credit suisse considering cuts of 10%.also have more from the interview with ubs chairman axel weber. also, the ability of the chief executive to continue as a probe casts a shadow on his appointment. what else i'm looking at is the markets, dollar steady, global stocks stabilizing after the losses yesterday. investors, feeling more confident about the recovery, but also about the vaccine rollout. in risk buying the dip assets. energy and travels shares among the top stock gains in europe. this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. to first word news with leigh-ann gerrans. leigh-ann: bloomberg sources tell us mike pence and donald trump spoke for the first time since the violence, pledging to work together since the end of term on january 20. if pentz fails to act, house are planning to push forward to impeach president trump again. u.k. is tightening trouble restrictions -- travel restrictions, removing the united arab emirates from

tom: you have the best view of credit suisse of anyone in media.is your interpretation of further losses? francine: there was a lot of talk on some of the loans that they gave out. this is directly linked of course to what we heard three to four quarters ago, which is the rmbs case. it's not expecting a fourth-quarter loss linked to that case. i think the main question is if there's anything else to provision. that's the million-dollar question, which i'm sure reporters and the company itself wants to make sure there's not another surprise. francine: -- tom: we call that kitchen sink economy. something about the kitchen sink right now, two european banks with serious news. with our news is ritika gupta. president trump condemned the storming of the u.s. capitol a day after the storm to capital. of defilinghe mob the seat of u.s. democracy and would now turn his focus to ensuring a smooth, orderly, and seamless transition of power via a capitol police officer has died of injuries suffered when a pro-trump mob storm the building. meanwhile the chief

credit suisse expects to report a loss in the fourth quarter. swiss bank is setting aside another $850 million to cover potential settlements related to residential mortgage-backed securities, more than twice the amount credit suisse had suggested last month. that is your business flash, guy. guy: thanks very much, indeed. alix, two words summing up what is happening in banking today. kitchen think. commerzbank -- kitchen sink. commerzbank writing of goodwill. ceos.lative a new you kind of get the feeling they want to go into this year with a cleaner slate. i think that is what we're seeing in both these institutions. alix: this could imply a legacy risk beyond what we know, however, she is talking about the core trends credit suisse is able to print announce, and if investment bank is keeping pace with the 15% growth. so there are still relative positives. you still have incrementally higher yields and the rotation into value. still, but has been happening so far this year, which has a ready felt like two years, these seven days. [laughs]. guy:

credit suisse is down.k expects a fourth-quarter loss as provisions jump for mortgage backed securities. anna? anna: up next, the food and drink industry sounding the alarm over post-brexit tariffs. 'll speak to dominic county. there are tops of what that trade means for their industry. let's not. this is bloomberg. ♪ -- and that's next. this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open. we are 30 minutes into the trading day, looking at gains in european stocks. you can see the european benchmark stoxx 600 up almost .75%. and if you take a look at how the index has done in terms of industry groups, you can pull that up with your grr screen. and right now, i'm looking at travel and leisure stocks doing the best, up 3%. tech stocks, infineon there. u, -- there, up 2.33%. the value in rec -- no industry groups are down. and a positive mood continuing into the weekend. joining us is dani burger. dani, how much enthusiasm do you see behind these gains? it's not really a wal

joining us now is the global cohead of health care at credit suisse, robert santangelo.isse is number one when it comes to ipo's and health care is a huge market for you guys. so, what are your clients telling you about a biden agenda, a blue congress, what is the conversation behind the health care sector right now? robert: obviously, a biden agenda has increasingly become part of the narrative, so i do not think today was a big piece of news. stocks generally are performing in line with the market. and i think that people expect that in general health care is going to continue to be a winner, notwithstanding that there are some risks to different aspects of it based on policy. and iv the overriding driver of -- and i think the overriding driver of it has been across health care, that all three main sectors, i think in the eyes of investors, have very interesting inflection points in terms of disruptive technologies running through each of life sciences meditech and services. so i think we will see a very active calendar. and we expect to see continued interest in these

how likely is it credit suisse will go through with these cuts?t does seem likely at the moment. sources have told us the board right now, the executives, formal -- finalizing and planning to tell employees in the coming weeks. 10% does seem like the baseline at the moment, but the cuts to bonuses could go as high as 15%. we have to remember credit suisse is dealing with a difficult fourth quarter, where they are estimating a loss in profit. it has been a tough year, not just loan losses, but a lot of costs, and a lot of charges. they have to pay $150 million due to a u.s. legal case. this is breaking from what we've seen the past two years from credit suisse where they left bonuses flat and different from other large lenders. this is what these banks are planning on doing. a lot are seeing increases up to 20% because of the windfall they brought in earnings. the same cannot be said for credit suisse's bonus plan. is alsoe former ceo planning a new move. i have viewers commenting on his new's back. -- new sapc. -- spac. they had a record 2020, so

unicredit considers ubs and credit suisse heads to head the lender.e on that so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. francine: this is "bloomberg surveillance." i am francine lacqua here in london. now the course we have christine lagarde speaking, saying that central projections are very clearly plausible. i am sure she will be asked about some of the different projections because of the vaccine rollout, and the fact that many parts of europe have to extend their lockdown measures. on to banks and unicredit narrowing its search for your -- for ceo. "the financial times reports they are looking at andrea orcel and tidjane thiam. chief executive jean pierre mus

mark connors of credit suisse, thank you very much.et's continue the conversation with yields, how far we go, what happens to the curve. the u.s. 10 year hovering about 1.16%. mark cabana of bank of america joins us. he's got the curve, twos-tens over 100 basis points. how high do yields go? mark, i think you are muted. can you try on beating yourself -- try un-muting yourself? we still can't hear you. this is fun. ok, we will get mark cabana back. we are also getting a lot of fed speakers out. you have dallas that president kaplan talking about the discussion of when it is appropriate to taper. the taper conversation coming back. mark cabana, do you have us now? mark: i hope so. can you hear me? alix: there you go. [laughter] we are getting some taper hinting from certain fed officials. how high can the curve actually go? mark: we have had a long out of consensus call for 10 year rates. we thought they would selloff in q4 towards 1%, so we were right on that. we believe we are going to see continuation of this over the course of the y

so we're getting some credit suisse numbers here. just want to bring them to you, continue to follow the bank story for you, first and foremost, on bloomberg television. and we will also watch what happens to the shares when they open in just about two hours time. now, that officials are signaling the central banks could begin paring back bond buying sooner than expected. philadelphia fed president patrick parker says he could see a move later this year or next, depending on the state of the u.s. recovery. meanwhile, the atlanta fed president echoed the sentiment, saying the u.s. could be stronger than expected by the middle of the year. investors will get a glimpse into exactly how that recovery is going with today's jobs report. its forecast shows a sharp slowdown in hiring in december. joining us now is georgina taylor, multi-asset fund manager. course, today's numbers aren't going to show us the recovery. that's yet to come. going toou think we're start to see positive data signs? georgina: good morning. thank you for having me.

eugene klerk, credit suisse global head of esg research.republican incumbent in georgia's runoff, leaving the future of the senate hinged on one key race. we have one to find the answer to. when we do, we will look at the market reaction. markets are reacting in anticipation of these results. we will get the latest from our markets live team next. this is bloomberg. ♪ ♪ matt: welcome back to "bloomberg markets: european open" 52 minutes into the session, and we are looking at european equity indexes that are kind of mixed. not a lot of change on the dax and cac right now. the ftse is up 2/3 of 1%. joining us is richard jones. me, the georgia inctions, i mean, everyone the u.s. was staying up late enough to talk to me on the phone when i woke up this morning and are all following it very closely. markets seem to really be reacting. what do you see? >> good morning, matt. i think markets are trading as if the democrats are about to take control of congress. that's probably going to lead to the sort of noise we are seeing today in u.s. markets

credit suisse says korea's got asia's best eps momentum.'s, chips and autos in addition to increasing retail, so flipping the page, no-brainer at credit suisse. top picks include samsung and hyundai and kia, jumping to a 1997 high on speculation it may build the apple car. rishaad: looking at this, 24% up this month alone. why the optimism? sophie: an analyst at j.p. morgan, coming through with a stock upgrade. they are overweight with a price target boosted to $450 hong kong dollars. for the food delivery company, they have seen growth as well as expanding city coverage for the community group buying model, which implies heavier investment which may erode margins. flipping the page as it builds out its footprint, it made a bid for china logistics, the third biggest warehouse operator in the country. haslinda: sophie kamaruddin. the check of the latest headlines, disney's executive chairman saw his compensation slump more than 50% last year to $21 million after the company curtailed bonuses and other pay and the pandemic. disney was hit har

credit suisse said they were going to trim their bonus pool. down by .5%.nt holding in despite the stronger dollar. to fatahing to talk role -- fatihtb birol. this is bloomberg. ♪ alix: live from new york, i'm alix steel with guy johnson in london. the iaea released its first net zero plan by 2050. it was written that nothing short of a total transformation of our energy infrastructure is required. it would mean by 2030 doing lots of things, low carbon hydrogen, growing a lot of investment in clean electricity. joining us now is the head of iea, faith birol. does the alternative plan that needs to happen get derailed by $60 oil? we have a choice as goingments, either we are to live in a planet which has almost nothing to do with the planet we used to know or we are going to change how we produce and use energy. make more use of clean energy technologies, ranging from solar, wind, hydrogen, electrical, nuclear and we have to reduce the share of fossil fuels in our energy we are serious about the climate problem. how big a turning point was the pandemic in th

francine: there is also talk that credit suisse is considering bonus pools by as much as 10%.ow different with this be from their strategy in the past? elisa: i think what you are seeing right across the board is many of the investment banks, many of the banks that have businesses working extremely well last year posting a profit, but of course they have two take into context the broader state of the bank, and if you look at credit suisse, they are on course to post a fourth-quarter loss because they are setting tackle legacyo issues, and the bank cannot ignore that when it is projecting for the year. across the board, you are seeing bonus pools rising maybe 10%, 15%. this strong is banks are reflecting that at a group level, and i think it will come down to huge discussion and a huge variance between top performers and the bottom performance. martinuzzilisa joining us on the future of banks. capitalp on the open, market cochairman. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? y

time now for a look at some of the other business stories making the news credit suisse is among european banks saying they will stop financing trades in crude oil from when ecuador the lenders are facing pressure from environmental campaigners who say their role may have made may have been complicit in the destruction of a muslim reign. u.n. figures show china was the largest recipient of new foreign direct investment in 2020 overtaking the u.s. for the 1st time the chinese economy brought in a $163000000000.00 in investment as the corona virus outbreak spread across the world compares to the 134000000000 attracted by the united states so. let's discuss this with our financial correspondent in frankfurt and they should how is china managed to leapfrog the u.s. like this. oh well it's to do with the fact that how successively dealt with the corona wireless and that definitely had an impact on how attractive it was for for investors it did manage to go check the spread of the core and i was fairly early due to strictly a log downs and after that it emerged as the only major economy today j

-- was thiam from credit suisse.mer cohead of bank of america's investment bank, has began talking with the bank. martin blessing, the former commerzbank ceo has apparently been talking with the bank. those are the two that have actually engaged in some sort of discussion. matt: so, they do not want any kind of internal -- do they not have any internal candidates at unicredit? >> actually, when you mention it, that has not come up at all. all the names that have we seen since -- that we have seen since the beginning of this process, we have seen italian company heads, international bankers, but there has not been any strong names advanced within the bank. that does not mean it is impossible but it has not come up. matt: got it. ross, thanks so much for joining us. ross larsen they're talking about unicredit's ceo search. the house has just passed a resolution calling on vice president mike pence in the u.s. to remove donald trump from office. pence has already said he will not invoke that article. meanwhile, senate m

francine: what is the difference between ubs and credit suisse right now?that is a long question. we are positive on both. there is a valuation difference. tom: we love having you on. switzerland, do they have room for two major banks? is it inevitable that they consolidate? ronit: the two banks are beyond the local markets. those are two of the biggest global wealth managers out there. there is no reason why there cannot be two swiss banks at the top of the list. there market is the whole world -- their market is the whole world. tom: what is the distinctive threat of the american banks that want to take marginal business in europe? what is the distinction of how they do business, including citigroup? ronit: the american banks in europe tend to be focused on targeted clients. most of the american banks in europe are not universal banks. they are not trying to do everything for everyone. there are certain clients, large companies, certain products and services, ipo's, it is a very targeted approach. there was a time 10 or 15 years ago when u.s. banks had cr

boost hiring they as well as credit suisse and goldman sachs, having big plans for china.de, i estimate there is some $100 billion in profits to chase down. the banks all want to grab a big share of that. this, amid the back term of this tense political situation, what is the risk inherent here and how do you think the banks are calculating it? >> the inherent risk would be that china somehow steps back from its commitments to open the financial markets, but at least on the surface, that opening has proceeded all that is according to plan. last year, we saw approvals for goldman sachs and jp morgan and other financial institutions. but obviously it's a murky situation. officials have given no outward signs they will go back on the permit with china and fresh capital. bolstero seeking to financial stability and pinned it to some degree on an influx of foreign banks to foster more discipline in the capital markets. the greater china finance senior editor jonas burkman. let's get a check of the latest business headlines. bill ackman has reported second straight record report

credit suisse is expected to report losses in the fourth quarter, the swiss bank is setting aside another0 million for residential mortgage-backed securities more than twice the amount -- that is the business flash. alix: coming up, more on jobs, we will look at how the pandemic is laying on that section of the labor market. this is numbered. from london, i am guy johnson, alix steel is a new york, this is bloomberg markets. a new study showing the pfizer vaccine may be able to protect against the new virus variant in the u.k. and south africa. the study is by researchers at the university of texas medical branch, our guest joins us now. vaccinective is this against the new variance? there are many patient -- many mutations that have emerged in the u.k. and south african strains. the mosthosen prominent mutation called the n501y mutation. ,o we made a pair of viruses one with and without those mutations and we tested a panel of 20 serums from the individuals who have been vaccinated with the vaccine. we have this specific mutation, it doesn't affect the neutralizing activity. alix: what a

tom: a credit suisse call i know as well. that will be one of our themes through january. coming up, the themes of politics in the nation. julie norman joins from ucl. futures up. on radio and television, this is bloomberg. ♪ ritika: with the "first word news," i'm ritika gupta. an extraordinary attempt by president trump to strong-arm color republicans. in a recorded telephone call saturday, the president urged georgia officials to find thousands of votes and tilt the state to him. he range from flattery to threats as he urged officials to take action. some democrats are calling president trump's call impeachable. nancy pelosi will once again be the speaker of the house. she was elected with 216 votes, just two more than a majority of those present. there were questionsbut no democratic -- no democrats challenged her. she opens the new session of congress with a smaller majority. a british judge blocked the extradition of julian assange to the u.s. because of his health. u.s. lawyers say they will appeal. criminal charges in the u.s. over leaked military documents over a

he is not trying to be credit suisse. tom: not trying to be blackrock.i: although he would like to see the asset management division grow, but not with low fee products. with higher quality products and not just about job index funds inside morgan stanley. jonathan: lisa, i hate to keep beating the same drum, but hearing the commentary from these banks, today it is morgan stanley talking about significant momentum into a new year. yesterday, bank of america saying they were healthier now than even before the pandemic. in many ways, it is like this pandemic never happened on wall street. lisa: this is one concern, and that is where i want to go with you, sonali. how awkward is it for these banks to be reporting incredible revenues, record profits in some cases in a time of such carnage in the economy? 9.8 million americans are out of payroll versus the pre-pandemic peak. sonali: it is about to get more awkward, because these folks are about to get their bonuses, too, and they are looking pretty good. people are able to rake in significant profitability, b

some of these reflationary trades with that, let's bring in our next guest nannette the cio from credit suissehank you for joining us today my colleague and i were talking about some of the new variants that have been popping up around the world, whether it's the uk b117, south african variant of the virus, brazil now, and that's leading more and more countries to close their borders. and yet markets seem to be completely brushing off all these concerns and are going all in on the reflationary trade, even though we could be headed for months and months and months more of lockdowns. not just in europe, but potentially in the u.s. as well. why do you think markets are shrugging off this risk so much right now? >> i think markets had, generally speaking, the anticipation for q1 being a soft one. just because the rollout of the vaccines in a number of countries would just not be as far. so really the markets are already in our understanding, already taking a position on what is likely to come once this vaccination is much more progressed in the second quarter. so, a forward-looking picture here al

credit suisse is among a group of european banks saying they will stop financing trade in crude oil from ecuador the lenders were facing pressure from environmental campaigners who said they've become complicit in the destruction of the amazon rain forest. now 2 years ago today a dam burst in southeastern brazil killing hundreds in an avalanche of mud the down was part of an iron ore mine owned by brazilian multinational valley one of the world's biggest mining companies compensation talks are still underway as the so as is the search for those responsible. to years after the bruma denio dam disaster survivors commemorate the victims they want justice and for those responsible to be prosecuted. i lived very well with my husband with a lot of love a lot of dignity and hominy the mining company came in and just took it all away from him i want justice i have no words to describe how much pain we've suffered. many will never forget the dramatic images and general 25th 2019 in iron ore mine belonging to brazilian multinational bali suffered a catastrophic failure an avalanche of mud buried 2

tom: massive shout out to credit suisse, who was pounding the table in late september, saying stay withech, as well as do all of the other stuff. that group, ben laidler, all of the others that have said stay with tech, boy, have they won. jonathan: they called me on my sabbatical. we had that chat. tom: i'm sure you did. jonathan: up to speed. tom: of course. why am i surprised? where's the dow? jonathan: we are up four on the s&p. you tell me where the dow so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. jonathan: from new york city, this is "surveillance." live on bloomberg tv and radio. later today amazon, microsoft, big tech will be the focus. microsoft after the close. futures a little bit positive

. >> patrick palfrey, credit suisse, thank you so much. always great to get your thoughts, sir. >>> when we come back on the show, more on the inauguration of joe biden as president of the united states, and what it could mean for the u.s. and china and their relations. eunice yoon is standing by in beijing with what these leaders are saying treasury secretary nominee janet yellen also laying out the biden administration's economic priorities during her confirmation hearing yesterday the key goals of the incoming white house, that's coming up ahead as well. >>> and bitcoin, finding itself in a holding pattern right now as another cryptocurrency, yes, another one, hits an all time high we've got a very busy hour still ahead when "worldwide exan" tus teth break these folks, they don't have time to go to the post office they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time right from your computer all the services of the post office plus ups onl

equity strategist at credit suisse you know, we heard a lot yesterday that part of the market's decline may simply have been that part of your team or your clients sat back and said, you know what? we can't trade on a day like today. this is dominating everything. let's sit back and watch how this plays out do you think in the short term this is having a little effect on market sentiment over all >> yeah, it probably is. first of all, let's start with the fact that in a month from now we're not going to be talking about this anymore these speculative trends around these names and wild moves you're talking about is not investing, not looking at the fundamentals of a business where you own a portion of that, which is what stocks are really about. and so this is going to go away. if you look, though, at the move today, which is a big day, yesterday, down big, they kind of net against each other and end up being a relatively modest down move or less than a percent from the all time highs which we said earlier this week on monday i think there is a lot going on here, a lot of noise people ar

credit suisse is among a group of european banks saying they will stop financing trade include oil from ecuador the lenders were facing pressure from environmental campaigners who say they've become complicit in the destruction of the amazon rain forest. now 2 years ago today a dam burst in southeastern brazil killing hundreds in an avalanche of mud the down was part of an iron ore mine older by brazilian multinational valley one of the world's biggest mining companies compensation talks are still underway as is the search for those responsible. 2 years after the broome agin your dam disaster survivors commemorate the victims they want justice and for those responsible to be prosecuted. if you hear me i lived very well with my husband with a lot of love a lot of divinity and hominy the mining company came in and just took it all away from us i want justice i have no words to describe how much pain we've suffered. many will never forget the dramatic images on january 25th 2019 an iron ore mine belonging to brazilian multinational bali suffered a catastrophic failure an avalanche of mud b

is planning an ipo that could raise $1 million they have mandated jpmorgan, morgan stanley and credit suisse to run the deal. this company has an interesting allotment of bedfellows as backers. blackstone as well as celebrities, including oprah, jay-z, natalie portman all have invested in oatly. in july this company was valued at $2 billion in its latest round. oatly declined to comment on its plans for an ipo but again, melissa, that ipo pipeline remains very full despite last year's record-breaking level of issuan issuance. >> it seems like jay-z and oprah would be a winning ticket. show of hands, traders, i'm curious, do any of you consume oat milk nobody raised their hand. >> if i have to. if i have to so we are not the demographic for oat milk is my point >> who is? >> karen, who is you've got a couple of drinkers in your household. >> my kids are yes, i have oatly in my refrigerator right now i have two kids that are vegetarians. they love oatly. they're talking about this billion dollars they want to raise. i have no idea what valuation that would be. it seems like it could be a beyon

during the month of december pumping of gaming the barstool app partner gaining a new bull and credit suisses morgan stanley hiked his price target on shares, moving higher by 5.5% but not to be outdone morgan out legalization of sports betting and 12 more states this year alone. draftkings is up three and half percent. peloton finding muscle in the boulder tug-of-war over the stock and the exercise equipment maker rebounding after dropping 5% and it scratch back about 3.9% the plunge was fueled by morgan stanley but oppenheimer spinning its way into the argument with a 45-dollar price target hike to $185, stocks at 156 and change the firm predicting more subscriber gains, james continued to sweat out the pandemic and a fun fact president biden appellate tone owner but his peloton bike has not gotten clearance to enter the white house due to cyber security concerns because it's on demand and video features which require activity raised fears of the cyber intrusions. but it's take a quick look at the motorcade once again crossing the bridge heading back inside the beltway to d.c. proper were

that's based on faa registrations, according to credit suisse that sent out a note about it today.ut two dozen were delivered last month to american, united and southwest. as soon as that max jet gets back intonto the skies, obvious the conversions, boeing plays a part in that, this would be a bonus hopefully for boeing stock which has been so battered over the last two years. liz: yep. indeed. at least a 4% jump here. we will keep an eye on boeing. big name here. thank you so much. >>> okay, gang. what's the future of capitalism? charles payne is tackling what it might look like in the coming years in a fox business virtual town hall. this will be on january 13th at 2:00 p.m. go ahead and e-mail your questions to investedinyou@foxbusiness.com. let us know. let us know what you want to know. >>> travelers coming in at the moment in droves, even as a new, more contagious mutation of the coronavirus stretches across the globe. but one company is already in the thick of making it as safe as possible to fly even after covid. the secret weapon that has now been snapped up by three major

. -- credit suisse. 40% of smartphone users are on the android operating system.tails perfectly to what we're about to talk about. we are just ten days away from super bowl lv, a matchup that's shaping up to be the biggest online wagering event in the center's very young history. here's why. if tom brady taking his new hometown tampa bay bucs to face the kansas city chiefs and patrick mahomes, that qb is what many fans see as the future face of the game. the chiefs are currently a 3-point favorite with the over/under set at 56.5 points. here in a fox business exclusive, the man at the helm of one of the biggest sports books in the u.s., jay snowden, ceo of barstool sports book parent penn national gaming. let me get your thoughts, first, on this breaking news, that google play will be allowing apps where legal. >> well, liz, good afternoon. it's actually great news for us because if you were a google, android user previously, you had to go to the web site and play on sort of that version of the sports book which is very different than an app within that platform w

i was at the credit suisse last month and what slapped me in the face was that it's not a winner takes all and there will be some market share shift, but the market and technology infrastructure that we have today means all of these players and all of what they manufacture and i take a step back and i look at it and say all right, intel is trading at 11 times earnings versus nvidia at 50 times and they just told me earnings were ahead of schedule and guidance that sets me up for a positive return in the future and i'm okay if it takes some time i don't need mr. gelsinger to make immediate changes it can take time i can wait. >> the other multiples are where they are for a reason and that's where the story has gone to. the puck went that way and that's why those multiples are where are they are, right? mr. gelsinger, i'm sure he brings a good brain and a good knowledge of intel back into the top job, but he doesn't bring with him lost market share, right? he doesn't bring with him some of the fundamental reasons why intel has fallen behind amd and taiwan semi and some of the other playe

credit suisse is among a group of european banks saying they will stop financing trade and crude oil from ecuador the lenders were facing pressure from environmental campaigners who said they've become complicit in the destruction of the amazon rain forest. now 2 years ago today a dam burst in southeastern brazil killing hundreds in an avalanche of mud the down was part of an iron ore mine owned by brazilian multinational valley one of the world's biggest mining companies compensation talks are still underway as so as is the search for those responsible. 2 years after the brunei denio dam disaster survivors commemorate the victims they want justice and for those responsible to be prosecuted. if you lived very well with my husband with a lot of love a lot of dignity and hominy the mining company came in and just took it all away from him i want justice i have no words to describe how much pain we've suffered. many will never forget the dramatic images on january 25th 2019 an iron ore mine belonging to brazilian multinational bali suffered a catastrophic failure an avalanche of mud bur

take him out of it but credit suisse at the time, then credit suisse boston effectively was accused ofrading, not trading but basically trying to get big clients and big ceos to get ipos, meaning you would say i'll give you ceo, you'll be my client, i'll give you money, i'll give you access to other ipos if you give us your ipo there was all sorts of favor trading going on, at least that was the allegation and there were fines and more paid along the way. >> none of that goes on anymore. no way no way >> andrew, you said you bet we're investigating a scandal on wall street in the next year, and all i can think is i can't remember when we didn't have a scandal. i think you're right about the questions that are going to be asked around this particular situation. i think those questions will be coming. >> yeah. i mean petco is a hot flier. they sell dog food i want to get in on that. >> and cat food. how did they think of that it's awesome i remember gabeli 20 years ago said two things, coffee, and this was like at the beginning of starbucks, coffee and pets. >> that's right. you're right

credit suisse is said to be considering cuts of 10% to its bonus pool after a series of charges hit profitst year. the bank is finalizing 2020 discretionary payments. reductions could go as high as 15% and would be a change from the two previous years when the bonus pool was almost untouched. rishaad: let's get to the markets. japan had a public holiday, so a bit of catch-up taking place as far as equities. markets under a bit of pressure, nikkei 225 drifting to the upside. dollar strength is being reflected in the yen. taking a look at markets and the nikkei 225 in dollar terms. this makes for interesting viewing in the sense we are nearing record highs in the u.s. dollar. a quick look at the movers. automotive related stocks under pressure, down to semi conductor , costingbeing reported likenies mike honda -- honda production for a range of cars. nintendo will ship a million units into china by the end of 2020. they beat estimates quite wildly , a convenience store chain up by 4% in the tokyo session. lots more underway. -- on the way. ♪ 0.3% in thiseng up session. breaching the at index

credit suisse considering cuts of 10% to its bonus pool after cuts it profits.0 discretionary payments and will tell staff in the coming weeks. reductions could go as high as 15% and would be a change from two previous years when the bonus pool was almost untouched. drugmaker eli lilly search as an experimental alzheimer's shot showed promise in mid-stage trials, that must be confirmed by larger studies. have a second efficacy trial underway and plans to meet drug regulars to discuss next steps. carlsberg fell in copenhagen after news reports said they unlawful practices in india including improper payments to governor and officials. carlsberg says it cannot comment on the reuters report but remains committed to complying with local regulations, as well as its own code of conduct. now to sophie kamaruddin in hong kong. sophie: keeping an eye on sofbank. so $38 million uber shares and lemonades valuation. also vision find leading a funding round in a chinese start at the most popular work out said to be guided to live dollars. plus weighing an ipo this year. topi

credit suisse saying they are bullish on aussie lenders and expectations for dividend growth.ning .1% this morning. markets are assessing varying taper talk from the fed speakers along with awaiting details on biden's economic plan on thursday. we are seeing u.s. 10 year yields hauled below 109 this morning after the biggest retreat for benchmark yields in about five weeks and the dollar, we are seeing some slight moves to the downside but largely holding onto overnight gains. he does see the dollar on a slow appreciation past. ahead of chinese trade data, keep a close eye on the offshore yuan edging towards the 646 level against the greenback. this is the biggest drop we have seen for the currency since november amid efforts by the pboc to slow descent. we are waiting on trade data from the mainland. kathleen: let's get to china. exports are likely to report a double-digit yarn year increase for the third month in a row in december, the official pmi survey. to discuss what she expects from china's trade data in the next few hours, we are joined by our guest. great to have you

credit suisse to 110 that citi double upgrade doesn't look too bad in retrospect. >> a lot of peoplen board at 40. he was right the sanjay, the stock is really cheap who says that? that's up to you, jim, wheth whether -- he said our stock is really cheap you had to buy it ahead of the cycle turning. many analysts wanted to wait not as many that hated tesla as now like it moved to the sidelines. see evercore >> yeah. >> sell to hold. $600 price target they're using. i guess that comes into play. >> to micron, nikkei has a piece out that nissan is going to have to cut production of carsshortas i wonder how much of a problem that's going to be for broader industry in 2021. >> sanjay, the ceo, is claiming it is other parts, not his part, that is delivering, that is causing the shortage but the shortage, he talks about it several times on the conference call, people try to say it was his fault, it clearly isn't. they're producing chips, but other chips that are in too short supply carl, it is a remarkable time, again. koim ba i come back and say look at micron, is that a value stock? i gu

joining us ceo former credit suisse ceo welcome back congratulations. >> thank you very much great tok about the instrument and sort of give us a thermometer of where we are in this amazing new narrative that is taking the markets by storm >> well, as you say, our view isis the spac markets have taken a dramatic transformation in the last sort of 12 to 18 months i think morgan mentioned virgin galactic our view is that the spac market is becoming the market of choice for high growth transformative companies. so think virgin galactic, think draftkings, and as cusuch it's really interesting markets to vest in. if you want to participate, it's hard to do directly, particularly as a retail investor many hundreds of companies, some preannouncement, some post-announcement. very hard to do unless you are a sophisticated investor give investors a liquid, transparent, diversified, professionally managed vehicle to invest and sort these issues out for investors on a continuous basis being along these kinds of companies makes a lot of sense obviously, these kinds of transformative companies have

they can build more cars than we thought then the estimates have to go higher, and this is just credit suisse saying the same thing, and this is one of those things, that carl, this can't go on every day there is a moment where someone says, didn't i hear that already? and i think we're at the "didn't i hear that already" moment. >> that's a great point. as you sait said,, as you said, cs goes to 800 and the wave of target, it got kicked off by jonas, at morgan stanley when he went to 810. >> look, i think you get a siege where it's like okay, is this thing going to be able to go to 1,000? is there too much stock? is that the wall i do feel that at this point, if tesla comes down a little bit, carl, that would be good, because i think it's losing, i know that the analysts are saying it's a virtual circle but at a certain point, you need real buyers to come in, and they can overwhelm their own stock if they keep issuing stock. >> jim, let's squeeze in big tech over the weekend, of course, twitter bans the president, google suspends parler, apple, takes them off the app store, aws stopped servi

jonathan golub, head of quantitative research at credit suis suisse. >> you think it's going to be muchch stronger and guidance is going to be great isn't that what the month of december was all about though when the s&p 500 went up about 100 points >> i think some of that is i think that the market is anticipating another fantastic earnings season and the market is probably discounting that i don't think the market is discounting the surge of economic activity that's going to happen once everybody gets the vaccine and everybody gets these dollars in their pocket and starts spending money. so i think there's a lot more good news ahead. >> so in terms of the markets not estimating that in terms of the vaccine, are companies going to go out on that limb and say, you know what, we think the vaccine is going to come we think it's going to be distributed. we think economic activity is going to be stronger than we think and therefore we're going to raise our guidance? our guidance is going to be strong it takes that next step, right, of company confidence to go out there if we're going to exp

it's credit suisse, and the s&p 500 goes up 10% to 4200 at the end of the year. why?t's the catalyst that reopens the economy, and the democratic regime means more stimulus that, quote, further fans the flames of pent-up demand. okay, so where does that pent-up demand come from? consumers who are saving money, right? and businesses that will be flush with cash so they can rehire staff. and, by the way, the ppp program reopens on monday. more cash coming in. so, yeah, i gave you three warnings last hour about overbought conditions and being cautious. others say come on in, still room to move even though valuations are high. room to go higher. stuart: it's rather confusing, isn't it? [laughter] >> it is. stuart: hard to know where to stand, but you're looking at a market rally this morning except for the dow which is now down a fraction. >> i think it's a consensus up market. virtually every wall street analyst says we're going to make at least 4,000 on the s&p. some are more bullish, goldman sachs is predicting 4300. stuart: you're right, it's universal. big names on w

$7 million for speaking engagements paid by financial firms on wall street, goldman sachs, ubs, credit suissefrom citi for just nine appearances. these are the same businesses she will have influence over in the role as treasury secretary. she has stock hold national at&t, conocophillips be pfizer, raytheon. congresswoman aoc tweeted this, this is different working as waitress between earning millions for wall street. we may not admit it influences their thinking. is it qualifying, that is for the public to decide. the biden team is brushing off the ties. they gave this to me in a statement this is not someone who pulls punches when it comes to bad actors or bad behavior. you can expect she will bring the same high ethical standards and tough enforcement philosophy to treasury. she didn't hesitate to tell some audiences rules governing their businesses should be tougher and more stringent. overall the biden transition team tells me these financial disclose sures from yellen but others come under scrutiny. they tell me they show their nominees have had a long history of working in the public s

the same cannot be said for credit suisse's traders. what about the credit suisse former c.e.o.? he is planning a new move, apparently. he may be signing up the -- what is behind that? >> who is not starting one? in 2020, it came to be special purpose acquisition vehicles. 2021 got off to a large start as well. adding one to the pool, he is raidsing a $250 million vehicle which he plans to list in new york. it will focus on developed and emerging markets so sticking to what he knows. the f.t. also reported on this earlier. they said he is looking at investors including sovereign wealth funds. that is likely what the pool of interest is for this vehicle, yousef . yousef: thank you for the moment. bloomberg's dani burger. we have more bank lines. they have an update on ambitions. they are going to expand their assets three-fold by 2025. up their wealth client base in three years. a new set of targets from citi bank in the united arab emirates with of course the country seeking to grow aggressively more broadly on the macro side. let's get