haidi: citigroup and morgan stanley are more positive when it comes to developing assets. what has changed to credit this shift in sentiment? >> it comes back down to the flipside, the shifting narrative on the dollar. morgan stanley for example is betting on peak u.s. inflation. citigroup is saying, we are going from overweight through to neutral on the dollar to buy cheaper emerging market currencies. don't forget that governments and central banks in emerging markets have spent billions of dollars every single day to defend their currencies against the onslaught it dollar -- onslaught dollar. with chile and rupee, plunging to record lows, investors have to ask themselves, is it time to get a new buy? we are seeing that and let markets, people saying it is time to buy. shery: how do you bet on the yuan, when we don't know what is happening with covid zero strategies? >> absolutely. that is the million-dollar question. trading, volatility, is the name of the game when it comes to the yuan, if you are happy to hold onto a currency that could fall 2% and swing up 2% within

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annabelle: citigroup is saying the investors basically need somewhere to wait it out for opportunities to come along and where is the most attractive place? that is in cash, especially with the yields rising after eight central-bank decision. they have a portfolio developed by strategist and it is overweight cash by 18%. this is the latest in a lot of defensive calls on the course. if you look at this chart, the dollar is trading at the upper end of its craving envelope -- trading envelope. this looks at moving price averages and we have seen a lot of investors holding back from moving into risk assets and staying in cash. we will see money manager stepping into cash piles eventually, many at citigroup say that will be slow to materialize. haidi: also slow to materialize is the lifting of covid zero restrictions, this would have a massive impact on the yuan. annabelle: yes, morgan stanley has a new note saying that when we do see an easing of covid zero restrictions that is when we could see the elevated volatility around the dollar yuan that has been to the upside that will subside qu

thank you for coming to the studio, head of emerging markets and economics at citigroup. coming up, we will dig deeper into china protests with steve tsang, director of the soas chinese institute at the university of london. stay with us for that interview. this is bloomberg. ♪ tom: welcome back to the open. 44 minutes into the european trading day. volatile day, european stocks pairing heavier losses, now currently down .5% on the benchmark. the euro has strengthened .3%, euro-dollar, on the back of hawkish comments from ecb officials. knot saying strong demand will affect inflation. returning to the big story this morning out of china, where protests against covid zero have spread to multiple cities. for more, and terms of analysis and context, let's bring in professor steve tsang, director of the soas china institute. thank you for joining us this morning. before we get to the protests, if you could put this into historical perspective. the significance of what we're seeing unfold in china right now? steve: [indiscernible] tom: professor, we're having some audio issu

sources say about 200 posts are set to go at barclays, with dozens already fired at citigroup this week. new covid cases in beijing have jumped to the highest level in more than five months with officials alarmed by actions being found outside of quarantine. china's biggest outbreak is in a province that is the main driver of the national caseload, which rose to more than 7700, the highest since april. elon musk sold at least $3.95 billion worth of tesla stuck just days after his twitter buyout. the sale was his first since august and brings his total disposals of the carmaker to $36 billion over the past year. disney shares have slumped in u.s. after hours trading after fourth quarter sales and profit missed wall street estimates. losses at the company's direct to consumer arm driven by the disney+ streaming service more than doubled to almost $1.5 billion in the most recent months. themepark profits also fell short of projections. that is your bloomberg business flash. tom: thank you very much indeed. losses of 0.2% on the markets. stateside futures essentially flat as we made for mor

all right, citigroup strategists give a pointed piece of portfolio advice this morning we want you to hear. is an exit strategy of a popular trade recently in order? our floor show traders up next with the long and short of it. and later, the sweetest veterans day story you will ever hear. we've got it live on this veterans day. i promise, you will not be disappointed if you stick around. closing bell, 47 minutes away. dow jones industrials flipping back and forthright now. it's negative 27 points. we do still have the nasdaq and, of course, the s&p in the green. same with the russell and the transports. "the claman countdown"'s guttin, we're back in a minute. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire [coughing] hi, susan. honey. yeah. i respect that. but that cough looks pretty bad. try this robitussin honey. the real honey you love, plus the powerful cough relief you need. mind if i root through your

citigroup pointing out this comes after foot locker decided to increase adidas exposure after nike scaled back sales via retail partnerships including foot locker that means the company is going into the all-important holiday season order with significantly fewer jordan retros and no yeezys, says citi, which expects a, quote, significant guidance cut for q4 foot locker has a new ceo, started the job in august, hired to help foot locker's digital operations, ulta increased by nearly 8 times under her leadership the market is excited. the company declined to comment to cnbc but it is in quiet period ahead of third quarter earnings shares up 8% since foot locker announced it would stop stocking yeezys in late october. >>> when quewe come back, amd launching a new chip that story plus chinese stocks keep surging and health care slumping when we take you inside slumping when we take you inside the market zone.. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... uh, how long are you... i'm done. i'm okay. ♪♪ we all have a purpose

if you have a portfolio you get companies like citigroup, fedex, citi field, which is in washington. at&t put its name on a number of things, united airlines in chicago. even amazon stock down 25% since bezos decided to put -- bought the rights to the seattle arena. bezos being baise oce it was called climate pledge arena. it is sustainable using rainwater from the roof of the ice. it didn't save the stock. there's hypocrisy because his personal climate footprint is enormous. he has a $500 million megayacht. jack: another example is crypto.com stadium. within days of the peak, $70,000. markets soared after the release of better-than-expected inflation data point, our investors optimistic about the next move? former federal reserve at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere, we use data driven insights to design hr solutions and services to help businesses of all size work smarter today. so, they can have more success t

banks hit hard to citigroup and barclays, the latest to cut hundreds of workers. adding to the uncertainty on wall street, the collapse of f t x, one of the largest cryptocurrency exchanges and tuesday's midterm election results, where voters delivered a mixed verdict and now a new reading on inflation. this morning, the monthly consumer price index is expected to show only a slight drop in near record high inflation with prices in october, rising an estimated 7.9% compared to a year ago and wages up only 5. the result. the typical american household needs to spend $457 more per month to buy the same goods and services as a year ago , the federal reserve is expected to raise interest rates one more time this year to try to cool inflation time now for a look at your thursday weather. good morning, nicole, making landfall early this morning as a hurricane near port saint lucie . this storm is going to bring significant impacts in central and northern florida and through much of the southeast through the rest of the day and into tonight. now there's a strong onshore

>> $700 million directly, a lot more indirectly. >> citigroup? >> same, almost $800 million. >> bank of america? >> roughly one billion dollars and a lot indirectly with our partners. >> truist? >> several hundred million dollars, directly ended directly. >> wells fargo? >> partly seven or $800 million. >> my time is better expired, thank you. >> thank you very much. the gentleman from texas, mr. gooden, is now recognized for five minutes. >> thank, you madam chair, i let to thank you all for being here. thank you, mr. scharf, the last amount of wells fargo ceo come before here didn't go well and you've done a tremendous job with your institution. i want to congratulate you, so thank you. i had some follow-up to a lot of the conversations we had on china earlier today. i'll start with you, miss fraser, citi former global head of investment banking praise the chinese communist party's belt and road initiative. in fact, he said, quote, citi the strategy is directly associated with 32 of the 69 countries, which is more than any other global institut

tom: veronica clark is working with citigroup and the call of the year. i would suggest with deutsche bank out first with ramification of global slowdown and the vector of interest rate higher, that is what everyone wants to know. you say, where is the terminal rate, citigroup terminal rate? victoria: we have it at 5.25 to 5.50. tom: why was he wrong about talking 7%? veronica: he may not be wrong and i think the other rate needs to get to where from five to seven. lisa: there is a question of how much companies are already feeling a lot of tightening and ratcheting back plans and may have to cut staff. from your vantage point, how do you dismiss that as a relative -- relevant factor for the fed? veronica: we are anecdotally hearing people are cutting back but you have not seen it in the data and that will beat what is most important for us and the fed the what are you seeing in the inflation data and we have low jobless claims and it seems job openings are high and not enough loosening yet. lisa: when we talk about tech layouts, amazon cutting 10,000 job

citigroup and barclays have started eliminating jobs and their investment banking operations, joining other major lenders in responding to plunging revenue from businesses. sources say dozens of positions at citigroup were cut this week. -- underway at barclays expected to total 200. right alt plans to boost dividends with a sweeping overhaul. electric vehicle businesses. shery: coming up, weak advertising as tv losses weigh on disney. this is bloomberg. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... save hundreds a year over t-mobile, verizon, and at&t with xfinity mobile, and for a limited time get $500 off any new eligible samsung device. michael: serving in vietnam, a grenade took my ability to see. today, i'm a sculptor. my fingers are my eyes. as a veteran, i know the c

and the chief, jim bullard attended a citigroup event without media. they seized almost $3.4 billion from bitcoin from property developers after they scammed of the silk road a decade ago. investigators discovered more than -- the coin, he was arrested and pleaded guilty to wire fraud as the second largest crypto seizure for the u.s. to just -- justice department. brazil's president elect lula, is said to reveal a. spending plan even before taking power, he needs approval from congress. during his election campaign he promised to boost cash transfers for poor families and exempt people from income tax and increase the minimum wage. that is a look at your first word headlines. david: let's continue that spread. labor markets, what demand looks like moving forward. we talked about tech. microsoft president, who spoke to them. to brad smith. he talked about a company -- the company having to trim in the face of all of these things. but it's not as exposed to advertising revenue as other tech giants. smith told us about adapting to climate change will requ

the chief currency strategist at citigroup joins us now. what will disinflation due to the resilient dollar? >> we think it's a key driver for the dollar and broader markets. we have seen a big shift in sentiment on the dollar relative to last week even between thursday and friday of last week. all eyes are on tomorrow's reading and air economist have a slightly lower forecast than the consensus, like a .4 increase in core cpi. we think the recent dollar has further to go. we think we can get another 2% down in the dollar. tom: fremont around a major hair-like euro-dollar. is it a big figure move if we get a disinflation in america? how many parts of the euro will go through parity? >> we are hanging above parity again and we think we get a low inflation number tomorrow, we will pass 101 but i think 104 is the next stop. it's a different picture from where we were last week and it's reflecting more china optimism and the idea that maybe the fed can take their foot off the gas pedal. also the luxury of looking into next year and allowing inv

citibank -- citigroup saying negative dumb. what you say to that? >> i will say what i said earlier. it was down on a year on year basis by 14%. compared to a q1 last year that was up 34%. it is hard. the compare point is why just the arithmetic gives you that. the better way to look at it is what is happening sequentially. when you've got an anomaly quarter we are comparing to and our fourth quarter last year, first and second quarter both had greater than 30% growth. the arithmetic is tough. the better way to gauge what is happening in terms of customer demand is, how do the sequential's compared to what you have seen historically? from that standpoint, it was below but pretty much in line would we have seen as a historical range. it was our fourth quarter to our first quarter. the sequential's look fine. second-highest q1 in terms of product orders we have had in the history of the company. caroline: difficult year on your palms. scott herren. keep watching. coming up, what's new in the vc world? and before we had to break, a softer tone apparent

the chipmaker has let to reduce any details, banks are calling their numbers, morgan stanley, citigroup reacting to reduce deal flow making layoffs more likely, they plan to right size, code for we are laying people off. all this as the white house is layoffs are not a trend, listen to what labor secretary marty walsh told edward lawrence after the last jobs report. >> they got reflected in this month's report, but we are keeping an eye on that. companies over the last 10 years have grown incredibly and created a whole new era of industry so we will continue to monitor that. stuart: this could get worse before it gets better. the consensus view of wall street analysts that the economy will wrestle with stagflation, rising prices, slow growth, fewer jobs. blue went don't care what marty walsh says, it is a trend, layoffs are trend, thank you very much indeed. the former president of levis pushed out of the company after speaking out about covid school closures in san francisco. who new book is out today called levis and button. jennifer say joins me now. big picture for second, get away

it says 200 jobs will be cut an reductions started this week this comes after citigroup let go of 50 traders this week the firm cutting dozens of banking roles amid slumping deal making activity. >>> apple hiring a former facebook executive to lead the information systems group. according to bloomberg, timothy campos will lead the group which leads the infrastructure on the online services and customer support. campos co-founded a calendar startup which was purchased by slack and salesforce. >>> and president biden questioning the relationship between elon musk and other countries. he asked if musk is a threat to security biden says the tesla ceo and twitter owners cooperation and relationship with other countries is worthy of being looked at adding he was not suggesting musk was doing anything inappropriate, but musk has international business ties with tesla and twitter and sp spacex >>> thank you. let's turn to foxconn. they will continue expansion in china amid the latest quarter results. the figures show the impact of the strict covid control measures eunice yoon is joining us f

scott chronert, chief equity strategist at citigroup. what we got ahead? uber shares jumping after strong ridership numbers. we break down the figures next. this is bloomberg. ♪ alix: it is time for the bloomberg business flash. >> the biggest business stories in the news right now. i am angela ciano. tesla sending workers from china to help with an expansion at the factory in fremont, california. it is a move that could help the u.s. facility ramp up production. about 200 people from tesla's shanghai plant we'll head to the facility on assignment that will last at least three months. huber posted third-quarter revenue that beat estimates. the ride-hailing company reported a recovery in the number of drivers that supported increased ridership. that should ease investor concerns rising inflation would cut into the number of people taking ubers. that is your bloomberg business flash. alix: thank you. uber surging and with us for more is mandeep singh. does this surprise you? mandeep: uber was trading the lowest in peer groups among marketplaces. any hint o

citigroup laid off 50 trading jobs this week and cutting 200 positions cut from barclays. they join microsoft and snap and peloton which have also announced deep cuts. >>> the economy is front and center with one-third of voters saying inflation is top of mind. the october cpi reading is due in a few hours ahead of the last meeting for the fed on december 14th headline annual cpi has shown cooling in recent months, but far from the fed's 2% target very far from the fed's target let's bring in the cio of muske t musketeer capital. i gave you a headline number if you look under the hood, goods and price inflation has started to come down you see it with the used car vehicles shelter and rent remains sticky and still on the upward trajectory what does that do to the core cpi print? >> first, thanks for having me on the show. that makes sense if you think about it. we know the demand situation is coming down in realtime. if you think the last time inflation missed in a real way, when was that? after the deep bear market we saw in equity markets in may and june when you saw the

from fed chair jay powell they'll be watching adc employment figures and the job survey due out today citigroup says u.s. inflation will reach 4.8% with the fed interest rate topping out between 5.25 and 5.5%. citi groupe analysts have looked at growth. we're joined by andrew let me ask you about jay powell at this stage. i think the market is wondering whether we get any change to hawkish commentary of late, and there doesn't feel like any reason why, the job honing going in his favor without having to increase interest rates. surely that's a win for the u.s. economy. >> yes, it would be, if they didn't have to anticipate the call for rates of around 5.25% and 5.5% our baseline is a little bit below that they're likely to go to 5.5% but certainly not 6% as some indicated earlier. we would expect more of the same the chair powell and fed governors as well going forward to recommend acknowledge there's quite a bit of ward to do in the battle against inflation and the outcome can be measured in years, not weeks and months. >> andrew, i want to pick up on the difference in the forecasts because if

from a citigroup standpoint we have been investing. we invested in technology and health care on the banking side. and other areas of our business, private wealth, commercial bank, they have been areas of investment. that said, we have to make sure that we are right sized in the next year or two. this will be an inevitable time where there will be a level of rightsizing. i don't think people can look at it that this is a mass retrenchment of the business. they are still growth and great areas for us to invest in and that applies to the rest of wall street. sonali: as far as areas to invest in, are there enough jobs to take at that capacity and do investors need to realign their skills to a new market and frankly a new paradigm in the markets we will see? leon: bankers have to constantly reinvent themselves. if you are an industrial banker from 10 years ago today you have to be partially a technology banker. if you are a health care banker in terms of pharma you have to think about health care technology. there is a constant reinventing

so bloomberg news are reporting that citigroup had to lay off 50 of its traders and dozens of banking roles. barclay's as well. and the catalyst there is a slowdown in markets activity and also a return to an annual ritual that banks used to do which is where they cut the biggest underperformers in the bank. so the outlook is bleak if we don't see a pickup in the activity. of course, these cuts pale in comparison to the cuts that we got at some of the tech stock -- tech names this week and the likes of meta and twitter cutting thousands of employees. >> yeah, it will be a grim time of year heading into the holidays for those employees who just been fired. cnbc live for us from london. thank you very much. coming up, we're moving back to politics. democratic congresswoman debbie dingle will join the program to talk about the mid terms and what do happen in the house if republicans win control of the chamber. we'll be right back with that. chamber. we'll be right back with that. ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everyt

a guy at citigroup the stock went to neutral from a sell. that is a big deal. i want to bring in kaltbaum capital management president gary kaltbaum. tesla has lost so much in the market cap. even bears admit that is too much. here's the thing. we see other megacap tech names trending higher. we've seen it with apple. we've seen it with microsoft. we've seen it with alphabet. we've seen nvidia make a big movement. even meta has come off the bottom. the only one that hasn't until today is tesla. all things considered is this something you would even consider buying at these levels? as the risk/reward, has it changed? >> i love the company fundamentally. i don't love the stock. for me i need downtrends bear markets to turn into uptrends. one day does not do it. i think the problem is, with the twitter buy the worry is how much time mr. musk is going to be putting into tesla but i will promise you, if they keep delivering the goods, strong earnings, revenue growth, it will get going again but one day doesn't do it for me. you mentioned a bunch of big cap megacaps

citigroup is enthused on agriculture, moving forward. we did not mention morocco and croatia. lisa: i think we tried. tom: we failed. >> keeping you up-to-date with news from around the world. i am lisa mateo. in chesapeake, virginia, a shooter open fire on a walmart. six people were killed. the shooter is also dead, although authorities are not sure how he died. chesapeake is virginia's second largest city. the top judges in the u.k. have thrown out scotland's latest bid for independence. they ruled that a second referendum would need to be approved by the british government. bloomberg has learned european union is nothing capping the price of russian crude oil between 60 five and 70 dollars a barrel. ambassadors are meeting today with the aim of improving mechanism and a proposed price level. they will report a loss of one point billion dollars for the first quarter. the underscored concerns after years of scandal. manhattan's avenue is the most expensive retail district in the world, according to a survey. fifth avenue beat out last year's number one. global news, 24 hours

i know we're still create aing jobs but there are mass layoffs coming, this week meta, citigroup, barclays, red fin announced layoffs. how do you see jobs and the macro story from your standpoint. >> not very constructive, maria. first, i think there are some issues with the labor market and the way it's being calculated. we have roughly the same number of people working now as we did pre-pandemic. if you have 8 to 900,000 people entering the workforce an annual basis i don't know how you get to 3.7% unemployment. you look at earnings in the fourth quarter, at the end of june the estimate was for 9.1% growth. the estimate's now for the fourth is for 1% decline. this quarter without energy earnings will be down 5.2%. so as these earnings come down, companies across the board are going to look to cut costs and you're already starting to see that in major institutions. tay laying off 13 -- meta laying off 13% of their workforce. you can take was you will from the new name of facebook and investment in the meta verse and the fact they're laying off so many people as to how that investment has

what we have seen is a dramatic change in tone from some of the biggest wall street firms on china citigroup turning bullish, upgrading hong kong to overweight and over the weekend, they predict china will exit covid strategy around march of next year which will help unleash $760 billion in household savings, further supporting china's stock market. the k web etf taking a breather. news as well of three covid deaths in china over the weekend. the reopening, though, will help u.s. companies will largest revenue exposure to china. so names that they highlight, tesla, nike, domino's pizza, with 15% or more of their sales tied to that country geopolitics still remain a top concern. cowen say simply put, talk is good, but it's also cheap. >> you raise up the headlines about the covid deaths china has lockdoed down one of s key districts. they were talking about wynn resorts which is one of the most highly exposed u.s. companies to china revenue and he says they upgraded the shares, but that was based on the expectation of the reopening and it hasn't happened is wall street getting ahead of itself

i had facing a little bit, selling upside calls in january in citigroup. >> happy turkey day, everybody thank you fo >>> this is the start of what could be a very big holiday season. >> more on the retail landscape heading into the holiday season. >> some fear might be a humbug holiday. >> our expectation is they're going to shop especially beginning this weekend in record numbers. >> what we're seeing is a very mixed break drop. >> a few retailers are doing better but most of them are struggling. >> i don't think retail will look great by the end of the year ♪ ♪ >>> happy thanksgiving eve, everybody. welcomecnbc special "taking stock. i'm brian sullivan jim is off tonight

tesla up too, citigroup upgrades them to neutral from sell, up 6.5% now. they give them a $176 price target. i know that's down from where they're at now, but that was an a increase from the prior target of 141, and they say if you look at the pullback this year which is down 51% per share, they say it's balanced out the near-term risk, and the stock is ready to rise again. apple shares are higher, but we're seeing videos online of protests in china at that a major iphone 14 production factory, foxconn. they employ 200,000 workers. we're seeing video where you have workers trying to break out of the factory, trying to break out of the dorms, and they're being met by these men and women in protective gear. foxconn says the protests erupted, some of them did turn violent because the workers said their bonuses were delayed. but we're also hearing they don't want to get covid, ask they're being forced to work. you look at the lag time for iphone 14s, it's being extended because apple is dealing with situations like this over and over from that major foxconn fa

tom: right now, lean forward, because this is global head of commodities research at citigroup. with the real yield, there have been other calls and they nailed oil, no question about it. he said no, maybe not, and here we are, under $100 a barrel. to cut to the chase, if china reopens, many say that will be the demand to get oil back above 100 per barrel. do you agree? >> actually, we don't agree. the only way to get oil back to 110 or 120 is through a bunch of disruptions from places like libya, nigeria, and maybe even iran and iraq. it is a supply-side phenomenon to get above. they say they can work with that a little bit, but that will have an impact on the market. we are in a world where demand is sloshing, whether you are looking at the u.s. or europe. the third biggest economy in the world. look at what they did in the last few months. they are of 2 million barrels per day. a sideways little dance, it is not going anywhere. i think this supply on the market. jonathan: does that make sense to you? >> we are in what fiona hill calls world war iii. the economic instruments,

good morning and thank you for the opportunity to represent citigroup today. when a similar group convened with this committee last year, we shared how our bank supported the economy during the global pandemic. today, well the worst of covid may be behind, assess the economic challenges we are facing are no less daunting. the reforms you put in place and the work we've done since the financial crisis to strengthen our banks financial foundation have enabled us to continue to serve as a source of stability. well today i am a proud american citizen, as someone who grew up in the uk, i can attest that the banking system and the capital markets in the states are the envy of others. our financial institutions and our financial markets are essential to american competitors abroad, and they are reason why the u. s. is the top destination for foreign investment. as living expenses for americans increase and concerns about the economy grow, we remain very focused on our role as a bank in job and in both creation. through cities extensive global network and footprint, w

morgan stanley, citigroup, they're laying off a thousand. intel, microsoft, johnson & johnson. it is across the board. we're beginning to see these layoffs. we still have a buffer of extra jobs but they're drying up. >> this is just the beginning, david. sadly i hate to say that. only going to get worse but not only about jobs but how leveraged the consumer is as well. david: yes. >> america has a debt addiction. the government has a debt addiction. government has a debt addiction. that is what happens with interest rates 0% for 13 years straight. households have 16 1/2 trillion dollars in debt. government has $31 trillion in debt a lot of people are expecting stimulus checks, bailout from the government to support the debt addiction. what happens when uncle sam is not there to help because literally they cannot help anymore. the american dream used to be work hard, accumulate enough savings to buy what you want in life. now the american dream is buy what you want in life regardless how smart or how hard you work. expect credit card debt to about higher and higher, until unempl

i had facing a little bit, selling upside calls in january in citigroup. >> happy turkey day, everybody thank you fo >>> this is the start of what could be a very big holiday season. >> more on the retail landscape heading into the holiday season. >> some fear might be a humbug holiday. >> our expectation is they're going to shop especially beginning this weekend in record numbers. >> what we're seeing is a very mixed break drop. >> a few retailers are doing better but most of them are struggling. >> i don't think retail will look great by the end of the year ♪ ♪ >>> happy thanksgiving eve, everybody. welcomecnbc special "taking stock. i'm brian sullivan jim is off tonight tonight, it's about you, the american consumer, the shopper, the diner, the traveler, maybe the sports gambler you drive with inflation the stimulus wears off, some are having to make difficult decisions is tonight, we got every angle to fight for your dollar covered as we look for investing opportunity we head into the holidays and what a lineup we have got for you we've got retail legend micki drexler and consum

now, bankers are culling their numbers too, morgan stanley and citigroup reacting to reduced deal making with layoffs. other companies mentioning they plan to right-size themselves in quarterly earnings announcements, that's code for getting rid of head count. look, it's no surprise that a new bank of america survey shows the consensus view on the economy next year, stagflation. that's a painful combination of sluggish growth and high inflation. david? david: old enough to remember back in the late '70 when it was the dominant theme. gerri, thank you very much. let's get to fox business' jackie deangelis and marco trends found ors advising partner mitch roschelle. i'd love to get to the ftx story because it's extraordinary, but i first want to talk about, mitch, about what's happened with the economy, particularly in the job sector. this has been one of the saviors of the economy over the past year with. we've worried about a recession. with two the down quarters, we had that job surplus. is that now drying up? >> well, certainly not in the weekly jobless claims. i think it's more of som

very curious to see the fact citigroup is talking about bullard and williams, both talking about this. i wonder how much they end up trying to respond to this. do they end up pulling a andrew bailey and trying to say, if you guys do that, we are going to have to raise rates more because you may have to counter the inflationary push? jonathan: central banks trying to get involved in negotiations, isn't that something they have to respond to? lisa: how do you respond to it? you are responding to it by raising rates. jonathan: when they go into a speech after they have left the fed. have you seen some of the antics of yelling at the post federal reserve? lisa: not enough time to discuss this. i know you have disdain. jonathan: i am happy people go out with no money. lisa: what is your motivation to public service if they cannot make bank? jonathan: i think you are not in a good position to be commenting on how much people should earn. lisa: i think everyone agrees on that. jonathan: thank you. tony rodriguez is coming up. victoria green, all coming up in the next half-hour. lisa: so is t

citigroup, wells fargo, mastercard, hsbc, all working on a twelve week digital dollar pilot. the fed describes this project as a regulated liability network. so what does this mean, the long term? they haveif control ofd can' your money because it's digital, you can't stash itas under your bed. h unde ke wif they don't like what you say, they can turn it off in thur impoverished. in other words, this wholer thing is a bigger scam. even that it seems. and it was made possible by political sloganeeringd know and sandbank been freed if nothing else is not stupid. put and he knows that well, as he put it in a message to a reporter the other day from his hideout in the bahamas bahamas,s the woke posturing is the most effective possible business ploy. and we're quotinsinessg, i feeld for those who get fired. he wrote by this dumb game, we will questioners play where we all say the right shibboleths and everyoney an likes us .ed al in t other words, if you suspected all of this was a scam, all the moral get about posturing, all the lectures you tot abouyou'ret there, great in your b

ceo of citigroup september 2020. welcome. rogers, the ceo of suntrust since january 2012 was named in 2021 following the merger. welcome. mr. andy. [inaudible] welcome. j.p. morgan chase before joining in 2022 and when he was named ceo several years later. welcome. if you could stand and take an oath. raise your right hand, please. do you swear or affirm the testimony you're about to give us the truth, whole truth and nothing but the truth so help you god? thank you very much. >> is wells fargo too broken to fix? i'm sorry. you didn't do the statements yet. i apologize. [laughter] begin, please. >> thank you jermaine brown, ranking member and members of the committee. good morning and thank you for the opportunity to be here today. since october of 2019, i've had the privilege of leading wells fargo. i reflect on my time at the company. i am incredibly proud of how we used over financial strength during difficult times to support the customers, employees and communities we serve while we've worked to transform the company at

that is in contrast with citigroup and goldman. they say the slowdown in capital markets will end and they want to make inroads. the three megabanks in japan are on the front and a looking to expand outside of japan. the regional banks are in a tight spot, with the government not shifting on interest rates. shery: bloomberg's russell ward there, here is a quick check of the latest business flash headlines. bloomberg has learned that fosun is x -- exploring as it seems to raise capital and erase that. the domestic food investors -- and beverage business is available for investors, they are weighing options for investments and you can europe. >> they are investing $5.2 billion in new factory, the facility will start production in 2026 and bring 2000 -- 1000 new jobs. they have investment that is key to subsidize domestic chip manufacturing. >> the lender remains optimistic in the medium to long-term, despite cost-of-living and interest rate pressures. the bank reported a first-quarter cash profit up $2.5 billion, aussie dollars. net

last week, bank of america, morgan stanley, citigroup and goldman sachs raising their outlook on china goldman saying net buying in chinese equities was the largest ever, driven by long buys, and to a lesser extent, short covers larry cautioning the road to reopening is set to involve a lot of back and forth. evercore isi still expecting the country to begin exiting zero covid policy around march of next year, but confesses the road to recovery will be bumpy the strategists there says the boost in consumption that we'll see over time will benefit u.s. companies with exposure to china. names like aptiv, tesla, domino's pizza estee lauder with 30%. of course, semiconductor giants, qualcomm, nvidia, analog devices. and apple, china being its second largest market, accounting for 18% of sales, looks to diversify its supply chain, bringing lower cost iphone to india. the commentary from these companies will provide a critical read of what exactly is happening on the ground and if easing restrictions will help kick start productivity. next big economic report will be industrial profits this

somewhere in the vicinity of two thirds of the way through the fed decision, there was a modest note citigroup. they framed out a 5% to year yield. to discuss that, the global head of credit strategy. how does your world change if the two year yield moves from .0% to 5.0%? what are we going to live with a 5% to year yield? >> thanks for having me. i think the conversation around a 5% yield both in the front end and the two-year is important, as well as on the -- curve. with the 10 year. tom: oh, my word. is it about halloween? winnie: he is disappointed that we could only buy $10,000 worth of moves. tom: [applause] winnie: he is set on buying a monster truck for himself when he is older. hopefully, we get there. clients have been really focused on what has happened if these 5% levels both on the front end and the long end. i think the 2% -- 5% 10 year yield discussion is important from a credit risk perspective, whereas the 5% 10 year yield is important from a duration risk perspective. the performance and credit portfolios this year has been equally negatively impacted by credit and duration

tom: citigroup comments on bullard tilting to seven percent terminal rate. he has got to recapitulate that today and finesse what he meant i moving markets with a 7% yield. that is a stunning statistic. lisa: he moved for half a second and moved it back down. tom: i missed that. lisa: there is an option. this one is interesting. $35 billion in seven year notes from the u.s. treasury. tom: why is the seven year important? lisa: it is a less liquid security, tends to be a messier option because there isn't necessarily --i am not talking to you like a dummy. i am telling you why i think it is interesting. i like the seven year option. look at those yields. a lot of people seem to like tom: this area. tom:ok. we will go there. we will give the world cup schedule in a minute. i watched a little yesterday. it was fun. the u.s. game was like, wow. lisa: they should have one bag. tom: darris gareth. we will get the expertise in the coming days. denmark, founder and ceo of -- data. world stops, denmark, tunisia. denmark is percolating with a chance to make noise. >>

expected to be the highest levels in three years, if not more joining us now with more is steve trent, citigroup airline analyst. what are we expecting from volumes? i've got to imagine they're going to be well above obviously the last few years for obvious reasons. can we see absolute records? >> yeah, great to be here. thank you for having me on and happy thanksgiving to you. so absolutely for the thanksgiving travel period we could get beyond 2019 levels so we have had a couple of days over the past several weeks where we've surpassed prepandemic levels this thanksgiving period looks to be robust and i would say it's so far -- no news is good news we're not really hearing much at all about big cancellations or anything like that so just a lot of throughput. and we could see some high numbers come the end of the weekend. >> do we end up buying any stocks because we go to the airport and every plane i've been on has been 100% sold out 100% of the time does that mean i need to own that airline stock >> great question. so i think when we look forward, you know, what are going to be the places whe