no formal accusations have been made against jp morgan. brexit may be about to get worse for london. authorities want to walk away from concessions they made in the six years it took to complete the regulations. stocks and commodities are likely to be revised. u.s., models -- u.s. models will help gm offset weaker sales by shifting more expensive models. but the 40 day strike hurt profits at the automaker. those are your business flash headlines this morning. coming up, don't go jason momentum. that is jp morgan's recommendation. premier risk despite the rebound. your morning call on daybreak europe. ♪ manus: this is "bloomberg daybreak: europe." nejra: i am nejra che pitch in london. cehic in london. christine lagarde testifies at eu parliament. we look for any comment on the coronavirus. non-farms., we get productivity and jobless claims. manufacturing hit a five-month high yesterday. will: robert kaplan address the economic outlook at the university of texas 2:00 p.m. london time. on the earnings front, they continue unabated. twitter

investor on the board of jp morgan. investor on the board of jp morgan. one of the reporters who broke the story is here now with the details. tell us who it is and why this particular shareholder group decided to push him out. >> lee raymond is -- raymond is the longest-serving board member not only of jp morgan but of all of the big six banks. he happens to be one of jamie dimon's mentors. he was ceo of exxon. he has a history of skeptical of climate change so climb and activists are putting up this new campaign. sonali: so you have been to a ton of things involving shareholders and jp morgan, and activists always bother jamie dimon. why will this time be different? >> activists have been targeting amy for a long time. -- targeting jamie for a long time. investors, analysts haven't really paid attention because he does not really like the spotlight the way jamie dimon does. that they are pivoting their focus to him shows that they might be onto something. this group, majority action, in the past, they have succeeded i

joining me on set for the entire hour, jp morgan private banks and asset management ceo and cnbc contributor we begin with breaking news. nearly 90% of the s&p 500 is in correction territory what is called a move of 10% or lower from recent 52-week highs. all the major averages look to push deeper. if these futures moves hold, the dow would be down by 620 points at this stage. the massive move of volatility we are currently just off our worse levels so far. checking treasuries. the 10-year note long bond currently near the 10-year note yield 1.91%. 30-year treasury long bonds, 1.69%. two-year note yells below 1% as well we are seeing red across the world as they enter their correction mode. not a spec of green to be seen global team coverage this morning. matt taylor in singapore and steve sedgwick in london matt, we'll begin with you in asia the route continued there as well >> absolutely, dom a rough day. many markets entering correction territory. falls across the region in the order of 2% to 4% as those virus cases outside of china australia market falling to correction territory new zea

david: jp morgan, you have heard of him. brian: yep. david: they were thinking of having their own cryptocurrency. is that true? are you going to do something similar? brian: we have 45 patents on blockchain, another 45 in the process. we believe in the technology as a way to move money and uses around trade. we use a lot of information and money and documents at the same time. those are good uses for it. it is still u.s. dollars from a fiat currency distributor electronically. a college student watching this discussion and i'm getting ready for a bank of america interview, what should i do? dress appropriately, right? brian: demonstrate curiosity, that you really want to help people. ♪ ♪ think the people watching the show are generally bank robbers, but for those bank robbers who might have tuned in, is it easy to go to a bank today with a gun and get cash out and escape? brian: it is harder than ever. david: because? brian: because it is not very fruitful. it doesn't happen often. it still happens. you catch the people. , once i w

david: jp morgan, you have heard of him. brian: yep. david: they were thinking of having their own cryptocurrency. is that true? are you going to do something similar? brian: we have 45 patents on blockchain, another 45 in the process. we believe in the technology as a way to move money and uses around trade. we use a lot of information and money and documents at the same time. those are good uses for it. it is still u.s. dollars from a fiat currency distributor electronically. david: if i am a college student watching this discussion and i'm getting ready for a bank of america interview, what should i do? dress appropriately, right? brian: demonstrate curiosity, that you really want to help people. ♪ david: i don't think the people watching the show are generally bank robbers, but for those bank robbers who might have tuned in, is it easy to go to a bank today with a gun and get cash out and escape? brian: it is harder than ever. david: because? brian: because it is not very fruitful. it doesn't happen often. it still happens. you ca

jp morgan's investor day under way as we speak. willford frost is there with the big headlines. >> yes, the big headline is that they didn't have to downgrade earnings forecast despite the massive collapse in yields the cfo saying they thought the growth mix and diversification would offset the majority of rate pressures in 2020 said trading should be up mid teens year over year though jamie dimon saying 2020 will be tougher than 2019 and the next decade will be tougher than the last decade he didn't comment on the selloff but had this to say about coronavirus. >> it is very hard to tell you i don't want to guess. obviously we hope it is contained. it is a human -- you know, it is a human casualty you feel terrible for it the only question is when you have south korea iran and japan now with the rapidly increasing curves how bad is it how did they get there they are talking about this morning they don't know who patient number one was in italy. did that come from -- i had this nightmare that somehow in davos all of us who went ther

david: there are four big banks, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working? brian: i think it works well. a large amount of the industry, 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to grow. david: what percentage of profits or revenues are from outside the u.s.? brian: 15% to 20%. david: are you reasonably happy with that? is that where expansion can come? brian: we are expanding outside the u.s., we are expanding and doing capital markets trading , for asset managers and other firms. we have a company that does corporate and investment banking and treasury services around the world. we are investing in

david: there are four big banks, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working? brian: i think it works well. a large amount of the industry, 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to grow. david: what percentage of profits or revenues are from outside the u.s.? brian: 15% to 20%. david: are you reasonably happy with that? is that where expansion can come? brian: we are expanding outside the u.s., we are expanding and doing capital markets, trading for asset managers and other firms. we have a company that does corporate and investment banking and treasury services around the world. we are investing in t

citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working ok? brian: i think it works well. there is a large amount of the industry in the hands of -- there is 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, this is completely unconsolidated. we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to go to grow. david: what percentage of profits or revenues are from outside the u.s.? is it a large percentage? brian: 15% to 20%. david: are you reasonably happy with that? is that where expansion can come? brian: we are expanding outside the united states, and so we have a business, doing capital markets, trading for asset managers and other firms. w

david: i read that another bank in the united states, jp morgan, you have heard of them? brian: yep. david: they were thinking of having their own cryptocurrency. is that true? are you going to do something similar? brian: blockchain is the connection between them. we have 45 patents on blockchain, and another in the 45 process. we believe in the technology as a way to move money and uses around trade. we use a lot of information and money at the same time and documents. those are good uses for right. i don't know if i would call that a cryptocurrency. it is still u.s. dollars from a fiat currency distributed electronically. that is going to happen. david: if i am a college student watching this discussion and i'm getting ready for a bank of america interview, what should i do? i should dress appropriately, right? brian: make sure you demonstrate curiosity and make sure that you demonstrate that you really want to help people. ♪ david: i don't think the people watching this show are generally bank robbers, but for those bank robbers who might have tuned in, is it easy t

david: i read that another bank in the united states, jp morgan, you have heard of them? brian: yep. david: they were thinking of having their own cryptocurrency. is that true? are you going to do something similar? brian: blockchain is the connection between them. we have 45 patents on blockchain, and another 45 in the process. we believe in the technology as a way to move money and uses around trade. we use a lot of information and money at the same time and documents. those are good uses for right. i don't know if i would call that a cryptocurrency. it is still u.s. dollars from a fiat currency distributed electronically. that is going to happen. david: if i am a college student watching this discussion and i'm getting ready for a bank of america interview, what should i do? i should dress appropriately, right? brian: make sure you demonstrate curiosity and make sure that you demonstrate that you really want to help people. ♪ david: i don't think the people watching this show are generally bank robbers, but for those bank robbers who might have tuned in, is it easy t

david: i read that another bank in the united states, jp morgan, you have heard of them? brian: yep. david: they were thinking of having their own cryptocurrency. is that true? and are you doing something similar? brian: blockchain is the connection between them. i think we have 45 patents on blockchain already, another 45 in the process. we believe in the technology as a way to move money and uses of it around trade. we use a lot of information and money at the same time and documents. those are good uses for right. -- for it. i don't know if i would call that a cryptocurrency. it is still u.s. dollars from a fiat currency distributed electronically. that is going to happen. david: if i am a college student watching this discussion and i'm getting ready for a bank of america interview, what should i do? i should dress appropriately, right? brian: make sure you demonstrate curiosity and make sure that you demonstrate that you really want to help people. ♪ david: i don't think the people watching this show are generally bank robbers, but for those bank robbers that might

david: there are four big banks, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states or is it working ok? brian: i think it works well. a large amount of the industry, 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp relative to other countries, we have the largest retail share, about 15%. if we were coca-cola or pepsi, we think that is not good market share. so there is a lot of room to go to grow. david: what percentage of profits or revenues are from outside the u.s.? is it a large percentage? brian: 15% to 20%. david: are you reasonably happy with that? is that where expansion can come? brian: we are expanding outside the united states, we are expanding and doing capital markets, trading for asset managers and other firms. we have a company that does corporate and commercial banking and investment ba

i'm down to jp morgan. i am gown to goldman sachs i am looking at getting into comerica again, i am looking into getting into american express. but that dynamic changed the financials don't look appealing the me. >> mike mayo well-known banking analyst at wells fargo securities said you could get a short-term hiccup but it creates a long term opportunity. he is, however, talking about the earnings impact from coronavirus will be the worst for his best, for citi, for bank of america, for jp morgan, for other capital market players like goldman and morgan stanley. the widely owned names on the street you need to stand up and take notice of what joe said and now what mayo is saying. >> only if you are trading on a quarter by quarter basis i think it is going to be significant and i don't want to down play the effect it is going to have object the markets and on the chinese economy but it is going to be short lived. as long as we can get out of it quickly enough there is going to be a recovery just like it has

don bilton of jp morgan asset management, you're staying with me. we went to get an update on headlines outside the business world. viviana hurtado is here with first word news. viviana: british prime minister boris johnson's shakeup of his cabinet went disastrously wrong. when he demanded that the chancellor of the exchequer dismissed five of his top aides, he refused and resigned. he's been replaced by rishi sunak. the chinese province at the center of the coronavirus outbreak soaring to almost 50,000 cases, reversing the hopes that the outbreak was under control. the death toll has now surpassed 1500, and japan has confirmed its first death for the virus. it is blamed for what is expected to be the first drop in oil demand in more than a decade. that is coming from the international energy agency. the iea says the virus is battering the chinese economy, but it is hard to be precise about the impact. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm

even at jp morgan jp morgan says human life as we know it is under threat. he cannot be a climate denier can he. >> these are promises. this is what we have already done. the climate change that we have reduced the output by 43% in 1990 levels. in the economy is grown by 73 percent. 99 percent of all of the solar panels in store in this country. have a under this it under this conservative government. this company was 70%. thank you mister speaker. they killed 11 soldiers. they received a letter of comfort. he received a letter in 1974. he would not be prosecuted with the shooting incident which took place in northern ireland. he was told there was no further grit to get action. all the assurances and all of the promises and the commitment will amount to nothing more than platitudes. this government is finally bringing in a lot to prevent the status of our progress. when no new evidence is produced. yesterday's questions. the widening the money promised. they got a moving service from the courts areas and send them with the longest life expectancy. it will b

john bilton from jp morgan asset management. coming up next, it is the "etf iq europe." ♪ ♪ francine: welcome to bloomberg "etf iq europe." i am francine lacqua. we will be your guide to the world markets and exchange traded funds, everything you need to know. warren buffett gets into etf's. warren buffett gets into etf's for the first time, berkshire hathaway discloses holdings in two exchange rated funds. one of the world's biggest etf developers ways into the u.k.'s celfin vested pension markets. how far will it shake up the industry? and making a mid-for the first time in its 1000-year history, the royal mint is launching an exchange traded projects. we will discuss it's worth than gold. let's kick off with news that the world's number two etf providers getting into the u.k. pension market

jp morgan and others have been criticized for supporting the fossil fuel industry. a report by the rain forest action network says jp morgan is the world's largest funder of fossil fuel companies. the bank will still do business with coal companies, coal companies that have other revenue streams. >>> it late night hosts are back. while you were sleeping jimmy kimmel offered up his perfect running mates for the 2020 democrats. >> what michael bloomberg needs is a strong running mate and that running mate -- i've thought about this a lot -- should be denzel washington. you get a huge chunk of the black vote and while a lot of women want a female president, you know what else a lot of women want, denzel washington. joe biden an old white man whose biggest problem is he's not progressive enough. so who do we pair him with? flo. only person in the world with more commercials than mike bh m bloomberg. jo and flo, great bumper sticker. he's from south bend indiana who is just slightly bigger than a wal-mart. so what mayor pete needs is someone who's rough, dirty maybe even

even at jp morgan jp morgan says human life as we know it is under threat. he cannot be a climate denier can he. >> these are promises. this is what we have already done. the climate change that we have reduced the output by 43% in 1990 levels. in the economy is grown by 73 percent. 99 percent of all of the solar panels in store in this country. have a under this it under this conservative government. this company was 70%. thank you mister speaker. they killed 11 soldiers. they received a letter of comfort. he received a letter in 1974. he would not be prosecuted with the shooting incident which took place in northern ireland. he was told there was no further grit to get action. all the assurances and all of the promises and the commitment will amount to nothing more than platitudes. this government is finally bringing in a lot to prevent the status of our progress. when no new evidence is produced. yesterday's questions. the widening the money promised. they got a moving service from the courts areas and send them with the longest life expectancy. it will b

citicorp, jp morgan, wells fargo and bank of america. do think that is a good thing to only have four big banks based in the united states or is it working ok? but think it works well there is a large amount of the industry in the hands of -- there are 5000 banks and community banks. you have a more varied financial industry. one of the things that makes our industry strong is the variety of participants. with the largest market share along with colleagues but if you look at us as a percentage of the gdp relative to other countries, it is unconsolidated business. with the largest retail at about 15%. if we were coke or pepsi, that would not be very good market share. there's a lot of room to grow. david: what percentage of your profits or revenue are from us at the nixon states? >> about 50-20%. 15-20. david: do you want to expand that? with a company that does corporate and commercial banking as well as treasury services around the world. we are investing tremendously in those. that does not mean you have to make acquisitions. you just

david: there are four big banks, -- banks in the united states, citicorp, jp morgan, wells fargo, and bank of america. do you think that's a good thing to have only four big banks that are based in the united states, or is it working ok? brian: i think it works well. a large amount of the industry is in the hands of -- 5000 banks, so you have much more varied financial industry. one thing that makes our industry strong is the variety. -- the variety of participants. we have the largest market share along with those colleagues. if you look at us as a percentage of gdp, relative to other countries, this is completely on solid dated business. we have the largest retail share, about 15%. if we were coca-cola or pepsi, we would think that is not very good market share. so there is a lot of room to go to grow. david: what percentage of profits or revenues are from outside the u.s.? is it a large percentage? brian: about 15% to 20%. david: are you reasonably happy with that? do you think that is where expansion can come? brian: we are expanding outside the united states, so we have services

>> jp morgan and other banks are preparing for tougher times ahead. morgan stanley cut 2% of their workforce. we don't know what the bonus pools will look like at other banks. we are waiting for goldman sachs, morgan stanley to see if investors can keep up with pay. >> samsung saw fourth-quarter profits fall 38% coming in at $4.4 billion. lame following memory chip prices and weak demand for its display business. the company is expecting a weak start to the first quarter as well this year, but is forecasting an overall improvement in 2020 as the rollout of 5g networks boost demand for its chips. >> samsung results, a surprise. the company very carefully orchestrates its earnings. these final numbers include net income and divisional breakdowns. it missed these estimates. disappointed. it is largely because memory chip prices did not recover as anticipated. they had troubles in the display business. they make displays for smartphones and tv's, particularly lcd displays, the prices had fallen more than anticipated. kind of a one-two punch for the compan

jp morgan has been the most profitable bank in history for two years. is this the best they could do? [laughter] >> jp morgan and other banks are preparing for tougher times ahead. morgan stanley cut 2% of their workforce. we don't know what the bonus pools will look like at other banks. we are waiting for goldman sachs, morgan stanley to see if investors can keep up with pay. >> samsung saw fourth-quarter profits fall 38% coming in at $4.4 billion. blame following memory chip prices and weak demand for its display business. the company is expecting a weak start to the first quarter as well this year, but is forecasting an overall improvement in 2020 as the rollout of 5g networks boost demand for its chips. >> samsung results, a surprise. the company very carefully orchestrates its earnings. these final numbers include net income and divisional breakdowns. it missed these estimates. disappointed. it is largely because memory chip prices did not recover as anticipated. they had troubles in the display business. they make displays for smartphones and tv's

. >> jp morgan announced it is keeping with its plan for bankers and traders. jp morgan has been the most profitable link in -- bank in history for two years. is this the best they could do? [laughter] >> jp morgan and other banks are preparing for tougher times ahead. morgan stanley cut 2% of their workforce. we don't know what the voters po -- bonus pools will look like at other banks. we will see if investors can keep up with pay. >> samsung saw fourth-quarter profits fell, coming in at $4.4 billion. blame following memory chip prices and weak demand for its display business. the company is expecting a weak start to the first quarter as well this year, but is forecasting an overall improvement in 2020 as the rollout of 5g networks boost demand for its chips. >> company very carefully orchestrates its earnings. these final numbers include net income and divisional breakdowns. it missed these estimates. it is largely because memory chip prices did not and cover -- not recover as anticipated. they make displays for smartphones and tv's, displays, thecd prices h

jp morgan joins a string of other corporate giants as it restricts nonessential travel globally. another consequence of the virus -- jp morgan, citigroup, and goldman have cut earnings estimates for 2020. citigroup and goldman sachs expect zero growth in earnings this year. bank of america has cut its forecast for global growth to 2.8% for this year. for more on the market reaction to the virus in asia, juliet joins us from singapore. we see u.s. and european futures taking a significant hit, all down between 1% and 3%. how is it looking in asia? >> it is looking really ugly, to put it bluntly, but remember, it's also the last trading day of the month. asian investors on track for the worst month since the global financial crisis. the nikkei closing lower by 3.8%, 3.7 percent, its biggest drop since december 2018. in australia, we entered correction territory today, down 3.3% on the close, the worst drop since september 2015, down for a sixth session in a row. a career, of course, already in correction, down 10% -- or 11%, actually, from the peak before lunar new year. been holdi

wrote, aleague nonprofit group is looking to oust the lead independent director at jp morgan. a long shot that this is the oldest director at all the wall street banks. push, the., the shareholder pushing regarding think relationships, the profit yielding companies have been around. you go to these meetings and you see a lot of activists. not a whole lot happened in europe -- not a whole lot happened. in europe was a little bit different. barclays are facing a lot of pressures. we will see you both of these banks do a lot to change course with these investors. alix: i understand lee raymond led exxon and has tied is to the commodity world -- and has ties to the commodity world. >> how much influence does he have on jp morgan? he has a lot of influence on the banks' long-term strategy. what majority action is saying is they believe his long-standing relationship with big oil compromises jp morgan's ability to react to the climate crisis. jp morgan has an investor day at the end of this month as well as their annual meeting, and this is something they will address. much.thank yo

jp morgan has been the most profitable bank in history for two years. is this the best they could do? [laughter] >> it has been a record year again jp morgan and other banks . but are preparing for tougher times ahead. remember morgan stanley cut 2% , of their workforce. we don't know what the bonus pools will look like at other banks. we are waiting for goldman sachs, morgan stanley to see if their investment bankers will keep up with pay. >> samsung saw fourth-quarter profits fall 38% coming in at $4.4 billion. blame following memory chip prices and weak demand for its display business. now the company is expecting a , weak start to the first quarter as well this year, but is forecasting an overall improvement in 2020 as the rollout of 5g networks boost demand for its chips. >> samsung results, a surprise. the company very carefully orchestrates its earnings. it puts up a luminary numbers. and then these final numbers include net income and divisional breakdowns. and it disappointed this time it , missed these estimates. it is largely because memory c

jp morgan is trying to knock at your door. how does the e*trade acquisition add to your trading business? james: we were number five postcrisis. unable you was number one in the unambiguous number one in the world. we are excited about using some of their technology not just in wealth management, but frankly across our asset management platform, as well as credit and fixed income. you are doubling down on wealth management and banking, but what does this mean about where the investment banking arts of the business sit? james: i'm less focused on percentages. once upon a time, it was 100% in 1972 just a corporate finance business. by 1977, we were 50% sales and trading. we entered wealth management in 1977. we are always in a constant state of motion. our aspiration is to marry the world-class investment bank, which has gained share in equities, fixed income, and investment banking for the last five years, with the ballast that includes wealth management. the analogy i have used is an aircraft carrier. we had the ballast, but t

jp morgan announcing all nonessential travel has been restricted. let's check out how the markets are tracking. what was a brutal session in the u.s.. the s&p having its worst day since 2011. ant is now being followed by ugly session across the asia-pacific region. down 3.5%. the worst day since they open after the lunar new year holiday. nikkei now down more than 4%. indeed correction territory. i should add that u.s. futures are now extending their declines. let's take a look at how commodities are trading. crude oil following -- falling for a sixth straight day. opec is set to could be next week. there will be a lot of focus. copper down 1.5%. gold still flat. goldman sachs says they now too potential for gold to rise is higher as $1800. haslinda: thank you so much. when you take a look at the chinese market that just closed for the morning session, don't you -- what do you think stood ?ut to you david: this market was resilient until about two hours ago. the last 15 minutes before the break, things basically went off a cliff. while perhaps is wo

jp morgan has traded incredibly well during a period of financial equity, underperformance related to the narrowing in the yield spread and lower treasuries so i've added to my position in jp morgan and capital one. that's a name i talked about a lot on the show. i was looking to get into that that's a consumer finance name specifically in the u.s. nice earnings. >> interesting to hear you talk about jpm with -- i'm sitting here saying, well, rates are up today. 160 whatever, but they're down. >> i want to -- >> do they look like they're going up any time soon >> that's fair but if there is stability, let's call it stability, i wanted to isolate my exposure to what i would perceive to be the best in breed. i pared back my holdings, whether it be usb, wells fargo i've gotten out of those i took a small position in goldman sachs, still maintained that not related to where yields are. jp morgan is the one enduring best in breed that continues to outperform even in an environment that's challenging from a rates perspective. >> kari, you haven't been on in a while, yet you're not doing any

to a globalrding market strategist at a jp morgan. great to have you with us. you are focusing on the reopening of chinese factories. .ou say that in either case why? reopen, theres are more people coming. virus is spreading and that kforce factory closures down the road. it could be the case that the chinese authorities are not comfortable to allow the wide so that wefactories could effectively delay the factory opening. open as widely as the market expects. costs a lotclosing of chinese gdp. factors widely open on monday or whether it is delayed by one week, it could change. nejra: that delay could spoil your base cases of shaped recovery. you are still overweight equities and it is tactical. you have got more reasons than just the openings. >> indeed. we should not forget that the u.s. equity market is close. that the position backdrop at the beginning of this year is almost in the middle of what we saw at the beginning of 2019. 2019 was a very strong year for equities. investors started the year underweight. on equities, what about volatility? so,ou see a p

jp morgan published a lot in terms of statistics and the virus peaking and impacts. i think there is a consensus view now that the second half is a little better than the first half in terms of demand. i still think there's a lot of uncertainty around that for now. >> hmm. what are we seeing in terms of the long run oil price? because we tend to focus on the short-term but i wonder if there is more upside or downside risk. scott: that's a good question. we can talk about near turmoil impacts but something jp morgan started to publish, or at least anecdotal data we have got, is oil analystsgan use $60 print in their modeling long-term, but increasingly we see upside risk of that. if i look at fiscal breakevens for opec, they increase about $10 per barrel from when we did this 10 years ago -- two years ago. we've obviously seen a slowdown in spending, declines in spending, u.s. shale, and it feels as if the u.s. shale growth story is getting over and the focus is pre-cash and proving cash returns to shareholders. then we had at least five years, maybe coming into six n

jp morgan is the latest company to cancel nonessential business travel. tensions soar between turkey and russia. ankara is calling on nato for help. live from london, i'm guy johnson. we are now counting you down to the european close this friday on uber markets. -- "bloomberg markets." ♪ vonnie: the most immediate response from the administration now. let's get to the white house where larry kudlow is speaking to reporters. >> exceeded expectations. that is why the atlanta fed thing is 2.7. we have another month to go in the quarter, and then after that, so we will see. i don't think we will take -- at least not at the present time. >> how much more can this market take before there is long-term effects on the economy? >> thank you. market does short run corrections. about 10% or 11% or something. we've been through this many times before. i don't think, even though it is a front-page story and no one likes to see their asset values go down, i just don't think, at this point, it will have much of an impact. , how longlify that this lasts, -- --. how lo

on the one hand, you have warnings from jp morgan on risk. citigroup also calling potentially for complacency. s&p futures still grinding their way higher, up 0.4%. we did see another record close yesterday for the s&p. global stocks also shooting higher. euro-dollar unchanged, despite the fact that german factory orders disappointed, raising questions about the recovery in europe. you are seeing selling in the bond market in europe. in the u.s., yield down by about one basis point. crude taking higher as well. maybe we'll get some opec support coming down the pipeline. lots of things happening in the market today. let's get you caught up for global exchange. we will bring you market moving news from all around the world. our bloomberg voices are on the ground with all this morning's top stories. we begin in asia. countries around the world are placing more restrictions on travelers from china to try and contain the coronavirus out. the global -- coronavirus outbreak. the global toll rising to over 28,000 cases. joining us from hong kong is r

jp morgan had a huge place in the wework story. dash.worked with door alix: sonali basak, thank you very much. and in your off the beaten street, limited-edition oreos. you've probably heard of supreme, but it is not all hoodies and t-shirts. they teamed up with nabisco for a version of the cookie dyed red , with the logo stamped on going and it is now for $15,000 on ebay. talk about a return on your investment. they don't even look that good. i know, i'm sorry. i am clearly not a skater. coming up, could gold falter, or do we get to $1800? if you are jumping into your car, tune into bloomberg radio on sirius xm channel 119 and on the bloomberg business app. this is bloomberg. ♪ alix: time now for trader's take. joining me is vincent cignarella. you can listen to vincent on the bloomberg if you type in squa . vincent: it's been a while since we talked about elliott waves. there's two things about this. it is really at an inflection point. we just completed the fifth wave , and what that suggests is that this is supposed to be

uping up, jp morgan and citi their personal startups. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." time for our stock of the hour. here are the details with kailey leinz. hour isour stock of the e*trade, the best performer in the s&p 500 today, on pace for its best day in a decade. the stock up more than 25% after morgan stanley agreed to by the company for $13 billion. $54 is an all stock deal at $.73 a share, a 43% premium to e*trade's close yesterday. morgan stanley moving to the downside by about 3%. some see the price tag is a little hefty. it inspired a downgrade at wells fargo. morgan mike mayo cutting stanley on this news. this creates a giant with $3 trillion under management, the largest big bank deal since 2006. e*trade had long been seen as a potential takeover target. the discount retail brokerage space has been rapidly changing. not only have the ongoing fee being reduceds and even eliminated, but also mergers, the likes of charles s

john normand of jp morgan. up next, we will hear more from the -- this is bloomberg. ♪ >> we do not think it is the case. we think that ecb will normalize. >> that was jean pierre mustier speaking on negative interest rates in the european environment. every time we speak we talk about capital requirements, regulations, but also we talk about what it would take for european banks to merge. that was unclear at the moment, but we have a good voice to talk about that shortly. >> we do. elisa martinuzzi with us with bloomberg opinions. good competitors across all continental europe. has there been a cultural change yet? the culture of one year ago, the culture of five years ago, the culture of european banking 20 years ago, has there been any change in cross-border transactions? pointed to the fact -- i think jean pierre mustier pointed to the fact that most banks have focused on transforming business and making the business more efficient for technology. as far as consolidation in europe is concerned, you do hav

. >> jp morgan lays out goals. >> they said u.s. wealth is going to be one place where they can sell growth. >> and disney names a new ceo. >> i intend to double down on the same strategies bob has established. >> it's all straight ahead on "bloomberg best." ♪ welcome.llo and this is "bloomberg best," your weekly review of the most important business news and assets. let's start with a day by day look at the top headlines. the dominant story throughout the week was the global spread of the coronavirus, and on monday, as reported infections climbed, financial markets felt the pressure. coronavirus continues to spread beyond china and outside asia raising concerns about the prospects of a pandemic. south korea, which raised its infectious disease alert to the highest level over the weekend confirming 161 new cases and two more deaths and now seven deaths and over 250 new cases. >> we heard from the finance ministry. they will be announcing, they say, extraordinary measures for the economy. in italy.140 cases >> the milan stock marke

scarlet: jack manley, jp morgan strategist, thank you so much. thank you for being patient. that does it for the closing bell. what did you miss is up next where we are taking a deeper look at all the earnings from the likes of uber to pinterest. this is bloomberg. ♪ is is bloomberg. ♪ >> live from bloomberg's world headquarters here new york. here is a snapshot of how u.s. stocks closed today. dow, s&p and nasdaq moved to record highs. scarlet: you missed pinterest earnings which came out, and the stock is soaring, up 14% after sales at the digital search and scrapbooking company rose to about $400 million better than estimated. for the full year, for the first time it had revenue above $1 billion. this is the latest digital advertising company to report strong fourth-quarter sales joining facebook and twitter. romaine: activision, kind of a mixed bag. they beat estimates, the forecast for 1q coming in a little light. wynn resorts slightly down after hours trading. 1.65,rating revenue at the estimate was for $1.75 billion. coming in a little light with regards of adjust

and europe is joyce chang of jp morgan. the markets seem to be pricing in because number 10 downing street has taken control of treasury, we will see a trump style massive stimulus for the u.k. economy. joyce: even if germany is not willing to do something, in the u.k. they are sending the signal they are willing to use more fiscal stimulus. he is shaking it up. that is what the market is focused on an disappointment in germany that you have not seen marv a response, given some of the numbers -- more of a response. placate: is it just to the constituencies that voted for brexit? joyce: everybody is looking at the constituency and the election and what they need to do before the end of the year. they have a binding deadline. given the concerns about the global slowdown, that is the key question investors are asking, wilmar be done on the fiscal side? germany? how broken is they will deal with trade headwinds, the virus, and they have a fractured political system. joyce: germany is still the engine so where it stumbles, there

when you look at the performance of goldman sachs and morgan stanley, jp morgan has managed to combine both brilliantly, the fees they are getting from corporate finance and from investment banking and from trading are somewhat down because of regulation, it means their degrees of profitability are limited and they have to offer shareholder value and growth to their shareholders. don't worry, i'm not going to get my handkerchief out and out my eyes for them, but what i'm saying is we have seen goldman sachs go into it by having a deposit from people like you andi deposit from people like you and i on the streets. when interest rates are very low like they are now, the actual value is very limited. but this, it is a lot smaller than the tdm trade, the charles schwab motor last year, but an acquisition by morgan stanley to try to corner, through this company, etrade, what you call the millennials' wealth, where eve ryo ne the millennials' wealth, where everyone is online, trading, stop online and the rest of it, it isa stop online and the rest of it, it is a sensible thing to do. you wil

the daily mail's front page features news that the duke and duchess of sussex attended a jp morgan event in miami. and the express says britons are optimistic about the country's future after brexit. those of the front pages and let us start with the story of the day and the weights coming on the front pages of the daily mirror, i'm shocked but proud. would you like to kick us off? the word proud is used in front of the mirror but also on front of the sun. a positive reaction and there've been a lot of people calling him braids as well. really noticeably positive language, anything that you're scared of doing that you do anyway is brave. particularly when you're in the public eye and sit on the self and from millions of people and talk about your sexuality, it cannot be an easy thing. notably, pictures we re an easy thing. notably, pictures were his wife on the front of the mirror who said that he is sorry for the hurt he has caused her up to 27 yea rs of the hurt he has caused her up to 27 years of marriage. we have not heard anything from her today and she was not involved in that inte

the panic is stopped when one individual, jp morgan, who had a small investment banking firm, went around and raised money from his other friends on wall street, other banks and securities firms, and they raised money and rescued a number of failing banks and trust companies. the panic stopped. the economy came back. morgan was kind of hero. suddenly, congress realized, we can't go on like this. as one of them said, we are going to have panics in the future and we won't have jp morgan with us forever. there was a real conversation among people who care this -- about this kind of stuff that we need something like the bank of england or the bank of germany. very powerful a senator, nelson aldrich, probably the most powerful republican senator -- i can't think of anyone today of that stature and power -- and a special committee of congress to draft legislation to provide the equivalent of the bank of england or the bank of germany. he assembles every expert he can think of in the united states, bankers, businessmen, professors, students of finance generally. they go overseas. they meet with

we are thrilled to bring you bruce kasman, jp morgan chief economist. he writes with his team and acclaimed friday afternoon note that is always must reading and on february 7, you took china 1%.from 6.3% down to everybody has been coming down, we have a fancy chart, but 4% is not 1%. how do you get to 1%? bruce: when you shut down activity, shut down the movement of people, production, and it is not coming back, but it will come back slowly. you should not underestimate the disruptive event of what we are seeing as we try to figure out the science behind it and how far it will run. it will have a big hit on china and a spill over to the global economy. tom: you have an optimistic construction about your tape of the uncertainty, the medicine. as we see corporations move from no february to march to even some doing delays up to april, how close are you to wear your v shape becomes less ve? bruce: two issues here. one is weather the -- whether the v is being extended and the other is whether or not things are happen that will continue to keep performance

paul, take a seat on jp morgan and go down on europeo dollar. we'll have more on that later. good conversation, moving, of course, to the jobs report. after that report john farrell in conversation with mohammed. stay with us. this is bloomberg. ♪ ♪ >> viviana: you're watching bloomberg surveillance. burberry is scrapping the forecast. the coronavirus outbreak wiped out at least 3/4 of sales in china. on the mainland, burberry closed 24 of the 64 stores of those shops that stayed open, sales plummeted. paul singer has a new target. they've learned they built a stake of almost $3 billion in softbank group. the hedge fund believes softbank is undervalued and tokyo shares were up as much as 8%. by the end of the year uber is forecasting its first ever quarterly profit months earlier than planned and cost cutting is helping. uber reported fourth quarter losses. and the richest person in the world is under a selling spree. jeff bezos sold almost $3.5 billion of stock and the transactions are part of prearranged trading plans and haven't hurt amazon's price since the day before

carlyle group's the last story on climate is jp morgan. you can count on jamie dimon to say something fun at investor day. what was the standout? >> the biggest thing that came out of investor day was jamie dimon saying he will be aggressively and looking for his next big acquisition. this is a big shift from two years ago because you saw a huge slow down and emanating in the bank world. jamie dimon was to be very, very creative try -- creative. he says he wants to be very the -- he wants to be very creative. the other thing that came out of investor day or after investor day, was the and report. you will notice the added a new risk factor. they say something that could materially impact their business going forward is climate change. had to is after michelle be funneled into the back door of jp morgan. >> that was because of the protesters outside. they had to take me through the loading dock. jp morgan is doing $200 billion in green financing, social financing. let's see if that is enough to move the needle. alix: saying it is different

how is that better for shareholders of jp morgan? it can't be. i was talking to the alaskan governor, he is upset. he recommendation they cut off to no longer do business with j.b. morgan and goldman sachs. >> flip it around. i believe there are pension funds and other large investors who might not do business with jp morgan if they continued to operate and to continue to make loans for some of those similar projects, no >> well, i don't see that. >> both ends of it. >> well, they just did the ipo for aramco for saudi arabia. doing one of the largest ipo ever in oil and gas. oil and gas is the most important sector of the economy period you think the coronavirus is disrupting things imagine if the left got what they wanted, which is to cut off all funding for oil and gas and shut down fossil fuels, imagine what would happen to this country? you could walk in tomorrow if your facebook page isn't working. that's fine. you walk in and your power doesn't work, you can't get gas at your car, the economy is going to shut down >> what's your reaction to

the panic is stopped when one individual, jp morgan, who had a small investment banking firm, went around and raised money from his other friends on wall street, other banks and securities firms, and they raised money and rescued a number of failing banks and trust companies. the panic stopped. the economy came back. morgan was kind of hero. suddenly, congress realized, we can't go on like this. as one of them said, we are going to have panics in the future and we won't have jp morgan with us forever. there was a real conversation among people who care about this kind of stuff that we need something like the bank of england or the bank of germany. congress names a very powerful senator, nelson aldrich, probably the most powerful republican senator -- i can't think of anyone today of that stature and power -- and a special committee of congress to draft legislation to provide the equivalent of the bank of england or the bank of germany. he assembles every expert he can think of in the united states, bankers, businessmen, professors, students of finance generally. they go overseas. they mee

morgan. he told me he was mark butler's right-hand man for 16 years and was clearly butler's intended successor. i found that encouraging how about the rest of the bench? take a look at this slide from the company's last deck. ollie's management team is packed with experienced retail veterans if, like me you were a believer in butler's leadership you should trust the team he spent decades putting together ollie's still has a terrific in store experience that never change, incredible deals that you can't find anywhere else the company has 349 locations across 25 states they believe they can grow to 950 locations without a problem. sure, they ran into a serious speed bump last summer when they expanded too quickly, but it seems like management learned from that mistake, and they've now got it under control most importantly, off price is in the sweet spot. that's why i like tgx and ross stores and burlington. and it's why i like ollie's. think of what we heard from columbia sportswear earlier. b