more with the lender's chair, axel weber, next. this is bloomberg. ♪ francine: economics, finance, and politics. this is "bloomberg: surveillance ." i'm francine lacqua in london. let's get back to our conversation with axel weber, chairman of ubs. thank you for staying with us. we talked about consolidation within switzerland. what would it take for cross-border consolidation in europe to happen? axel: i think what europeans need to acknowledge is the way they tried it so far to get a banking union has worked -- hasn't worked. we are still quarreling about insurance, still don't have a capital union and i've been arguing that what europe needs is a think tank at the talk -- big bank at the top. it needs a new legislation that creates a european league of banks that can operate across the european union. pretty much what the united states did with the national banking act. mind you, that was in 1863, so europe needs to have its european moment for the banking union and capital markets union and that can only happen if there are eur

it was interesting listening to axel weber, the chair over at ubs, still singing the praises of londonlking about the fact that the fragmented nature and the zero-sum game nature of the way that the european union divvies up its financial differentn terms of notes is going to cause a problem. that is going to leave london probably still in the driving seat. alix: i wonder what that means for commercial real estate because commercial real estate was already struggling before in terms of that. we've seen a lot of retail jobs had to go bankrupt or close. these were supposed to be the particular tenants. -- ii think what are think what you are going to end up here is a real to speed market with real estate, particularly here in london. the prime buildings are going to continue to do really well, but the second tier, third tier buildings i think are really going to struggle now, and i think that is going to invert over the next few years. the european close coming up next. those are the numbers. this is bloomberg. ♪ are you frustrated with your weight and health? it's time for aerotrainer,

axel: axel's lover -- weber speaking to francine lacqua.p next, pbw investment manager says investors should get used to u.s. markets underperformance. this is bloomberg. ♪ haidi: asian stocks slow at the open as coronavirus are weighing on assets. our guests as a healthy fallback is ahead and expects a golden age of asset allocation. great having you with us. in this day and age of upcoming vaccines and global liquidity, where does the u.s. that in? it has been interesting -- when you have these moves, we call them the great rotation, no longer a trade but a great rotation of which novembers performance was a down payment. when you have these moves away from the u.s. to non-us markets away from tech to cyclical and value, it tends to last for a long time. the u.s. has been the dominant place to be whether it's equity, bonds, currency since the bottom in 2009. i think we are seeing just the beginning of a rotation away from the u.s. because we are in a global economic boom. next year we will probably see the best growth in almost 50 years,