morgan stanley up by 1.65%. america numbers tidy, likewise with jp morgan, again with morgan stanley. let's talk to stephen biggar now, director of financial research at argus. what is the number one take away for you? stephen: certainly it has been a powerful third-quarter for market activity. equity underwriting, ipo activity in particular. over 100 companies went public in the third quarter. if you include specs, over 500 -- includes -- include spac's, over 500 companies. another important one would be loan growth. we saw that over the summer, according to fed data. that is starting to pick up again. for the regional banks, you've got an improving story there as well. tom: james gorman has the respect of everyone on wall street. without question, he was the manager of the decade with the move to wealth management. everybody likes to talk about this other stuff. what i see is $6.2 trillion with the bold hans of e*trade -- the bolt ons of e*trade and eaton vance. will they start to rival like rock -- rival blac

>> david, they're going to be strong they're going to be like morgan stanley.n they release. >> all right of course it doesn't mean the stock will go up given the reaction in the market thus far. always appreciate it thank you. >> you're welcome, sir take care. >>> as we go it break take a look at some of the top gainers on the s&p for the week to date. energy names in there, but mgm on that upgrade a couple days ago, even some retailers look at vf corp up8% on the week dow up 420 we're back in a moment that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! ♪ ♪ ♪ ♪ ♪ >>> wells fargo delivering a bearish forecast on bonds. what central bank policies and supply chain bottle necs have to do with it o

let's get more with crush analyst for morgan stanley.mes gorman, morgan stanley chairman and ceo and also sonali basak. james, thank you for joining us. i will headed over to sonali for a couple of questions. sonali: thank you for joining us. you said this morning you beat expectations and almost all major business lines. you are gaining market share. where can we expect you to expand the most the next six to 12 months? james: there is still a heck of a way to go. thank you for having us on. we just started the whole workplace strategy and we have several million pounds we brought through e*trade that is kicking off -- e-trade that is kicking off. we are continuing to see share gains and extremely good performance across the investment banking sales and trading platform. i don't expect the investment banking pipeline to slow down. it remains very robust and as the fed starts tapering you are going to see more volatility in the fixed income space. there is a lot of stuff going on right now. sonali: you had said during the earnings call ea

morgan stanley, j.p. morgan, bank of america all saying the pipeline for dealmaking is remaining very healthy across all sectors and all regions. citibank saying it is appointing more staff and we could see a commensurate pop in compensation. shery: really setting the tone for this earnings season. we continue to hear more concerns about inflation that it may not be as transitory as people expected. morgan stanley's ceo coming out and saying the fed should hike rates. take a listen. >> honestly, and the next several months -- in the next several months, i think the market digested the fed will have to move not just on tapering, but rate increases. with 10 rate increases away from what could considered -- what would be considered normal, bringing it up over the next year is not a crisis and not unexpected. shery: he is pointing to supply chain bottlenecks, not to mention surging commodities prices, saying that would really lead to price pressures perhaps not being transitory. let's delve into the parade of

lisa: we compare open sex to morgan stanley, who is winning?: when you think about strategic evolution, it is clear morgan stanley is ahead. it is basically an asset manager , growth weights comparable to any in the industry, almost 10%, so they really -- they are there. they have figured out strategy. i think goldman is more of a process. if you would ask me in terms of a strategic transformation timeline, morgan stanley is clearly ahead. tom: is there an urge to merge? i mentioned scale earlier. is there a frenzy in the interest rate environment or the debt acquiring environment to do transactions, to do combinations to generate scale? christian: i think so. figure out strategy and take advantage of very accommodating markets. fast-forward asset manager and it has done wonders. multiple extension on buying companies for growth. i certainly believe that cover m&a in this environment where innovation is happening quickly. m&a makes a lot of sense. tom: christian bolu, thank you for the brief. american wall street, dow futures over 35,000. lisa:

stanley, are you there? stanley tucci, everybody!of art project is happening behind you? i am into whatever is behind you. what is that? >> i am sitting in my studio where i paint and write and things, and this is -- this is part of what happens in my mind. [laughter] >> kelly: i know that you recently went under successful treatment for cancer, so god bless and how are you feeling? >> stanley: thank you, yes, thank you. i feel great. i was very lucky, the cancer i had was very specific kind, and i had incredible doctors at mount sinai in new york, and the prognosis is great. thank you. >> kelly: as a super fan i am so happy to hear that, man. you are such a talent and i love everything to do. it thank you keeping our lunch date. what are we having today? it looks delicious. >> stanley: spaghetti ala zucchini ala neuronal. so it's basically the most simplest thing in the world. it's spaghetti with sauteed or sort of fried zucchini, and parmigiana. and it's a specialty from the multi-coast. and it is one of the most delicious things i

short-term morgan stanley. long-term i can see a company like square continuing we talked about sofi a couple days back. i can see them starting to siphon away market share and see consternation around crypto and these other alternatives i think you need to have a little bit of both short-term what is stable and a proven commodity look at the consumer trends. they are involved in these companies. >> grasso, your take >> tnc has the best chart in the financials, a regional, up 35% year-to-date, but blows away all of the other charts. if i look at the charts though, bank of america seems pretty good up 42% always gets left out everybody talks about morgan stanley, goldman sanchs, but loo at bank of america, look at a firm they are going to eat away at the traditional credit card company's profits. so they can pivot or turn. >> you know how santa claus keeps a list, naughty and nice >> coal has rallied, i will take it >>> coming up, a real life star trek william shatner blasting off into space today trouble taking

stanley was, as he said, slavery is upholding to me.vernment. a fascinating chat, thank you very much, we have run out of time. thank ou. a much, we have run out of time. thank you- a pleasure. _ much, we have run out of time. thank you. a pleasure, thank _ much, we have run out of time. thank you. a pleasure, thank you. _ nasa has successfully launched a landmark mission to study asteroids nearjupiter, which could provide vital information about the evolution of the solar system. the rocket carrying the lucy spaceprobe — which will travel more than four billion miles over the next twelve years — took off from cape canaveral in florida. aru na iyengar reports. three, two, one, zero. the lucy probe is on its way tojupiter. lift off. it is on a 12 year mission to study asteroids called trojans left over from the beginning of the universe. so what are the trojan asteroids? with jupiter that ultimately hold the clues to the formation of our solar system. the lucy probe has visited eight trojans, city—sized lumps of rock. we will really bett

i'm stanley tucci. i'm italian on both sides and i'm traveling across italy to discover how the food in each of this country's 20 regions is as unique as the people and their past. >> in the south we are very used to fight. >> this place may be looked down as the poverty-stricken underdog of italy. but the people who live in this region have their own way of doing things. >> for me, this is our philosophy. this is our style and tradition. >> they've given the world its favorite food. >> pizza margarita! >> just don't forget where it was invented. [upbeat piano music] >> if pizza was going to be born anywhere, it would be here in naples. the city is hot, fast, and a feast for the senses. naples is situated in campania. it's the unofficial capital of the italian south and is even older than rome. it's a region of volcanic landscapes, magical islands and the world-famous amalfi coast. the southern sun nurtures tomatoes that are the envy of the world and out in the hills, buffalo produce the milk for the fi

they were forced to sell off to morgan stanley, a huge win for morgan stanley.have turned that into this powerhouse. you see them wanting to get bigger in this business. romaine: but we have not seen the type of acquisitions then we have seen out of morgan stanley, for example, and even jp morgan to a certain extent. >> late last year they got saddled with two consent orders from regulators, and one thing that was actually said, if you want to do any acquisitions, you have to run it by us. i think a lot of her strategy and thinking is around organic roast, looking inward and finding the gems hidden in the rough. taylor: and it's not lost on us that is the only female running the major bank, she is the most flexible when it comes to returns to assets and understanding the importance of flexibility. how much of that can be a satisfying tool for some of the employees? >> that some of the reasons we are excited about this profile. we kept hearing over and over again, it's jane and her commentary about her ideas, the way we work on wall street and the way we work eve

baevg of america, morgan stanley, simplifying it a bit.lower single digit or slightly lower for wells fargo. >> okay. will, thank you. appreciate it. beck >> tanks, an view, in the meantime, president biden announcing a deal for the port of los angeles to operate 24/7 for a backup that submerged the key supply chain california's los angeles and long beach handled 40% on containers long beach moved to around the clock operation two weeks ago. joining us to talk about getting it moving smoothly again is the port of long beach director. thank you so much for being here today. this is a problem we have been trying the get our arms around i know you know much more about it why don't you tell under the circumstances? what is happening? why are we facing these backlogs at this point? >> thanks for having me. first of all what we have before us is a national crisis. a national crisis that disrupted the supply chain >> a national crisis of disrupted the supply chain that. how do we fix it it can't be one or two simple solutions. this is from everyt

doctor stanley says _ we are at that point now. doctor stanley says she _ we are at that point now. point now. doctor stanley says she received abuse j stanley says she received abuse after being sent off in the women's super league against rivals manchester united yesterday. stanway was shown a red card for this poorly timed challenge. she wrote on twitter that there was no malice intended, she was glad her opponent was not injured. the injured player thanked herfor her was not injured. the injured player thanked her for her apology and urged people to stop sending abusive messages. chelsea beat leicester 2—0 this afternoon, the first goal scored in the 82nd minute before fran kirby went through one on one onslaught past the keeper in stoppage time. emma hayes' side have now won 21 of the last 22 wsl home games. elsewhere, tottenham's100% start to the season is in jeopardy against brighton, joan 1—0 at the minute. reading lead arsenal below, arsenal kicked off at three o'clock against everton, still goalless. before today cosmic matches, players linked arms in solidarity with those

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so, stanley -- general stanley mcchrystal, stay with us. a lot more to discuss.g more into what general mcchrystal's book teaches us about the importance of leadership and what he views as the biggest risk out there right now. you're not going to want to miss that. we'll be right back. i earn 3% cash back at drugstores with chase freedom unlimited. so i got cards for birthdays, holidays, graduations, i'm covered for everything. which reminds me, thank you for driving me to the drugstore. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. (vo) unconventional thinking means we see things differently, so you can focus on what matters most. that's how we've become the leader in 5g. #1 in customer satisfaction. and a partner who includes 5g in every plan, so you get it all. i was drowning in student loan debt. i was in the process of deferring them, paying them... then i discovered sofi. completely changed my life. lower interest rate. my principal is going down. sofi is a place where you can start to

this hour, morgan stanley.

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coming up, refired four-star general stanley -- retired four-star general stanley mcchrystal.next. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ nicorette knows, quitting smoking is freaking hard. you get advice like: try hypnosis... or... quit cold turkey. kidding me?! instead, start small. with nicorette. which can lead to something big. start stopping with nicorette ♪ jack: geopolitical forces seem to be the impacting the economy more than ever. right now the u.s. is navigating a global pandemic, competition from china, foreign cyber attacks and more. are we positioned to win those battles? joining me now, the author of "risk: a user's guide," retired four-star general stanley mcchrystal. first of all, general, the nation is appreciate testify of your service. >> thank you. jack: as the general who led u.s. forces in afghanistan, what lessons can we take away from america's withdrawal? >> yeah, i think we can take a number. first, we spent 20 the years. we made an effort, and it didn't work. so the first thing we should figure out is why didn't it work. and i think there's going to be a temptation t

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morgan stanley, different kind of animal. multiple >> dan >> i think karen is correct. the morgan stanley thing is interesting. goldman sachs will be tomorrow morning. i would be more focused on them. we were focused on the interest margins. i'm kind of more in that camp less than the money banks to this point >> guy, i know you watch closing bell closely and religiously >> religiously >> the valuation of morgan stanley versus black rock, the valuation of morgan stanley is considerably lower should it reflect more of the strength in the as set management business? >> i think so. i have a memory like an elephant it has to be over a year or so ago that dan nathan pointed out morgan stanley had the best looking chart out there. a couple of years i would not have said that, but they have morphed into something a lot of people are aspiring towards, three distinct business units. i think they are growing into it i think we trade through the 195-ish and i think it will deservedly grow. >>> jim cramer sticking by one big name he said

blackrock trades like 23 times forward earnings 13 times for morgan stanley.siness is going to get fully up to a pure wealth management multiple and that's the holy grail. not as dominant in terms of the size or the piece of the pie as morgan stanley and not getting there so i think it gives stability to the stock and to the story. although that is an area of the quarter not as stellar relative to expectations. >> so the 10-year yield at 1.51. everyone assumes that rates will rise do rates have to rise for the banks to work? >> well they do for certain ones i think that bank of america is levered to the yield curve and why it did so well and saw the operating leverage because the rates up from 112 at the lows. and they were at 151 so you get the operating leverage there and happened to deliver and ux cute across the both two fantastic reports between morgan stanley and bank of america. bank of america is more rate sensitive and why they bought. they didn't want to have so much exposure to the yield curve. got to pick the spots and be overweight bank of america

morgan stanley better than ok, up by 2.36%.omberg is catching up was james gorman of morgan stanley at 10:30 eastern time. this is bloomberg. ♪ jonathan: buried through the morning because of the bank earnings. we are just around the corner. going into equity futures, going up 19%. the s&p 500 is looking good. ppi numbers are out, and we are breaking things down. >> the producer price index is out, and it is a little bit better than forecasted. we were expecting an increase on a month over month basis. we get a 5/10 increase. that means the over test year-over-year increase rises to eight point 6%. it was expected to be a .7%. it is a significant increase but not what was expected. the core is up .2%. that it's a lot less than a half percent that it was respected. the core rate is down five point 9% on a year-over-year basis. from 6.5%. it looks like we are seeing some significant declines in the core side. the final demand for goods is up 1.3%. that is the largest increase in this since may. in september, 40% of the advance, a

stanley marsh is trapped behind enemy lines.r. he must make a run for it. the american base is only a few feet away... marsh assist, halt! (imitating gunfire) it will take more than your weak american weapons to destroy me. cartman, we shot your bosnian fat ass! yeah, you're dead! i have class-4 armor on that, uh... no, you don't! special armor that's impenetrable to american bullets. dude, every time we play americans vs. bosnians, you cheat! yeah cartman, you suck. if you want to play americans vs. bosnians anymore, you can just play with yourself. that's fine, i like playing with myself. i'll play with myself all day long. ha, ha, ha... what? well, now what are we gonna do? i don't know. hi, stan. hi, wendy. kyle, doesn't bebe look pretty today? i don't know. she does, she looks very pretty. okay. stan, can i talk to you for a second? stan, wouldn't it be fun if we fixed kyle up with bebe? no. if bebe and kyle were a couple, then we could invite them over to your clubhouse for dinner and play parlor games and have meaningful

forces in afghanistan, general stanley mcchrystal who led the nation's top military counterterrorism force, the joint special operations command in the mid-2000s. he has a new book out called "risk, a user's guide." it looks at how leaders approach and handle risk. general, it's no surprise, obviously, that the taliban is reverting to its old ways with their misogynistic view of women. you have said publicly that you agree with mark milley that the war in afghanistan was a strategic failure. i guess it would be hard to argue anything else. hindsight is 2020. is there anyone in particular that you blame for how quickly the taliban took over the country? >> no, jake, i blame all of us. you have to navigate from where you are, not from where you wish you are. so what we have to do right now is decide how we're going to be helpful in the region to include for the afghan people. i don't think we can turn our back and walk away completely. we have to interact as best we can. second, we have to go to school on what went wrong. i don't think we'll find a

morgan stanley, bank of america, wells fargo, all and all healthy. credit card spending better than anticipated. we did see wells fargo feeling the pressure right there. some misses when it comes to growth. it has really been about that dealmaking and trading windfall. with the pandemic, we saw the m&a advisory continuing to rise. this chart on the bloomberg showing how mergers and acquisitions have been a huge part of those valleys this year. -- those rallies this year. a relief for some of the banks who have struggled with traditional lending operations. i was talking about the consumer and commercial loans still under pressure not only for wells fargo but also for jp morgan. paul: those big banks thanking the good times are going to roll for some time. talking about a long pipeline for dealmaking. we had a long ranging conversation with the morgan stanley ceo as well. he was giving his thoughts on inflation, the path ahead for the fed feeling it is time to pick the bubble a little bit and if so much as it is possible to burst the balloon. he said

one of my most technical smartest people when i was at morgan stanley had no college degree. it's about those intellectually curious who will relentlessly be collaborative people that we are looking for, so aptitude and attitude and we will be able to bring in people in a more flexible way and pay them closer to market.l it will importantly allow us to bring people in-and-out of industry. some people, for everyone that wants to i welcome you to reach out to me or if you know someone that wants to join sisa, but at the end of the day not everyone wants a career in government so we want toer ask people who may come in for a couple years, two years. we will kick off the program in the next couple of months, not give it all away here, but we are really trying to increase opportunities to strengthen the connective tissue between the public and the private sector because that's all about understanding each other and that brings us trust is a very exciting step. >> interesting to think about the bridge in the context of human capital and talent in ocala private sector sort of feed t

currently number one followed by jp morgan and morgan stanley. alix: it was super solid. you will be back at 10: 30. later today, the exclusive interview with the goldman sachs chairman and ceo. the good news for guy, i am deciding what to bake, we are deciding what to drink it, what to do, the u.s. can open its borders to vaccinated foreign travelers on november 8. what is the upside? >> the airlines have been asking for this for months and they are finally going to get their wish. that means that travel can get restarted. people can start going to the u.s. after months and months of lobbying. that has created carriers like lufthansa which depends on the u.s. for business. guy: what am i going to have to do, how me hoops am i going to have to jump through? >> you will have to do a covid test before flying. you need to be vaccinated. the u.s. is not allowing in unvaccinated non-americans. they do allow americans who are not vaccinated with a covid test, but none vaccinated non-americans will not be allowed into the country. while the details are a little short, they will

joining us now, mike wilson of morgan stanley. we have had a whole stretch of insulation. would you say this is a nuance within able market wrapped around a income, commodities, etc. or are we at a point of a major change in the vectors to 2025? >> we have had that view for a while. this was the catalyst to move us out of the world we have been in for 20 years. a lot those things were happening the pandemic. d globalization, that train had already left the station. pandemics are typically inflationary so that was the perfect foil to get the transition and it has begun. normally it happens when you see big trends changing. that is what we have seen in all the inflation indicators. my best guess is that it will settle down. it will be a long journey ahead. it will take us 35 years. it will be a slow moving train. by the dip -- buy the dips on inflation. jonathan: are you saying it could drift towards that upper level, a 20% move? mike: last time we chatted about this it was prior to the situation in china. what happened here is we got more data. the idea we are not only gett

um, i'm the co-director and stanley is the director of the film. -- i found that of the survivors we spoke with in the film, this was a profound trauma in the lives of all of these people. um, i -- in doing the interviews, um, obviously, this is not something that is very easy for any of them to talk about having lived through the massacre of three-dozen people by the american state. um, there was never any justice for any of them. um, that goes for not only the prisoners but also the families of the hostages who work at the prison who were either killed or injured. and one thing that i really think that i found in common throughout all of them was all of them feeling like they never got any justice. um, there has never been so much as an apology from the state of new york in the 50 years since this happened. and though, everyone has different perspectives depending where they were in -- -- during those five days, every single person feels like they were ultimately harmed by the state of new york in what happened on september 13th, 1971. >> wow. st

i'm stanley tucci. i'm italian on both sides and i'm traveling across italy to discover how the food in each of this country's 20 regions is as unique as the people and their past. that's delicious. here in milan, the menu is nothing like you expect. up here in the north, forget about pasta and pizza. oh my god, that's so beautiful. perfecto. this is the land of rice and polenta. >> polenta in the ancient time, it was like the bread. >> people from south of italy call us 'polentoni.' >> there isn't even a tomato in sight. this is amazing. and olive oil plays second fiddle to butter. butter? jesus. whoa, jesus. warning - irresponsible amounts of butter were used in the making of this program. okay, i hate to say it, but -- we need more butter. ♪ >>> milan is the second-biggest city in italy. it's the capital of lombardy, a region in the north of the peninsula, the gateway to northern europe and all of the trade and money that that brings. sophisticated, elegant, and rich. milan is the epicenter of design

betsy graseck, morgan stanley, thank you very much. bloomberg. ♪ alix: energy moving higher. heavy trading in the u.s.. coming up, the imf on monday, the world bank annual meetings will begin. what the leadership will look like will be in question. my personal favorite, william shatner it will go into space with blue origin. i feel like to me that will be the biggest deal next week. guy: a lot of star trek jokes next week. alix: after brush up. guy: i will spend my weekend thinking of all the decent quotes into decent jokes. alix: that is a good call. guy: we have minutes from the fomc next week. that is interesting in terms of the insight we would get. it is rearview mirror. as we've just been hearing from betsy gray sick, j.p. morgan will be a firm focus. the bank story will be interesting next week. earnings from bank of america, you morgan stanley, you have citigroup come you will wells fargo. friday goldman sachs plus retail sales. we will find out what alex has been up to. alix: i'm definitely buying stuff again but now i'm think

even at morgan stanley, it moved the needing a lot. this is not a beat the estimates quarter. this is analysts starting to think of these banks in a different way. they're not doing what you're thinking they're making fortunes. they have all figured out ways to make money away from the old curve. did you just yawn? >> no, that was not a yawn. >> hence at other stuff, but not that that was a good point. >> i was at the game last night. yawning at the checked win >> there's a lot of outrage about the need for robots at the plate. >> wow, a.i., metaverse. >> game five, arguably the two best teams in baseball, ninth inning, two outs, ah switching to retail sales, jim >> how can everybody be so wrong, carl? >> sporting goods, restaurants, general merchandise, even in the face of things that you might not be able to find. >> i think -- this was kind of a post-delta, when we had that -- we had the big delta scare, and now i think we're talking -- you listen to meg, and the question is only how long your immunity lasts. do you go six months eight months we're not talking anymore about

this will be a tough sale, one of the reason why morgan stanley in particular from what we understand selling the etf, if you're a broker at morgan stanley, they have been getting a dated merrill lynch, you name it, the request for the clients to get them and not whether it is a good investment they are saying we cannot put you in that, we have restrictions on getting into the back when etf. if you want to invest in bed quite at morgan stanley in particular you had to have $2 million in assets, high net worth and on top of that they have bitcoin fund on the platform. not futures contracts. we were talking to the big crypto investor, greg arlene house of ripple x rp, they were also dubious about this being a breakthrough retail investment because it is risky and when you invest in features is another level of explaining and here you have a brokerage firm, morgan stanley in particular is not allowing the sale of the singular brokerage channel. i think they had it right in the sense that this is for crypto and bitcoin, particularly crypto. this is a moment, it shows we are moving towards

they really set the bar ahead of goldman and morgan stanley tomorrow.nterest income, that is the key metric that investors are focusing on this quarter. jp morgan came bang in line, which is a bit neutral, but what investors are going to be digging into our what are the prospects for loan growth that can give us a lift when forward. i would say there is enough there to feed the optimism, but nothing over the top, so signs of green shoots is what we are hearing from jp morgan. we've heard that from wells fargo, so some positives there, but i think it needs to be little bit better. lisa: broadly, this is being taken as a positive for the economic story, as well as for other banks, and yet the advisory fees, the idea that they had a record, could this be taking some of the market share away from the likes of morgan stanley? or is the market right to shrug this off and say it is basically a green like for advisory businesses all across the street? alison: for m&a, it is definitely the latter. i think it is going to be a great quarter for all of the banks. t

we will be speaking to magdalen from morgan stanley, very wise on the bank sector.an forward to that conversation. this is bloomberg. ♪ ♪ dani: welcome back to daybreak europe. i'm dani burger in london. so, it seems the equity bulls aren't in hiding after all. it's all about the dip, by the s&p 500 posting its best day with a range of macro factors adding to investor sentiment. we had very robust earnings reports, as well as a drop in jobless claims and ppi posting its smallest advanced this year. plastic into these markets more. -- let's jump into these markets more. congratulations on the new role, as well. let's start with the earnings picture. we had seen some of the pace of upgrades in expectations start to dwindle heading into this earnings report. but so far, these companies have been surpassing expectations. what have the naysayers been getting wrong? >> well, you know, it's exactly as you said. it's still early days, but we've seen quite a few strong earnings results across a number of sectors, and i think we've just been underestimating how nimble a lot o

similar theme there to morgan stanley as well yesterday. expected, a little behind forecast the consumer wealth forecast, 2 billion forecasted for 1.8 billion. that is growing. that significant part of the business though it is the investment bank tag blew this, a big beat on both lines the costs kind of in line so i'm surpriseding to see how that works out. >> the fact that the bond trading number was higher than people thought, people were concerned about that given they have greater exposure than the other banks. a big take away this week, now that we're on a friday you've had a big week, will. >> a big take away is still, still capital markets is the gift that keeps on giving, seven or eight quarters where it's been stunningly high numbers a different part, each quarter picks up the slack a. few quarters ago, it was fixed income trading, goldman to do well in that environment, even though it wasn't a key part of the quarter. bank of america, we'll see if the other banks do what they did and start delivering that operating leverage if ra

earnings today from bank of america, citi group, wells fargo, morgan stanley, u.s. bank corp., all out today wow, all that after j.p. morgan easily beat expectations yesterday in part because of better than expected loan loss and a little bit of release from its reserve but we won't talk about that ahead of the results let's check on treasuries. the 10 year yield, pushing back lower. it is at 1.54% we also have to talk about the story in the global markets and that is, what else, energy costs on the rise. oil right now back above 81 per barrel here, 84 per barrel in europe and natural gas creeping closer to $6 as well at 5.72. >>> around the world the nikkei and japan and the cans bee in south korea wrapping up nicely we saw the nikkei raise 1.5% while shanghai and hang seng were flat against. but they were closed for the holiday. let's look at the early trade in the european markets too we are seeing gains across the board. germany, uk, france all up about.75%. as always more on the markets and your money in moments p but to some of this morning's top stories, incl

bank of america, morgan stanley issuing new debt. that is coming up next. this is bloomberg. ♪ jonathan: live from new york city i am jonathan ferro. , this is "bloomberg real yield." time for the auction block. monster demand for green, 12 being euros of green that. bank of america, morgan stanley topping the investment-grade, pushing weaker supply above expected. issuance continuing at a steady paste -- pace. back with us for more, krishna memani, marilyn watson, and matt brill. the appetite for debt supply, treasuries, 10, 30, has been fantastic. what is driving that, marilyn? marilyn: we are continuing to seek huge amounts of cash on the sidelines and investors trying to find carrie or yield from investors -- carry or yield from investors looking for a higher return and rate. it is a huge amount of demand for that carrie. y. we may see profit on the high-risk debt. it is insatiable. the amount of liquidity in the system, the amount of cash that investors have to invest that they need to find a return on to match is never ending right now. jonathan: on t

i'm stanley tucci.'m italian on both sides and i'm travelling across italy to discover how the food in each of this country's 20 regions is as unique as the people and their past. the famous ancients of rome once ruled the world. but i'm here to discover how it's the food of ordinary romans that has conquered our hearts. >> when you try it, it's crazy. >> but i'm going to warn you. if you're on a low carb diet, be ware. yoour you're going to see a lot of pasta in this show. i mean, like, a lot of it. like a lot. i'm sorry. ♪ >> i've been visiting rome for decades. its beauty and history still leave me breathless but sometimes it's difficult to find a good meal if you don't know where to look. rome is situated in lazio, a region sometimes overlooked in favor of its grander gastronomic neighbours like tuscany and umbria. but lazio has fed rome for centuries and every part of the sheep and pigs raised here is put to use in kitchens across the city to make deeply flavorsome food. to start my journey, i'm ca

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at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we seecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. ♪♪ into strategies for the road ahead. ♪♪ ♪♪ >>> welcome back to "the exchange," everybody let's get a quick check on markets. about 50 points off the session high for the dow you can see all 30 components there. we are led higher by the dow itself unh with about a 3% gain as well this is all on the back of congress announcing a deal on the debt ceiling extension you're talking about a thousand-point rally from the lows yesterday quick check of oil as we go out. the energy complex rallying today with oil back up to about the $78 mark and the 10-year yield, how about 1.56%. back after this. y you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you th

commander general stanley mcchrystal. he has a new book out about risk. >>> and netflix executives, stand by. dave chappelle's controversial new special, why he says it does not cross netflix's line on hate speech. that's coming up. his future became my focus. lavender baths calmed him. so we made a plan to turn bath time into a business. ♪ ♪ find a northwestern mutual advisor at nm.com as someone who resembles someone else... i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. [ nautical horn blows ] i mean just because you look like someone else doesn't mean you eat off the floor, or yell at the vacuum, or need flea medication. oh, yeah. that's the spot. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ going to tell you about exciting medicare advantage plans that can provide broad coverage, and still may save you money on monthly premiums and prescription drugs. with original medicare, you're covered for hospital st

vonnie: some advice from the morgan stanley ceo. he called for the fed to hike interest rates and says markets are ready for those hikes. he told us that you got a break this bubble a little bit because money is to free and available right now. he pointed to wage increases, supply chain bottlenecks and surging commodity prices driving inflation higher. >> in the next several months, the market has digested that the fed has to move, not just on tapering but rate increases. with 10 rate increases away from what is considered normal. bring it up a little bit over the next year is not a crisis and not unexpected. vonnie: investigators in taiwan are searching for the cause of a building fire that killed 46 people. 41 people were injured on the early hours of thursday. the 40-year-old building housed abandoned restaurants, karaoke bars and a cinema on the lower level. 100 people, mainly older and low income households are on the upper floors. ostrow's biggest city will reopen to fully vaccinate travelers next month. a major policy shift,

. >>> stanley rand is the former house of representatives. we were just told how it needs to be sent to the doj. what do we need to know how as this potentially heads over to doj and how rare those charges are to be filed? >> after the certification of the house, if the house votes to ratify what the committee has done, there is a referral to the u.s. attorney and the district of columbia who has to decide whether to bring it to a grand jury. if there is, and a hearing cons construes, then they have to bring it before a criminal trial. with jury verdicts, there are often appeals as there have been in the hundreds of cases filed in the 1950s and 1960s, many which were reversed because of inefficiencies in the case. the last time this happened, i was actually counsel to the house in 1983 when we referred ravita covel for contempt and she was later indicted. before they get a final judgment, it could be years. >> i want to put a final point on that. you were the general counsel for the house the last time this was tried, and it was 1983, and it

. >> how about how this trades with morgan stanley?w what the embedded value is for etrade, but i don't think it's enough relative to this. to your early question, coin base is probably taking some of robinhood's crypto away. but the valuation, you can go a lot of different ways. i think a better valuation -- a black stone, a black rock, morgan stanley, probably a charles schwab, i know it's materially less than this. i know it is not cool and old school, but they make a ton of money. i would much rather be buying morgan stanley than robinhood down to -- i don't know where it is now 37 >> down 9% in the after hours. we will keep watch on this >>> coming up, after hours action and later lock heemaind rt plunging how the players are playing this one. you are watching "fast money." back right after this. want more from your vitamins? at nature's bounty, we give you more. more immune support. with the only vitamin c that lasts 24 hours. more restful sleep. with the first-ever triple action sleep supplement. we put more of our brains into h

. >> fourth stanley cup. >> reporter: on top of four stanley cup championships, gretzky holds nearlyhl. his points total alone 2,857, maybe the most untouchable record in all sports. >> wayne gretzky, a breakaway goal! >> reporter: and yet when asked about all his success, he's politely canadian about it all. >> all right, come on in. >> i was in the right city with the right fans, the right teammates, the right coach, the right era. if it would have been today, maybe it wouldn't be the same. >> reporter: he doesn't do many interviews these days, but he still seems to enjoy the part where people like me scratch their heads in bewilderment about just how he became the great one. one of the remarkable things people always talk about is you were sort of a non-athlete in some ways. you weren't necessarily big. it didn't seem like you worked out. you just kind of -- >> was just myself. >> reporter: it just worked which is remarkable. some people say that makes you even more of an athlete. >> well, played to my strength. my strength was my mind. >> hat trick from wayne gretzky! >> so i was

morgan stanley is out with its earnings this morning.een listening to what executives have to say about inflation. ceo james gorman gave his view. >> i am not a buyer of the story that the inflation is all transitory. wage inflation is real. supply chain interruptions, talking about natural gas and other things, have been real. some of it is temporary but not all of it. we are in a period where inflation will pick up. it will force the fed's and to move more aggressively than they are planning to now. matt: highly recommend going back and watching that interview in its entirety, as you can do on bloomberg.com. to our stock of the hour, bank of america started out on a strong note. shares are holding just below a record high. dave wilson has a deeper look. dave: they have so many pieces to their business. we focus on the commercial banking side, and they are showing some growth when it comes to loans, unlike some of their peers. the lone site has been an issue in that business. one area where bank of america has benefited, along with thei

at the same time, sales are decelerating, that from morgan stanley. a warning.they are, but the ebitda margin on dick's sporting goods's half of the big money makers in television -- dick's sporting goods half of the big money makers. bed, bath & beyond, of course they got hammered. jonathan: i don't know of course they got hammered, but they were down 20%. tom: that's not the definition of cratered. jonathan: what is the definition, 25 percent, 30%? tom: 2%. jonathan: up 1/10 of 1% on the s&p. ♪ jonathan: remind me not to get involved in major league baseball banter. i am told the red sox are tied with the mariners, not the toronto blue jays. they are in the other corner. i appreciate that. from new york city, good morning. the price action, posited by more than 1/10 of 1%. -- positive by more than 1/10 of 1%. the russell up about 1/10. morgan stanley repeated yesterday, corporate america has some explaining to do when it comes to margins. earnings season will be fascinating, q3 as we look ahead to q4. credit suisse and andrew garth with a fantastic note, talki

for the jobs report, ellen centre at morgan stanley -- ellen zentner at morgan stanley expecting a higher than average estimate going into that print. is the market pricing in a november taper for the federal reserve? daniel: i think so. the fed has been pretty clear in its communication. you would have to have a pretty catastrophic payrolls figure for the fed to change the timeline it has laid out that should finish by this summer. at some point we are going to start thinking much more about hikes in policy rates, and that will be the thing that drives the markets, particularly the dollar. for now, i would almost argue that tapering is not an issue. the key thing we need to focus on is how earnings come in relative to expectations, particularly the enormously high bar we had for the first and second quarter, when surprises were so far beyond expect patient. tom: citigroup comes out with a global summary, they honor tobias levkovich. bnp paribas has been so good about framing yield against the economy. do you ascribe as well to a 2% yield out there? daniel: i don't know if i want to put a

morgan stanley clawing its way into the green. guy mentioned natural gas and oil up as well.ruly been an upper former as the high prices continue. you have the 10 year yield 152 with a flat near yesterday. we cannot get any action going in terms of steepener. the way we are going to go if we are looking at fed hikes may be being brought forward as price pressures continue. ppi today with the moderate pace of prices paid which is relatively transitory good sign. guy: may be. -- maybe. you take a step back from that number and it is elevated. it comes in strongly nevertheless elevated. what is happening with of supply-chain shortages, we are seeing that in germany. the economic institutes of germany came out with the latest forecast. they do it every six months and basically what they have done is slashed this year's number but enhanced next year's number. what we are talking about is demand be delayed not destroyed. you can see that quite clearly. that is the 2021 and 2022 forecast. we are lowering 2021 but raising 2022 as these factors fade. they talked about the fact there i