why aren't you the ubs of china as well? [laughter] >> we are the ubs of china.are a strong bank in mainland china. we have a wholly-owned subsidiary, and we work with chinese counterparts increasing business there. we have committed to doubling our headcount of people in china. we want to basically help chinese investors to global assets. we bring those to china with our investment bank, asset management, and wealth management helping to give china exposure to, global investors who are seeking that through hong kong stock connect, bond connects in the future. notre trying to implement the largest bank competing with domestic players, but being the top international bank that gives international clients exposure to the rest of the world. it's good that others want to compete and become the ubs of china, but we are the ubs of china. reporter: speaking of your banking business, has this held wealth management clients back from making investment decisions? >> in general, there has been a lot of caution with investors sitting on the sidelines.as markets are normalizi

strategy at ubs if this is a game changer. the president heads to the middle east looking to move the agenda on from what he calls the witchhunt in washington. will it work? iran's choice. as trump touches down in saudi, iranian people voting on whether to continue international engagement or take a harder line. we are live in iran. matt: we are less than a half-hour away from the open of cash trade. let's take a look first at where futures are after the big drops we saw the last couple of days. looks like investors are getting more optimistic in europe. asian stocks turned around. we are seeing european futures rise fairly significantly. if you look at the bund trade here, we can see that investors are selling off debt. this is a pre-day chart. i will put it into a one-day chart of the german bund trade and zoom in on that for you. investors are selling off the tot, pushing the yield up 0.36% after it had retreated for a couple days. guy: more germany does this morning. we will talk about that later. let's talk about what is

it is to sell up to 2.4% of ubs. there you go. this is the ubs shares. european shares down by 1.1%. i just checked our hds function, a wonderful function telling us who are the big shareholders. gic was the biggest holder of at 5.7% today. it is selling up 2.4% in ubs, down by 1.1%. how is itlender, looking over their? julie: we continue the rally in the u.s. the nasdaq and the s&p are on track for a record close. energy is leading the pack. however, it is not just energy, it is a broad-based rally we are seeing in today's session. some headlines crossed a few minutes ago. one stock is now plunging. it is a company called exact sciences. over $3 million market cap, this company makes a test to screen first -- to screen for colon cancer. citroen research, which is a notable shortselling firm, is recommending investors sell the stock, saying it could be worth zero dollars, in part because this test it has been selling is not as effective as a colonoscopy, and the prescription increase rate has been going down. a recommendation increased rate is going down

investment office at ubs.theater of modi and merkel coming together, at has come at a rather interesting time for merkel, as she said the relationship we thought we had, that we depended on since world war ii with the united states, has turned from the west, and looking to the east. this is part of the fear of what we are seeing. >> yeah, and germany's resurgence over the last 20 years on trade, trading relationships, merkel has had some degree of reservation, and at what cost would come. re-think.his prompt a i think that this is going to come up, i think the countries have different reason for being more cautious, but at the same time, relationships between germany and china, they are deepening as well. this realignment from the west to the east is still happening apace. manus: when you heard those comments yesterday, or over the changed,the world has pivot, etc., what was the discussion at ubs? was there a surprise that this thinkr pivot, or do you that we just can't be sure of what happened, so we must loo

ubs chairman tells bloomberg that the ecb may announce a tapering program in september. >> my expectation is that in june they will remove some of their easing biases. willd september, they probably announce they will taper their purchase program, which they will do over 6-9 months in 2018. come next year, we will probably have the ecb with a stable balance sheet, and we will talk about interest rate movement after that. anna: welcome to "bloomberg daybreak: europe," our flagship morning show from london. manus: another day, another set of earnings results coming for. let's go to commerzbank, germany's second-largest bank. operating profits, 314 million euros. that is confirmation that the turnaround plan is indeed having a good start. they confirmed their full-year outlook. loan-loss provisions just below where we would expect. 196.5 million. when it comes to net income, this is the storm. 217 million euros. the market had penciled in 74 million euros. the bane of european bank ceo's lives, capital 12.5%. the target is 12 million customers by 2022, shareholders gave them a "d" rating, bu

they are purchasing bonds that converted into stop when ubs needed capital to cover losses.ng bloomberg's told that a hong kong billionaire is exporting options for his fifth lines on business, including a potential sale. which is a global commit occasions is engaging interest from a range of potential buyers. the company offers hong kong corporate access to its fiber-optic network. we are told it could fetch one billion u.s. dollars. betty: the people's bank of china says it has created a new units to address emerging financial security challenges sparked by technological innovation. the central bank says tech driven ideas have injected vitality into finance and is causing security issues. of measures up use such as bigoted, artificial intelligence, and cloud computing to increase surveillance of financial threats. shery: we are counting down to the opens in japan and south korea. we saw the japanese yen be the only loser among g10 currencies overnight. all right now, it is gaining u.s.d .1% against the dollar. the yen has 113.57. nikkei futures unchanged at the moment. it

geoffrey yu, head of investment office uk at ubs at ubs wealth management, is with me.genda, what do you think will be the main priorities that they will be focusing on first? probably trade and where donald trump stands, is he going to follow up trump stands, is he going to follow up with certain threats made during the election campaign to basically through protection arisen —— protectionism around the us, particularly with what happened with the tra ns—pacific partnership, the trans—pacific partnership, and this could be a very interesting dialogue. what about teater, the american european agreement? donald trump of the nail in that coughing, is there any chance of it coming back? -- what about ttip. at this point it would really be quite a u—turn, after moving away from the ttip to embrace a new partnership. but they will try to convince him otherwise of the benefits and the business lobby in the us will be pushing for something as well. climate is a big issue, there is the paris agreement that trump has threatened to pull the us out of, is that realistic orjust his

paul donovan of ubs wealth management. >> and the u.s.nter and is dictating the global moves. >>> futures down at the moment. that's it for "worldwide exchange." "squawk box" is next. the new guy? what new guy? i hired some help. he really knows his wine. this is the new guy? hello, my name is watson. you know wine, huh? i know that you should check vineyard block 12. block 12? my analysis of satellite imagery shows it would benefit from decreased irrigation. i was wondering about that. easy boy. nice doggy. what do you think? not bad. >>> good morning. the markets woke up yesterday. now this morning it's global. u.s. equity futures as well under pressure right now after the dow and s&p suffered their worst day since september. new this morning -- late yesterday, former fbi director robert mueller named as a special counsel to oversee the investigation into possible ties between president trump's campaign and russia. >>> plus the future of the trump economic agenda. everything else notwithstanding, how does it affect tax reform and trade?

still with reinhard cluse of ubs.x, the british consumer has to deal with from what happened in manchester to what is happening with wages and brexit, etc. do you expect that continue to go lower. reinhard: yes, i think confidence will continue to go lower because the falling sterling will lead to a further increase in inflation. we are about 2% and will go close to 3%, that will cut into real wage growth and household purchase power. the brexit negotiations will prompt corporate in the u.s. to become more cautious about hiring and investing. guy: there seems to be a problem and you see this in the united states but certainly in the u.k., that labor, despite the tightening labor market and the nehru, labor does not feel it can come out and say, i will like some more money, police. reinhard: this is not the time when labor, employees separate negotiation power. guy: the labor market is tight, they should. reinhard: you are right, ways growth by historical standards is quite subdued at the moment. we think that is becau

keen torman at ubs is see the bank move more aggressively.ink we will shift our expectations as the weeks go on between now and june on the timeline for the european central bank? curve,s linked to yield which is linked to banks? >> absolutely, you have interest rates at 0%, hard for banks to make money when rates are so long. the lending facility we saw in march was very positive. you had a massive uptake. both has to be financed. this is not a freebie. usually that is fiscal spending and bank lending and we need to see banks lending more in europe in order to see economies improve. this is starting to come through in gdp numbers and inflation numbers. manus: and the pmi numbers were good as well. a lot more to get through before the show ends. at asset management. he stays with us. matt? are: one of those things we going to continue to talk about this central banks and their affect on currencies. we are talking about the krone in the crosshairs as the meansthening currencies something for the icelandic central bank. we hear from the governo

the debate with ubs is whether the singapore are headed to the gates of ubs.inancial story in europe is changing. a contingent convertible coming out this morning. capital is still a key issue in the european financial story. it is a fairly flat opening. crude up, dollar down for the fifth day in a row. numbers on the gdp europe and inflation data in europe will show the squeeze. it makes for a nice chart. down nearly 20%. what you are seeing their is a shift overall in europe. shell -- sales down by 6.8%. two fewer selling days in the period of april and a shift. you have the technicality in the u.k. for the excise goes into effect. have a look at this. and merkel macron are dealing with. power,them exceeding the street closures of expansion. hence why we need to shift figures perhaps on our perception of what comes next from the european central bank. flash, gdp rating today, expect that to come in at .5%. shanghai composite finishing up the day up, a night shift higher. jinping'sef that xi verbal commitment of $75 billion to the world economy in terms of th

the largest shareholder in ubs worthshing holdings, about $1.6 billion. singapore fund will have less than 3% of the bank after the sale which ubs is managing. stockpiling show that share -- berkshire hathaway spent a first quarter fine-tuning investments in airline zantac, pulling back from 21st century fox. holdings in american airlines and southwest increased. warren buffett previously disclosed any boosted bets on apple as he pulled back from ibm. aoomberg is being told that hong kong billionaire is exploring options for a phone business, including of potential sales. sources say hutchison global communications is gauging interest from a range of potential buyers. they offer customers access to the fiber-optic network. it could fetch $1 billion u.s. market.'s get back to the asian markets on an oil high tracking record gains in the u.s. open. i want to bring in the head of multi-assets at baring. great to see you. i'm a little speechless when i talk about these markets. it feels like there's a sense of fragility and a sense you could get a correction

emily: analyst at ubs, fascinating report. thank you so much. man who was a mastermind behind android has unveiled his latest creation. why he says there is room in the market for yet another smartphone. a quick programming note. sitmberg's tom keene will down the -- with the federal reserve of dallas president. you can catch that on "bloomberg daybreak: americas," 8 a.m. eastern. ♪ emily: vietnam's prime minister is coming stateside, becoming the first southeast asia leader to meet president trump. the main point of the discussion is trade. exclusivelyn spoke to the prime minister and got his thoughts on a trail deal -- trade deal with the u.s., after president trump abandoned the tpp. >> we respect president trump's decision with regards to trade. we want to make sure we can convince him that this is a mutually beneficial relationship , and american consumers benefit and prefer the products the and him exports to the u.s. market. emily: the creator of android unveiled his latest product. andy rubin, who developed the software that powers hundr

time for the morning must-read and this is from the ubs chairman.d be wise if by the end of this year they would start to scale back their support for the economy. the european economy is strong. you just saw the german data come out today. the european economy is doing well. i was in the netherlands where growth has been very strong, almost twice as strong as for many. i think the european economy is driven by consumption and sustainable developments and that is when you need to scale back monetary policy support. francine: let's get back to yale professor stephen roach. do you believe that we should actually start normalizing monetary policy in europe and possibly the u.s.? stephen: i feel we should have been normalizing monetary policy a long time ago. the bottom line is we are getting growth in the developed still back to only 2% after over eight years of zero interest rates and record expansion of balance sheets. the traction in the real economy that was supposed to come from this unconventional monetary easing has not materialized. in central

francine: i like the fact that you are not talking on the half -- behalf of ubs.see european value? geoffrey: value comes in two forms today there is a price value. coming from an fx background, there is a positioning in the value as well. in conversations with our clients throughout the year, people did not want to engage in a conversation about europe. but we saw the reaction after the first round. people found themselves under positioned in europe. i think in emerging market and income, we fixed need to talk about that. tom: we have an immense treat in the 6:00 hour for you. he is the definitive expert on free trade. douglas erwin -- douglas irwin dartmouth in the 6:00 hour. this is bloomberg. ♪ francine: "bloomberg surveillance" with francine and tom from london and new york. let's talk about brexit. theresa may says brexit talks will not be easy as she alluded to the elite details of her disastrous dinner -- the leaked details of her disastrous dinner with jean-claude juncker. the business parties in the u.k. want an immigration system that do not block compa

next, more with maximilian kunkel from ubs switzerland.omberg. ♪ nejra: you are watching "bloomberg surveillance." i'm nejra cehic. here's taylor riggs. taylor: 200 a la tally a flights were grounded yesterday. the government to nationalize the airline, which was put into administration earlier this month. the government has ruled out the option and is looking for a buyer. ietjet is in talks to become the country's first company to list shares abroad. the company says it will meet with officials in new york later this week. hanoi recently eased rules on investment and vietjet boosted its ownership limit. we've been approached by some foreign stock exchanges including london, hong kong, and singapore, which expressed their interest in our stock. we don't want to hide our hope to become the first vietnamese company to lift -- list shares overseas. taylor: saudi arabia could attract billions of dollars in foreign investment if the market is added to the msci emerging markets indexed. bank's research anticipates up to $35 billion of inflows. t

that it isom ubs difficult short-term trading ahead of the earnings report. hang seng has been rallying and 44% increase in quarterly revenue when it comes to those numbers. much. thank you very let's turn to the top story. in the u.s., president donald trump talks to foreign-policy advisers to contain the report that he revealed classified information to russia during an oval office meeting last week. anna: the washington post reported that he shared closely held information from a u.s. intelligence partner about an islamic state plot to russia's foreign minister. >> the story that came out tonight as reported is false. the president and the foreign minister reviewed a range of comments to our countries including civil aviation. at no time, at no time, were intelligence sources discussed. the president did not disclose any military operations that were not known. ok, so that is the response from the white house. the east asia government for bryan lourd ms -- bloomberg news. you heard mcmaster say what was discussed and what was not discussed. we understand t

thecine: we are joined, by chairman of ubs.en the sensitive news, welcome to the program but we need to start to talk about terrorism and the impact this will have on europe. unification or dis-unification question mark -- dis-unification? event and disturbing my thoughts are with the families and the victims. terrorism has become part of european reality. in the past,that markets have reacted to such events. the reaction has been you did and has been transitory. i expect as sad as this is, the markets will be unsettled for a while. i do not expect a big move in markets. is the marketsnd focus. what is the reaction of the u.k. to this and this would strengthen the hand of those who say we have to secure our borders and we have to make sure that we live in a safe environment. francine: it may be too premature to understand what happened but will it have an impact on brexit negotiations at all? anst: no but there has been underlying current in many european economies with the rise of nationalism and these events very often after

mark: ubs chairman axel weber.nie: still ahead, the drama novell -- overr paint maker axa novell. details next. this is bloomberg. ♪ vonnie: live from bloomberg world headquarters in new york, i am vonnie quinn. mark: and i am mark barton with the european close eight minutes away. we like to be precise. the battle for control of akzonobel. -- ousted chairman over his refusal to negotiate with pbg. joining us now is benedikt kammel. this is a fascinating story. are they going to get their way? will the chairman end up being ousted? benedikt: it does not look that way. akzonobel came back and said we did not know what good it would do to oust the chairman. it shows that we are in a very difficult situation. elliott very unhappy with the company's refusal to engage. you will remember we had three attempts by ppg to get them at the negotiating table and so far, they have said we are not interested and that trying to go , we will see where it goes. not:'s elliott and ppg aware of the power of dutch company boards? they

apple, they don't really touch on, but coming into this month, ubs noticed that most fund managers still had apple at left than marketweighting, and when you take a look at where the institutional ownership is according to the most recent data, you could almost, almost make an argument that institutional ownership of apple and even amazon at these prices remains well below the rest of the fang names at about 64% if that is an argument that could be made at these prices when they're at all-time highs, carl. >> bertha coombs. thanks so much for that. alphabet at all-record highs. man santoli, we've been chatting with you about this. is it a worry or concern if at all? >> it might be semantics. i don't know that i see it as acutely narrow as much as it's a selective uneven market. when you look at it. they definitely account for a huge share of the market cap that's been added to the market, but it's not as if they're performing well in the absence of other stocks being up. if you look at it, the majority of stocks are up without fang, the market's still up okay this year. it's not like 201

ubs wealth management to teach individuals about how to better protect themselves on line. the old b of a building comes after a breach of 250,000 computer and 150 countries. >> we can bring the fbi and symantec to our clients. >> there were tips on how people can protect themselves with a 16 character password. >>> a missing uber driver in san francisco, today they found the car belonging to a person of interest in the man's disappearance. the vehicle was found at sfo. it belongs to bob tang. there is evidence connecting the men. authorities he is in cambodia. they are trying to track him and searching locations just in case. >>> sherman walked off the job to protest a noose on port property. officials say it was the second noose found at the port in two weeks. it was at the international container terminal. it reopened at noon. it caused a lot of bad feelings among truckers. the display is inexcuseable under the terms of the collective bargaining agreement. it is promising a vigorous investigation. >>> a woman from massachusetts visiting for a wedding didn't get a nice we

caroline simmons from ubs wealth management is still with us. does it matter to any investor out there apart from your typical investor into greek bonds as to whether greece gets this debt relief or not? five years ago, yes, that was an issue, but now does anyone care? >> that's a good question you ask. it's been with us for a long time. our assumption is that there will be an agreement that enables greece to repay that bond when it comes due. it don't effect our position on the market. >> there have been some questions on the overweight on european equities, given that china is tightening, that the pmi strength may be tapering off and we may be looking at tapering or tightening by the ecb down the track. you are concerned about these factors? >> we are also forecasting the ecb to taper it doesn't prohibit us from wanting to have an overweight on the eurozone market. we think fundamentals have been improving from a low base. it's been lagging, particularly the u.s. and global markets for many years now. there's catch up recovery. and therefore y

nick nelson from ubs. >>> still coming up, can macron secure a parliamentary majority? we look at the major challenges facing france's new president ahead of his nug grainauguratio sunday. sunday. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. we literally cannot live without it. and if we can't live without it, maybe it's time to reimagine it and make it even better. so it's awesomely fast. no. still nope. now we're talking. so it works here and here and here. and so you can even take the occasional time out. nooooooo! yes!!! yes, indeed. speed, coverage, control. introducing xfinity xfi. find your awesome and change the way you wifi. >>> it's the story that keeps on giving. elliott advisers launched legal action against

. >>> gic is reducing its stake in ubs due to changes in the bank's strategy. gic has nearly halved its holding in the swiss bank after becoming a main shareholder at the height of the financial crisis almost a decade ago. the fund which manages more than 1$100 billion placed shares at 16.1 swiss francs taking a sizable loss. ubs shares continuing yesterday's under performance off by 2% this morning. >>> the dollar index hit the lowest level since november while the euro hit a one-week high against the dollar. it is back above the 1.10 handle for the first time since the french elections. later today we get the gdp data in under an hour's time. we expect a confirmation of the flash estimate, 1. 7% on the year. we are joined by andrea yanelli director of fixed income at fidelity. when we look at the gdp numbers coming out today, what is likely to be confirmed is that europe is growing faster than the u.s. shouldn't monetary policy in europe also be normalized a bit faster than the u.s.? doesn't seem like this is happening at all at this point. >> the latest mess

thank you, ubs i.t. hardware analyst. tom keene sits down for an interview with former fed chairman ben bernanke. it's a fortuitous day even we are also getting an fomc statement. we are awaiting a joint statement from president trump and mahmoud abbas. we will bring you those comments life when they happen. -- live when they happen. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. mahmoud abbas will be making a joint statement shortly from the roosevelt room. let's get some more insight on this and recent developments on a health care vote from kevin cirilli at the white house. making abbas is historic visit to the white house. he just arrived a few moments ago. he didn't make any statement yet. somee bring you back to developments from earlier in the day. it looks like against all there may actually be a house vote on a new health care bill. >> i feel like it's the same thing every week with health care. right now the white house is saying once again they are just a few hertz chaya of passing he

elizabeth warren and ubs chairman axel reyba who is happy with the results of the french election butrning that europe's troubles are far from over. >> there will be a hard exit at the end, and that will have negative repercussions on europe. juliette: this is bloomberg. ♪ planting a size-six, non-slip shoe into that door. on this side, i want my customers to relax and enjoy themselves. but these days it's phones before forks. they want wifi out here. but behind that door, i need a private connection for my business. wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. the shlike a bald penguin. how do i look? [ laughing ] show me the billboard music awards. show me top artist. show me the top hot 100 artist. they give awards for being hot and 100 years old? we'll take 2! [ laughing ] xfinity x1 gives you exclusive access to the best of the billboard music awards just by using your voice. the billboard music awards. sunday, may 21st ei

and if she was concerned about flynn and told the white house, i have no doubt that happened and it's ub fortunaunfortunate didn't take her seriously. there's a huge gap when she raised these concerns and let go. and he was omelet go after the media start ed talking about it. >> there were some problems this terms of revealing sources and methods, how she tound out about flynn's phone conversations. she has to be very careful in revealing those kinds of details. >> that's kpktly right. there are some things that may need to happen in a classified session. >> that's a good point. thank you very much. let's bring our panel to discuss all of this. gloria borger is with us. dana bash, and chief national security correspondent jim sciutto. this is very, very sensitive matter that sally yates is about to discuss with members of the judiciary subcommittee. >> she's in a difficult spot because she can't talk about exactly what was in these highly classified intercepts that she read and felt strongly enough to meet with the white house counsel about. what she can talk about is question why it too

but i veo say that they were very hpy with the turn aun in the wriors' gam i never had one ub texting chther just hold on, they are goi to cut th lead. our second half isoi to be likeheir first half. 're going to win. wa'tt great? ey are now fwoipping tough 12 strait. repoer: they are playing the caliers? ms. pelosi: i think would be diert game. i was there that game. it was terrie. i think 's going to be a different storthis year. let's get through. don't underestimate the celtics. thanyou. [captions pyrighnational cable sallite corp. 2017] [captioning performed by the natialaptioning institute, whh is responsible for i caption content and cucy. vit ncicap.org] >>heouse is done for the night but earlier today, mbs passed a bill related to e death penalty and the killingr attemptekillinof law enforcemenfficer firefighters, or first reonders. laakers also began work on a ase thatllows federal pratn firs to arrest a person who intferes with them carrying out the duties. a final vote onhat meure tomorrow. agai follow the house live on c-spanhemembers return at 9:00 a.m. eaer >> c-span's

the lawsuit targets but please, citigroup, jpmorgan, where bank of scotland, and ubs. u.s.egulars are reviewing possible payment of violations stemming back to an internal probe that started in 2015. the currency transfer company is in acquisition talks with jack ma. rivers could raise national security concerns by allowing chinese companies access to u.s. infrastructure. disney could be heading once again to the top of the summer box office. the studio hopes to capitalize on the power of proven franchises, rolling out sequels to "guardians of the galaxy, was quote "pirates of the caribbean ," and "cars." volumeans of the galaxy, two" could clear $1 billion of global ticket sales. that is your bloomberg "business flash" update. oil this is to blessing after a selloff but the vti is -- stabilizing after a selloff but did a vti is still on pace for a decline. the citigroup head of commodities research says the slump is driven purely botanicals and supplies getting tighter. -- purely by technicals and the supply is getting tighter. nothing has changed in the market. expectatio

head of rate strategy at ubs. 7:8 and in london.econd-largest insurer is planning the -- to return money to shareholders. it reaffirmed its 2020 profit company would take of 2018,he first part helping speed up the achievement of the company's 2020 goal. apple's 10-year rally since the arrival of the iphone now sees it become the first company worth more than 800 billion dollars. shares have continued to rise even as the firm reports slowing sales of its device. they are climbed 33% this year, adding $185 billion in market count. walmart is preparing to pay around $300 million to resolve a long running u.s. investigation into alleged bribery. the people said the deal was steal beer -- still being finalized and could change. but it was a concession by the department of justice which has socked twice that amount as recently last year. walmart declined to comment. that is your bloomberg business flash. manus: thank you very much. , first quarterts revenues 50.9 billion euros in line with expectations. third set of results since the merg

still with us is david lefkowitz of ubs.hould be where you put your money. growth means you only see it in certain categories. david l.: i think that is true. we have to bear in mind one of the biggest drivers of value are what is going on with interest rates and with oil. if you look at what is valued today in the market, it is financials and energy. those are big weights. we all know what happened to oil prices this year. so energy stocks are lagging. andrest rates are down financials have therefore taken a breather. it makes sense in that context. to get bullish on value, you need a real acceleration -- re-acceleration. we have a neutral view on growth and value at this point, but we likely see oil prices beginning to rise. the market is digesting the fact that u.s. project in -- production has been better than people expected. that said, the long-term is positive, because nobody is investing outside of the united states. to u.s. will not be able supply the world when it comes to oil needs. --t will be bullish for oral th

representatives for ubs, bnp paribas, and the treasury department the client to comment.bs didn't respond to requests for comment. activist investor elliott management is meeting with bhp billiton shareholders in australia as it urges the company to overhaul its businesses. according to a person familiar with the matter, they are going over details to emerge bhp with other shareholders. a spokesman declined to comment. the british chambers of commerce have issued their demands to the next government, itss priorities and manifesto, for a "frictionless future trade arrangement" with the eu. no new business taxes for the next new parliament, and delivery of investment and telling medications infrastructure. it wants protection for your nationals in the u.k. and an immigration system that doesn't cut companies off from labor. there is a says bump due to the presidents we use of the social network, but the company would love it if every world leader used tweets. twitter reported a jump in monthly active users last quarter, but admitted won't translate right away to increase re

let's bring in thomas fang, head of equities at ubs. are they engineering a deleveraging?intention is really against the stock market. ,he shadow banking, if you will to really get a handle on it. it has really picked up steam over the last couple of with, xi jinping meeting officials, and the intention might not be to have an effect on the stock market, but we are nonetheless,fects, and we are seeing this on the bloomberg, and you can see this has gone down in the last couple of weeks, following the crackdown by regulators, as have estimate,hina, by one billions erased from stocks and bonds since mid-april. would a continued selloff in stocks and bonds dropped china to change its strategy in any way? -- what a continued selloff in tocks and bonds get china change its strategy in any way? q1, thedon't forget, stock market has done relatively well in china, asia. robert ticking, as well. -- profit taking, as well. fell: if the market believe, then regulators might step in, or the government itself might get nervous. would you agree with that? no, buti would say looking at t

propaganda ubbed stations by the regulators, when to be they were told careful about expressing their opinions. sunday night on c-span's q&a. >> "washington journal" continues. host: joining us now, clarence "chicago tribune" and serves as columnist for the ublication, thanks for joining us. >> glad to be here. thank you. host: you have written about two involving violence over the last few days. et the stage as far as incidents and give us your take what is going on, especially in incidents. guest: what is striking, the killing that occurred at the maryland last week. it was one that has been linked the outright movement because is listed as a group of a facebook reich. in portland, we have a young man people, who were defe two peen -- nst -- on girls from the crowded light rail train and the giving their up lives trying to tell him to pipe own and leave these girls alone. hijaad, and ing a one was a black girl. oth episodes have been viewed as examples of rising violence far, far right from he -- well, since president trump's election and since his heavily on ies xenophobic themes.

guest: back to my point with trying to use ub forer lyf -- uber for lyft, you have some patience that will need an ambulance. when that is not the case, what is the most cheapest, effective weight to transport them from their home to the hospital or to the doctor's appointment? lyfte cases where uber for would be cheaper, i would rather have the cheapest or most convenient way of transportation. forgot the second point. host: it refers to this from of you are saying, " we don't have functioning market in any markets because republicans have been brainwashing the public since reagan." guest: in society we have limited numbers of resources. what is the best way for us to allocate those resources? that's a functioning market economy. that's what built the united states to be a wealthy country and our best step forward, the best way to go forward. i'm a big fan of free market economics. that is what i have studied my whole life, free market economics. of ourlook in most problems today i think you can get the country back to 3% or 4% economic growth, almost every problem because that becom

agree that but for you gettingye and working with the freedom caucus in the tuesday group, with the ub and hands-on at and involve that hospital may have not been passed? >> i agree but i have made so many friends. i read one story where this was an indoctrination of trump. i did not know a lot, i was in business but i do know a lot of the congressman and congresswoman. they are great people. i met so many people that i really like. it was very intense. a lot of people say and i wonder if trump was very much -- i was speaking to 30, 40, 50 per day. i got to know a lot of them really well and they are great people. we have wonderful people representing this country, i can tell you. >> justice jeanine: given what it took, took you to get involved to get the house bill passed. doesn't that suggest that in order to get your agenda accomplished, that same kind of hands-on has to apply to democrats and across the l? >> they are obstructionist. what they want to do is obstruct and delay. i'm actually very surprised with chuck schumer, i know him and have known him for a long time. i am really

ub fortunately we're making this about politics. this should be about improving public safety. we've worked with several prosecutors, former prosecutors at the federal level, some very celebrated, all of them ppointed by republicans. very conservative states. all of these individuals. larry thompson spoke up for jeff sessions during his confirmation hearing. these individuals all firmly believe in sentencing reform and the reforms that we've been talking about. again this isn't about republican and democrat. this is about what improves public safety. that's why we're seeing more members of law enforcement including prosecutors falling on the side of reform. host: william from maine. good morning. caller: i have a question. the criminal reform justice said they are stricter laws should apply to high income people and people in high office. to the accountable same thing as jeff sessions lied to congress, so it's commiting perjury. now, why do they not be accountable for their actions, too? not just pick on the hardworking people. guest: well, i guess that's a fair question. we st

and we're joined by the cohead of fx and rate strategy as ubs. these studyo concerns about the handling of the russian probe, the appointment of robert miller? restores a measure of calm and stability in washington which had been gripped by a deepening crisis by revolution after revelation. -- revelation after methylation. -- revelation after revelation. ller, 12 years under both george w. bush as well as extended his term, president obama extended his term. e depoliticize is the process, the investigation. mark: he is not going to be daunted by the white house? no.hanie: this is both good and bad for the white house. i think it is good for the white house because he is considered a credible figure, a low profile figure. someone who is unlikely to leak, but very thorough. so, this will bring the investigation out of the public eye bit. a bit. it is bad news for president trump because he was this to be over very quickly but it is likely to drag on. mark: does it give the white house some scope to finally get back to the day job, to get back to pu

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we had some large banks like jpmorgan and ubs downgrading brazil's stocks. have some bullish investors that say, this is going to be fine. this is a momentary panic. they keep saying, stick with it. brazil will stick with the reforms one way or the other. they are sticking to their calls that the market will rebound. mark: with this distraction, can president kemme -- president temer continue to push through his reform agenda? >> that is the big question. it has been the main driver of this massive rally in brazilian stocks. hasmain drive now is temer said he will stay. can he keep the coalition voting with him in congress and get them to push through this reform agenda. as the investigation on the supreme court moves forward. vonnie: brazil just confirmed that fitch has -- by fitch that they have an outlook that is negative. what is the likelihood that we see another drop in assets. recently properly -- foreign markets investors have only recently been going back into the country. >> it depends on the short-term. what happens with the presidency and with th

think about credit suisse, ubs, not just the, boutiques that make up the other category.n you get your livelazars evercorps. vonnie: there will be a lot of annoyance that citi has risen -- alex: as long as you don't work at citi. vonnie: is it luck of the draw? alex: they have a good health care practice, and also the surprises the intel mobilize deal. i spoke with bankers at other firms, and they were surprised that citi landed advising intel. citi not really known for its tech practices. it is known for medical instruments and health care. i think they had strong relationships at intel. they often work with bigger banks. gohaps, this was citi's around, but i think they have strong ties to that company. it is a credit to some of their hastionships that citi built. that is the biggest tech deal of the year by far. they were advisers on both sides , they were not typical. that one seems like an outlier. vonnie: they could all change by the end of the year. absolutely. the wall street banks are working hard at this, as they always do. bloombergex sherman, deals reporter. is

i spent a lot of time talking ubs and the numbers and being very bullish.e see this, given seasonality, how much of the strength was se seasonality and how much is strength? >> well, we do expect that the markets will remain volatile. so we're not saying that one quarter necessarily makes a trend. but it was a good quarter for the european investment of funds and the market revenues with the exception of barclays. but really, what we saw was that capital markets revenues pulled the revenues for the quarter. because as revenues overall were relatively flat. and that's really reflecting, you know, weaker results in some of the noncapital markets where low interest rates continue. >> much of 2016, i feel like we talked about the fact that u.s. banks were gaining markets here at the expense of the european rivals. do you feel with that strong first quarter, european investors are able to claim back the risk markets here or is it too early? >> i think it's too soon to say. it's definitely the case that a number of european banks are still going through multiyear

ubs wealth management joins us. this is bloomberg. ♪ haidi: this is "bloomberg markets: asia."haidi lun in sydney. the latest business flash headlines. alibaba leading an investment of $1 billion in a top player in china's crowded food delivery business. lma atancial will value $6 billion and compete with tencent. top $1 trillion this year. it would be china's second-largest start up fundraising effort so far in a17 waymo hoping to find smoking gun as it tries to tackle uber in a trade secrets case. a former engineer of colluding with its rival to steal driverless technology and says the evidence can be found in report that uber commission in anticipation of the lawsuit. sued uber in february and is fighting to be given a copy of that alleged document. to groceryopened pick up kiosks in seattle to into the $800 billion grocery market. amazon fresh pickup allows shoppers to buy online and pick up groceries within 15 minutes. amazon wants to compete with click and collect shopping by rivals like walmart. it is now almost a $1000 stock. let's get back to our top story. oil has ext

ubs is further had been all the rest.n, goldman -- early dominating investment banking globally now. involved in the 21st century fox takeover of sky. how do you watch was unfolding now? americans holding dish heading over to talk about fox news. we have been a special seen a push back because of the snap election. how worried are you about this process being derailed? martin: i'm not worried about the decision being delayed. result of the election. i think at the end of the day, i think there's more than an even chance of it going through. fox fromsplit of the news corp., there is the same -- antever this amalgam -- outcome of news and the u.k. -- so at the end of the day it will go through, with shirt and assurances of skyview. david: how does the m&a landscape material now? i'm surprised that has been more targets. i think we will see more -- it's you are sailing overseas and wants to buy something in the u.k.. david: for me ask you about yours in particular. we are awaiting details between -- the bridge between aberde

interesting conversations coming up on "bloomberg best," including trolls evans, elizabeth warren, and ubsl reyba europe's troubles are far from over. >> there will be a hard exit at the year -- exit at the end. juliette: this is bloomberg. ♪ . . ♪ >> i think we should encourage the development of the real economy as it is creating real wealth. today, the virtual economy is over growing. the key tenet of the virtual economy is money be getting money. however, now it is actually money out of the pocket of the real economy. it will not help accumulate wealth more will it make profits. its gain is generated from the loss of others. i don't feel this kind of economy is a good thing. >> services industries are growing well, as opposed to the larger manufacturers. china's economy is changing. you recognize that, yes? >> the new economy is the internet economy. it has created some jobs. but at the same time, it has also brought about unemployment. it has forced a lot of brick-and-mortar retailers to close down. i noticed in the u.s., the retail sales sector has also been affected. i think the int

also with us today is robert of ubs private management. ron is here as well. we want to begin with the markets. the key level investors are watching this hour. 2400 on the s&p. why has it hit a wall? >> we haven't had progress with regards to fiscal policy. that's number one. less than 1% in the first quarterment i know we think seasonally, it is the sluggish period of the year, but it was worse than people thought. ooempb under the surface and concerns about the consumer. >> is there something to worry about here? we have hit a wall. can't get over this 2400 level. closed barely above it a couple of times this month. but that seems to be resistance. >> my thoughts are well-known on this program since last week. i think there are some market risks that are beginning to build. we have junk bond yields as multiyear lows. art prices in some cases at record highs. we're seeing signs of froth. increasing signs of complacency. so even some market based signals in my mind, the dow transportation theory, the dow theory. whatever time, 5:00, 6:00, when "washington post

deutsche credits with berkeley and ubs, total dollar revenue from trading stocks and bonds fell 6% in the quarter. since the first-round of the presidential elections in france, they are the highest since 2008, up .6. u.s. listed french etf's today are 506 $2 million in the last 562, the most since -- million dollars in the last week. french equities surging 5% since the french election. the cac 40 closing at its highest level since 2008 yesterday, reporting over $3 billion into the country's etf this year, mirroring that broad preference for european equities. all of our guests seem to be caught -- talking about this, but keep an eye on italy, the next flashpoint only talk about political risk if we overcome the results of the second round of the french presidential election. this is the spread between the french and the italian 10 year, where yesterday rose to the highest level since 2014. we have overcome the massive hurdle, but it really is a little bit over that. there will be an italian election by spring 2018. vonnie: do not forget, the french parliamentary elections happen rig

ubs is probably further ahead than the rest in becoming a wealth manager.done particularly well by becoming a pure u.k. retail bank. but they are still getting hurt by the goldman's and others. they are still really dominating investment banking globally. juliette: >> turning to the u.s. economy, last week, president trump told bloomberg that he is actively considering a breakup of giant wall street tanks. giving a return to the glass-steagall act. this week, bloomberg's chief washington correspondent spoke with elizabeth warren about the possibility of working with presentrump toeve the 1933 law. elizabeth: you bet. i mean, i am ready. >> how realistic is it? elizabeth: i am ready. i've got the bill. remember, i have a bipartisan bill already. my cosponsor is john mccain. >> have th bn any back back channel discussions on this particular measure? elizathnot that channel to the white house but we are certainly reaching out to the administration generally. >> have they been receptive? elizabeth: so far, we have had some good conversations. i am ready. becaus