Our top story, jp morgan setting records. Tuesday, reporting the best year for any bank in u. S. History. Shares jumped in the fourth quarter, ruled by a rebound in trading. Joining us to discuss, bloombergs sonali bostic. It seems like humans at least stand another chance against the robots that had been threatening so much of the trading business. Sonali even though there are humans involved, remember that jp morgan among other banks are working very hard to make these businesses much more electronic. Almost every part of these banks are being transformed by technology, except the m a rainmakers we really need the relationships to make a difference. If you talk to anyone at jp morgan, the ceo definitely says that they are just at the early innings in terms of what technology can do for them. That is with the nearly annual 12 billion spend on technology. Taylor we are only in early innings of that transformation from technology. What do we do from that retail visible presence . Sonali
Largest economy in europe for 2019. There are more concerns about the global trade deals than there was yesterday. You can see european stocks pretty much flat. The dollar pretty much a steady. We are getting some data out of germany shortly. We also speak to the dallas fed president , Robert Kaplan at 3 30 p. M. London time. Lets get straight to the bloomberg first word news. Now, u. S. Story for tariffs on china staying put. The Trump Administration is likely to keep them in place until after the president ial election. Any relief is also contingent on compliance. Steven mnuchin and says tariffs wont be removed until the next stage of a trade deal. These tariffs will stay in place until there is a phase two. If the president gets a phase two quickly, he will consider relieving tariffs as part of a phase two. It has nothing to do with the election or anything else. Today, the u. S. And china are scheduled to sign their phase one trade deal. 1 billion is the figure by which jp morgans
Short bet. Traders take their positions fast money Halftime Report starts right now all right welcome. Big show today our Investment Committee is here joe, stephanie, josh brown lets begin with the markets those comments from paul jones, what he told cnbc in daf as about what he calls the explosion driving markets. We are just again in the crazies craziest monetary mix in history. Its explosive it defies imagination. And i dont think anything is changed. It reminds me a lot of early 99. So early 99 we had 1. 6 pce 2. 3 cpi we had ex act same metrics today. Thats out in davos josh brown, turn to you. Answer the question. Time to worry or party like its 99 i think most investors are doing a little bit of both the data does not show that any segment of investors, whether talking about institutions, hedge funds, retail, Family Office foundation, there is nobody out there right now acting in word or indeed as though its 1999 you just dont see that form of euphoria out there in the market do
Looking for continued strength. City did guide up to the higher end of the range for its credit card charge off portfolio. We are coming off extremely low levels that were unsustainable. Wells fargo is down in trading. Is that just because of the legal charges . Allison legal charges is part of it, also no visibility on operating charges. It is not surprising they are not giving any commitments at this stage. It is also not surprising that you would see a lot of charges as a new ceo comes in and tries to put the past behind them. I think the size of the legal charge was surprising to some. The question is is this it . Is there more to come . I was on and off the call so im not sure we have got a number for the losses beyond reserve or any indication on that front. The question is already getting the worst behind us. David often it comes to a reset with the new ceo. Thanks very much. Now we go to Brooke Sutherland on the boeing story. You have a great piece on the new ceo, calhoun. Broo
Investigation into president trump, Russian Hackers went after the company at the heart of it all. Our top story, jp morgan setting records. Tuesday, reporting the best year for any bank in u. S. History. Shares jumped in the fourth quarter, ruled by a rebound in trading. Joining us to discuss, bloombergs sonali bostic. Humans at least stand another chance against the robots that had been threatening so much of the trading business. Sonali even though there are humans involved, remember that jp morgan among other banks are working very hard to make these businesses much more electronic. Almost every part of these banks are being transformed by technology, except the m a rainmakers we really need the relationships to make a difference. At jp talk to anyone morgan, the ceo definitely says that they are just at the early innings in terms of what technology can do for them. Annual with the nearly 12 billion spend on technology. In earlye are only innings of that transformation from technol