we like u.s. banks, however we still prefer european banks because of the valuation issue. u.s. nks are expected to have a little more buybacks. a lot of banks are expected the high single digits and the next 12 months. a pullback in banks is an opportunity to buy as well. dani: how important are balance sheets? when you have inflation running hot, how important is the pricing power, someone who can defend their margins and positions? karim: it is very important, but u.s. banks have had a recent stress test, and they were very good. you can see none of the banks have reached the minimum ratio. the balance sheets of the banks are pretty good, but it is more about valuations at this point in time. manus: thank you very much, the differential driving the opportunity. karim aitam, investment advisor, bank of singapore. coming up, apple asking a 20% increase in the price of new iphones this year. we have the details, right here. ♪ manus: it is daybreak europe. i am manus cranny in dubai. dani burger is in london hq. you can buy now and pay later, a new service that will let users pay

mike: we would be overweight u.s. banks. hat banks, there is also an act three and post-pandemic, banks, jp morgan, goldman sachs, and others are using technology like they have never used it or and we think they are driving to word record industry efficiency over the next three years to five years so that is very exciting for an analyst like myself who has covered the group for three decades. short-term, a lot of people say what is next. you have mergers and mergers. almost every company in every industry in every country is reevaluating their strategic positioning post-pandemic and i know parts of the world are still going through this in a very serious manner but they are rethinking their business strategy. pick up the phone for advice, you are calling goldman sachs, j.p. morgan, those are the two biggest investment banks in the world. that part of the story has legs. kathleen: don't just stop. if you want to put more in your portfolio, go ahead. we just showed be of they, wells fargo, citi, morgan stanley, when they get t

in u.s. bank stocks? >> in u.s. w much they want to release the reserves they put away. they have a broad latitude in terms of doing that, is not like trading revenues where you make money or lose it. the load reserves has a fair degree of latitude the banks can employ. they might release a lot and they might release very little. some banks have been more aggressive like jp morgan, and then wells fargo has been more cautious. i think they are trying to catch up this quarter. it is hard to say. bear in mind, the trading revenues are very good. this time last year in q2 of 2020, we saw equities and fixed income trading go through the roof. now they will be down about 30% compared to that quarter but we are still way above pre-pandemic levels. things are still looking very good. it's known as if the trading has fallen through the floor. still good volumes and a lot of volatility, it is encouraging. dani: even with that positive picture, how much of an upside surprise we get in equities? manus mentioned that maybe stocks

banks bouncing a little, 0.7%. u.k. cpi coming out higher than expected on the back of the u.s. ves the curve of the profitability for the banking sector. let's step away from the markets for the moment and think about investment opportunities for the longer-term. richard branson's successful rock admission to the edge of space. the billionaire has bought a stake in the space investment firm, varathan space -- seraphim space. its ipo on the london stock exchange happened today. joining us now is david roberts --joining us now is will whitehorn, chairman, seraphim space investment trust. your reaction to the performance of that in the first half-hour, you are pleased, i suppose with the launch this morning? will: i am pleased. it is an important moment. there is an industrial revolution happening in space now. there were more satellites being launched in the last few years than existed before the last few years. there is access to space given new systems such as elon musk's space x, and the other satellite launches to bring down the cost of launched a space it is a real opportunit

i think this is really paying off for the u.s. banksre could be somewhat of a shift in that going forward, but certainly we are seeing a lot of the strong performance has been driven by the investment banks in both jp morgan and goldman sachs. alix: it is a good point. i wonder how you factor in what is going on in china. we have a slowdown in chinese ipo's. if chinese companies really aren't allowed to list overseas, gets a little harder to do business in china. if you are at jp morgan, you can still have a chinese company go public in china, but you will not have the same kind of you could get in the u.s. what kind of risk does it pose for these guys as europe is trying to ramp up its own capital markets business? bob: i think you hit the brightpoint, which is that after years of regulatory pushback, shareholder pushback on barclays about their investment bank, it seems that now they got some momentum, and barclays will be very competitive with the u.s. investment banks. deutsche bank seems to be stronger. going forward, i think we wi

we wrapped up the u.s. bank earnings. have you learned anything? arkets learned anything that changes your view and how you approach the banking sector? lucy: no. not at all. i think the european banks next week, there's limited scope for some positive surprises. i think we are looking more towards the downside fundamentals. we've got expiring moratoriums. banks were given breathing space to borrow. they suspended payments. that allowed them to give me lending to businesses that needed it during covid times. that moratoria is coming to an end. we should see evidence of that in the report as well as how the delta variant is impacting businesses as well. dani: how acute do you figure that the delta variant were figure -- will figure in baking earnings? can we see that feature in european earnings as well? lucy: i think that's a possibility. we can see the variant moving across the economies. we don't yet really know the impact that this is going to have on businesses. i can imagine for the businesses , it is a concern. the banking sector in particular

u.s. bank earnings and the important u.s. report today. anna: we will focus on the cpi report. we are getting lines on the financial stability report, and lines coming through -- we will get through those and have more analysis through the show. the first line is the cyclical buffer. the ccyb as it is known. an increase will not happen until q4 2022. this is capital banks have to put aside to lend out money with regards to their books. looking at what they previously said in december, any subsequent increase is not expected until 2022, q4. that does not look to have changed. perhaps we are seeing a reiteration of a statement that banks should support the u.k. economy, so they need to use the buffers to do that. the bank of england says it will remain vigilant to consulting on u.k. leverage ratio framework, and u.k. corporate debt weaknesses have risen modestly. the bank of england previously said it was consulting on trying to get more debt and long-term equity like financing to corporate's in

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lisa: the big side of u.s. banks have reported already. how much have the u.s. banks gain share? the main gainers? alison: i think that has been the story of the last decade, and the biggest beneficiaries have been morgan stanley, goldman sachs, and jp morgan. in fact, equities trading has been a key area, but also fixed income trading, and even though we talk about equities, they are one of the biggest gainers over time. these three, the leaders have been consolidating share, especially within the cash equities business. this was teased by deutsche bank beneficiaries. credit suisse making a more dramatic pullback. they specifically said they are going to be cutting their balance sheet there. we think the banks are benefiting not just in prime brokerage, but through sort of knock on. bank of america and citigroup have also gained, but we think this is now the opportunity for them because the other three are already so big. tom: the salary has lifted for first year analysts. lack rock to lift compensation 8%. it is terrible -- blackrock to lift compensation by 8%. it is terrible.

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able to return to my can't imagine it is going to be the same return we are going to get from the u.s. banksw can that be a catalyst? ed: let's look at what's happened in the last stress tests. the banks with the lowest core capital ratios in the last test, they had to take steps to boost their capital in the months that followed, and they underperformed. i think perhaps it is more the stress tests are a catalyst for certain banks that do badly rather than a catalyst for outperformance, especially relative to u.s. banks at the other end of the scale. i think the sector as a whole is likely to get a clean bill of health. we've got about 100 basis points more capital than we had at the last stress test, but this one is harsher, particularly on assumptions around financial markets, commercial real estate, so banks with higher exposure to latin america or europe may come under pressure, and the could be a catalyst for underperformance. dani: let me take you back to the loan-loss picture. we heard from deutsche bank executives saying that the credit market looks really healthy. they are not seein

while he's tapping into his passion, the u.s. bankto your savings goals. without missing a beat. so, you can feed his passion. ear plugs not included. ♪ u.s. bank. we'll get there together. this sunday on "face the nation," former u.s. cyber security director chris krebs. and that is tonight's "cbs evening news." have a great weekend and good night. capt ning sponsored by cb >> oh my gosh, here it is again. >>> masks are back, to mixed reaction. we hit the streets to ask people if they plan to put them back on. >>> we are tracking the potential for dry thunderstorms this weekend, which elevates the fire weather concerns. i have a look at where the watches are in effect, and when they start. >>> authorities had to euthanize a coyote inside golden gate park. why they say that human behavior is to blame for the coyotes. >>> two robberies in two days, both at this location in chinatown. i'm dolling. i actually pulled up to today's robbery as the bad guys were just driving off. both robberies were caught on camera. hear from the victims an

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this is bloomberg. ♪ ♪ david: we are looking ahead to u.s. banknings with three new ones set to report, wells fargo, city, and bank of america less in-line. morgan stanley numbers come up and a day after that, j.p. morgan and goldman sachs stocks hit despite a blowing away analyst estimates. second quarter revenue of jp morgan shows opportunity bounce with consumers emerging from pandemic lockdowns. >> house values are up your stock values are up. incomes are out. savings are up. the pandemic is in the rearview mirror. hopefully nothing gets worse. home prices, auto agencies, they could be much higher if supplies constraints go down. yvonne: it doesn't seem like the market, not as optimistic as jamie dimon himself. >> investors looking beyond this latest quarter which jamie dimon pointed out was the best quarter ever for jp morgan. similar to goldman, which had it second-biggest call, both benefited from these extreme flurry of deals that offset the decline in trading. both banks saw the decline in currencies, fixed income, commodities, a decline

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if we look at what the big u.s. banks day after the reported, wells fargo and morgan stanley, decent performance. the rest of the big banks down. nonetheless, investors not pleased by what banks put up. relative to european banks, it is interesting. valuation is a wide divide. take a look at price-to-book. for the u.s. banks, it is 1.3 times, which is not that high. it is much higher than the price-to-book at .5 for the european bank. expectations are interesting going into the earnings season for some of these european banks. interesting to see what they produce. alix: absolutely. i appreciate bloomberg's abigail doolittle. joining us is leon kalvaria. i want to start with today's market action. the narrative is you have verizon covid cases everywhere and the worry we cannot fully reopen. we have to rethink what the growth environment will look like. is your outlook changing? leon: nice to see you again. this does not change my outlook because we have short-term movements that are quite profound as evidenced by today's m

there is a reduction, and this reduction, what we are seeing is in line with what you see in the u.s. banks. anna: welcome to bloomberg daybreak europe. we have some numbers getting through. let's get to the bnp figures. we have a broader set of numbers for you. he was talking about what is going on. this has been a big trend, a bit of normalization into fixed income currencies. that seems to be the part of things for many businesses, but there are still dips as those -- there are still differences between those. the profit beating as the ceo is trying to rebuild the equities team after previous issues. we will rebooting your more of the conversation. the revenue line strong, 1.7 8 billion euros against an estimate of 11.2 2 billion euros. a health business putting up numbers and we will speak to management later on. we are just getting a first look at what they are reporting right now. third-quarter adjusted through estimates coming in. that does seem to be better than previously. they now see comparable sales up 17% to 19%. they have given new guidance for the comparable sales and their a

this is bloomberg. ♪ taylor: the biggest u.s. banksith second-quarter results early next week. jp morgan, goldman sachs kicking off the season. joining us with what to watch, what to expect, betsy graseck, morgan stanley global head of banks and diversified finance research. it was jp morgan's daniel pinto that said trading is back, that the trading slump is gone for good. do you agree with that? betsy: it depends on what your frame of reference is. trading will be down on a year on year basis, and a large part because last year was a banner year, and we all know what happened with spread compressions driving the bus on unusually higher earnings. we do expect trading is going to be down roughly 30% year on year, and that is what we are looking for. i think it is the forward look over the next several years. that is a different question relative to what we are looking for this quarter. guy: huge moves in the bond market this week. a flattening curve. we have obviously been watching what is happening in the impact coming through on the b

haidi: a lot of emphasis on banks in the u.s.. big banks are reporting on tuesday u.s. time. ut in asia and china, when you look at banks, there is? 's over banks around the world. what do you see there? lorraine: the thing about the banks we like is we are expecting imporvement in their interest margins to lift earnings. particularly in china, we expect an uptick in the cycle they've been going through for years so we are looking for imprvements in loans growth. there is not going to be one huge boost for these few positive trends going on. that is what we continue to like in korean and chinese banks. we see value in quite a few franchises. kathleen: do you have any mention -- we surprise people. she is positive on that industry, those companies. lorraine: um, just in general, we don't have --we do have names we lock -- like but the trend is similar. we have buy calls in korean and japanese banks. within chinese banks, we prefer chinese construction bank. the welcome management space will spearehead growth. whenever there is opportunity to pick up tier two and smaller private

guy: u.s. banks are going to be reporting.der how many questions will be asked about this subject because u.s. banks are making significant amounts of money as they bring these companies to market. what is the outlook for ipos from china into the united states? dave: that becomes the bigger question here. you think back to the fourth quarter of last year, when jack ma's ant group wanted to go public. ultimately the chinese regulators forced them to scrap that sale. it would have been $19 billion. certainly it is going to be an issue moving forward. you do have to wonder at this point when some of the declines we have seen in likes of didi and other companies aced in china, so that is going to be a concern for investors and for the banks that work with these companies for sure. guy: dave, great stuff. thanks very much, indeed. i do wonder whether or not there's going to be some very happy lawyers about what is happening here. some of these companies come to market, then they've been pulled. the one we were watching last week wa

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u.s. banking industry, but the global banking industry and it will be tough -- i think it will be tough to, you know, to him so i'd be really surprised i think, again, it's a reward for the success that this -- that he has achieved being ceo of jp morgan chase >> one final quick question, gerard do you think his famously dismissive comments about crypto will come back to haunt the bank at a time when we're talking about how a lot of younger talent and liquidity and so much more is going to the crypto space? >> you know, at times, he does shoot from the hip, which we all love that's one of the endearing characteristics of this man. and i don't think it's going the be wrong on crypto and i think he was really refer to go bitcoin at the time. digital currencies, that's different. and i don't think he was refer to go that but to think of bitcoin and those currencies as being a modem of exchange replacing the monetary system we have for today is very unlikely digital currencies, on the other hand, will probably be part of our future >> yes and i would imagine jpmorgan will be at the forefront o

because when you close the gap, a world of possibility opens. ♪ u.s. bank.k, everybody. in morning jeff bezos became the second billionaire to fly into space just this month. his company, blue origin, sending him and three other passengers into space. after a few minutes it floated back down to earth under parachutes total trip time 10:10. morgan brennan has been in west texas and spoke to bezos. >> reporter: this was an historic launch here in west texas after jeff bezos realized his lifelong dream to become an astronaut, flying past the edge of space in blue origin's autonomous "new shepard" capsule with brother mark, wally funk, who is now the oldest person to have traveled to space and paying passenger oliver daeman this was a suborbital flight with the crew floating around the cabin for a couple of minutes. now, i spoke with the bezos brothers post -flight and asked jeff what today's successful mission means for blue origin. >> this planet and you can see it, when you're up there you see how tiny this planet's atmosphere here. here it seems big. you loo

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we've got trueist financial, bank of new york melon u.s. bank corp. rs later this hour. i thought it was interesting that the major banks reported better than expected numbers but loan demand is still just okay. it wasn't great. and so maybe that's all the stimulus being thrown out. people don't need to take out loans. i don't know. what are you expecting and what does the second quarter period tell you? >> we're about 15% into earnings season so far and what we've seen is exactly what we expected to see, which is we have an absolutely booming economy and earnings, therefore, are surging for all the reasons that nancy just discussed. but you have to remember that the way that earnings season is set up is you're reporting year over year. this concept of yoy. so basically all of the sort of negative hyperbole that we had last year, this is the worst we've ever seen, this is -- now we have this is the best we've ever seen and that's this concept of -- i think what you're seeing with the banks is exactly that. a year ago markets were sort of crazy. activit

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while he's tapping into his passion, the u.s. bank mobile app can help you tap your way to your savings goals. without missing a beat. so, you can feed his passion. ear plugs not included. ♪♪ u.s. bank. we'll get there together. >>> welcome back to "fast money. two different trades in housing. whirlpool jpmorgan saying it's one of the most hated names. the earnings power under appreciated. jpmorgan downgraded masco. it faces a challenging environment. karen, you like whirlpool for a very long time interesting that they've separated these two trades like that >> yes well, i don't know -- i don't know why it's so hated everyone thinks it's ugly. i think whirlpool is cute. i like it. there are a lot of things to like i think what it suffers from is pe multiple. peak auto, peak auto, gm just sat there. although the stock hasn't sat there, it's come in a little, rallied a lot last year. i think that we're in this peak washing machine kind of thing, but i don't think this is the peak in terms of they have pricing power. that was very appare

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while he's tapping into his passion, the u.s. bankhelp you tap your way to your savings goals. without missing a beat. so, you can feed his passion. ear plugs not included. ♪♪ u.s. bank. we'll get there together. at cdw, we get your it staff has be ready to take on new challenges. that's why we built an office obstacle course ... to prepare our people for anything. you're late well, cdw amplified services experts will consult with you to design, orchestrate and manage your most complex technologies to help you quickly overcome any obstacle ... without all of this. oh, that is better. who's that? oh, if you want coffee, you gotta get past tantrum. you're in for a brewed awakening. for technology that moves you forward, trust cdw amplified services >>> welcome back to "fast money. stocks plummeting on wall street today. the dow handing in its worst day of the year, falling more than 700 points and check out the ten-year yield, 1.19% just two weeks ago, your next guest said 1 1/4% was the key to watch for a yield. now that we have crashe

has been a little bit more cautious than that of the bank of england, definitely more cautious than what we're seeing in the u.savel here is still positive for the banking sector in that after a long hiatus of share buybacks and dividends, that is now getting back on track. i think you're picking spots within financials, you probably still are looking more toward u.s. financials than european financials but if you're thinking about global sectors, i think the banking sector is the place to be at the moment. it is still undervalued. looking at more positive returns to shareholders and the outlook for rates is improving albeit slowly. i think the u.s. probably still stands out as the best spot to do that at the moment. anna: ok. thanks for your thoughts. good to speak to you. asset management, global market strategist. thanks for joining us on the european mark open. we will continue our conversation on europe's recovery at 9:00 a.m. london time. we'll be speaking with a governing council member, come up at 9:00 a.m. let's have a look at some of the stocks on the move this morning. this is a private security soft

because when you close the gap, a world of possibility opens. ♪ u.s. bank.ade, tim. >> i'm expecting upward revisions on eps for ford, take ford. >> pete. >> microfutures, i'm going to go with cme group. >> steve >> general electric, ge, 21 and 21, got to believe >> guy. >> you see that amd there, sister i know you did >> that's it >> that's it back to you. >> thanks for watching "fast money. we'll see you back here at 5:00 for more "fast." meantimedo, n't go anywhere. "mad >>> my mission is simple -- to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not to entertain but teach, put into context and we need that so call me a 1-800-743-cnbc or tweet me @jimcramer. everybody has an opinion on short sellers.

. ♪ at u.s. bankou really want to be. ♪ because side by side, there's no telling how far you'll go. ♪ u.s. bank. we'll get there together. ♪ >>> last week when we melt the ceo of poshmark, i don't know if you saw it it was at the that dac it was a social commerce platform, a big digital platform i thought he told such a compelling story that i had a your eco moment. i realize we have a powerful long-term theme. these web based second-hand marketplaces are doing brisk business as their stocks have pulled back hard from their highs. we can't let the stock determine the business a lot of people feel that way. i talked about that at the beginning of the show. so look at this. look at these guys so far this year, we have already had two ipos in the space. there's poshmark, okay, that came in january. then there was followed up by a thing called threadup in march kind of funny. that's all about second-hand apparel for women and kids two years ago, we got the real real that's digital consignment shop for all

we will start hearing from u.s. banks tomorrow and that's generating a lot of excitement in the stock market. the u.s. 10 year trading about where it was yesterday. a $38 billion 10-year note sale had decent demand. the three year note, not so much. let's go to sophie to see how asian markets are shaping up. sophie: futures are little changed after asian stocks on monday, the earnings picture improving, estimates back at 2008 levels. given concerns over the sydney virus outbreak, that means warnings at the upcoming meeting. the aussie dollar holding below that 70 level as markets consider the policy outlook. no change expected as we got a rate hike at the four biggest banks. staying range bound ahead of the chinese trade. we did see chinese tech jump on monday even though china imposed new rules. we saw tech names joining the rise and mainland stocks and bonds on monday. over at bloomberg intelligence, they are saying plenty more worried for broader markets. countries like south korea may want to think twice about reeling

. ♪ at u u.s. bank adapapt anand evolve y your businene, no m matter whatat you're fafa. because whwhen you close the e gap, a world ofof possibilility ope. ♪ u.u.s. bank. we'll get t there togegether. ♪ [swords s clashing]] - had d enough? - no... . arthritis.s. here.. new aspepercreme artrthriti. full prerescription-n-strengt? reduceces inflammamation? thanank the godsds. don't ththank them t too soo. kick paiain with aspercrereme. >> violence is rising in afghanistan with news today the taliban seizing more territory. it's happening as america's longest war comes to annal end. cbs sunday morning asked our david martin to take stork of what was won and who whereas lost. >> on my orders the united states military has begun strikes against al qaeda terrorist training camps and the taliban a&m in afghanistan. >> >> reporter: with that the world's most powerful military unleeched, army parachuters and a marine general named madtis was ready to hunt down osama bin laden. >> we had a very good idea where he