Ins a draw as they say soccer right now. Jonathan im not sure anyone calls Bank Earnings season the great derby. Darby. Y the fixed trading revenue number. Equity sales and trading revenue. Message fromng the the city ceo. Balance sheet a has plenty of capacity to serve clients. This is the continued message that the Balance Sheet is not an issue, this is an earnings issue. The Balance Sheet is still strong. Tom every bank has different language. 20 some billion dollars of cost of credit. Citigroup and jp morgan lifting a little bit. Wells fargo is its own story. Sonali basak joins us now. We have citigroup out here now i want to go back to wells fargo. How broken is wells fargo . A 2. 4 just posted billion loss. Down to is being cut . 10 compared to . 20 expectations and . 51 where it was before. They are putting up a fraction of what they had before. They are jp morgan with relatively solid results in the face of a tough time. Jonathan is there a broad take away yet for all three . A
This is the final estimate. The earlier estimate was 56. 2 as well. The euro area pmi rising to 57. 5. The preliminary, 57. 5. Across data, flooding the eurozone today. As upn see, stocks are trading lower today, down for the third day surrounding optimism for tax reform in the u. S. Dying down. Before we look at sterling against the dollar, down by 2 3 f 1 , yesterday we were up 0. 5 . yesterdayp by 0. 5 and today we are down by 2 3 of 1 . Today talks will continue to get a conclusion of these talks. Nymex crude oil is down by 0. 4 . It rose by 1. 7 on friday before Government Data forecasted crude stock piles decreasing for a third week. A busy, busy day coming up on surveillance. We are going to speak to Stefano Domenicali later. Well get the outline of the Aviation Industry later. Trumps travel ban takes full effect while legal challenges go forward. It hands a victory and suggests the court will ultimately uphold the restrictions. The president can now restrict muslim basedx count
This is bloomberg surveillance. We are getting pmi figures out of the eurozone, and this is what they are showing. This is for the month of february. Services pmi rising more than expected, 55. 6. He spoke to economists who forecast a figure of 53. 7. Everything above 50 means it is expansionary. Manufacturing also rising a little better than expected. That is at 55. 5. The forecast was 55. I want to see the full breakdown, but we did have a earlier figures in manufacturing pmi from germany that were much better than expected. This is big for eurodollar. Lets get on to the rest of the markets. The one thing i want to show you is hsbc. That stock under pressure today. It did miss profit estimates as the revenue was dropping. It has had to say it will cut more costs. Still the biggest loser in europe in terms of the equity markets. Down 6 . Stocks are pretty unchanged overall. On a case basis, depending on the earnings. We once again talk about politics and risk in europe with those Fren
Day. This is about Central Banks. We are learning about china and were talking about the pound. Tom it is an interesting economic day. Great series of smart guests to give us depth. I would notice are the headlines just out of microsoft. You have the hewlettpackard headlines yesterday of the split up of the split up if you will on hp q and now you have microsoft out with a 1 severance or layoff or job cuts. I like job cuts on the bloomberg banner. 1850 out the door. Shows the door of the real economy around the economic data. Let me guess, we will also talk about brexit . Francine surprise. [laughter] francine it is a month away. We may talk about it for the next three years. The imf has backed off and greece will get its next round of Financial Aid. It will allow the relief of more than 11 billion and they will take steps to ease the burden of the countries 58 billion in debt. They stood down after originally insisting that the program did not offer a path to fiscal sustainability. Th
Surveillance. Withuy johnson in london tom keene in new york. I heard you on the radio this morning. You sounded good. Good, you let me know what was going on. You sounded great today. Guy i feel a warm glow of appreciation. Today feels like a weird day. Is adding stimulus. Oil seems to be stabilizing. What seems to be going on . Clumsy tuesday. We have oil on a bid but we have smart guests to get us forward. John silvia will be joining us in the hour. Guy looking for to that. Lets get everybody up to speed. Vonnie the white house is calling the killing of six u. S. Soldiers in afghanistan cowardly. They were killed yesterday while on patrol. They were targeted by a suicide bomber on a motorcycle. The taliban claimed responsibility. Two other u. S. Service members and an American Contractor were hurt. Of tech raises the Number Service person killed this year in afghanistan to 21. The versatility is confirmed in the china landslide. Rescuers pulled a body from the pile of rubble. As man