it is not just saudi aramco. it is also ubs, and massive mists when it comes to asset management and wealth management units, talking about integrating credit suisse and what that looks like. a wind to down -- down of the core side businesses. you are worried about how much that weighs on your balance sheet but i want to get more analysis. we have reporters from around the world joining us with top stories. guy johnson, swati, avril hong in singapore. these ubs earnings, not looking very strong. your initial take? guy: there is no point of comparison. this is the issue with the numbers. there is no comparison. you can't compare them with any other numbers so they exist in isolation. saying they are better or worse is tricky. there are signs that are good in these numbers. signs of stabilization in terms of the net new money coming in to ubs and credit suisse and credit suisse in particular, there is a line i read talking about, they are courting net new money and wealth management, turning positive for the first

we will speak to you later today when we get those numbers from aramco.y�*s other news now. as we mentioned this time yesterday... wework has filed for bankruptcy in the us, a move that follows years of struggle for the co—working company. it reported liabilities of up $50 billion according to a bankruptcy filing in the newjersey federal court. this gives wework legal protection from its creditors and more tools for negotiations with landlords. an italianjudge has ordered the seizure of 780 million euro from rental giant airbnb over alleged tax evasion. prosecutors say the firm failed to collect a tax from landlords on around 4 billion euro of rental income. landlords in italy are required to pay a 21% tax on their earnings. airbnb told the bbc that it was "surprised and disappointed" by the decision. and uganda�*s president, yoweri museveni, has downplayed the us�*s decision to expel the east african country from a major trade deal. last week, joe biden announced uganda and three other countries would be dropped from the african growth and opportunity ac

saudi aramco expects its earnings to be positive.ted by recent share prices. it is of course the well�*s biggest oil and gas company and its earnings give analysts a better understanding of how the whole sector is faring.— sector is faring. aramco is all set to announce _ sector is faring. aramco is all set to announce its _ set to announce its third—quarter earnings and according to analysts, the government schipplock somewhere between 30 of profit during the july to september period. now, if the results are in line with what analysts are expecting, then that would be a drop of about 25% if not more compared to the same period last year. it is important to note that the oil prices are in a very different place than what they were last year. last year during the same period, oil prices were about 110 to barrel. that was because of the russia ukraine war, which led to oil prices touching a record high. and that benefited oil exporters and producers like aramco immensely because they were able to post record profits last year. this yea

and we start with oil and the biggest player in the world — the saudi state—owned oil company aramco.fits have been boosted by the recent rise in oil prices. this is what shareholders want to hear especially after aramco's profits fell by almost 40% in the last quarter. here's our middle east business correspondent sameer hashmi. aramco is also to announce its earnings, and according to analyst, they should clock somewhere between 30 and $32 billion of profit during

. >>> and aramco and saudi arabia and allies vow to push ahead with voluntary output cuts. >>> warm welcomeo "street signs." let's kickoff the show with the biggest mover in the market this morning. ubs. the bank reported a higher net loss of $785 the million in the third quarter after taking a $2.1 billion hit tied to the integration of credit suisse. the shares are up 3.3%. joumanna is in zurich poring through the numbers. talk about why the share price is reacting positively this morning. >> reporter: good morning, julianna. first, let me pick up on the headline loss. of course, that is grabbing a lot of attention. it is worth noting that the profit number is the number that came ahead of consensus. the negative print for the quarter is a reflection of those higher than expected restructuring costs and tax charge as well when you take into consideration the integration of credit suisse the last couple of month. this was telegraphed when we spoke to ubs a couple of months ago. they said they are expecting in the coming months to increase the cost, restructuring efforts, when it comes to i

she is also the author of saud, inc., a book on the history of aramco.have seen a lot of volatility in the oil price. everyone cannot figure out what is behind that movement. you think opec-plus has a good idea and how will it impact their thinking? ellen: a lot of the movement is due to a variety of factors. the big drop we saw last week was financial. futures options expiration. we saw a lot of short-sellers moving to cover their positions. that explains the drop. we are in a particular time where oil prices tend to be lower. seasonally that is to be expected. at the same time we are seeing softer economic data from china. this is a concern of a lot of traders. we are also seeing strong production from the united states despite anything else, then we have the saudi's saying all of these problems are due to speculators stop by our calculation supply and demand are pretty good. we are looking for higher demand next year. supply can cover it. the market is not jiving with what they are saying. the problem with putting together an opec-plus production cut

tomorrow will be results from ubs and saudi aramco.n wednesday, we hear from companies including airbus and adidas before bayer on thursday. we will hear from europe's biggest insurers as we wrap up the week. stateside, we hear from 47 companies from the s&p. disney is reporting on wednesday as we see results from japan with nintendo as well reporting. >> let welcome paul gambill on the show. we had a massive retreat in bond yields and equities managed to rally on both side ofs of the i this have legs? >> that is the question we are all trying to work out. we have the huge earnings week. we expect that to be positive. looking in the rearv-view mirro, we have seen a strong quarter for gdp and earnings. i think it has legs for a little while longer. unfort unfortunately, those legs are cut from under it by fed policy. we have done work to look at how effective fed policy has been over the last 70 years and over the last 25 years. what we found is that basically they always raised rates too high at the wrong time and been far too late to

why is the biden administration forcing saudi aramco to get out of the startup?e company, and that was puzzling to me, but in the last week bloomberg reported that the biden administration is getting increasingly concerned about not just saudi funds, but the various middle eastern wealth funds and their connections to china, so this is the u.s.-china ship -- chip war and tech war playing out. it looks like an ai chip company that tries to bring processing into the memory to reduce power usage when you train ai models use ai models on the edge, but it is all part of the u.s.-china tech war that is expanding. vonnie: explain a little bit more of what you were just saying. what is it about this particular chip company that makes them special? >> well, with the advent of chatgpt and these large ai models, what has come to the forefront of a lot of people's concern is how much power it takes to train these models. in some cases analysts have said chatgpt takes an entire month of an entire data center to change, and that requires a lot of power, and the power is needed

go philips, marathon petroleum, and recently even less than an investment of $15500000000.00 into aramco. which as you probably know, is saudi arabia, estate owned oil and gas company. oh, and when it comes to the coal industry, black rock is also one of the world's largest investors. in fact, well, most of the world is looking for clean or alternatives to improve air quality and reduce cold emissions. black rock has recently plunged more than $34000000000.00 in the companies that are developing more coal assets. and joining us out of talking about this is why i read, he's an international correspond that he has spent much of his life covering stories all over the world. many of them a can do that, which we're talking about right now of thanks. why for joining us. my pleasure. right. thanks so much for avenue. you know, what i find most interesting and maybe it's because this is all kind of recent. uh, generally speaking that the president soleski was supposed to have a meeting with little desilva and it didn't show up. i mean, the guy didn't even show up to a meeting and apparently they

yeah, one was able to launch and just, you know, target aramco facilities, which for saudi arabia to end the world, which forced out, are you able to come to the table and demand a ceasefire agreement immediately? and i think so in order for israel to way is a uh, effective military campaign against him. and i think the 1st half to reach a ceasefire with his bullet and of course with him. s. and then we clean and put together a to a military effort, along with the western european space to declare a whole lot more on the m. and that's the only way they can. you know, they're fully, they use it a successful military offensive against it. but i don't think that's supposed to happen because 1st and foremost, i think human has proven for the past 9 years. and this war it's that, it won't, you know, we're using a tax airstrikes on them and it's not going to affect them. it's only going to make them stronger, as has been intuitively proven because you also loved it was not this strong couple of years. back when the were 1st started, the only gosh thre, 100, develope, sophisticated ballisti

battery and on shore wind, but the richest companies, multinational corporations, exxon mobile and aramco and others are showing no sign to change their business model, so it is a fight between investment, and the cleaner future, but really, this administration is really lean into this, and the most robust way that we have ever seen right now, and now putting some money behind updating the electrical grid which is this creaky goldberg machine in the world that somehow works and needs to be modernized as well as helping out the communities with the smallest carbon footprint and suffering the most, the tribes and the communities of colors and those sorts and funding thor those as well. >> if there is anything that needs an investment, it is the electric grid, and it is a miracle that it works at all. thank you, bill weir. we a lot of news developing. we will be right back. >>> federal trial of the man charged with attacking former house speaker nancy pelosi's husband is on trial this morning. paul pelosi telling the horror he felt being struck with a hammer inside of his own home and the mo

. >>> saudi aramco reporting a 20% drop in the third quarter profits.prices and volumes for the drop despite the dip and holding the $29 billion dividend payout. >>> and shein sieeking valuatio of $90 billion in the anticipated ipo in the u.s. according to bloomberg, the fast fashion platform support from the $64 billion it was given following the funding round back in may. it is still below last year's $100 billion valuation. the report is talks are ongoing of the details of the public offering. frank. >>> silvana, thank you very much. we will turn attention now over to earnings as companies prepare to open up the books today. including gilead and uber among some. pippa stevens has more to watch as well as diana olick. >> energy market struggle for production as demand fears and the escalation in the middle east lifting prices on the other. wall street is expecting the company to earn 84 cents per share on $7 billion of revenue according to estimates from lseg. executive comments are key here with the production plan and looking forward and guidance wi

oil and gas leading the way down after aramco reported steep profit declines.ancials in europe seeing a boost after ubs posted results with underlying profits beating expectations. stock is up again. and uk's metro bank moving higher amid a capital injection earlier this month but borrowers are still under pressure. uk housing prices rising by 1.1% in september after six straight monthly declines. so, i think, some evidence it's not a straight line lower, maybe, i guess is the best you can say for the british economy because there are increasing concerns there about a recession while still elevated inflation with the central bank now on pause. >> although uk grocery inflation in single digits for the first time in 16 months. >> good news. >> i mean, nine is better than ten. >> it's been stubbornly high. >>> couple hours into trading, maintaining some highs. let's get post to post with bob pisani. >> just off the highs for the day. the lower interest rate environment is really helping large parts of the stock market. you just had a discussion on housing. horton

here with more on what the production time line looks like is randall atkins, chairman and ceo of aramco> great to see you, kelly. >> another blue ridge, girl. >> that's right. where are you from? >> kentucky. i went to i and l. i didn't know. it's great to check in with you, and we'll talk strategy. let me back up for a second with this kind of modern-day beverly hillbillies tale. albeit that this property was owneded by a wall streeter in the first place. how was this discovery made again? >> well, it's sort of a tenure overnight sensation. we started really in 2011 with a thermal coal mine and it took us a year to discover that would not be the highest and best use of the property and since that time we've been working with the federal government on developing a whole number of alternative high-value uses for coal. i like to tease that fate loves irony and coal is a solution to a number of problems including obviously the rare earth situation in the united states. >> so is that a coincidence or is it a characteristic of coal that it might contain these deposits? >> it's -- it's a bit

the likes of saudi aramco, saudi national bank, saudi telecom.ubscriptions are coming in north of $1 billion. shery: that is really interesting. what is behind that appetite for saudi assets? annabelle: it is pretty interesting. it is a very deliberate choice that has come through from the asset manager issuing the etf this morning. what it is liking about saudi arabia is the growth prospects for the kingdom itself and the push saudi arabia has been making to diversify its economy. over the course of this year we have really seen that oil sector and the oil economy pulling back as saudi arabia is the oil exporter of the world. it has been issuing supply cuts. at the same time the nonoil sectors of the economy have been able to cushion that to a point. see sop is also optimistic about the outlook for the saudi arabian exchange. it is not quite in the top 10 globally but it has a plan to get into that group and also quite positive on the market reports saudi arabia has been pushing through to try and diversify its investor base. as for the hong kon

aramco. paul: we are targeting many companies in the middle east.s is important. we open all of them. david: i will take that as a maybe. paul chand, thank you. the financial secretary joining us to talk all things economy and hopeful going into next year. haslinda: great conversations. let's take a look at it in terms of the aussie assets. on the back of the rba raising rates. rates at a 12 year high. the s&p asx 200 index -- the aussie dollar, 6460 versus the u.s. dollar. higher dollar environment. the question is where does the rba go from here given expectations that g10 central banks are likely to stand pat. rishaad: a bit of news -- the export slump deepening for china but the imports a big beat. you can see estimates of imports down. bloomberg daybreak: middle east and africa is next. ♪ it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. i'm sam mo

jonathan: why did aramco cut prices to europe. >> you could argue this is self-serving.e flipside you have to wonder if they will counteract this. >> israel, the intensified ground operations as its army pushes deeper into hamas strongholds. 50,000 palestinians fled to the south with limited courses in the offensive to allow people to escape. israeli forces firing on a depot in syria. calling it a self-defense strike for attacks in iraq and syria. >> the imminent sea of some sort of expansion of this conflict seems to have been taken off the table. there seems to be this complacency that this will be something that keeps going on but that isn't necessarily likely to escalate because it hasn't so far. are there things we should be watching and especially the u.s. is getting more active with respect to strikes in countries like syria. tom: the israeli military is surrounding gaza city in some form. are they listening to politicians? at some point military people have to do military. they do not listen to politicians and is that where we are in this incredibly meaningful we

exxon mobil down 13%, something like that, and even aramco directly related to opec down only 10%.at much and oil stocks have not dropped? the mispricing between oil equities and oil itself is a study alone. jonathan: we are down something like 20% from september which is kind of nuts given what has developed in the middle east. if you're just joining the program, we will start with equities and shift to the commodity market. equities down 0.2%. crude -4%, $74.67. break of 80 to the downside. tom: i don't know how much academic visibility or market economics visibility there is beneath that. i cannot believe i am saying this but i don't know where we are. there was such a skew toward greater global demand, $90, dare i say $110. lisa: i want to understand better why. is this demand? we are talking how everyone is going to be traveling. it is expected to be a new record in terms of traveling post 2019. where is the lack of demand coming from? is this just an issue of china? or is this simply supply but the u.s. is suddenly producing? tom: publishing from deutsche bank in the last hou