would owe jp morgan money. elon musk tweets this and jp morgan says this constitutes a significant event. otherwise, it looks like tesla will have to pay that. tesla took issue saying this was not a valid thing for them to do. ap morgan issued -- jp morgan issued in the complaint saying not only were they appropriate but tesla shares would close above the new strike price but the original one as well. a testy complaint. we have not heard a response from tesla. that is important what you are emphasizing, this is a small amount of money potentially bridging -- potentially burning the bridge between these two. francine: yuan climbing on the news of the president biden and president xi meeting. the bar was so low, because they ran over 30 minutes, we are putting a stamp of success on that. tom: that is it for the european market open. surveillance, early edition is next. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your

tom: jp morgan's glass half-full as well. i want you to review what you nailed in the last hour, which is the credit market. the credit market has changed, hasn't it? lisa: as benchmark rates go up, so too are the extra yields that investors demand. to me that is really compelling. i am just wondering at what point this leads to a little bit of a jittery backdrop. tom: in the data today, we have the red on the screen on the equity market. yields coming into basis points on the 10 year yield. oil, i don't know what to make of it. the spread widens a little bit. maybe it is something we are go to talk about through december. i don't know. lisa: you did great tom. just nailing it. it is a drop in the bucket. people were expecting more. we can dig into that. we will be talking about that in the coming weeks. a: 30 a.m., the u.s. begins initial jobless claims. i am watching unemployment claims. how much are we watching the dynamism in the jobs market pickup with all of those jobs that people are trying to fill in an emergency? u.s

so far it has been really quiet, but the jp morgan ceo already walked up his comments earlier that jp morgan would outlast the china communist party. $20 billion of exposure there, is not that surprising. paul: yeah. let's talk more about the fed minutes. flexibility was the buzz word. officials stressing they should be able to be quick on their toes when it comes to shifting the case of tapering, as well as the timing of rate hikes. let's take a closer look with our reporter stephen matthews. reasonably hawkish seemed to be the tone here. stephen: you are exactly right. they are reasonably hawkish. the fed unveiled its tapering plans three weeks ago. at that time the idea was to reduce asset purchases and gradually that would finish properly in the middle of 2022. in these minutes, there is a lot of sentiment move that up. the minutes say that the committee wants to be flexible in response to the economic activity and inflation. importantly, the meeting happened before the latest extremely hot cpi report, and a very strong employment report. so you have had, since this meeting happen

>> this is big time -- this is a big time for jp morgan. the market has really only just started to open up. it just got the approval to buy securities business. many are trying to do the same. these are very early days for a potentially massive expansion to china. you could be on the wrong side of the communist party. you need approval for everything in china. expand a new business, launch a new product, very closely tied to the communist party. not the kind of signal jp morgan wants to send right now. tom: david scanlon, thank you for giving us the potential implications for jp morgan, jamie dimon, and team walking back those comments weighing out their business. some breaking lines in terms of earnings. we speak to the ceo of remy cointreau in the next five or six minutes. there earnings have come at operating income. 212 million euros first half operating income. beating estimates of 150 5 million. a clear beat in terms of operating income. 200 12 million versus 155 million euros. margins looking healthy. first half operating margins of

we are talking about jp morgan. daniel pinto moving across the atlantic, going from london to new york. he spent 20 years here. more on jb dinan -- more on jamie dimon's lieutenant, next. ♪ laura: it is time for the bloomberg business flash. chemical company dupont is expanding into electric cars and driver assistance systems. dupont has agreed to buy engineering materials maker rogers for about $2.3 billion. rogers develops advanced electronic materials used in electric vehicles. under armour rose in early trading after raising its full-year outlook and posting quarterly by revenues -- quarterly revenues that beat estimates. under armour expects revenue to rise around 25% for the full year. elon musk says tesla has not signed a contract with hertz yet on that record order for electric cars. last week, the rental car company said it would buy 100,000 model three sedans for $4.2 billion. that sent shares of tesla rocketing to a record high. musk tweeted there was no signed agreement. still, hertz says it is already

jp morgan is suing them claiming tesla breached its contract about stock warrants. the agreement let them adjust the price based on any big announcements related to mergers. they expired in june and july but jp morgan said tesla hasn't paid. >>> tiktok users could be getting a check. a $92 million settlement has been proposed by the parent company. it claims tiktok illegally collected and used personal data. any piece of the settlement pie will likely be very small. stud video sharing platform. >>> boats where cars should be, homes filled with water, just a look at the scenes up in the pacific northwest. the area has gotten more rain in the last two weeks than they see the entire month of november and more wet weather is on the way. >> it's bad. it's pretty deep. its fast. it's dirty. it's cold. >> there's nothing in our house in less than 30 minutes. it was up to her knees and ankles. >> the weather has forced hundreds from their homes already and still to come this week extreme rainfall, river flooding, and damaging winds. >>> it's quite a different story here in

of course, the latest on jp morgan and china. let's turn to one of our top interviews with a pioneer in the world of ai. he developed a computer program that actually beat the best human player. it was a forerunner of the pivotal moment in artificial intelligence when ibm's computer beat chess grandmaster gary casper off -- gary kasparov. he joined us to discuss the geopolitics of artificial intelligence as well as the opportunities and risks that is rapidly developing technology presents. >> i think both u.s. and china have tremendous strength in ai. the commercial companies, i think the u.s. tends to be much stronger in enterprise applications, and china is now showing a lot of progress in robotics, especially for manufacturing and warehouses, and the countries are developing great companies in autonomous vehicles, health care, and internet, but largely, those companies do not compete against each other due to the current geopolitical tendencies, so i think both countries, we are seeing tremendous ai companies leveraging the st

jamie diamond the brash ceo of jp morgan. what would make him apologize not once but twice the story next >> the head of the biggest bank in america apologizing today after making a joke about china's communist party. at an event yesterday at boston college a person as jp morgan chairman and ceo jamie dimon a question about doing business in china. this is how he responded. >> i was just in hong kong i made a joke that the communist party celebrates its 100th year, so is jp morgan. i'll make a bet we last longer i can't say that in china. they probably are listening any way. >> well, today mr. dimon walked back those remarks in a statement released by jp morgan, he wrote, quote, i regret and should not have made that comment i was trying to emphasize the strength and longevity of our company. hours later mr. dimon said he regrets his, quote, recent comment because it's never right to joke about or denigrate any group of people whether a country, leadership or any part of society and culture. >>> managing director and senior p

jp morgan has been named the world's most systemically important bank. the only bank on the list facing an additional capital buffer of 2.5%. others were ranked in the tier just below with additional buffers of 2%. the rankings are based on data from 2020 and largely reflect changes in the banks underlying activity. nordstrom tumbled in late trade after third quarter earnings missed estimates. arnie's per share were $.39, well off the analyst average of $.55. it left its full-year forecast unchanged. nordstrom said it's working to improve merchandise margins and overcome global supply chain challenges. best buy shares tumbled as the company warned its property margin -- profit margin was being hit by spiking organized robbery. it has been traumatizing for workers, slowing sales and promotional discounts are weighing on the retailers bottom line. rishaad: let's check in on what's going on in hong kong. delivering growth and delivering an upbeat forecast and all of this against the crackdown taking place by the regulators there on tech. xiaomi at the botto

yvonne: kathy chan on the damage control jp morgan is undergoing right now. let's get you caught up with the business flash headlines with vonnie quin. >> -- returning to trade for the first time in three weeks. the chinese developer with the changeover for the $380 million of bonds. it is promising to feed up the other companies to liquidity. singapore's central bank will consider reactions after dbs suffered one of its first in the past decade. southeast asia's biggest lender apologized to customers after access control server problems prevented many from logging in. they call it a serious disruption and expect dbs to conduct a thorough investigation. shinsei bank has canceled a vote later thursday after the government plans to withdraw support aimed at preventing a takeover. that is a win for fbi holdings, which will not change its offer to raise the stakes for 48%. an extra ordinary shareholders meeting in early february to vote on suppose candidates. that is the latest. yvonne: take a look at markets. risk assets on the back of these fed minutes talking

jp morgan was brilliant on this a month ago or so. scott clemens is chief investment strategist at brown brothers, a brilliant essay on our underestimation of technology. you get right down to the nitty-gritty of a gdp moving up. you call it absolute gdp in the labor force. we are doing this with fewer jobs. the mathematical soup of this pandemic. do we have new productivity? scott: i think we do. two of the very broad silver linings coming out of this otherwise horrible 20 month period is an acceleration in the adoption of technology. coupled with a greater utilization and more efficient utilization with primary one. those are productivity enhancing trends. it has shown enough economic activity. we have levels of gdp with 4.8 million fewer workers. i'm not sure that is sustainable. at the same time there is a greater utilization of things like real estate. that is the real fuel for the equity market. we are seeing corporate earnings and corporate profit margins. tom: i think really she with people that do compare and contract -- cont

jp morgan's christyan malek joining us, big price target. this is bloomberg. ♪ guy: wrapping up the monday session in europe. 30 seconds until the end of regular training. we are up but we are still down. we are bouncing back. the ftse 100 up over 1%, the dax down circa 5% over last five days, only up .1%. europe is green. however, let me show you the next while. this encapsulates the -- the next wall. this encapsulates the problem. friday the news was so brutal we have not fully recovered. there is the gap lower on friday morning. you gap lower and then you go sideways. in the context of things, it is just a blip. we are basically still down 2.51% over last three days. that is where we are and it will be delivered on fairly decent volume. in terms of the composition today, we have seen a brutal selloff in oil. if you thought the selloff and equities looks bad, look at the selloff in oil. energy stocks coming back. basic resources are coming back. the travel stocks are coming back. does this have longevity? we will have to wait and see. sw

jp morgan looking for crews to go next year to $125. coming up, peter hotels, the baylor college -- peter hotez, the baylor college of medicine dean, emmanuel want to hear from later this morning. ritika: the world health organization warns that the new omicron variant could fuel coronavirus surges with extreme consequences. the agency calls the risk extremely high. scientists said it appears to spread more easily. a number of patients have imposed travel restrictions to try to contain the transmission. -- shares rising. biontech trying to adapt its covid vaccine to handle omicron. the german biotech and pfizer tried to ensure a new version could ship within 100 days. new steps to clampdown on people smuggling in the english channel. last week, 27 migrants died trying to reach the u.k. the european union border force will begin flights over the channel later this week. the most high-profile -- in fashion has died. lvmh's star designer has battled cancer. he was known for his influence on streetwear and sneaker culture and for his succes

jamie dimon says that jp morgan will outlast the chinese communist party. if you hours later, he apologizes. $20 billion of exposure to china. we will talk about that a little bit later. nordstrom and gap are dumped after missing estimates. deere is back into gear after its recent strike, projecting record income for 2022. jobless claims plunged to levels not seen since 1969 as the labor market continues to recover. we will be joined by nela richardson, the chief economist for the adp research institute. from london, i'm guy johnson. today my cohost in new york, gina martin adams. alix steel is off today. apparently she is in preparation for what i hear is an important day tomorrow. welcome to the show. i am watching the equity markets as we go to thanksgiving. consider stocks getting -- consumer stocks weakening. gina: glad to be here. you are spot on. markets obviously weak heading into the open this morning, getting continually weaker. most of his this consumer side which is incredibly -- most of it is consumer side, which is readily where. tesla driving

jp morgan has been named the most systematically important bank. it is the only bank on the left facing a capital buffer of 2.5%. this is based on data from 2020 and largely reflects changes in the bank's underlying activity. >> they are considering boosting this after $12.2 billion bids were too low. they have received a primary bid of 50.5 zero cents percent -- per share. they own about 24% of telecom. long for his considering an ipo and hong kong which good raise as much as a billion dollars. it could list as soon as the firth -- first half of 2022. they are weighing the new listing at a time when chinese developers are facing an unprecedented liquidity prices and home prices and sales have begun to slide. best buy shares tumbled after the company warned its profit margin was being hit by a spike in the organized robberies. burglaries by large groups of people running into still items had also been traumatizing to workers. slowing sales and promotional discounts were also weighing on the bottom line. let's get a look at the market. we are not se

jp morgan has a most $20 billion of exposure in china. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm laura wright, this is bloomberg. anna: a bit of breaking news from france, across the european union, the french health minister. the fifth covid way will be stronger. but we won't have a new lockdown or curfew that is going to watch that story. american households are about to eat the costliest thanksgiving meal ever prayed we look at some of the factors driving up prices of turkey and many other things that make their way onto the typical thanksgiving table. this is bloomberg. ♪ anna: this is bloomberg markets. just coming up to 1:00 in the afternoon in paris or berlin. breaking news that takes in paris and berlin, the eu drug regulator has clears the pfizer bion tech shot for ages five to 11 years old. it follows similar moves by u.s. regulators. they cite the effectiveness and studies with how quickly that can be rolled out to other age

jp morgan with the fed call. looking across the other side of the olympic -- on the atlantic, abandoning bets on the ecb and 2022. the market story is dropping moments ago. tom: i want to emphasize that we have a lot to talk about. the inflation debate is heating up. paul pushing against the worry, and there are a lot of people lining up and saying that this policy is constructed wrong. i missed of this a couple of days ago. the essay was a tour de force. it was absolutely superb. thank you for bringing it to my attention. folks, you need to understand that intellectuals are out front thinking about your higher inflation. jonathan: setting us up for central-bank divergence. lisa: the key issue for me is that whenever we reach the new normal, the new normal will be sooner than the european region and this is the euro. this falls below 18 months, 19 months. this has been a significant move at a time where it has been just stacia's -- stasis. jonathan: we are down .6% on crude and we talked about the report in the "

morgan stanley, jp morgan and morgan sachs all on this ipo together. it is rare to have three giants on an ipo. if i look back at the last six ipo's of this scale, you do not have all three together like this. it is an amazing, rare story where you have massive players. matt: i just pulled up the league table, goldman sachs is comfortably at the top with 20% of the market share. jp morgan in second place, morgan stanley in third. i would love to see a lead table for exchanges. is there a difference between doing an ipo at the nasdaq compared to doing a knife yell at the new york stock exchange? -- doing an ipo at the new york stock exchange question mark joe: we are trading aftermarket. you are trading and nasdaq stock similar to a new york stock earlier in the day. even now, it used to be the new york stock exchange was two letters. they are all mixed up now. to me, they have -- matt: this ipo continues, or the trade continues to rise in price. they are now worth 53% more than they were. do you think rj is bummed out he left more money on the table. h

i think beijing knows they need jp morgan more than jp morgan needs china. i'm thinking an over car -- overstretched cha, which hasn on everybody at the moment, i think they're probably not going to go after dimon. that's just a guess. they would love to go after him but i don't think they have the capability to do that. maria: here's what i'm worried about, gordon. you tell me if i'm on track. they have given honey pots to financial services companies, jp morgan, goldman sachs, others, will be able to open shop and a own their company 100% in china. what's going to happen when china comes to our regulators and say hey, we've got your banks in china, we want to have chinese banks in the united states. we're going to have banks and we're going to be able to own 100% of them, let us in since we let you in. >> well, i think you're absolutely right about that. the u.s. market is much more open to chinese entities than the other way around. so there's relatively little leverage we have on them. but you know, the chinese shouldn't be in our markets for a number of

they draw you in, then talk about jp morgan. the gains, normally a bump if you defect come on now 20%. in terms of the cash in your pocket, what is that doing? that takes us to luxury. that segue not smooth, but we are getting there. the luxury market which has been buoyed is rebounding in 2021 from last year's historic pandemic related drop. the sector is set to return to 2019 levels. we are joined now by one of the authors of that report from bain, tom samson -- -- from bain, claudia d'arpizio. claudia: good morning. luxury is back, personal luxury goods in particular. it is already at the level of 2019. it is driven by local consumption mainly in china and the u.s. local consumers are purchasing these products also in europe, across different countries. we had this growth from august and september last year, and since then there have been strong growth rates. people are not traveling and spending on experiences. the brands stay in touch with the consumer with remote selling. very resilient and very dynamic. dani: you mentione

jp morgan bought -- says the carmaker is refusing to pay what is owed and full. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. haidi: let's get you straight to the markets. sophie: in sydney we are seeing markets led lower by 2/10 of a percent as miners and banks continue to decline, bancshares dropping the most in 18 months, after we saw cash profit update. take a look elsewhere. keeping on oil, new york crude holding below $81 a barrel. we're seeing stocks and cindy trading mix this morning with the backdrop. treasury futures extend declines in the asia session, this as inflation may continue. outlook for global growth and inflation slowing. they do not see a hike until 2023. the aussie dollar under pressure, below 73 against the greenback, this as we are waiting on wage data from australia which could test the rba stance on inflation. when it comes to inflation, our colleagues are assessing supply chain risks for vietnam. that co

chairman powell -- this is the first interview after leaving jp morgan. wonderful for the synthesis of emerging markets. we will have a real mandate to fund the bottom on e.m. and make profit from it. diana, congratulations on your new position of actually putting money to work. do you load the boat on e.m. and particularly latin america right now? diana: not at a moment -- the moment right now, tom. it is a little bit too early going into a huge political cycle next year. for now you stand on the sidelines and wait for more. it remains fairly challenging. to get into some of these markets, the risks remain fairly elevated i think it is probably a touch too early. tom: off the work at mcquarrie years ago, the australian dollar currency dynamics. how linked is the strategy on e.m. to dollar dynamics and particularly the desired dollar weakness? diana: it is highly linked. particularly when you talk about em currencies. a correlation between em currencies. typically you tend to see performance during periods of dollar strength. that usually requires a speci

sonali: the investigation goes back to his time at jp morgan. it is not that u.s. regulators had looked at leon black, when the investigation at apollo had taken suit. a law firm was fired, that happened differently than what you are seeing at barclays, which was brought on by a regulatory body. matt: we should make it clear, we don't have these polemic every findings. this is something regulators have shared with barclays and jes staley, and they made their decision based on that information. but it seems jes staley wants to fight this and clear his name. he says i don't want to distract from the job we are doing at barclays, i don't want to be the spotlight for investors. i will step down so i can fight this vigorously. there must be something there that he wants to fight. sonali: i think back to that report that we got from credit suisse. that took a couple of months. this has been a years long investigation and we don't have details about what regulators found and why it led to his ousting. shares of barclays were initially down on the news. this is the guy who

jp morgan said the restructuring, recapitalization of the plan would be significant. we will see what happens with this bank. pressure on those shares, very significant selloff. let's get to the inflation conversation in more detail. joining us on set i'm very pleased to say is the ceo at captain asset management. do you think markets are underestimating the pace, the aggressiveness with which the fed will be compelled to raise rates once taper comes to an end the middle of next year? >> a first rate is expected in july and then another rate hike in december. that has actually already increased the sentiment around rate hikes. it is hard to see rate hikes aggressively taking place sooner than is priced in with where gdp is. the issue you've got is the back window around supply constraints, what issues will be for tapering, if inflation will actually moderate. there's just too many moving parts. tom: we heard from goldman sachs' ceo that greed is now outpacing fear in the markets. is that your interpretation? >> i would not say it was agreed, but i would say momentum i

economist at jp morgan. i am fascinated by the numbers we have, how disjointed they are in our political debate. let's start with the atlanta gdp number which is 8%, or let's take real gdp plus inflation, which is the nominal gdp and would make china happy, or let's look at real gdp run rate of 2.2%, down near the famed michael feroli potential gdp. how much of this nation is flat on their back in a weak economy? michael: not much. the unemployment rate is now 4.6%. that seems to be moving lower. the labor market, which is probably the most important market looks pretty healthy. inflation has been a problem. it will continue to be a problem in the fourth quarter. i do not expect that to persist to the same to grade next year. i do not think many people do. there are problems, but i think it would be extreme to say the economy is flat on its back. real gdp is at peak levels, back to the trend we were on before the pandemic, which was a pretty good friend. tom: a lot of politicians are saying it is flat on the

tom: david stubbs gave us an interview of the jp morgan view on the technology overlay that is out there. i don't mean amazon and apple. i mean the technology overlay for walmart. for home depot. peloton announcing a one billion dollar equity offering. the technology overlay, is this a key driver that would grossly underestimate, the benefit of the new post been -- post-pandemic technology? david: i think to an extent, we do. we were talking about the consumer, and can the consumer continue to power these games next year. one thing we think might happen is the baton gets passed from the consumer to corporations, and you see investment spending kick in as a key driver of economic growth. a lot of that has to do with technology. the important thing to recognize about the role technology can play, obviously as a sector itself, it can enhance profitability and the other sectors where it begins to show up, but investors are willing to pay for the earnings that technology, whether via sector or investment, the earnings that is able to drive. so it drives that constructive narrative next year w

td securities goes the other way from jp morgan -- jp morgan and looks for oil higher, and then coming back shows you the disparity. kailey: you have on the one hand a call from 125 to 150 and on the other, 90. we are trending at a 67 handle and it goes down to the supply and demand dynamics and a matter of opec-plus and it spare capacity and what it will produce for oil hungry consumers. tom: and then to barry reynolds trying to look out in the next decade. george reaffirming at deutsche bank that the covid equilibrium, that means lower real rates for longer, just a sluggishness out there, even within our prosperity, and so much of that prosperity is around the new age dynamic and labor economy. he thinks and writes for bloomberg opinion. your piece is the quiet peace every academic is focused on, does labor finally get their fair share? do they? barry: it looks like we are in the midst of a generational reset in terms of minimum wage. we have enjoyed deflation -- tom: outright deflation. barry: part of it has been driven by technology but part of it has been driven by artificially su

jp morgan expects the federal reserve to raise interest rates in september. it says by the middle of next year the colorful women will be satisfied. jp morgan -- by the middle of next year full employment will be satisfied. -- amongst the issues likely to be discussed come energy, borders, and auto manufacturing. kohl's posted better-than-expected third-quarter sales. the chain also boosted its outlook. focusing on athletic wear. 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 am ritika gupta. this is bloomberg. ♪ >> there are people who think the fed will keep rates low forever and that will produce a prosperous economy and rising market spread. i do not believe that. i think one of these days in nation will be established to be higher than it has been that will cause rates to go up, 3% to 4%. tom: the wonderful howard marks. we thank you for being with us. we welcome all of you particularly in the eastern mediterranean as turkey unravels. the turkish lira no

he said he was trying to the size the longevity of jp morgan. amazon is spending $4 billion on logistical efforts to make crickets packages to customers on time. that could wipe out the company's profit during its most important three months of the year. amongst the added cost, hiring cargo ships and 100,000 more workers, boosting pay and offering bonuses. the annual outlook at deere indicates record profits are ahead for the world's largest farm equipment maker. strong demand is driving agricultural prices to their highest level in years, leading farmers buy new equipment. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ pres. biden: we still face challenges in our economy. disruptions related to the pandemic have caused challenges in our supply chain which has sparked concern about shortages and contributed to higher prices . moms and dads are worried, asking will there be enough food we can afford to buy for th

jp morgan is not saying oil would maintain those high prices consistently. the firm said it would average $88 a barrel next year over shooting to $125. >>> it is giving tuesday and the need is huge this year for nonprofits and the families they help. giving tuesday is the unofficial holiday every tuesday following thanksgiving. to participate you can do everything from donating food or money to volunteering to help out others in need and today get this. if you want to double the impact of your giving, the alameda county community food bank is matching donations up to 50 throw dollars. i spoke about how big of a difference today is for food banks and families. >> it has a huge impact in this -- being able to have the resources to provide meals in to the community. elm during the holidays. a lot of people are struggling to have meals that their family will enjoy. we are trying to really ensure that everybody has that access to the food resources they need and giving tuesday is a great opportunity to provide resources in a way that doubles the impact and really

jp morgan suggesting maybe this is a stock tickets put into the euro stoxx 50. thyssenkrupp up by 60%. good set of numbers today. people a little iffy on the free cash flow outlook statement, but nevertheless, this is a company that still has a long way to go. we talk about it earlier on this week with the hydrogen story. naked wines down by 5.2%. the reason? people are going to bars, not drinking at home. this is bloomberg. ♪ ♪ >> the countdown is on. this is "bloomberg markets: european close." guy: stocks are lower. mining stocks lower. 30 minutes to go. the countdown to the close starts right now. ♪ >> the countdown is on in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. ♪ guy: european stocks fading into the close. that is the narrative we are watching right now. we are seeing the mining stocks coming down a little bit. some of the oil stocks also fading on the back of the move we were hearing about from annmarie hordern that is being driven by the chinese. the ftse is down by 0.6 percent. on the continent, we

you have jp morgan downgrading their calls. air china, china eastern and cathay pacific are scrambling to cut. what are they doing right now to try to fight off omicron? rishaad: getting a hit from this, also the oil prices. brent crude is coming back, up 4%. wti crude is up 5%. this deluge of travel restrictions almost over the weekend will be playing out. in the fears that what is going on -- the thing is what happens next? joining us with more, asia transport editor katrina nicholas. walk us through some of the changes that have been made today. katrina: the impact will be seen over the coming days, but the countries are already taking steps to limit the spread of the virus. and while travel restrictions are not popular, they are more palatable than hard lockdowns. we have seen the u.k. reintroduce mandatory pcr tests for all arriving passengers and all those people might isolate until after receiving a negative test result. israel has closed its borders for all inbound foreign nationals for two weeks. the philippines has re

but honestly, at this point, thankfully jp morgan needs china more than china needs banks like jp morgan. shery: what are we seeing in terms of giving up the covid zero strategy that has wreaked on the economy and just access for bankers, for business people going into china? >> it is almost impossible to get into hong kong or china, certainly not without going through a quarantine period. even on the ground we are seeing more restrictions. the are seeing entire apartment complex lockdown, testing happening, students being quarantined because their teachers has been was infected or a child was infected. so we are seeing quite a lot of serious curves that are happening. it does make it difficult for businesses to happen. it makes it hard for people like jamie dimon who want to get in and talk to people here to actually do that, that face-to-face communication is vital for business and just isn't happening. what at this point hong kong is saying it wants to reopen china and that's hong kong's priority. they need to make sure there are no cases of coronavirus in the city and that's what the

. >>> jp morgan is suing tesla for $162 million over a single tweet from ceo elon musk a 2014 stock options contract about the bank to purchase tesla shares at a set price and then adjust based on any big announcements pickett did just that in 2018 when mosque publicly mused about taking the company private. the bank readjusted a few weeks later than mosque took it all back and said tesla never paid but it ended up owing when the contract expired this summer. tesla has not responded to the lawsuit but the company previously accused j.p. morgan of trying to take advantage of its volatile stock price at the time . >> picking up being in the hot seat that is one feature you might have trouble finding the next time you're shopping for a shge s ptedgeneral motors to remove the heated seat option along with the ventilation and heated steering wheel feature. gm says that will use it supply for more critical car components . >> still to come. how do you like your steak? medium rare, meanwhile? how about 3-d printed? i didn't have health insurance, not because i didn't want it. i worried it was too

we will get them from economist from jp morgan and morgan stanley. bloomberg markets china open is next. this is bloomberg. ♪ switching wireless carriers is easy with xfinity. just lean on our helpful switch squad to help you save with xfinity mobile. they can help break up with your current carrier for you and transfer your info to your new phone. giving you a fast and easy experience that can save you hundreds a year on your wireless bill. visit your nearest xfinity store and see how the switch squad can help you switch and save. it's the xfinity black friday sales event. learn how to save up to $1000 on select phones by visitng your local xfinity store today. ♪ >> 9:00 a.m. in beijing and shanghai. welcome. let's get the pmi numbers out. >> the median forecast was at 49.7, we came at a 50.1. just enough to beat every single estimate out there. certainly good news. we have to look beneath the hood

he was still working for jp morgan, when epstein was there where he was an important client. so it's not unusual. they say when you have high rolling clients, like i've seen billionaires for their relationship to be a little more personal, if you will, with your bank or it's not unusual for bankers to visit a client like that at their home, for example. so him visiting this island isn't necessarily an indictment of him, but it is one more thing that makes you go ha, what was the nature of their relationship? and obviously obscene is not someone that people associate with good things. and he has certainly a black eye when it comes to p, r in any circle. so maybe barclay's decision was, hey, the fact that you were associated with him at all. there has been some inconsistency in what you're saying was the nature of your relationship. and what we're hearing from regulators, we're just going to take the approach of let's go ahead and cut ties. now you perhaps they just thought it would look better for them as opposed to anything actually being bad between them. well, let's hope th

morgan has highlighted that digital currency could save billions of dollars. we bring you the latest figures from the report and whether it could way use it. plus as supply chain issues have taken a toll on the auto sector. car sales were up for the month of october, but in the industry out of the woods just yet will bring in or and fix the car coach to discuss what the future holds. there's a lot to get through it. and we leave the program with a follow up on the u. s. federal reserves move to taper monthly asset purchase. it chairman jerome pol laid out the central bank's policy on wednesday afternoon today . the f o m c kept interest rates near 0. and in light of the progress the economy has made toward our goals, decided to begin reducing the pace of asset purchases. with these actions, monetary policy will continue to provide strong support to the economic recovery. beginning later this month, we will reduce the monthly pace pace of our net asset purchases by $10000000000.00 for treasury securities and $5000000000.00 for agency mortgage backed securities.

and jeffrey, i've seen with a client of jp morgan is a private bank, which a sally used to run prior to taking over as a group ceo and director barclays. and sally was obviously surprised by the result of the investigation as well as the reaction by the board of directors. as he was said to travel to the sea of the 26th climb and talk to glasgow. happening in just this week, instead, daily found himself resigning from his position. following the results of the probe, which was done by the financial conduct authority and prudential regulation authority that the investigation made. no finding staley saw or was aware of mister abstains legit crimes. however, the board and mister shaley agreed to still part ways. so to give us more insight and if this means the investigation, however slow is still progressing and bringing justice, we bring a legal journalist contributor with america's lawyer. molly barbara, thank you so much. enjoy your molly again. hi, scotty. okay, so i just have to ask how involve the was staley with abstain compared to others who are in the network who have not even

jp morgan says it is too premature. equities will climb the wall of worry. european stocks made record highs. if you want to belong in europe, aussie dollar down by 0.5%. we are unsure of the timing of rate hikes. it may take some time. there is a bit of a difference between -- and the market. iron ore implodes. crude up. america asks, please sir, can we have more? saudi arabia says no. the reserve bank of australia has bowed some would say to market pressure, signaling they are open to raising rates earlier. i have a problem with this guidance. in the words of the rba, conditions may take some time. and get the have abandoned yield curve controls. how close are we to rate hikes? the markets is 175 basis points next year. -- the market says 175 basis points next year. where are you? >> nowhere close. there has been a complete overreaction to the markets in australia. throughout the conference, they stressed time and again it is all about wage growth and there is no wage growth in australia. he talked down concerns about core inflation. he is quite sanguine a

the new report from jp morgan has highlighted that digital currency could save billions of dollars. we bring you the latest figures from the report and whether it could weigh use it plus as supply chain issues have taken a toll on the auto sector. car sales were up for the month of october, but in the industry out of the would just yet will bring in or and fix the car coach to discuss what the future holds. there's a lot to get through with it. and we leave the program with a follow up on the u. s. federal reserves move to taper monthly asset purchase. it chairman jerome pol laid out the central bank policy on wednesday afternoon today. the f o m c kept interest rates near 0. and in light of the progress the economy has made toward our goals, decided to begin reducing the pace of asset purchases. with these actions, monetary policy will continue to provide strong support to the economic recovery. beginning later this month, we will reduce the monthly pays pace of our net asset purchases by $10000000000.00 for treasury securities and $5000000000.00 for agency mortgage backed securiti

jp morgan joined the conversation on thursday about the idea we would get a rate hike in 2022. there was some selling in cryptocurrency. bitcoin is down below $57,000. the fifth day of declines. this is a correlation between tech stocks and bitcoin. it is basically zero. it raises the question, i heard you talk about inflation days, is bitcoin and inflation hedge? who knows, but it's behaving differently at the moment. caroline: there was selling pressure on other companies coming with earnings after hours. ed: applied materials, that's the company that makes the machines that manufacture the semiconductors. there was a lot of talk that they would benefit from investment in chip infrastructure. they are down because they are so hampered bite supply chain constraints. they're not able to make -- meet demands from the chipmakers. similarly, ross is lower now. the consumer is not want to tolerate the higher inflation. his that something that the retailers take a hit on the bottom line or do they pass the cost onto the consumer? ross is not a tech company. but foot traffic in store

also the larger banks like jp morgan and citicorp that we think can do quite well. they have done a great job after the great financial crisis and covid of repairing their balance sheet, fixing cost structures and setting themselves up for strong growth. paul: in terms of the supply chain bottle nuts -- bottlenecks, when do you see these easing and is there a risk there will be a sudden supply glut? >> we think it's up six to 12 month scenario. we are seeing softening of the crisis on the west coast of the u.s.. real shipping is getting a bit better. also doing research this morning on chips particularly the chips needed for auto manufacturing. that's starting to get better. the glut is a potential risk, but we think it's a six to 12 month phenomenon. you are looking at the middle or end of next year, until we see supply getting back to what used to be. i think we will have to hang onto this for a little longer. certainly as the pendulum does, is swings too far one way or another, you risk overproduction causing a glut. that's why the fed and other central banks are

the new report from jp morgan has highlighted that digital currency could save billions of dollars. we bring you the latest figures from the report and whether it could play use it last as supply chain. if you have taken a toll on the auto sector, car sales were up for the month of october, but in the industry, out of the woods just yet will bring in or and fix the car coach to discuss what the future holds. there's a lot to get to get to and we leave the program with a follow up on the u. s. federal reserves move to taper monthly asset purchase. it chairman jerome pol laid out the central bank policy on wednesday afternoon today. the f o m c kept interest rates near 0, and in light of the progress the economy has made toward our goals, decided to begin reducing the pace of asset purchases. with these actions, monetary policy will continue to provide strong support to the economic recovery. beginning later this month, we will reduce the monthly pays pace of our net asset purchases by $10000000000.00 for treasury securities and $5000000000.00 for agency mortgage backed securities. we

they had quite a close tie going back to when staley was running the private bank of jp morgan. he volunteered his version of the story. the regulators investigated that for a couple of years, just taking two of the six years staley has spent at barclays, and now obviously he has come out and said he has to go. -- barclays has come out and said he has to go. we don't know what was found. we know investors think the nature of the statement means in the eyes of the regular -- regulator, there was something -- staley was economical with his version of the truth. the investigation did not make any findings that staley saw her was aware of epstein's alleged crimes, but they are taking it seriously enough, the discrepancies between what he told the board and what regulators found. rishaad: this is not the first time he has had a run-in with regulators, is it? >> absolutely right. he has had run-ins previously. in 2018 there was a whistleblower situation where he repeatedly and improperly attempted to unmask a wiggle -- a whistleblower who had spoken out against one of the members of t

. >>> what has been a bad month gets worse jp morgan telling its brokers, it will no longer allow them to buy and sell shares of some cannabis based companies tim, what does this do for the trade overall? has this impacted you at all >> look, i am in cannabis -- they haven't pulled back at all? >> cowen >> cowen i think they are holding a different line than j.p. morgan. i think they will be on the wrong side of history. if you listen to the attorney general, he is not going african b -- after cannabis enforcement yet banks can't operate and people are carrying around bags of cash. this is a major problem. for investors you are investing in a sector before a wall of institutional capital can get in for the banks who have chosen to be here, it's profitable i can't speak as an enforcement official, but i can just tell you what is going on and that's not where the risks are. we are about to get into third quarter earnings yes, the third quarter numbers will show slowing over second quarter and there are concerns they can't hold that there is a billion dollar sector in less than five years

jonathan: jp morgan earlier this week running 50% cash. unbelievable. tom: what do you have on "the real yield" today? jonathan: big conversation on the new fed chair. breaking news. i don't. just to be clear, i don't. but tuning. this is bloomberg. ♪ bloomberg. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. jonathan: what a week it has been. trying to get you to the weekend, this is "bloomberg surveillance." potentially the biggest weekly loss since early october. bond market yields are higher by more than 10 basis points. a big move on 5's and 2's. the cpi print ha

tom: will yield negative 1.10, but it has nothing to do with the path jp morgan framed out of a cyst and tilt lessening of the negative real yield statistic -- framed out of the lessening of the negative real yield statistic. kailey: the equity market seemed immune because real yield have stayed negative. that aids risk assets. when that changes, does it make harder for equities to move on? tom: headlines out from angela merkel on the germany you were speaking about on covid. i look at james burns murdoch's work at the financial times and it does not dovetail. germany's numbers are not that much different than the united states on deaths, look at the headline. can you imagine biden says the american covid situation worse than anything so far. lisa: this is the key, tighter curbs are needed. will they enter some sort of lockdown akin to what we are seeing in austria. i have to give you a victory lap. i was optimistic about herd immunity and that we would get to a certain threshold of people vaccinated and everybody would be happy. you pushed against that and you were right. tom: there

the jp morgan note this morning off their london desk a bit of a shock. one thing we will do is probably look at the data this week. we have the right guest for that. jennifer lee joines, senior economist at bmo capital markets, who probably always looks at the economic data. what matters this week, jennifer kailey: -- jennifer? jennifer: good morning. as always, the jobs data is the highlight almost every month. i'm going to point to the ism surveys as to surveys i think they're going to be far more interesting than payrolls because that is where you get all of those little comments and an inside look at what purchasing managers are facing these days. we know that the supply chain problems can't last forever, and i think these two surveys are probably going to be the first place you can glean that things are hopefully getting a little easier. i was hoping to see that last month, but we do not see it, so we will see with the respondents are seeing for november. i will say that last month, a couple of them were mentioning some workarounds because, well, yo

morgan. they will underwrite deals in yuan, and private wealth clients as well. >> let's turn to the world's largest smartphone chipmaker, qualcomm, optimistic, giving a stronger-than-expected outlook for the current quarter and says they have diversified suppliers to ensure access to its input materials. let's get more from our senior analyst. what were the key takeaways and how positive are these developments? >> the demand side look strong, both from a capex spending perspective from the carriers, as well as demand for android high-end smartphones. look, i think qualcomm has done much better in terms of diversifying their foundry exposure, which is why they were not as hit on the supply side, as we have seen from some of the commentary of other players in the space, but net-net, the demand drivers look strong, the 5g buildout looks like it will sustain for another few quarters. >> what did they have to say when it comes to the pipeline, the supply outlook? >> yes, so, clearly, they are imp