The First Look - Andy Cinko, Bloomberg News Reporter

Good morning and welcome to the financial exchange what we are licking our wounds after that beating yesterday holy books. Dow down a 125. Points yesterday. Finishing today at 12100695. The NASDAQ was down 31 points the S&P down fifteen points. Year to date were still in positive territory when you look at the -- still up about 3% NASDAQ up eleven. And the S and -- up about 6% this year. And good news this morning futures are in positive territory so it looks like at least at the opening bell. We're gonna get a little bit of a relief for Al -- some positive feelings out there very and it you know some April retail sales things like that Dow futures up 56. NASDAQ up seventeen S&P 500 up seven. Ten year US treasury one point 796 gold is up actually down. To get the two quarters fifty cents and oil's trading up 24 cents in 95 of one right so we have a general rally going on new meaning you're gonna have a positive open but we've seen this before and it has faded during the course of the day. We are joined by -- -- from Bloomberg TV in New York Bloomberg News. Andy welcome to the show power. Now Barry MOK that that's stated already kicking in if Barry -- in all markets move lowered here. Except for the dollar because we've had some comment that of Greece that have turned the markets into a dour mood. OK -- what's coming out of Greece that we should be aware of. -- be political party leaders there were meeting at the if they can come up with a deal on a technical government essentially and non political government. And so you know one of different parties that won a fair number of -- has come out and said that they could not come to an agreement. You know that the election really showed that the Greek people did not want the bail -- plan that they had in that have been negotiated in they have been holding out to get -- that deal -- change it in some way of -- you know. If the German leaders and the other Greek political leaders don't want to do that though we are now headed toward new Greek elections. It is now very much uncertain as to what will happen considering different parties picked up so many -- they might pick up even more speed that the protest vote. And if that happens and the whole bailout agreement could be out the window and Greece could be out of the Euro that at least is the current speculation. Would do they want to meaning it Vietnam I've been trying to understand this Greek situation first few years and it's unclear to me they say they wanna stay in the eurozone right they don't wanna be they they don't wanna leave the Euro zone but they also don't want austerity measures. They don't want to form a government is like I don't know how you deal with this. This situation it's it's almost like your you rid of that a battle with the and an enemy to -- can't identify. -- -- -- -- They're looking -- very and very poor economic prospects because the the government having to cut back payments and of course that large unlike years -- at the much larger. Government component in terms of income you know a lot of jobs -- tied to government paid pensions government jobs. And government rules and regulations so you know when the government clamping down that that -- it. Hurt deeply the rest of the economy. -- and Barry even though they have these austerity measures in place at least planned you know it is not. Going to help the Greek economy grow -- anything it's going to act of course the economy to grow even lower. And on top of that they're adding more debt you know remember the bailout deal did not cut that -- -- The the -- Greek debt load by enough to make it look like he. There in a much stronger position they went from a really poor position to -- UB port convention. And so. That the bailout plan has a lot of all that many people unit. And so they Greek electorate I think is very much left with. Choosing between a rock and a hard place you know -- do you want a lot of -- -- in a very bad economy or would you rather have. Left austerity and and and hopefully it's not as bad as they currently look. Now let's take a look at our domestic situation would probably like for economic data today we got what retail sales. We got CPI information and empire manufacturing dale how how to battle -- are we doing here in the United States and Europe as an immense. You know we you know we're doing OK you know kind of the same as as as we've seen the last. Human beings -- all right there were growing -- moderate pace you know inflation is certainly mild here consumer price. Prices rose month on month they were -- didn't rise they were unchanged compared to march and April -- that's good news. In terms of empire manufacturing which only covered the New York area but nonetheless the came then at seventeen the prior reading -- nine -- the very volatile index but you know and increases the good thing and the terms of retail sales and April they were. Frankly anemic they were up zero point 1%. If you strip out cars which have been doing well and gasoline which is an expensive. Here again and the increases only zero point 1% though. You know where we're fine -- were kind of holding her own in and doing well. All right now a week ago Jamie Dimon was the toast of Wall Street in you know CEO -- -- if they'd talked about him being the next Treasury Secretary. Today he's cloaked in scandal does he survive this JPMorgan scandal down in New York. I would say yes they do is the -- currently let the in part because its the very -- company and you know while that the problem was located with traded in London. In one particular office the chief investment officer. I mean you know it's pretty hard to tar and feathered -- meet with the the -- Crime. Not doing enough to see you. Regulate and oversee these individual traders doing individual things you know that's what he's got managers for. You know and probably more importantly from a public relations standpoint Barry you know he came out and said here's the problem here is how much we lost we know where the problems are working to fix that we're -- exit that. And he's been doing that and yeah and and so as far as what he can be personally as the CEO he's been taking those steps but I think overall they'll come out of it. You know with the -- on his record but considering the bank continues to be very profitable -- two billion dollar loss which meant that bases that we talked about last week is more like 800 million you know it's it's really just a very small. Blot on very light balance sheet. But they're having their shareholders meeting today and tomorrow is -- would Aaron. Yet right down and slide yeah yeah I'm sure he'll get them pointed questions and they'll be some grumbling in -- griping you know but but again it would be like. It's it's like complaining about having small dent in the back of your card you know they're not that the -- still looks great. I think the bigger concern is how many other banks are in the same boat -- only if this was at another bank. Like Wells Fargo or -- -- Citibank horror or Bank of America can you imagine the turmoil would be created then. And a lot of people are asking while -- JPMorgan is doing this kind of behavior went with switzer is going on over Merrill Lynch and Bank of America. Yes and unfortunately there is absolutely no way to tell you what's going on of those banks they're just one big very light black box. You know in even in that case it -- the Dimon is seen as the best of the best of the best. And he can't. -- -- tight -- on these well one can only imagine what's going on some of the other banks. But of course we we really have no idea because we just can't know they don't tell us they don't reveal it it's it's it's always -- read QB with these guys. There are eight -- Andy thank you very much for your time sure appreciate it. Welcome -- -- -- cinco Bloomberg News reporter joining us today on the financial exchanges too can join us every day Monday through Friday between nine and 11 AM. We talked about money we talk about the markets.