jp morgan has 10 times the headcount. 271,000 employees at jp morgan. the last time a look at that number it was 260,000. they seem to be hiring. what do you need to know about this story? delta airlines with a boom report. mr. dimon saying better than good across his view of american banking. it is an ascendant dollar this morning. yen, 126 handle. stay with us. this is bloomberg. ♪ >> inflation is high. inflation is too high for the fed's comfort level. >> inflation is a product of demand and supply. demand has got to slow down. >> it will happen at some point. >> the economy looks good. they have run way to do so. >> can the market still go higher? >> this is bloomberg surveillance with tom keene jonathan ferro and lisa abramowicz. tom: good morning. mr. ferro on sabbatical but kailey leinz joins us. sweden and finland make history talking about joining the eu and nato. is a huge deal with finland. we have weak yen. the dollar is in a churn off the inflat

morgan stanley trading in line with where jp morgan has been. lisa: morgan stanley first quarter trading equity came out, beating soundly,. . how much of this is a tale of volatility driving trading versus morgan stanley winning a greater share of hedge fund and other business? sonali: interesting that you ask. we know there been a lot of questions about how we consolidate in the wake of archegos. jp morgan said prime palaces are still at record highs, which shows you jp morgan can take shares on the retail side but also take advantage of the volatility on the client-side. this is a mixed quarter for hedge funds. for morgan stanley to make so much money in equities is a big deal. the buy side story is still shaky. tom: thank you. we expect to have goldman sachs out in any moment. devin ryan joins us, the jmp securities senior research analyst. what is your distinction of the difference between morgan stanley and goldman sachs? devin: i think it's pretty simple. morgan stanley over the last 10 plus years has been focused on building on wealth man

. >> commissioner morgan: okay. great. >> and they also did a woman from the warrior's front office, and they were trying to get sheila e., but i don't know if they did or not. >> oh, yeah, she's a local woman of success. you guys have got a lot in common there. >> president feinstein: excellent. >> commissioner morgan: yeah, that's all i have there. >> president feinstein: you didn't ask when they would be drafting women. >> they need some. they're 0-3 now. they need some help. >> president feinstein: thank you, commissioner morgan. let me go to commissioner covington. do you have any questions or comments? >> commissioner covington: thank you, madam president. i always have questions. >> president feinstein: okay. go for it. >> commissioner covington: i really want to thank everyone -- oh, sorry. okay. i want to really take a moment to appreciate everyone who worked on the station 35 project. i know that it was very, very challenging, and it was wonderful to celebrate the opening of the facility, and everyone was

after jp morgan yesterday, it is citi, morgan stanley, goldman sachs during post first-quarter earnings. manus: we will cast ahead the ecb's hugely anticipated rate decision. will christine lagarde and colleagues signal a lift off? this is bloomberg. ♪ manus: this is "bloomberg daybreak: europe." i am manus cranny in dubai. amazon is set to levy a 5% fuel and inflation fee on online merchants that use its shipping services, putting more pressure on sellers to raise prices. what does that mean for the inflation outlook? martin muller is the cohead of swiss and global portfolio management at ubp. thank you for joining us. the debate is this, as ppi hits record, cpi is over 8% and we have amazon adding pressure on those sellers to raise prices with a fuel charge, now, your house view is that this is the beginning of a second-round evolution of the inflation narrative, where this is going to add to the inflation spiral, not peek out -- peak out. talk us through your thinking. >> absolutely. this is our view because we have seen inflation creeping up actually last year. . we started at aro

>> second. >> thank you commissioner morgan. moved and seconded. >> and president feinstein how do you row? >> i vote aye vment >> vice president nakajo? >> aye. >> motion is unanimous. >> item 4. general public comment. members of public may address the commission for 3 minutes in the commission's jurisdiction and does in the a pore on the agenda. speakers address the remarks to the commission and not to individual commissioners or department personnel. commissioners are not to enter in debate or discussion with a speaker. lack of a response by the commissioners or department personnel does not institute agreement with or support of statements made during public comment. there is 2 hands raised. >> all right. we shall proceed with public comment. >> caller? >> >> yes. hello. >> my name is richard rothman i live in the outer rich manualed near station thirty-four. 2 things. one is i wanted to thank the fire department public ly on a 3 or 4 occasions we had to call the fire department in the paramedics to come to assist my wife b

jp morgan earnings are out. this is bloomberg. ♪ ritika: keeping you up-to-date with news from around the world. the biden administration is preparing to military aid package with roughly $750 million for ukraine. the president is allowed to transfer equipment from u.s. stockpiles without congressional approval to speed up delivery during an emergency. the u.s. provided more than 2.4 billion dollars in military assistance to ukraine since president biden took office. police in new york are searching for what they call a person of interest in the shooting at a brooklyn subway stop. 23 people were injured, 10 of them shot and no suspect has been caught. detectives are looking for a man named frank james. keys found at the scene belong to a u-haul van he rented. in the u.k., inflation jumped more than expected to a 30-year high. consumer prices in march rose at an annual rate of 7%. higher inflation is on the way. they will be a 54% increase in the energy price cap this month. international energy agency has fore

morgan isn't that much money. he made that clear in the letter, when you look at the scale of what we normally see from james dimon. it is something about that most bankers could write this letter and we will not dive into that right now but we are going to dive into the financial tone set by mr. dimon. marcus is an expert at doing that. he writes for bloomberg opinion but he is encyclopedic on bank and particularly bank culture. about 30 pages in, mr. dimon reaffirms that he wants to do a global consumer bank. he does not mince words about it. is he effecting european banking just as one example right now? marcus: not just yet in europe but definitely using u.k. as a launchpad. we have chase over here with the credit card offering 1.5 interest rates. that is about as good as it gets for us if you have money to put on deposit. big operations down on the south coast, processing retail banking, so they've got scale and goldman sachs came in with the markets products a couple years ago and i think chase's going to ma

morgan chase. i think the reason j.p. morgan chase is suffering today has more to do with their capital ratios coming down due to the trading risks that were elevated, as well as counterparty losses that were trading partner losses that were elevated. one portly, their bond portfolio has to be marked to market, and that reduced capital as well. will that affect some of the companies reporting tomorrow? yes. we have some very large companies. goldman sachs, citi, wells. a pnc and u.s. bank tomorrow, they are not going to have the same issues that you saw with jp morgan's capital levels, and therefore they should fear a little better. kriti: want to talk about the trading revenue you just mentioned. sonali was walking us through those rise as a function of the volatility you are seeing in markets. one of the bookcases for the stock market is simply that that all the to letty going to decrease as the supply chain issues, the information eased just a little bit. talk to us a little bit about what that means for the banking se

here's morgan's show airs at eight p:m.. in the next hour president donald] trump blows the roof off the biggest issues in the world today and indeed he blows my head off too. you think i'm a fool? i do now, yeah. nothing is off—limits. trump tells us what he told putin about invading ukraine. i threatened him like he has i never been threatened before. and the big question, whether he will run again for president in 2024? people can be happy, - you might even be happy. well chris from the telegraph, you are watching, did you enjoy it? you know, it was not bad, it was very slickly made, it was all this american stuff of production. not my cup of tea but i enjoyed it, thought. it was very interesting. and piers morgan has been very keen to share the ratings on both evening so far. how do you assess how talk tv has performed in its first 48 hours? his first show came in at 317 . thousand viewers which is quite possibly the best in that log. bill be pleased with that. there's something like 100,000 viewers in the second day-

steady or as jp morgan is down. it is telling you investors are pleased with the trading gains that are being made or the trading stability, because the drop-off is not as bad as expected. you and i have talked about this, that the volatility is raising the value at risk, so with that said, them balancing the issue of higher risk and better return is going to be of key importance. there is something fun to note when it comes to jp morgan and goldman sachs. jp morgan had a loss when it came to the newcomb market, but goldman sachs started making markets in nickel, and the bid they were taking, and the ask right now, nickel is trading above that midpoint of where they were making markets. so that will be very interesting to watch in tomorrow's numbers for goldman sachs. kriti: we have covered trading revenue with you, we have covered the bank bottom line. a question in the market is what these companies are going to do with these piles of cash they have. i'm curious about the advisory fees for jp morgan, because one o

jp morgan setting the scenes. loss tied to the fallout of russia's invasion of ukraine, driven by funding spread widening. this has been such a massive repricing story. earnings will be mediocre but stocks have performed poorly your today and that tells us all of that is being repriced in. great to have you with us. given the lackluster failing that we are seeing from the bank, does that mean there is more room for a rebound? >> there's opportunities for a rebound because banks tend to move the way the market does. if one is expecting to see a rebound in earnings over the next couple quarters, they are going to be disappointed. there is reason for that. it not up -- now appears the banks are going to increasing their loan modest provisions again. they reduced the loan loss provisions which were significant increases in their earnings and now the opposite is likely to occur. the other thing which seems to be problematic is that if the fed does tighten the way it hopes it will, it reduces the size of the balance she

it's happening at the villa mira monte in morgan hill at 1 o'clock on may 21. we'll be back and talk more about this youth mariachi competition. stay with us. damian: we're back here on "comunidad del valle," talkin' about this youth mariachi competition happening in morgan hill. and, shirley, i have to ask you, i mean, you've spent decades fighting the good fight, the inception of the chicano movement, along with kathy and others, and here we are, it's 2022, and here you are organizing, co-organizing this event for kids; why? shirley: i'm not picketing as much anymore, and mostly, heh-heh, i'm mostly trying to support our youth in the different communities, and i do it because this competition, i think, does more than showcase their music. i think it brings them to the level that "i'm in a team with other, you know, six other people," and in terms of the high school, there were 36 others and that they work as a team, that they learn values, that they learn--you know, it impacts their self-esteem, and to just see that growth, as i've been involved in the commun

morgan chase bank. christine, talk us through treasuries refusing help -- how it russians can use their reserves, they either drained their resolves or risk default. kristine: three very hard options for russia, certainly not one they would want to take. it does raise a lot of questions over russia's ability to make bond payments and how smooth that process will be. that was the initial concern when sanctions were being put in place in march. we have seen a rush at mate principal payments on its bonds that have been due over the past month. there was a feeling of a sigh of relief among investors that russia is continuing to make payments. they have not gone into default so far, maybe the situation is not that bad. this development from treasury really does up the ante on that situation and puts investors probably on edge at this point. francine: and grace, how should markets look at this because the pressure is being ratcheted up. we don't know where we go next, but this could actually be significant. g

it has to be jp morgan today. kicking of bank earnings. the shares are lower by more than 3% after the results were clouded by a loss of $524 million tied to volatility caused by russia's invasion of ukraine. sonali basak is here with more. it seems like almost every bank is reporting tomorrow. but was the opening salvo like for jp morgan? sonali: bank of america on monday. four tomorrow. it will be a long day. goldman sachs and morgan stanley reporting at the same time. that will be a lot to absorb. we want to see competitive training here -- trading here. it did not fall near as anyone expected. it only fell about 1% which is good for goldman. matt: we were looking for a drop in the beak the street's estimates by like $1 billion. sonali: that's a good sign, especially currencies and emerging arc is for really solid gains. citigroup is another place that could bode well for trading if they are able to keep those numbers. the other thing jp morgan said that was positive about prime balances that are high. the buy side is also ready to be t

coming up, investors will be interesting to see if jp morgan, goldman sachs, and morgan stanley will be able to live up to their expectations. we discussed u.s. bank earnings next. this is bloomberg. ♪ tom: welcome back. we are looking at the equity markets across europe. the stoxx 600 up about 0.1%. travel and leisure and consumer products are leading the gains. telecoms, ericsson part of the mix that they missed. energy a little lower. there are some saying that inflation may be peaking ahead of a move into the bond markets. currently on the front end of the curve. let's switch focus to what is happening with the conversations we have been having. only 5% of the companies listed in the u.s. have a female ceo. at the time, pepsico ceo told francine lacqua that it was tough being a ceo from an ethnic minority. >> at the early days, i could look at myself as an -- as a woman in -- i couldn't look at myself as a woman in power. i looked at myself as an alien showing up. there was always this feeling that i was so different from the others and i had to learn a space basharat the table

morgan's parents, dave and cheryl, say that morgan and skyler were like sisters. >> what are your memories of skyler when she was this high? >> she giggled all the time. it just filled our house. >> she had the biggest guys. you would just want to hug her. >> they were good girls, got good grades, and morgan dreamed of becoming a meteorologist. skyler, a criminal lawyer. they also had a packed, that they would always be there for one another. >> and you would both be in each other's wedding parties? >> everyone had a sister to put in their wedding and we had each other. >> as freshman at morgantown's university high school, the two girls drifted apart a little. with a new school came new friends. classmate daniel hovater said the bubbly skylar fit in right away. >> friends came first for her. she was always about hanging out with friends if she didn't have work or school. >> soon, skylar had two new bffs, sheila eddy, who the niece family had known, and rachel chauvin, a striking redhead with broadway aspirations. it wasn't long before they were calling themselves the three musketeers. and

morgan, we have a chance to go to illinois, r.j. going over where we'll be going during a tour last week when they talked about production he gave us an update of where they are the supply chain challenges they have faced are being addressed the electric suvs, that production has begun and gradually increasing and rj is starting the feel like yeah, i think we are getting past some of the growing pains >> i would say 90% we feel good about. it is the small percentage of parts that's constraining us and whether those harnesses or semiconduc semiconductors, those are the areas we are laser focused on and our supplies and how many vehicles we can reproduce. >> the chip crisis will be with the industry through 2023. that's not new near guidance, 25,000 vehicles, if they have enough chips, harness all the components they need, they can do 50,000 is what they said. they got 83,000 reservations as you take a look at shares of rivian since its ipo this november the company is in the penalty box until it can show it is getting past the produc

morgan stan reporting results. a breakdown of all the numbers >> it's been a busy morning. wells fargo's earnings call kicked off moments ago the stock the laggard among the large banks thanks to a miss on the top line higher interest rates taking a bite out of mortgages and relative metric for wells fargo compared to other large banks. home lending down 33% due to a slump in mortgage originations shares of wells fargo currently trading about 6.3% lower goldman sachs's call underway now with the ceo kicking off a conversation with his views on the risks in the macro environment. >> well, u.s. unemployment levels are low, wages are increasing, and inflation is the highest in decades we're seeing new stress on supply chains, commodity prices and u.s. households facing high gas prices and food and housing. we are seeing an increase risk in inflation and mixed signals on consumer confidence >> both goldman sachs and morgan stanley trading higher due to the resiliency which helped of offset equity underwriting shares up

morgan and wondering if you don't own it why not buy it. and i think the concern there is is that i would sell bank of america and morgan stanley if we secret losses. credit jamie dimon for going out and building reserves. they protect against inflation and the war in ukraine and the potential credit losses. i think ultimately the path to the final institutions will be traced out upon whether or not we begin to see these credit losses and ouch of the banks will have to build and reserve for potential losses >> you own bank, goldman, you sold calls in city and wells fargo. >> my biggest take away is that they just lived up to what we were talking about it was too expensive it was two times and you look at the different levels, some are more on the trading side joe has morgan stanley i like what goldman sachs is doing. they're half of the value of morgan stanley that's why i'm in those names. i think they're less expensive bank of america i compare to jp morgan that is why i picked what i got, i have that u.s. bank exposure as well. >> speaki

morgan stanley, goldman-s its -- goldman sachs, and others. tom: we will start strong with the gentleman from jp morgan, the chief economist of global economic research. i think he wrote about 50 pages of jamie dimon's letter and we are thrilled he could bring us the acclaim letter on our international economics and what it means of course coming back to what we see in america. doctor, thank you for joining this morning. first, there have to be amendments and adjustments. kristalina georgieva will react with the world outlook, what we saw from wto, which was 2.8% global gdp. is it that grim? >> i guess the issue now is we have to get through what is a fairly large set of -- hitting us this year. the big one is inflation and the spike we have seen in march is unprecedented. it is unprecedented even against the backdrop of the last year. that is combining with a china drag which is coming and there grappling with a covid surge. we think it will stand the global economy's substantially. we think it will be a subpar performance in the aggregate. h

they are down 26% versus 70% on jp morgan. -- versus 17% on jp morgan. jonathan: throw in the homebuilders in the transport. morgan stanley is doubling down on defensive's for this reason. tom: one of our staff had to move from buffalo to washington and she had to move fancy. $900 to fly from buffalo to washington. jonathan: getting expensive. the cost of the flights are through the roof at the moment. tom: everyone knows that. we welcome all of you as we jump forward. a spirited conversation to end the week. anastasia amoroso joins us. anastasia, i want to talk you about international relations. we will save that for later in the conversation. how has your outlook changed as we begin the second quarter? anastasia: it has changed quite a bit. one thing that has not changed is the view we have had on cyclicals. we have been talking to investors about rotating out of those cyclical spots, and for reasons of what john just talked about. this is not being set over bullish rate hikes. this is not alleged developments the fed is pulling back on liquidity. i th

jp morgan renews its -- reviews its commodity exposure. stock markets incredibly resilient right now if you look at yield curves that are flattening. still there are some parts of these risk assets that are flashing warning signs. you have the dow transport index underperforming. you also have credit. you have junk underperforming as well. this is something our last guest was pointing out. credit likely to underperform in this environment of higher inflation. mark: -- manus: do not get carried away with inverted yield curves according to pimco. it is a warning not an actual fact we are going to tank into recession. the view from barclays is that the inverted yield curves typically are not what we should be looking at. nothing current inverted curve, but what is the market saying one year out? the market is straight -- is starting to price in rate hikes from the fed for 2024. duration hunters the world unite at 2.4%. i'm going to leave that thought there for the moment. dani: i'm going to do a market check for us. we have not seen a ton of

morgan stanley fell in line with last year, more than $2.9 billion for morgan stanley in trading revenues, higher and higher than the historic for what we have seen before with morgan stanley. for citigroup, even with a slight decline, they beat expectations. equities, morgan stanley taking the lead again, with almost 3.2 billion dollars of equity trading revenue in a tough environment. guy: these banks used to make a lot of money in russia. they will not make that money going forward. what we have learned about the exit going forward? sonali: we are learning how the losses are being contained. citigroup was the most exposed and their exposure has dropped $2 billion to about $7.8 billion. they still have loans, counterparty exposure in derivatives, but it is much more contained and we know that it is about $1 billion for the russia closure alone when it comes to citigroup's positioning. another $900 million when it pertains to other risks surrounding the uncertainties of the ukrainian invasion. kriti: there's a massive debate -- are we in for a recession? does that on the horizon or are w

i can't guarantee morgan stanley is going to get charged. all i can guarantee you is my sources who are talking to people at the sec and the justice department believe the following. they don't think there's a criminal case here. they believe there's going to be a civil settlement here and they believe there will be a fine and they believe the person at the top of the list, the firm at the top of the list is morgan stanley given their breadth and size in the market, goldman sachs the second. liz: morgan stanley down about a third of a percent charlie thank you very much. the feds highly-anticipated rate decision just one week away and today's countdown closer, an a tara omarosa shares her thoughts on how to avoid fighting the fed and win in your portfolio closing bell ringing in eight minutes we're coming right back with anastacia in a moment. ♪ ♪ it's electric... made extraordinary. ingenuity... in motion. it listens, learns, adapts period of time. . e eqs from mercedes-benz. it's the car electric has been waiting for. ♪ liz: four min

commissioner morgan? [inaudible]. unanimous. >> madam secretary, i can hear the chief well i cannot hear commissioner covington or morgan. >> they don't have microphones on. i will put them on now. >> thank you. >> item 3. general public comment. members of the public may address for up to 3 minuteos a matter within the jurisdiction that does in the appear on the agenda. speakers shall address to the commission as a whole and in the individual commissioners or department personnel. commissioners are not to enter in debate or discussion with the speaker. the lack of response by the commissioners or department it is not necessarily constitute agreement or support of statements made. and it make public comment, please, press star 3. >> all right. do we have general public comment? there is nobody with hands raised. >> all right. that being the characteristic public comment will be closed. >> item 4 approval of the minutes discussion and possible action. to approve the minutes from the special meeting on febr

and i have taken that to heart and i do the same thing when i went to jp morgan. i assume there is any employee in the room from jp morgan, and there is a shareholder in that room, and i'm supposed to look out for them. that is my job. in terms of what jamie has taught me, howard and jamie have taught me different things. obviously i have been with howard a long time and i think he molded me as a person in terms of my professional self from watching him, especially for so many years and so up close. with jamie, i haven't been there as long. but what i can say to you is i have learned, without a question, how he has put a without world-class team around how him to run an extraordinarily complex business, and at the end of the day, you are only as good as your people. i think that is what i see and what i have learned from jamie. david: another initiative you have been involved with is will getting jp morgan and all others to invest in minority-owned businesses. how is that going? mellody: the initiative is really targeted at the growing sustainable minority busines

morgan and morgan stanley. goldman sachs justin line which shows you that a very heavily weighted trading business is going to be fairly valued here. people are worried about the volatility in markets. the point you guys were making earlier about trading losses, the value at risk for a lot of these banks has been going up as they try to make markets in this very tumultuous time. so then stepping in here is still something that makes investors a bit nervous when they are not clear about what the losses will look like ahead and we have seen some major losses. if you look past the second quarter, the second half of the year is still too uncertain to see how consumers will react to those rate rises. jonathan: investment banking advisory. i'm surprised to read this. b of a notes a record first-quarter for advisory fees. >> it jumped very significantly over at morgan stanley as well. the reason investors are really shaking this office because there's a lot of telegraphing that investors, big corporations are just pro

morgan earnings later today. wall street will tell us more in terms of what is happening with russia exposure, higher yields, and volatility. let's look at how things are playing out across assets and futures and after the big u.s. inflation picture yesterday. the s&p 500 is preparing some of the damage. the japanese yen focuses on the weakness we have not seen for two decades. the rate differential between the boj and the fed being underscored by the commentary and the inflation picture stateside. the boj sticking firmly to its easing policy. the two year -- the 10 year, i should say, 2.76. that came off after investors digested the cpi print. brent in focus, currently down by about 0.2%. rallying strongly above $100 a barrel. the excitement in the fx markets, i know mark cudmore is very focused on the fx markets. also the conflict is on the cpi print. mark: absolutely. as i was saying, fx markets are coming to life and that is what we are seeing on the monetary policy side. that tightens the inflation print. we

morgan stanley is number one. they ended up with a couple hundred million dollars more than goldman sachs that has been holding onto a lot of share in the market when it comes to equities. commodities, remember, goldman sachs has traditionally been a lot bigger for a long time in fixed income. they still were this time around. morgan stanley has shown over time to make that a bigger business. if you are talking about the archegos hit another thing i want to talk about is the fact that prime balances have come back in the middle of a rocky quarter. you and i have been talking about this a lot. the buy side was very shaky. the performance you saw in macro funds has shown in the bank trading businesses as they have made markets as well. kriti: speaking of making markets, windows that stop? when it comes to the treasury market, banks are primary dealers. in an inflationary environment, a volatile environment where moves have been among thin liquidity how much longer will they play that role? sonali: market strategy ha

piers morgan. you have anything insulting to say. good luck with the show. >> absolutely nothing on a huge fan of yours. i appreciate it. howard: you can watch the piers morgan interview with trump starting tomorrow on his fox nations show. after the break glenn greenwald versus elon musk, a top journalist says they're fed up with the toxicity of twitter. ♪ three days. instructor: come on milwaukee! i see you! after riding twelve miles to nowhere, i'm taking a detour. and if you don't have the right home insurance coverage, you could be working out a way to pay for this yourself. get allstate and be better protected from mayhem for a whole lot less. i'm steve. i lost 138 pounds in 9 months get allstate and be better protected from mayhem on golo and taking release. golo saved my life. i was way overweight, and that's what sent me down the path, was i--i wanted to make sure and live for my kid. plain and simple. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed

jp morgan says $185 is the worst case scenario. if there was an embargo, it would be slowly priced in. if they off the get go say, we are not at all going to import russian crude, there is the possibility of oil at $185. jon: helpful context. julia fanzeres joining us on the oil story. kriti, those working in the oil industry are busy. interesting data from a research group backed by slack. for those who have gone back to the office full-time the study is suggesting they are not as happy as their colleagues who were still working remotely right now. 35% of nonexecutive employees are back in the office five days a week. 19% of the executives -- so i don't know if they feel there is a double standard but something we will have to watch closely. kriti: this is important when it comes to major cities who are looking at remote work. something mayor eric adams of new york city campaigned on is bringing people back to the office, bringing consumer traffic back. it will be interesting to see whether they can sustain that given this new rem

jp morgan reported this morning. how do you weigh the risk of financials and recession possibly coming down the line hurting loan growth. when is your thesis on that? sam: we are neutral on group right now. our believe is if we are looking at a flattening to inverted yield curve, how other banks make money on this net interest income environment? we saw today with j.p. morgan chase that trading was good but investment banking was down, also questions about inflation, will we have problem with consumers being able to repay their loans? i think there are a lot of questions with financials, and that will continue to put pressure on the group. lisa: every time someone comes on, a strategist looks at the uncertainties and comes out with all the potential changes on the sliding scale. what is your biggest conviction at a time of unprecedented uncertainty? sam: biggest conviction is that prices will fluctuate. lisa: [laughter] really? that feels like a copout. sam: we will experience downward pressure in the overall market.

allegedly he stormed out of his 75 minute or so interview with piers morgan. trump has subsequently claimed that this is fake news, it was doctored. whether it was or not we don't know. they certainly had a combative clash, these two who are friends. piers morgan has supported trump in the past but he says he's a true friend to call it out when trump got wrong and he challenges trump got wrong and he challenges trump over the result of the 2020 election which was fair and trump says only a fool would believe them. and so followed and then the faraj and other self published price to get in on the fight as well to defend his old friend. honours even, i think. among thieves. ladle defend his old friend. honours even, i think. among thieves.— i think. among thieves. we will leave that _ i think. among thieves. we will leave that one _ i think. among thieves. we will leave that one there. _ i think. among thieves. we will leave that one there. you're . leave that one there. you're supposed who are talking about drivers in the region being the most inpatient accor

piers morgan p morgan joins joiw with more. >> sir, how are you? >> sean, how are you?tulations first of all, congratulations on your twenty five years and beating larry king. what an amazing achievement. oft leavehe me if i'm going to the all time greats of oures business. so i thought that was an amazing thing. you know, i didn't really think a lot about it when they told me i didn't believe it. i still don't. but i got a lot of i got a lot of game in me, let's put it that way. way. i got lots in t i've gothe a lot on a lot in the basement. you f know, the funny thing is we've known each other for years and we've we'vend a l been friends for a long time. comp at one point we we're competitors. but that never really botheredet really bot us in any way.ou get everywhere you go, you get in trouble. you're already starting trouble. you barely started and foxox and we have big headlines. let's start with the promo for your interview with president trump. let's play. okay, here's a former president and did not think he's trying to take think i'm a very honest with much more

have unsecured lending what would morgan stanley be willing to step for? we'll look into it it adds up to a decent amount of money there. something the twitter board has to consider as it potentially begins discussions with him. i believe he does say that haven't had much of any back and forth yet with the company. >> yeah. that's true. i will tell you, david, there's a process going on he's saying they haven't responded to the proposal given the lack of response they are exploring whether the tender offer to acquire all the shares i would only point out you can't close said tender offer. weather it prevents you from exceeding 15% of the stock. >> right. >> you have to have an negotiation with the board that has yet to happen. >>> it lululemon announced a five-year growth plan to double revenue. iblgt they'll be able to do this ahead of plan. and the reason -- one of the reasons it's ahead of plan is lululemon's ceo, calvin mcdonald -- >> thank you. >> yeah. >> when you talk about what is doing it you talk about team and talking about something that i foun

garnering price cuts from morgan stanley, deutsche bank and jp morgan and telsy advisory group. and they doubt that gap could deliver on the previous earnings guidance when the full quarter is released. now old navy has been the stand out brand. in 2019, the company announced it would spun out into its own public company remember that. that plan was aband onned in early 2020 for forward progress for the company as a whole, banana republic and the namesake brand have been lagging with all of the hype and sold out collaborations with kanye west at the gap investors are losing confidence in the gap the company has lost more than half of the value in the last year, well ubd performing the xrt and while supply chain issues plague nearly all companies, gap paid $320 million to airfreight inventory last year and it failed to excite shoppers didn't sell very well. bmo capital notes it has less cash on hand that it did pre-pandemic sales weakness compound that concern. morgan. >> that is quite a stock chart courtney reagan, thank you. >>> as we head to break, the dow is trying to break a

morgan revealing its commodity exposure. we have the unprecedented nickel short squeeze that rocked to the sector. this is bloomberg. ♪ >> let's do a quick check of the latest business/headline. in a legal fight with qatar airways. the french playmaker is pushing the target of building six a month from early 22 -- early 2023 to the end of that year. airbus already slowed the protection by six. j.p. morgan says jamie dimon may stay on as chair of the board when he eventually stepped down as ceo. they may enable them is to serve as the nonexecutive chair. he has been the ceo since 2005. barclays is said to be i i move into the private credit market. plans are still in the early stages. they have not reached out to external investors. they don't have asset-management. any strategy would sit in the investment bank and would launch using the lender balance sheet. >> let's get the bloomberg school. j.p. morgan is reviewing its business after the nickel short squeeze. this is after a move that threatened to drink more liquidity.

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morgan norwood, abc news, los angeles. larry: let's get to mike for a look at the conditions there right now. it does not look good. mike: he does not, and unfortunately it's not going to get any better. they are the storms bringing us our much-needed rain. by the time they get down to arizona, new mexico, and colorado, have spent most of their moisture and they just become dry, hot winds that are fanning the flames. oregon, nevada, ports of arizona, new mexico, colorado, texas, oklahoma, in kansas, they are all at exceptional levels of this drought. that means potential for an above average fire season has already started for those areas and will continue. first we have some good news, we did lose a little bit of our extreme, right up there in the north. let's erase that read and zoom down and show you some of the cities that don't have to worry about being in the extreme. pretty much all of sonoma county and lake and mendocino counties. what could happen with the storm that is bringing us rain right now, it could also en

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jp morgan kicking us off on wednesday. citi saying that wells fargo's balance sheet stands out among the u.s. banks in particular. citi also has a buy rating on all of the other financials, including jp morgan and the like. flatter curve not as much a problem for. . these banks tom: deep into -- for these banks. tom: deep into april 2022, it feels like november. on his france, it is definitive come of the history of modern france. we are three yield -- we are thrilled to bring youth jonathan fenn be -- jonathan fenby. we will do that. futures negative six. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. in france, president emmanual macron's team is painting nationalist marine le pen as an ally of vladimir putin. macron and le pen will square off april 24 and a runoff election. they were the top two vote getters in sunday's first round. le pen has been playing down her previous support for putin. three poles show macron with an eight point lead. russia's invasion of uk

it's piers morgan, of course. and he won'tjust have a show in the uk, it will also be streamed on fox nation in the us, it will be broadcast on sky news australia. as well as that, there is a column in the sun, in the new york post, and there is a book deal with harpercollins, too. all of which is owned by rupert murdoch, all of which is a significant bet on one man grabbing the world's attention. let's hear why he thinks that bet is worth making. piers morgan, thank you for coming on the show. how does that happen, how does a deal get thrashed out? it was fortuitous, really. the whole good morning britain blow—up with the meghan markle thing, and the free speech debate, it was all raging in the uk, predominantly, around the world but predominantly in the uk. and rupert happened to be in the uk that summer, and he watched it all go down. and i think they had been toying with whether to do a new network, and i think he felt that if i was now available, that it was worth having a go. and so they had to get me, and

morgan: morgan norwood, abc news, los angeles. ♪ jobina: let's get it. the celebrate the festival in belmont is back. it showcases local bands and performers as well as musicians from local schools. there was also a battle of the bands. all proceeds benefit the belmont shores school district. amanda: demand for concert tickets are skyhigh and fans are willing to pay up for their favorite musicians. call it pent up energy for fans. ticket sales up 45% compared to 2019, according to live nation. the top 10 tours are charging more for tickets, over 20% over 2019 prices. can't you still find a good deal? >> be mentally and financially willing to pay for the tickets if that is something you really want to do. >> know what you are looking to do and get your family and friends ready and when you see a great deal, there are definitely deals to be had. amanda: some additional tips, check in early with presale tickets. they are often released early with discounted prices. jobina: there is a place where you can see big-name decisions for free and that is the music

morgan norwood, abc7news. liz: you can still see plenty of oscars coverage on demand through the abc 7 bay area connected tv app for apple tv, amazon fire tv and roku. in the north bay, face masks are required again at one elementary school following a spike in covid-19 cases. two dozen students and staff have tested positive. cornell barnard shows us how the school is responding. >> we have these so that every kid and students and every staff member gets one of these. cornell: mike taylor shows as the covid rapid test being passed out at coleman, entry school. after a spike in new cases. >> i am not very surprised. i surprised that it all happened at once. it was very challenging to see kids not feeling well and teachers not feeling well. cornell: in the past week 15 students and staff members have tested positive those infected are staying home until healthy and can provide a negative test. >> definitely did not want to close the school, not going back to zoom. l: taylor spoke to us outside the school but in

alexandra morgan says thieves likely used the stolen early thursday morning to break through a ground floor window. the family house in san francisco's mission bay neighborhood and morgan says it's unlikely the burglars were unaware the establishment help sick children. our mission statement. >> on the side of the building, pictures of children, pictures of sick children there's no way morgan is the ceo of the nonprofit which provides rooms for up to 80 mostly low-income families to stay in every night. well, they're severely ill children receive care from ucsf, benioff children's hospital. >> morgan says 75 kids were in the building during the burglary, but we're not in danger because they were on another floor. we are here to help people. and we really appreciate all the support we've gotten from the police. >> this is just a very sad moment for us and shocking. considering the building is located across from the police department at mission bay boulevard and 3rd street. >> a police report has been filed, but morgan says it will be difficult to replace the thousands of dollars worth