sonali: that's a great point.nother thing i want to look forward to is the next catalyst for the market. the elections are right around the corner. i'm wondering what you think it could mean for a joe biden presidency even in the market? what would that mean for the stock market? thomas: [laughter] well, joe biden presidency is a it allue and i think democrats whether the have the give ability to stop the country from sliding into socialism. because if that happens, then there is no private ownership of companies. no stock market and there is no bloomberg machine, so -- i don't think anybody would like that. sonali: hope to have you back on soon. thank you for joining us. taylor, back to you. taylor: thank you as always to sonali. now, tech is on a tear with the sector remaining resilient even as the global economy struggles against the fallout of the coronavirus pandemic. the ceo of galaxy investment partners warns that tech stocks rna classic bubble reminiscent of cryptocurrency markets in 2017. he spoke exclusi

sonali paszek, bloomberg wall street -- sonali basak, bloomberg wall street correspondent.is a relative game of expectations going into earnings season. binky chadha of deutsche bank touched on this. for financials, the bar is so much lower going into earnings tech, than, say, big which is why some say this is skewed towards financials beating expectations. for big tech, the bar is so high and the rally has been so big into earnings season. it is a big one to hurdle. tom: you have seen that from upping price targets on amazon. i will buy that theme, but the answer is tech got where it got by outperforming. but it really doesn't matter because the triple leveraged may buy thed, i bank index and nibble just a little. jonathan: you're going to come out of cash? tom: i didn't say that. i'm singing about it. jonathan: lisa is -- i'm thinking about it. jonathan: lisa is worried. [laughter] lisa: i will say when it comes to banks, when you talk about pessimism, the kbw bank index is down 34% year-to-date. -- tom:tom: wow, wow, i didn't know that. jonathan: counting you down to the

jonathan: sonali, thank you. the stock up by a little more than 3% in the premarket.or equity futures, we drift a little bit higher, heading north on the s&p 500 by 42 points. we advanced by 1.3%. tom: i am looking for an entry point and i can't find a great one. the dow up 450 points. atwill get a dow print 27,000 in about two cups of coffee. we welcome all of you on bloomberg radio and bloomberg television. ." is "bloomberg surveillance what we do is conversation from the emotion and the character of wall street with sonali basak. now we look at the financials with the wonderful alison williams of bloomberg intelligence. why in god's name does goldman sachs want to be a big bank when they seem so successful with their heritage and what they are doing right now? alison: you say that this quarter, but a year ago, a lot of critics would be out there saying this model doesn't work, etc. business, but i think they want to add some diversity to their business. .hey've had some opportunities we think the banking business mix a lot of sense for them. i'm also going to cut t

sonali: tomorrow we have goldman sachs. said they expect mergers to start to come back by the end of the year. do they still expect that? are these mergers just cost-cutting exercises, are they good for the company's to cycle? into the next morgan stanley the next day, and then bank of america. bank of america should give us a a huge picture on what to expect for the consumer, what to expect out of small businesses. as we know, that is a lot of the u.s. economy. we have to leave it there. our thanks to you, sonali basak. the legal battle between u.s. universities and trump's visa rules escalates. ceo joinsk, 2u inc. us next. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn in new york. almost 60 u.s. universities have filed an amicus brief in support of harvard and m.i.t.'s case. they are trying to stop new visa rules that could stop many international students. joining us now is chip paucek, 2u ceo. been preparedy for universities to go partially online or scale up their efforts. of onlineome sort o

areael: -- sonali: they doing pretty well because of all of the support. of the liquidity was on the first quarter helps the u.s. banks, but other banks did benefit. now riskier parts of the market, leveraged loan markets in particular might be able to come back with new life. the other cohead of investment banking at deutsche bank is a huge underwriter of leveraged loans, expect five to $10 billion private equity deals into the end of the year. that kind of activity in private equity markets might keep investors satisfied into the end of the year. the question is with all of the uncertainties, will they be willing to put that kind of money to work? alix: who wins if the money does get put to work? what bank will win? sonali: deutsche bank is a big bag but goldman has been making a lot of moves. u.s. banks have been winning because of the debt underwriting issuance. less so the european banks. barclays also, if you look at the m&a tables, top five. they have room to gain some shares if they put money to work and if we can work cross-border. guy: one of the

there is the data from morgan stanley, but here are the numbers with sonali basak.onali: there's a beautiful beat their . t morgan stanley --here in fixed in fixed there income. wealth management revenue missing estimates, beating , morgan stanley has a lot of clientele. the question is are the wealthier clientele spending their money or hoarding it at this time? earlier today we saw bank of america consumer spending drop off quite a bit. this is anst look at extraordinary report. i'm looking at return on equity published 15.7% with return on tangible equities being join or here after their clear presentation. it really is an exceptional report on first blush. i would note that the compensation of the expense in the efficiency ratio, that's why you didn't go to the yankees with the morgan stanley people this spring, they were trying to jon: save some money. it's not usually me -- trying to save some money. jon: that's not me who goes to the yankees with the morgan stanley people. billion, iin at 6.2 do wonder what an estimate is worth in an environment like this one

bloomberg wall street correspondent sonali basak. sonali: thank you for joining us.is morning, we saw blackstone say that it's private equity group was rising 13%. --t months ago, people were is the industry in the clear? anthony: i would not say the industry is in the clear. thei would say that of all firms, the private equity firms are the best positioned. the performance portfolio in june i think will be better than all expected back in march. average, lown double digits in march versus the public orchids that were to march.rom december for june, we think portfolios would be flat to up across the industry. that also will trail what the s&p did, 20%. but that tends to be how private equity reacts. in this situation of stress, the private equity portfolios, given the long-term relationships they have, the recurring revenue they have, they are best positioned to whether these downturns, and they are best positioned to take advantage of opportunities that thisfrom crisis ease like -- crises like this. romaine: why do these portfolios hold up a little bit better? antho

sonali basak joins us now. we have citigroup out here now i want to go back to wells fargo. how broken is wells fargo? a $2.4 just posted billion loss. down to is being cut $.10 compared to $.20 expectations and $.51 where it was before. they are putting up a fraction of what they had before. they are jp morgan with relatively solid results in the face of a tough time. jonathan: is there a broad take away yet for all three? away isroad take uncertainty. jp morgan was able to show the consumer was all right. a lot of people were paying back loans. your summary of these three bank earnings before we get to david bianka? bianco?er of -- david jonathan: i forgive you for the top of the program because i think you were right. tom: my mascara is running. this family is dysfunctional. joins us now with investment perspective. bernanke's core theory was the financial system in any crisis must stay sound. it is the american financial system sound today? >> it is sound. there are challenges, but it is sound. the banks were very much the patient. this time they are a medic. they are re

sonali: we do not know the rules are tighter.he main street lending program only got off the ground today. it will take a while before we know not only what back are available to lend and what recipients there are two a lot of these loans. at the end of the day, the banks have an incentive to prefer bigger clients. when we look at how the ppp money was allocated and look at the names, it was high end sushi restaurants owned by robert deniro, it is another high end state chain owned by a private equity firm, these are companies that are restaurants, they may have had trouble getting money, but a lot of underserved communities do not even have access to the banking system itself. how's the treasury going to address that problem, let alone the issue of disclosure of these funds going to more privileged names? alix: such good point. saint anne's right down the street from me got funds, private school with the charter of 50 grand. thanks a lot. i appreciate the readthrough. it is interesting. we heard potentially we are looking at ano

sonali part and dark about run the company that provided the containers.defended the studio alternatives in 2016 to design and build homes work in space and just about anything that can be contained within for. all using discounted shipping containers. the motivation that we have to work behind this is also a big environmental factor where we feel that nothing should go waste and we should be able to work with all kinds of material that we have around us so as humans we've created so many complex. 20 of us and that we ourselves don't know what to do with and it is just ending in life and. since 1956 shipping containers have been the standard rail forwarding freight built with corrosion resistant steel they're used for cross-posting for about 12 years after this period to sit in junk yards waiting to be melted. but melting shipping containers uses $8000.00 clue what our finance repurposing them into buildings acquires just 5 percent of the pot. if your ex is there and you're following that guiding principle of creative reuse the partners with keen to show y

finding of the police and the increase in violence when you do not have adequate resource in the after sonali able to do their job and the unfortunately criminal elements in my opinion recognize the limitations that is why officers and they simply take advantage of. this in the way to the upcoming us presidential election will effectively be a 2 horse race only 2 men standing a chance of winning but of course there are also plenty of other so-called 3rd party candidates and independents in the running and the green party has chosen its nominee that it's how he hawkins from new york he's a former lorry driver a grassroots campaign whose previously run for office at every level of government in new york from city councilor to gov orchids wants to redirect federal funds to boost education and to extend health care provision to all americans he's also known for his antiwar and nuclear efforts the green party has been putting up candidates and us in the presidential election since 1986 as things stand well kids will appear on ballots in half the country states but the party is working with state t

jonathan: we have to kick things off with bank earnings on wall street and crossover to sonali basak. >> pretty amazing here. even with more than a billion dollars more in bloom losses than wall street expected, jp morgan is also coming in with profit that's better than expected at a very tough time here. jp morgan sold off a ton. this is not 2008 for jp morgan and they are showing that right now. the reserve bill is not too bad when you look at the corporate as well. tom: this is the acclaimed hp 12 c calculator, which is what we use when the banks report. here's the number. 24.3. putting into scale how big this bank is. they took an $8.9 billion reserve and that is 24 days of revenue by a quick calculation. we forget how big these banks are, don't we? >> and jp morgan is the biggest of the big. they are fine. we have wells fargo coming up in an hour. it's possible they report a loss. and if they were to report a loss, what kind of confidence does that sent to the market? you have a big dispersion within the banks here. i wouldn't take jp morgan as what everyone will look like. toa:

♪ sonali: -- nejra: good morning from london.tocks look for direction as investors weigh the prospects of more stimulus with political tension. mitch mcconnell could unveil a geo plea -- gop plan today. beijing had found retaliation after the shuttering after its -- the shuttering of its mission in houston. test the shares rise after hours as quarterly earnings beat the streets. profitability meets the criteria for inclusion in the s&p 500. we got a report earlier today that china is moving to close a u.s. consulate, not being seen by some commentators at -- as some sit -- as serious as hong kong. -- saying that asian would likely respond to the forced closure of -- that beijing would likely respond to the forced closure of its consulate. the possibility of potential cuts to its larger hong kong mission. he said cutting the mission staff in hong kong to 100 or 200 people is an option. china has pledged to respond to the u.s. closing its houston consulate. will come back to that and the market reaction in a moment. we are of cours

claire, jamie, jenny, scott fleming, mark isaac, sharon leven, jim townsend, chris bigelow, lucy, gh, sonali, joe ralph,in, mark lopez, michelle, and michael merrick. singing youl like made me what i am today, but there are so many people that we think if you have been here as long as i have. my heartfelt thanks to all of my past and current staff. this committee's achievements are all yours. so thank you so very much for indulging me. speaks, i wills recognize my full committee ranking member, miss granger, for any comments she would like to make. i will then recognize any member of the subcommittee for short comments on the bill. i did not leave you much time. i apologize. mr. rogers, please proceed. well, thank you, madam chair, for your passionate devotion to this subcommittee's work. of love onen a labor your part. and your worknate to help the needy in the world. so congratulations on bringing forward the operations bill for 2021. your final one. i wish the market process this year were taking place under better circumstances. but despite the challenging operating environment, you and

. >> hi, my name is sonali. funding the racist organization that is the sfpd is a choice.lue lives don't describe people. being a cop is a choice not a skin color. it's a choice to enforce and prioritize white supremacy to protect wealthy white people and their property. the charter mandate in its current state with the arbitrary minimum requirement of 1,900 officers represents making a choice to uphold white supremacy. represents complicity that lead to the death of our community members for generations. increased police staffing and it does be only make our communications less safe, it doesn't do a good job of protecting the people and despite police presence increasing san francisco's still ranks number one in priority crime in the state of california. crimes actually decrease. >> todd: [please stan.[please s] >> and just to note, members of the public who are already on the line and wish to speak should dial star-three at this time if you have not already done so to be added to the speaker line. we currently have 55 people on the line, with 20 in the queue to speak. ca

. >> hi, my name is sonali. funding the racist organization that is the sfpd is a choice.lue lives don't describe people. being a cop is a choice not a skin color. it's a choice to enforce and prioritize white supremacy to protect wealthy white people and their property. the charter mandate in its current state with the arbitrary minimum requirement of 1,900 officers represents making a choice to uphold white supremacy. represents complicity that lead to the death of our community members for generations. increased police staffing and it does be only make our communications less safe, it doesn't do a good job of protecting the people and despite police presence increasing san francisco's still ranks number one in priority crime in the state of california. crimes actually decrease. >> todd: [please stan.[please s] >> and just to note, members of the public who are already on the line and wish to speak should dial star-three at this time if you have not already done so to be added to the speaker line. we currently have 55 people on the line, with 20 in the queue to speak. ca