the rbc capital markets chief is here. let us start praying and we have had a continued flood of commentary from fed officials. where did the commons land at the end of the day? >> i would say that for starters, it is a bout time. i have been traveling a ton recently as i am sure a lots of other people in the economics world have. there is so much they urgent opinion out there. people hold very different views. maybe more that i have seen as late. those who had the same exact view where the fed. everybody has an saying the same thing for weeks. they are all corralled into a hawkish camp. i think it is at long last that we are starting to hear fed officials break away from this idea, talking about the i dia of finally slowing things down and get to the end. it is good for them to say this out loud into get the nuanced commentary going within the ranks of the fed. but, there is some area of economic protection and there has been a reflection of that. if you the market needed to hear this but bullard and daly are expressing v

level of approval of applications after september 21, it decreased in all segments of lending, and rbcost of all in mortgages. if specifically for mortgages, then on september 19 , the level of approval of applications for it was approximately 73%. and after 3 weeks, by the tenth of october, not c 50% fell. if you look at the average monthly values, the current level of approval of applications for mortgages is the lowest smart this year, the vast majority of banks that rbc asked for clarification. they declined to comment, but the director of the retail risk department. jar. zenit alexander shornikov. he said that the bank had indeed changed its risk assessment and that this was due to the beginning of partial mobilization and the growth of rates on the market 2 weeks ago, the law on credit holidays came into force for the mobilized. particularly for him. in the event of the death of a mobilized person or his disability of the first group, the bank is obliged to write off the loan in full . aespur is the first nuclear power plant in the country. exactly a year ago, we witnessed a simi

this year's lowest smarts, the vast majority of banks, in which rbc asked for clarification , declined the director of the retail risk department. jar. zenith alexander shornikov. said the bank did change risk assessment and associated it with the beginning of partial mobilization and the growth of rates on the market 2 weeks ago, the law on credit holidays for those mobilized, in particular, came into force on it. and the death of a mobilized person or the receipt of a disability of the first group, the bank is obliged to completely write off the loan of optimism, which for 2 days pushed the russian market up and the reasons for which, in fact, there were not very many this morning, finally. dried out. indices lose more than two percent of the euro. now the stock market is getting cheaper against the dollar. getting ready to see eurozone inflation data. these changes are visible and at the exchange rates of the dollar and euro against the ruble, the american is growing slightly 61.65, while the europeans are neatly falling 60.56. the investment company in k-system becomes the largest

lead the etf even higher here with his 4th quarter playbook is nick modi, the managing director at rbc capital marks. it's good to see you let's talk a little bit about consumer staples on a day like today, you have seen the broader market plummet it probably seems like a safe haven bet for a lot of investors. >> let's not forget that consumer staples are trading at all time highs relative to the s&p 500 in terms of valuation. so these stocks are very very expensive. but there's no question that when the market becomes risk averse, this sector tends to benefit, which is why you're seeing it outperform on a relative basis. >> what's the difference between a consumer staple and consumer discretionary stuff. i'm sometimes perplexed by it. i see hershey on the list, coke on the list, pepsi on the list, those seem to me to be sort of discretionary purposes some of the time, as opposed to staples. where do you draw the distinction, draw the line >> the way you have to think about it, every day groceries you might put in your basket, and so one could argue chocolate is discretionary, for some

negotiating a deal, among them a developer and a manufacturer of floor tiles kronospan, according to rbcey are participating in factory viewings. in novgorod vyatka, let me remind you that the swedish retailers and home goods manufacturer suspended work in russia but announced that it would sell assets only with the option of redemption, marked by this news, the shares of sigish groups add more than 4.5% zara stores will resume work in russia in early spring informed deputy minister of industry and trade viktor evtukhov in an interview with russia 1 according to him, after the sale of the assets of the spanish brand , several hundred stores are preparing to open, they will work in the direction of the lebanese company, they will change their signboard and, according to the news, new fashions will be named, while the indie-tex group, owner zara bershka stradivarius and punbar reserves the right to buy back the shares. mercedes-benz sells plants in the moscow region to the dealer holding avtodom, this was reported in the ministry of industry and trade, as in in the case of other sales agai

northern network, according to the deputy prime minister of the republic of rbc atamaev, there are no more lines of cars, he added that over the past week almost 20,000 cars, 69 and a half thousand people, passed through the checkpoint in both directions. omon fighters celebrate their professional holiday on october 3, 1980 in the ussr for the first time special police units were created today. as part of the russian guard operates more than a hundred 32 omon fighters became heroes of russia , this poster was noted for me by another six and a half thousand employees who received state awards, and in his congratulations to the director of the national guard viktor zolotov, he also emphasized that today the omon not only resists the times and terrorism, but also takes part in a special military operation to protect the donbass russia is not going to introduce visas for ukrainians, this was stated by deputy foreign minister yevgeny ivanov answering a question from journalists. he emphasized that such no plans let me remind you, the ukrainian authorities from july 1 banned for the russian

we have rbc top banking analyst gerard cassidy coming up but first let's show you rates. bond land is showing serious bend here folks the 10 year treasury yield look at this up six basis points at 4% right now if it closes here that be the first close above 4% in 14 years. flip it over to the two year. two year yield this is the shorter dated duration here two year yield hit 4.5% right there right now that is a fresh 15 year high and by the way, the yield curve inversion, that's the gap between the two and 10 year and what some see as a recession indicator 51 basis points. that's the widest in 22 years. let's put up some retail names. they had a tough go after september retail sales. not only came in flat but missed estimates of a two-tenths of a percent gain, target, amazon, walmart, amazon is down 4%, best buy down 1.6% all in the red. we should check luxury names ending up in the discount bin everybody from canada goose, polo, ralph lauren, bath & body works tapestry, capr i'm holdings, next week kicking into high gear, for mega names, here is the calendar folk, bank o

to another city , the survey was conducted jointly by sdek and the guldog dog walking service, and rbc result. thrown out into the street this is the vast majority, 73% still, the option to euthanize or throw away completely for oneself excludes the question of where to attach now escalated after the announcement of partial mobilization, some russians decided to leave and therefore the reason for parting with a pet in such conditions. it is in such cases. it is rather not the cruelty of those leaving. but still, the problem is with documents that need to be quickly issued; in order to take a pet with you, you need to issue a passport; chip your pet ; rabies vaccine. after her, wait 20-30 days of quarantine, and already 5 days before departure, receive a veterinary certificate. that's it, this is a minimum program, because many countries also need a titer of antibodies to the rabies virus, or i'm talking about the economy. all thanks to denis valaev with an economic review. the ukrainian academy of sciences of sweden a few minutes ago you named the nobel prize winners in physics frenchm

russian federation, he has become major general roman berdnikov, and this is already being reported by rbces in russia it is interesting that he was the commander of the combined military unit of the eastern military district, then he commanded a group of russian troops in syria. but the most important thing is that berdnikov graduated from the kyiv suvorov military college in 1991. well you see, they decided to put a person who wants to know a little about ukraine in command of the western okor, well, it seems to me that he is the third or fourth commander in the last few months, if i'm not mistaken, oh mr. serhiy, the train has already left and the janitors were there, their children were there. well, yes, yes, that's it. the situation is such that it will in no way solve the global problems of the russian army, because they are not actually inside the army, but they are there in the kremlin, their problem is in the kremlin . and also on english tv channels. pray well, but i hope that they are krutenberg, then the same. before the court of representatives, they will tell how they adminis

of communication are arranged, conduct classes in military topography, engineering training and the rbcround the clock, the personnel are honing their skills in possession of kalashnikov assault rifles, light machine guns and grenade launchers. combat training among those called up as part of partial mobilization continues in the vladimir region the future donbass defenders are learning to introduce reconnaissance and adjustment. fire with the use of drones also restore skills in the operation and maintenance of military equipment in engineering and military medical training in the classrooms are held classes in tactical shooting. upper stage fregat successfully launched the russian glonass navigation spacecraft into orbit to the ministry of defense reported that the device successfully launched from the plesetsk cosmodrome in the arkhangelsk region all pre -launch operations were carried out in the normal mode mikhail fedotov will tell you in more detail. the launch pad of the cosmodrome plesetskozarya powerful flash begins purging the fuel system of the soyuz rock rocket engines vibra

rbc-ukraine was just asking a question that you didn't answer during your captivity , or were you forcedgo to contact ? divided i will also answer, hmm, for sure, the first one is four days, uh, personnel, well, the personnel that is here now, except for the development, i am ilya the motorcyclist, ivan ignatiev, the first four days. we were at the deer park on the fifth day. well, there from the fourth to the fifth day 1 at night, early in the morning, we were not allowed to pick up our things and simply faced the fact that we were entering a place that they did not say. first, they put us in a van and drove us to the airport, as if in rostov. well, i have an assumption. this is my assumption, and then we flew somewhere . i am in some cell now i understand that it was moscow. although i thought it was peter because i heard seagulls screaming, but there are also seagulls in moscow, as they told ilya and er, to answer because everyone can have different impressions and feelings, so a comprehensive answer should have been given by the chief of staff -e we were at first the command staff er

rbc’s business consulting is writing about it.his is a russian publication, that is, theirs is and the sources refer to the gauleiter kirill streamous or his deputy. threatens such a businessman with punishment according to the laws of wartime and also threatens to deport them to the territory under the control of ukraine. i think that many people of kherson would like to be deported to the territory under the control of ukraine . - melitopol fedoriv says that the residents of the temporarily occupied territories are getting rid of russian rubles en masse, so as they say, the markets are reacting to the latest news, what is there with the rubles, what is there with the hryvnias and in general, where do people take currency, does the banking system work in the occupied territory where you can withdraw money from the card, for example , the banking system in the kherson region does not work, what has been happening in the kherson region since the first weeks of the occupation has nothing to do with the e-e market economy at all, bec

already received a license to sell alcoholic beverages and is going to add wine to the menu about this rbceported by the company itself, while it is called an experiment and sold. they want still sparkling wines only in burger king, which are located at the moscow vnukovo airport and immediately specify the sale of strong alcohol. currently, only beer is not considered in the burger king menu. moreover , all these do not specify whether there will be only russian wine, the founder of the meat and fish restaurant chain sergey mironov admits an unusual step, but it can attract new visitors to burger king because that the airport is alcohol - this is a familiar combination . director of the wine trading company ford alexander lepilin believes that the average check in this fast food chain. now it can grow into a three times owns the burger king brand by canadian-american restron brands international, but all outlets in russia operate under a franchise and therefore close their parent company. the russian stock market has not yet succeeded. today it resumed growth, after yesterday's attempt to

by the way, rbc has already officially reported on this, that is, a serious resource about what happenedcrimea. by the special operations services, trucks with explosives drove under these tanks so that the tanks were also engaged, but it was from this explosion that two two spans of this bridge fell, and now the bridge has completely stopped traffic on it, and they have even decided to prepare this ferry crossing because this is fantastic for a long time, really news. and if it is even really our special operations services, then we applaud them. if they are such, if they are still unknown tajiks who built this bridge and laid some kind of bookmark there, then also, what is the action? it worked, too. we appreciate this brotherly act. well, let's talk a little about the questions, maybe not so inspiring, but everything is good. and what exactly is good about privatbank? in fact, you know , there is one surprising thing in this story, you know, there is only one thing - it is the fact that the man himself is the number one figure in this case, and now he is also accused of withdrawing de

rbc sources in russia what is interesting is that he was the commander of the combined military unitn military district, then the command of a group of russian troops in syria. but the most important thing is that berdnikov graduated from the kyiv suvorov military college in 1991. well you see, they decided to put a person who knows at least a little bit of ukraine in command of the western eye. well, it seems to me that this is the third or fourth commander in the last few months, if i'm not mistaken, oh, mr. serhiy , the train has already left already, and the janitors were there, but what kind of people were there? the situation is such that it will in no way solve the global problems of the russian army, because they are not actually inside the army, but they are there in the kremlin, their problems are in the kremlin. and also on english tv channels . well, but i hope that they are krutenberg later, too . before the court of representatives, they will tell how they administered brain injections to russian society and the world. and then we will decide what to do with them, that

joining me now is janet mui, head of market analysis, rbc brewin dolphin.ey have quite a lot of detail as to why they believe the government will not have the money it needs to go ahead with plans? money it needs to go ahead with lans? ., ., ., plans? thanks for having me, first of all— plans? thanks for having me, first of all before _ plans? thanks for having me, first of all before the - plans? thanks for having me, first of all before the mini - first of all before the mini budget the government was already in a bad situation, in terms of deficit because we have already spent so much during the pandemic, the economy, the key driver of the government plan, is to generate revenue is the assumption we will generate growth every year, and that is higher than what we are accustomed to, and it's very difficult for the current economy like the uk to generate that kind of growth, thatis generate that kind of growth, that is based on the idea of trickle—down economics, where higher spending and high earners will spend more and it will trickle down to the rest of

away. is extending his power in the country. joining us now is janet mui, head of market analysis at rbce explain first of all what credit agencies like moody's do and what this outlook means. that helps with the story _ what this outlook means. that helps with the story quite _ what this outlook means. that helps with the story quite a _ what this outlook means. that helps with the story quite a lot, _ what this outlook means. that helps with the story quite a lot, with - what this outlook means. that helps with the story quite a lot, with the i with the story quite a lot, with the disparity between public and private numbers. flan disparity between public and private numbers. ., , ., ., disparity between public and private numbers. ., , ., ., �* disparity between public and private numbers. ., ., �* , numbers. can you hear me? i'll 'ust reeat numbers. can you hear me? i'll 'ust repeat my — numbers. can you hear me? i'll 'ust repeat my question. i numbers. can you hear me? i'll 'ust repeat my question. please i numbers. can you hear me? i'lljust repeat my question. please explain| repea

colleagues, please, rita margarita mordovina rbc and the first question will be devoted to the opening deal, which is being prepared now. ah, according to the appraiser, the value of the opening group is 359,386 billion rubles. but at the same time, the head of vtb kostin said that the price issue would still be discussed and other issues were agreed with the central bank in your opinion. uh, is the bank of russia ready to sell, and the opening is below the range indicated by the appraiser. and in general, whether the question of price and opening is debatable and second. eh, the question is also i will ask, and on october 15 a decree was signed in which the central bank was empowered to issue an export permit. uh, more than 10,000 currencies. but to whom such permits can be issued, for what purposes someone applied or already applied for such permits. thank you. thanks for the opening. the appraisal is coming to an end, but, uh, the valuation report has not yet been formally received by the uk fcbs, but even if it does, we will not comment on, uh, indicators, uh, grades a and, of cour

somehow increase the number of countries where they accept cards of the world domestic payment system, as rbcrites, citing sources from two large russian banks are going to install their payment terminals in the so-called friendly countries. they will be designed to accept only world cards, which banks do not say, but it is reported that one of them will supply terminals only in turkey, the second in turkey and the emirates, one of the sources. he says that payment terminals will primarily be installed in tourist places, such as hotels and large stores after the us department of the treasury warned in september about the risks of sanctions for those who cooperate with the world payment system, banks around the world began to stop accepting these cards, the most painful for russian tourists. this, of course, is that the world now does not accept any turkish bank from cooperation with the russian payment system, the banks of kazakhstan, vietnam and uzbekistan refuse to cooperate. and the sites of the payment system of the world have generally removed information, where are these cards? can i pa

joining me now is janet mui, head of market analysis, rbc brewin dolphin. janet, good to see you.lp households for two years capping their energy bills. that has since been reversed, it isjust bills. that has since been reversed, it is just there for six months, but still, it is help for everyone, which is what the world bank is saying is not such a good idea.- is not such a good idea. good morning- _ is not such a good idea. good morning. thanks _ is not such a good idea. good morning. thanks for - is not such a good idea. good morning. thanks for having i is not such a good idea. good i morning. thanks for having me. yes, helping everyone is not available because in an ideal world we would love to have a money printing machine, and there is no inflation, but obviously after the covid we have inflation up, billions of money being spent helping a lot of people, and their are experiences that it was not targeted enough and there was not enough test to make sure we are helping the most vulnerable in society, and the energy bill support that we have currently in place is again not ve

to sell alcoholic beverages and is going to add wine to the menu in the first quarter of next year, rbcd by the company itself. they call it an experiment and they want to sell still and sparkling wines only in burger king, which is located at the moscow vnukovo airport. they also immediately clarify the sale of strong alcohol. burger king now only has beer on its menu. moreover, from the baltic whether there will be only russian wine, all these do not specify, the founder of a network of restaurants, meat and pisces sergei mironov admits the move is unusual, but it can attract new visitors to burger king because the airport and alcohol are a familiar combination alexander lepilin, wine director of the ford trading company, believes that the average check in this fast food chain can grow by 2-3 times owns the burger king brand canadian american restron brands international, but all points in russia operate under a franchise and their parent company has not yet been able to close. the russian stock market today at the start of trading, decided to resume growth, but indexes fell cautiousl

caroline: rbc capital markets, we thank you so much for your expertise.loser look at how tech markets -- from new york, 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 on your wireless bill over t-mobile, verizon and at&t. just take the xfinity mobile savings challenge today to see how much you can save. >> xi jinping -- in its twice a decade reshuffle. a powerful seven-member committee is led by xi jinping. the others include -- this final lineup has been beyond many analysts most extreme prediction. it's a historic moment because it breaks so many norms from term limits to early retirement from age norms to female representation as well as resume prerequisites. for example, the one likely to become china's n

by six companies, among them a developer and a manufacturer of floor tiles kronospan, according to rbc participate in factory viewings in tikhvin novgorod and vyatka. assets will only be with the possibility ransom. foreign banks have been reducing the number of representative offices in russia since the beginning of the year . six of them have been closed, and three in october kommersant writes about this with reference to the central bank's register. we are talking about branches of two cypriot banks, german italian swiss japanese. the main reason is tough sanctions, but by the way, the reduction has been going on annually over the past 6 years, now 32 units are officially operating in russia against 65 at the beginning of 2016. that year, the representative office protects the interests of the head bank diesel stocks in the us fell to a minimum since 2008 and will last only 25 days. the company is launching emergency shipping protocols, asking customers for 72 hours notice due to shortages, carriers have to use multiple terminals to restock - this delays deliveries and puts a strain

rbc came out, cut sector reform, halved the price target to 16, says uber is doing better, cheaper for riders and pick supposed passengers a lot faster. stuart: i've got a feeling tesla is going to be down today. it is down, back to 230. stuart: a lot of news for tesla, we are seeing the ev fires in florida because the batteries were in water, the twitter drama and there is good news for tesla today being completely overlooked, elon musk said the long-awaited semitruck, they are producing it, it will be delivered to pepsi in december. a new vehicle coming on the market been investors say we are not buying that today. stuart: the edit button on twitter. lauren: four users, the people who pay $4.99 a month, a little icon looks like a pencil, you can edit, the original still lives. stuart: so you can send it. lauren: if you send a tweet you didn't mean to cendant edit that i can see the history. stuart: is a get out of trouble icon? >> it is just for a typo. obviously sometimes much bigger reasons. i think it is a -- stuart: i want to move to safer ground. let me show you safe ground. h h

what rbcs asking of the crypto world? >> they want a clearer view of financials.as any traditional company allow that revenue and allow that spend is coming in the form of tokens. it is more difficult to track than an ordinary u.s. dollar. >> if it is in the form of a token, even for yourself, how are you taking money from clients? how has your business been impacted in a crypto winter? >> we operate almost entirely in traditional u.s. dollars and continue to use traditional products in that space. that is the way our clients operate for the most part. we admittedly continue to live in a fiat world, a private copy will pay for office space, and pay employee salaries in u.s. dollars. token spend, in various cryptocurrencies is going to be an increasing part of their balance sheet as digital as adoption continues. >> when you're looking at crypto you talk about tokens, you already mention here the difficulties when it comes to accounting for them. what about other assets? nft's and other types of web three assets, how is that when it comes to being accountable share

coming up rbc capital markets head of u.s. equity strategy. that's on bloomberg markets the close. bloomberg. ♪ ritika: -- guy: russian missiles and drones damaging ukrainian infrastructure over the last few days. that's according to the country's energy minister. i spoke to him earlier on the impacts of these recent attacks. >> the biggest attack on energy infrastructure from the war. so they hit something around 30% of all energy infrastructure. guy: what are the implications of that attack. what does it mean in terms of ukrainian energy and for structure going forward? what is it mean in terms of your ability to whether the winter? >> of course they damaged a lot of capacity and facilities. the transmission stations and also they damaged generation companies and that is really the main target was just to make obstacles for us to survive in this winter and that's the main goals of these. but on energy infrastructures would started on monday and it was a massive attack. they used more than 80 missiles. then on tuesday and wednesday. they attacked the energy infrastructure. guy: wh

. >> maybe it's rbc too and the names i got were td and ribc and both companies making end roads intohe market and they're in the process of finalizing the deal to purchase cowen and company and not a big purchase less than a billion and td looking to expand in the u.s. and two banks interesting again and how do things are structured is anybody's guess and the separate unit getting investors in it and current management takes a piece and they are. they lost a ton in arcagos and other things. they've had five manager in ten years and they're just crazy stuff. liz: people are worried they're taking deposits out and this is the investment bank. not the credit wealth management and bank bank. the private bank. liz: aren't they all in the same family? >> they are, but they're going to -- that's why everything is worth $11 billion and not $30 billion right now. do they spin it out and allow investors? we don't know. clearly there are interesting parties and clearly this is happening, and i think the good news here is that everybody thought that credit sweiss was a lee man moment and it wasn

the survey was conducted jointly by cdek and the dog walking service guldog, a the result is given by rbcid that if they have to leave, they can give the pet to their relatives to euthanize or throw it out on the street, while the vast majority, 73% still, the option to euthanize or throw it away completely for themselves exclude the question where to attach now has become aggravated after announcements of partial mobilization of the russians, decided to leave and therefore the reasons for parting with the pet in such cases. this is more likely not the cruelty of those leaving, but the problem with the documents that need to be issued quickly in order to take a pet you need to issue a passport with you, chip your pet , treat it from parasites, then still get vaccinated against rabies. after her, wait 20-30 days of quarantine, and already 5 days before departure, get a veterinary certificate. ilya about the economy all thanks to denis for the economic review. north korea arrived to test a new ballistic missile, the flight range exceeded 4.5 thousand kilometers for the dprk nuclear program

bank equity strategy at rbc glad to have you with us. >> i feel like the ceo's have talked about the and i'm wondering if you -- >> you just touched on the consumer the consumer is in good shape. think we're going to see into the deposit levels and consumer spending and we anticipate to hear double-digit growth in the debit card transactions and along with credit. >> girard, you're on mt. rushmore for analysises. but my question is pretty simple you've watched today trading at about 1.4 times tangible and we haven't seen that in a while. what is the right level for the -- >> think what we're going to see over the next six to 12 months is -- [ inaudible ] very strongly and that le vote i would say it is two times so that is where we should be talking about in the next 18 months. >> girard, it is tim so wells fargo never made mt. rushmore of money center banks because of some of their miss steps and yet this is the bank that has outperformed everybody. >> it is interesting with wells fargo because they have the cease and desist and they also have -- perform well because they're very fo

cards will appear in turkey and the united arab emirates, this will be installed by two russian banks, rbcts, first of all, in hotels and large stores, banks see demand in countries popular with russian tourists. let me remind you that the number of issued world cards in russia has already exceeded 150 million - this is the data of the national system of payment cards per month issue more than five million. elon musk fired five directors of twitter, including the general and financial ones, so the first day of the new head started. he himself posted a tweet. the bird has been released, the brain will act as the head of the company until it picks up new leadership in its appeal to advertisers. the businessman explained all this not for the sake of money, but for the sake of helping all of humanity, the bridge, promised to weaken content moderation and remove blocking, including the purchase of twitter by former us president donald trump, cost the owner of tesla and spacex $ 44 billion after the company went into private hands. its shares will go off the exchange. the swiss bank will come ou

rbc's take on it has much to do about largely nothing.they think the bigger picture long-term the probability coming to pass is low and probably focused on other sectors like construction and trucking, carl. >> interesting to see taking a measured approach. meantime, guys, we are at session highs or close to it we bounced right off of 3568 as we had the dollar soften a bit, the two-year 427 after rising above early this morning let's get to the half. >>> carl, thanks very much, and welcome, everybody, to the half time report. we do begin with breaking news fresh comments from the cleveland fed president speaking today. our steve liesman today with those comments steve? >> yeah, scott, and a very hawkish cleveland fed president fed policy to become restrictive. sheports a funds rate she says about 4.4% this year that's the medium fed rate and about the median for n

rbc thinks more upside ahead one note there david costin at gold nman, tradg marge larger how do we view them here >> anybody who lives to me talk reads my writing knows i usually love small caps. i would say about them now yes, trading at much maria attractive valuations than large caps always have to sit back and ask yourself as an investor, but is there a reason they're trading at more attractive valuations? for a while, yes, a good reason. the economy started slowing down worried about demand worried about the labor market worried about a lot of things, but look what's happened to the dollar this is one of those things that will always be a tailwind for small caps when you have a strong dollar simply because it is a head wind for large caps it ends up being a tail wind for small caps because their revenue is more domestic based dollar waengs, you'll see pressure there back to my comment top of the show if and when the cycle resets, small caps lead out of recessions so you do want to have a position in those for that moment, and at this point when your attractively valued a great time

and the result is given by rbc, so 47% said that if they had to leave, they could give the pet to theirhrown into the street, with the vast majority, 73%. yet the option of throwing away the euthanasiars for oneself completely excludes the question of where to attach now escalated after the announcement of partial mobilization of part of the russians, they decided to leave and therefore the reason for parting with pets in such cases. rather, it’s not the cruelty of those leaving, but the problem with documents that need to be issued quickly, but you need to issue without a passport, then chip your pet, treat it from parasites, then still get vaccinated against rabies. after it, wait 20-30 days of quarantine, and already 5 days before departure. you also need to get a veterinary certificate. igor, i have everything yes denis thank you denis presented the economic review of the day. this is the program for today. further in our issue in winter and summer, in one color, what is grown on the siberian network of firms and what does ancient greek mythology have to do with it. anton the crowd

rbc cut the price target on tesla to $340.an it is now but it was a cut. it is worried about recent quarter u.s. deliveries because might push them back to 2023, they can get the tax credit that becomes available next year. elon musk has other sleeves, other tricks up his sleeve. tesla's semi-tractor trailer will be delivered starting deece 1st. pepsi gets the first one. rivian recalling almost every vehicle it ever delivered, nearly 13,000, due to a steering defect t could mean the car loses steering control with risks of crashes. some of the vans were being produced for amazon are also being called back. it's a bad look obviously for the company. look at that, the stock is down almost 70% this year. not all evs that we're talking about today, even though many of those names are in the red. ubs downgrading several automakers including ford. look at ford, 11.30 a share, down 7%. it says they're word 10 bucks. the reason is demand is weakening just as supply is growing. ubs says a three-year run of quote, unprecedented pricing

in 2019, tatyana fileva headed s7 just a year ago, according to rbc sources, now she has temporarilyplans to get an education abroad in the press service, but she does not comment on this, but they note that tatyana fileva, as a shareholder, will continue to take part in solving the strategic issues of the holding, and they also say the new ceo dmitry kudelkins focuses on the strategic development of s7 in the new conditions this year. she wanted an essay. put the second in russian low-cost carrier called citrus, but abandoned plans in june, because deliveries from aircraft to russia are prohibited by eu sanctions trading on the russian stock market ended with a steady increase. there are reports that gazprom's shareholders have already begun to receive dividends and the market is waiting for investors to invest this money again in the purchase of shares. ozon has also agreed with the holders of its bonds, and restructuring for a long time for 750 million dollars a ruble. as expected, by the evening, today the peak of tax payments by exporters has passed, and it means that the domest

way to balance protections with flexibility now, for now, wall street is swla divided on the impact rbch ado about largely nothing, says the ruling seems more directly aimed at those other industries like health care, construction, and food services. on the other hand, the proposal adds uncertainty to a sector that is already under pressure in terms of its market value and profitability. we have seen this play out here in california a few years ago. not exact same, but similar through a ballot known as ab-5 that would have reclassified drivers as employees gig companies, they ultimately want a carveout, but they spent tens of millions of dollars along the way campaigning against it now the labor department proposal raises some risk of seeing a form of that labor pressures play out on a much larger national level, brian that's what the market the trying to work through >> i've got many questions number one, the most important thing is the drivers i've talked to many uber and lyft drivers over the years. not all want this. they've got their own reasons for maybe having more flexibility. t

gerard cassidy of rbc. just a final word on wells. they also beat on a lot of metrics, including the interest income. but they missed on efficiency. will investors allow that to happen over and over is the question or is net interest income enough? jonathan: where are the storm clouds? lisa: wells fargo third-quarter provision for credit losses, they came in above expectations, $784 million versus the estimated six point an trillion dollars. -- or perhaps even dropping them in the face of weakness, what is it due to some of the banks that is getting higher incomes on the net interest margins about are struggling with what is expected to be higher load losses and investment losses as well? jonathan: is there a hurricane brewing? lisa: the irony is jamie dimon says there is an everybody is cheering his results and saying you made so much money, yay. so try to score that one. jonathan: in the next couple hours, we talk about you tell real tail -- uk retail sales and then just a moment we catch up with an guess. this is bloomberg. ♪ ♪ >>

you had rbc this morning also cutting their price target to 340 for tesla, still pretty good upside. 50% or so but down from 367 but did you notice that musk also wading into the china taiwan debate with his interview stuart: what's he say? >> he suggested taiwan should be and could be turned into a special administrative region like hong kong in the future and that is controversial, because a lot of people in asia, and especially those living in taiwan believe that the country itself is its own self-governed territory. stuart: musk just lost me on that one. >> yup. stuart: that is outrageous having seen what the communist party has done to hong kong. i'm going to move on before my head explodes. terrible thing to say good lord. rivian, down 7%. what's the reason? >> yeah, so another electric car company with some issues and this has to do with the recall so we're talking about a fastener that may not tighten properly in the steering wheel which could be dangerous and that could mean the car could lose steering control and there are risks of serious crashes. 12,000 cars being recalle

signed by deputy chief of the general staff yevgeny burdinsky, the document will be published by rt and rbccall on a maximum of 30% of the employees of one organization is necessary in order to ensure the smooth and stable functioning of the economy. the russian stock market today went under the motto no bad news and already good. indices continued yesterday's growth markedly imitated the shares of gold miners. it is such a popular defensive asset and developers. the plane is obviously still on yesterday's news about the extension of the family mortgage program. in the foreign exchange market. little noticeably approaching the tax peak, the ruble rose, but the dollar is very sluggish on the basis of today's trading, lost eight kopecks. euro five. the state duma today in the first reading approved the introduction of an excise tax on sweet soda in russia, its state is going to take 7 rubles from january 1 next year. for a liter of drink , other amendments are now being made to the tax code, the essence of which is one to increase the revenues of the russian budget the government has already

in mid-march were blocked, including the channels of the artist sputnik of the world of russia today rbc federation council committee on international affairs is in touch. grigory karasin grigory borisovich hello well, i would like to know your reaction to such a step. although, it is not very unexpected, but nonetheless. why do you think he formulated it in such a way that they wouldn’t say it there, but the fact that the accounts of the federation council of tv channels together with the russian federation on youtube are blocked are obvious acts of escalation of hostility towards our country from the so-called decision -making centers. as they themselves explain, it is in development. they also invented rules for restricting exports and applying sanctions, in fact, this is an act of information terrorism that cannot be justified. for information, i want to say that for more than 8 years they have been broadcasting meetings of the chamber of committees of congress forums on the channels of the federation council, and this was used very solid demand, both in our country and in the world.

rbc, mass shootings, school shootings and this common theme we have to worry more about being shot thanassing a test. so how do you think about rebuilding our image especially our politicians image? this goes to the united states repertoire as a superpower. >> congressman hurd recognized me from the preevent. i am a freshman studying political science. my question is with the increase in improvised weapons and the ability for them to be made cheaply and efficiently like we saw with the assassination and the recent shooting of the conscription officer and in russia, both with improvised firearms in the rising 3d gun parts, is gun-control even feasible? do we need to machine control, 3d printing control, does japan need metal pipe, like how far do we have to take this? >> i want to try to answer these. >> i think the only answer your question is we have to show the world we are serious about this. i think this summer's piece of legislation was incredibly important in showing the world that we are not standing pat and doing nothing but i wholeheartedly agree with you. it is a blemish on ou

both ubs and rbc capital markets noting concerns for the auto making industry.ing auto estimates. in terms of the reaction this morning, we are also seeing these companies lower, including nissan, also reacting to these talks it is aiming to review its alliance with renault. >> actually, i really wanted to take a look at the korean won. we are seeing a huge downside against the u.s. dollar. we are talking about levels of $14.31 against the u.s. dollar -- 1431 against the u.s. dollar. this is really not surprising given that we have the 10 days trade numbers from south korea for this month, releasing again the deficit of 3.83 billion dollars. exports falling more than 20% year on year in the first 10 days. imports falling, but not by as much. really weighing on the korean won. we know they have heavily intervened in the markets. fx reserves are also under pressure. all of this really playing into the korean won/u.s. dollar trade. this just also doesn't help that that the u.s. dollar has been pretty strong. even those haven flows on geopolitical uncertainty over y

: "daybreak: asia," we are counting down to asia's major market opens as the world are asked of the rbcce. investors pricing in the peacock patient from central banks. we will see what the rbnz does next. haidi: we have to reframe expectations, because you get the feeling this is wishful thinking or bond goals, equity goals, we know the fed wants inflation to come down more meaningfully. let's see how we are setting up before the open. annabelle: we are positioning for a move higher in the markets in japan and south korea and are tracking bond is at the start of trading. cash treasuring coming online, the 10-year yield looking still well-off the 4% level last week. a lot of optimism building. that the fed won't need to be as aggressive as expected. we are keeping an eye on market opens on what that means for the direction of the open. the dollar index retreating in the previous session and the yen retreating this morning, below the 144 level. after 145, started intervention watch earlier this week. stocks coming on to the upside. also coming off oversold levels. that is the other side o

certainly between the two, uber and lyft, the street has definitely been on the uber side rbc downgradingt to make sure the proposal is out. we were having a hard time getting ahold of it. we'll take a quick look at it. i think the market is responding to obviously what is in that proposal >> after the break, do not miss my exclusive interview with u.s. army secretary christine wormuth. first, taking a look at shares of leggett & platt, pointing to economic conditions weighing on demand and into the current quarter shares are down 9% back in two. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq yo - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narr

our next guest is cutting her target joining us is rbc head of u.s. equities strategy, lori.u why are you cutting your target? >> whoa did that a little bit ago, a few weeks ago what we wanted to reflect is we think markets are trying to stabilize but we think we're set up for chop into the first half of next year i do think we're focused on reporting season right now we do think that more positive tailwinds for republicans heading into the november 8 contest is something that has helped stabilize markets in here unfortunately, with reporting season, we're getting some good news we're seeing some resilience, seeing some beats, markets are cheering those, punishing the misses, but i think we'll not be able to rip off the earnings band-aid until we get into the early part of next year. let's enjoy it while it lasts but i think we're set up for chop over the next few quarters. >> what is ripping off the earnings band-aid mean for early next year? what do you mean by that >> i mean getting to the point where we finally right size 2023 expectations and that's something we've been

it's a key part of medicare advantage, these star ratings represent what now analysts at, for example, rbcre saying a significant hurdle to reach in management's long-term eps growth targets we're talking aetna as a part of cvs here we're talking about the cms star ratings for 2023's medicare advantage and part d plans, and it shows aetna's percentage of members and plans rated four stars and above dropped to 21% from 87% >> that's very poor. >> people are not happy. and that can impact bonus payments >> well, you know, you get a consultant, because it's impossible you get the document from medicare, and it's like war and peace. so, then, you have to hire a consultant, and the consultant looks at these stars now, everything is down today, which is ridiculous. cvs was bad. nvidia's not really -- >> that's not helpful for cvs's aetna business >> no. and look, i picked humana because they had a good plan but you do go -- the ratings, carl, the ratings determine a lot, because it's so impossible to understand. i mean, i spent so much time on this thing i just hired someone >> so, people are go

jonathan: lori calvasina there from rbc capital markets. a lot happening.a: the correlation or causation of the bank of england is the intervention on the same day jp morgan reports earnings. it is going to be really pivotal. i don't know how much it will be the harbinger of what is to come and nike and tesla might be more of a harbinger when people are looking at supply chain disruptions and not just financial markets. jonathan: for tesla, that statement could have happened 12 months ago. we are talking about supply chain disruptions. tom: it is really important to take the supply chain thing and pull it out farther and you get more uncertainty and particularly in the united kingdom where they are usually constrained by supply and demand and falls into brexit. this is the date in october this week. jonathan: we are pushing out supply chain problems in bringing forward earnings. that is not great going into next month. lisa: mike wilson said the light at the end of the tunnel is freight train. jonathan: thank you, lisa. this is bloomberg. ♪ jonathan: the pr

rbc put out forecast as to how much profits will decline.n: futures are down by a third of 1%. live from new york city this morning, good morning.we will have a chat about the european bond market with yields climbing higher. 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... add a line to your existing plan, or see for yourself how easy it is to save by talking to our helpful switch squad at your local xfinity store today. >> the fed has kind of entrenched themselves, kind of like no matter what happens, we're going to do it. >> yes, monetary policy operates with a leg, so we are waiting on those legs. >> we expect the market to remain volatile. >> we are walking a knife's edge, different between a soft and hard landin

they also arrested him for the i should say the transition are by rbc college.tes _ is in the story. his song caught fire within minutes after- is in the story. his song caught fire within minutes after being | fire within minutes after being posted it was viewed 40 million times in less than 40 hours then deleted when they arrested him. the arrest itself shows how the authorities realised what in anthem this song has become for this movement. it was just putting all of these grievances which wasn't confined just to women's right to wear what they want but the entire spectrum of experiences that especially young people in iran have from being scared to date somebody without the morality police overlooking their shoulders. with economic situations, entire set of oppressive behaviours are the regime put up he put all of this in two minutes and that was why it made it so davis arresting him again partly backfired because he is now a very nervous person inside around and outside. �* . . nervous person inside around and outside. . ., ., ~ nervous person inside around