ralph hamers, the ubs cao -- ceo. tom: thank you very much.anus cranny on the ground in davos at the world economic forum, the ceo of ubs advising their clients to go long on china and they see 2020 three as being an inflection point. coming up, we will also speak to the dep world chairman and ceo, sultan ahmed bin sulayem. that is also coming from the world economic forum in davos. that is next. this is bloomberg. ♪ tom: welcome back to the open. we are 20 minutes into european trading day. losses of around 0.1% across the broader european index. one index is in the green. let's get the bloomberg business flash with laura wright. laura: china's economy grew at the second slowest pace since the 1970's last year, but fourth-quarter data was better than economist had expected. gdp growth slowed to 3% in 2022 as the country doubled down on its now abandoned covid zero policy. rose slumped for 8.4% in the previous year. meme stock investor ryan cohen is said to have taken a stake in alibaba and is calling on the chinese tech giant to increase its

francine: ralph hamers speaking to bloomberg's manus cranny.oming bjorn sibbern up, we are joined by bjorn sibbern -- coming up, we are joined by bjorn sibbern, to discuss the health of the global economy. that interview is shortly, and this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. francine: welcome back to the open, everyone. 19 minutes into the european trading day. the picture one of caution ahead of a lot of central bank decisions. european stocks down .2%. markets will be constructed with inflation, china's reopening dominating the macroeconomic backdrop, yield curve, prospects on the bear market, the fate of the dollar, liquidity will be key drivers. 2023 wi

ubs soars as it announces a $5 billion share buyback, we speak shortly to the ceo ralph hamers.nch gdp coming in for a beat, it grew 0.1% quarter over quarter, the estimate had been unchanged but here is the rub, in december, consumer spending fell 5.6% year-over-year, the estimate had been 4.2% of the clients. gdp might have beat in france, but in germany it was weaker, we will get to more of that shortly with maria tadeo. quick rap of the market, it is ugly in asia trading, samsung earnings disappointed, those shares moving down as much as 3.5% today. the msci asia-pacific is down 1%. tech yesterday in the u.s. had its worst day in a month, it had been a strong january, does that give in considering we have a whole host of tech earnings this week? all those big cap tech stocks will be reporting, so maybe taking profit off the table beforehand. u.s. 10 basically unchanged. but nymex crude trading at a three week low, or concerns about demand coming back to the fore? we have a whole lot of economic data being released today all ahead of the ecb's policy decision on thursday. we

slip despite the swiss lender posting a beat on the bottom line with the 23% rise of profit ceo ralph hamersays it is strong despite the challenges. >> it is continuing to increase. if you look at the full year, it has been despite all of the challenges we had to go through with the war and sanctions and move from equities to rates and very healthy year. >>> the french economy with a 0.1% of growth in thing e fourth quarter after the imf lifts the outlook. the imf chief is cautious over being optimistic >> there is a reason going forward, but at the same time, inflation needs to be brought down to central bank levels. if we don't do this, we enter the instability and volatility and it will be harder to do later. >>> european stocks accelerate as investors eye a week of rate hikes for the central banks and after german retail sales plunge over the holiday period. >>> baker hughes industries is teaming up for green hydrogen. the company is looking to accelerate new technology and working to decarbonize industries the collaboration was announced at the baker hughes annual meeting. speaking to s

tom: that was ralph hamers, ubs ceo with bloomberg. how did the numbers stack up for this?ns into your view on rates. the macro conversation defines everything on the earnings and even more so on the bank. look at the net contributor for shareholders, that was boost to 35%. that number was boost by interest rate hikes. that is something which will continue. you might be at or at the top of the dollar height and spike. this is a swiss lender with a global for print. you're going to have a tailwind and a euro tailwind on the interest side of the numbers. there is plenty of jewelry shops. you give a buyback, a five billion dollar buyback and raise the dividend by 10%. i hear alix steel, there is a picture of a jewelry shop appears she has been to a couple of times. alix: don't tell anybody. i am interested, looking at gdp, at one time the stock was down 4%. i am wondering the why behind this. manus: a number of things you can play into the why. a difference between caution and courage. the use of language in the report was clients were made sidelines in the back order. one imp

among our guest today we will be hearing from ralph hamers. he will be speaking to manus. also marcos junior the president of the philippines. thus the opec secretary-general hatham al ghais . let's get to the other top stories around the world. we will preview morgan's family and coleman sachs. let's talk your tomorrows boj decisions. starting off with china, we had data today but goldman sachs says a full reopening of china this year could drive a 20% increase in chinese stocks. that data we saw had the economy growing at the slowest pace, second slowest pace since 1970's there let's bring in bloomberg's china editor jill. this data from last year before we had a reopening from china but it was better than expected. jill: that's right. if you take the data at face value you could say that economists were really not expecting much out of december and so even though things were a bit weaker, the fourth quarter weaker than third-quarter, you still saw it retails slumped a little bit. you saw industrial output take up a little bit. it is better than what we are all thinking.

vonnie: ralph hamer their. here's a check at the latest business flash headlines.ative server market makeup for a -- chips. sales of $5.6 billion narrowly tops predictions of $5.6 billion. that would still be there first year-over-year quarterly sales decline since 2019. snap tumbled after hours, forecasting its first ever quarterly revenue decline. income predicted to drop between 2% and 10% in the first quarter from a year earlier. snap citing changes to snapchat advertising products, saying they be been disruptive to the app's business. caterpillar filler most after warning of weaker demand for china. following its first quarterly profit ms. since the start of the pandemic thanks in part to higher raw materials costs. caterpillar benchmark for china demand is the excavator market, which its ceo said will be weaker this year than last. boeing ceo says it is a matter of when, not if self flying planes will debut. date count food -- dave calhoun tortoise exclusively autonomous flight technology being developed for the military will eventually be used commercially.