier. go to golo.com and change your life. that's g-o-l-o.com. >> good morning from bloomberg's european headquarters. 6:30 a.m. in the city of london yet i am dani burger. manus cranny alongside me. this is "bloomberg daybreak: europe." here's what y

vonnie: goldman sachs has hired a former mckinsey head to co-run its asian-pacific operations. he becomes the most prominent outside hire for asia. this as expansion plans, especially in china. mckinsey management voted to remove him earlier this year after a single term as a top executive. scandals over there past client work. the head of the whc is calling for a hold on offering booster shots through the end of the year to make more shots available for poorer nations. the who director says the focus needs to be on vaccinating the most at risk around the world. he complains of too little action in achieving vaccine equity, saying less than 15% of the doses promised by wealthy nations has materialized. coinbase's ceo blasted the sec for what he called really sketchy behavior. this after the company received a warning regulators plan to sue. the crypto exchange says the sec has an issue with a new product it is launching, which allows consumers to earn interest on crypto holdings. the ceo says the regulator will create an unfair market if it tries to shut down the lending produc

goldman sachs thinks exciting over that and other global cyclical risks is looking overdone.ok is looking less friendly going into 22. they do see in improving outlook for japanese stocks. one play on goldman, they are looking to recommend shorting forty-year booms. the ecb wilt caper -- will taper in the next corner. kathleen: our next guest is suggesting a new playbook for central banks. joining us now is kristin forbes. previously an external member of the bank of england monetary policy committee. unofficial attendee at the recent kansas city fed economic symposium. in terms of this new playbook, got to go fast. you don't know when you need to start raising rates. there is so much focus on the jobs report tomorrow. what is the place for the fed of jobs and jobs growth in this new playbook? kristin: the traditional playbook is still very much the one that we are following. they want to see the labor market recovery. that is the big unknown right now. the fed estimates that there's roughly 7 million fewer workers today than there were before covid. are those workers going t