ubs says it is looking forward to having a chance to challenge claims. subsidiary ish also on trial. french prosecutors wanted ubs to 137 billion euros, but the bank pushed for different figure closer to 300 million. ubs is playing a risky game. court, any fine under french law could be half of the settlement. maxwell there. shows an ubs dropped ahead of the trial, which is set to open very shortly. european shares are trading on a week note at the start of the trading week, weighed down by worries over italy's budget plans and bond yields among other things. bank is moving to pump more cash into the economy. the people's bank of china says that it will reduce the debt held over next week by one percentage point. borrowing costs rise, the government will not cave in to market pressure and is o on -- they accused traitors of -- -- [indiscernible] the high court in london has blocked an attempt to bring a class gadget -- a class action against google. is accused of accessing details of people's internet browsing data. google welcomes the ruling saying the

a big beat for ubs. profit tops estimates by more than 25%. will investors by sergio ermotti's revised -- manus: it's not a good time to be long stocks. or you better hope you are positioned defensively. european futures down across the board after massive slumps in asia after another big day of drops in the u.s.. the s&p 500 went negative for the year. a lot of people are going to be opening up their 401(k) statements insert cry. -- and start to cry. take a look at this pie chart. october for the s&p 500 is turning out to be one of the worst months of the decade. it's the worst month so far and there's only a few trading days left in october, since february of 2009. it's the worst month since the worst financial crisis since the great oppression. and think about it for a second. you see the one day change, but the month we are down 9% on the s&p 500. ofra: that is key in terms where does the power put come in? .et's look at the asian session the msci asia-pacific index moving. the kospi off by 1.6%. wha

ubs is bucking the trend in terms of calls. ubs is called higher. let's get to juliette solly.as your first word news. juliette: the fbi is warning that additional devices could be in the post after suspected mail bombs were sent to barack obama and hillary clinton as well as cnn's offices. on monday, police detonated a pipe bomb at the residence of george soros. president trump called the act's abhorrence, but cnn says the president and his press secretary failed to understand the serious of their attacks on the media. pres. trump: the media has a responsibility to set a civil tone and to stop that the evidence -- the endless hostility and constant negative and oftentimes false attacks and stories. have to do it. they have got to stop. bring people together. juliette: donald trump will be briefed by gina haspel as the crisis over the killing of jamal khashoggi continues to grow. that follows a report that has bull -- gina haspel heard an audiotape of his interrogation and killing. speaking of the saudi investment conference, mohammad bin salman said he would bring the killers

and number three is ub 40 and the bar fight. >> john avalon and i cannot talk about ub 40 and not --> i think you have to start with ub 40 as one does. there is a bar fight at a bar that you used to go to, i don't know if you got in any fights there, that show that brett kavanaugh threw ice in someone's face at this bar. we didn't know about that before, charles ludington says it indicates that maybe brett kavanaugh drank more or got in states different than what happens he portrayed during the testimony, but does this matter or how does it matter? >> i think we all know that most supreme court nominations go down after bar fights after a ub 40 concert. that's traditionally -- >> ruth bader ginsberg could tell you a whole bunch of things. >> i actually mention that because the absurdity and place in time aside, and we can go deep cuts on ub 40 later. i was poking around and actually when stephen breyer was nominated malcolm gladwell wrote a piece that mentions that he was arrested for underaged drinking at stanford. it is one line in a long profile that is utterly not relevant to the

ubs shares up.ra cehic spoke with the bank ceo sergio ermotti about his plans to revamp the bank. >> in the u.s. are next focus will be on developing our ultrahigh net worth offering and enlarging in bringing our expertise that we have globally on that area together with the family offices. and capping a market that is very promising for us -- tap ping a market that is very promising for us. we literally touch the u.s. persons outside the u.s. in the last 10 years. i think this is also a very nice opportunity. $70 billion around closing in the next two years coming from that segment of clients. nejra: all regions did book inflows except the americas. in the u.s. what can you offer the clients in global left management and other areas your u.s. competitors can't? sergio: i would say our inflows line withws are in industry standards. if you look at our u.s. competitors, they don't report new money. proxy to understand inflows and outflows is to look at investment assets. we have been growing in line w

for the year to date returns, ubs stock price is down about 20%.s not been a lot of love for this stock or for this sector as a whole. one question is about the future strategy of the firm so this is a bank that has undertaken a massive transformation over the last couple of years. we know the ceo shifted attention away from the investment bank towards the wealth management union. if you look at the balance sheet about 50% of the revenues are coming from that wealth management unit, about a quarter are coming from the investment bank we did find out last month that one senior dealmaker, the head of the investment bank is leaving the firm and will be going to santander so a lot of people are asking what this means for the future of the investment bank at ubs. i am standing in london today. i'm not in switzerland that's because ubs are holding their first capital markets day in four years for their shareholders to give more color on what that future strategy is. when it comes to the investment bank they said they plan to devote one-third of their res

and ube ube ube ube ube ube ubee pulled out. >>> there was a school shooting in crimea. an 18-year-old student attacked his vocational school. at least 17 of the people killed are also students.gunman took his own life. investigators have not yet commented on a motive. >>> key findings of the investigation into russian election meddling and possible collusion with president trump are expected to be released in just a few weeks. officials who asked to remain anonymous spoke to the "chicago tribune" and they say robert mueller will release his finding shortly after the november election. the findings will apparently include whether there were clear incidents of collusion and whether the president did anything considered obstruction of justice. it is unclear if those findings would be made public. >>> today melania trump saw some of the youngest victims of the opoid crisis. >> in athere are few things har to bear than seeing a newborn suffer and i'm anxious do all that i can to help shine a light on this epidemic. >> the first lady toured the intensive care unit at a philad

the ms ubs had -- this came as ubs had the same revenue.n see our interview with sergio ermotti at 12:30 afternoon, london time. cutes of ab inbev have after his six to pay down its $109 million debt mountain, much of it taken off after the purchase of rival miller. the belgian-based company, the world's largest brewer, reported profits that meet analysts' expectations. sales also slowed at the weakest pace in more than a year. that is your bloomberg business flash, francine. francine: thank you so much, desley. cathay pacific seven is entering ra of growth, but analysts have questioned its long-term viability for some time. it is here to shore up its balance sheet and maintain its loan. out of the company make it through the make or break? joining us now on the phone for his first interview of the day nor asian airline. how concerned are you about the future? .- norwegian airline how concerned are you about the future? bjØrn: thank you. there concerned about market, the market is concerned. growth, and weon know the costs that we have done

it was also the first time the band ub-40 has ever been connected to the confirmation process. ♪ red,ed wine. >>> one final time here. >> why limit it? >> let me tell you why. according to a 1985 police report, after a ub-40 concert, brett kavanaugh was involved in a bar fight that he allegedly started. he was questioned by officers afterwards, but he was never arrested. so does this even matter? joining us now, cnn chief legal analyst jeffrey tubin. josh green is here and aaron carbone. >> ub-40 is even better than i remember. >> do you really think they're more on a one hit wonder. >> yes. there is another song i really liked. >> but does it matter? there is a police report that brett kavanaugh was in a bar fight in college. he threw ice, according to this report, in someone's face. he was never arrested. so what does that tell us? >> in and of itself, not much. however, if you think that the broader issue here is did he lie about his drinking and is he guilty of sexual assault, this is one piece of the puzzle that might contribute to an overall conclusion that he did lie about his

because somehow the band ub-40 and a 7-foot benched nba player are all headlines. it a it's all part of the police report. so far the fbi has interviewed the witnesses republicans have requested. sources say investigators have talked to patrick smith, leland keyser and mark judge. where christine blasey ford says she was present where kavanaugh assaulted her. what's not clear is if the fbi is looking into this new haven police report back in 1985 detailing this bar fight. it shows officers did in fact question a young brett kavanaugh but did not arrest him. it also shows that kavanaugh did not want to admit or deny that he tossed ice at one of the men involved in the fight, a fight that began according to a classmate who was there over whether someone looked like the lead singer of ub-40. in the end, kavanaugh's friend, former nba chris dudley, was arrested and that classmate is not one of several people from kavanaugh's college days who said kavanaugh lied about the level of his drinking when he testified last week. >> yes, i believe that he lied and distorted and

ubs's impacts in the area?our base case is that -- atl be a deal, that is this point there is sterling and it is cheap. rising,w, volatility is it does not mean risk off. it is not just in the u.k. but the u.s. we can find cheap insurance area you can pick some up. i wanted to chat about italy. yesterday we had this explosion into the 10 year yields. usednight, mr. juncker greece and italy in the same phrase. do you look at italy as having the propensity to infuse that amount of risk that greece did 10 years, eight years ago? a stretch to be frank. the eurozone is much better prepared, the ecb is much better prepared. like the central bank, no matter what the crisis was they are making it up as they go along. now it is completely different. italy has much better funding. and also there is international demand out there as well. we are talking about an economy with the capacity to manage the situation and most important lay, there is enough physical wealth to do with it at that point. aim concerneficit to becaus

by the way, that ring tone, better than any song ub-40 ever recorded. all of them. so, anyway, these guys -- the guys were reportedly questioned by police about the incident. brett kavanaugh was not arrested, but the point of the story is that according to his college buddy, chad, kavanaugh m misrepresented his drunk history. >> i do not believe that heavy drinking or even loutish behavior of an 18 or 21-year-old should condemn a person for the he's rest of his life. i would be a hypocrite to think so. however, i have direct, repeated knowledge about brett's drinking and his disposition while drunk. i can unequivocally say that in denying the possibility that he ever blacked out from drinking, and then downplaying the degree and frequency of his drinking, brett has not told the truth. >> jimmy: i guess it comes down to which bro you trust more, chad or brett on this, you know? every day now we seem to learn some new tidbit involving brett kavanaugh. i think i may have happened upon something myself. i was going over these calendars he kept in high school. and i noti

to current market conditions pose the risk to ubs profit?ve had ups and downs in the market, it's fair to say the u.s. market has corrected, but broadly speaking, we are flat year on year. more than market corrections, what is really impacting her that if, you can expect there's any correction in the , we've been going through a long bull market, and if thinks any adjustment, i it may be will compensated by an increase in volumes or least volatility in the markets, which is quite positive for our business. up, the first speech by the fed vice chairman. this is bloomberg. ♪ have: in sydney markets been trading for about 30 minutes for the final session of the week. the major benchmark up by modest .25%. a little bit more positive sentiment seeping through to the asian session but ultimately a rebound of wall street. lots of question marks over whether this is just a dead cat bounce, given the week we've seen with global shares. 7:30 p.m. here in new york where as haidi mentioned, we saw that confidence turn to the market. the dow surging 400

let's talk to the chairman of ubs. thanks for joining us. can i start off, you have a central banking background, here we are discussing donald trump and whether it was inappropriate for him yet again to criticize his own central bank how do you feel about that do you think it has impact at all? >> central banks have a policy that's driven by what is right for the economy and as central banks we had to do that job under the permanent commentary of markets, policymakers, and central banks will do what's right for the economy, in particular the u.s. economy. the u.s. central bank is data driven the mood noise around the policy will not deter them. if you look at the strength of the u.s. economy at the moment their measured rate hikes are the right policy that the u.s. economy needs. inflation is on target they don't need to bring inflation down so they can take their time. they can stabilize inflation at the level where it is now. the kind of rate hikes they mapped out for the remainder of the year, one more, maybe three more next year looks r

>> when i ran ubs we were $2.3 trillion balance sheet 55 times levered. when we went into the lehman weekend lehman was 35 times levered. today banks are under 15 times levered and they have a real underpinning equity. it's not just goodwill. what the fed did to these systemically important institutions was make them more safe, more sound, and i think if you're going to say banks why not other companies that we couldn't actually -- liz: but he said, berkshire hathaway, i believe -- >> i think i just heard you say apple was a trillion dollar company so are they breaking up apple too? i just think that it is too arbitrary. i do think we have to figure out too big to fail and the way to figure that out is to understand , okay, from how do we wind-down these companies? we tried it with a living will. what i agree with bernie is we don't know how to wind-down a systemically monstrous institution that's globally interconnected. that being said, i don't think we should put some arbitrary numbers on it. liz: chances of it getting passed? >> zero. liz: zero? >> ye

that includes names like amazon, google, ubs and microsoft. that is together with geopolitical tensions. likely have an impact on u.s. stocks after friday's close. su keenan has more. su: a lot of anticipation. we have seen 20% of the s&p 500 stocks report, so it is a big raft of reports that could set direction. let's look at the market scorecard as we ended friday. the vix closed down from the prior week. of $133a huge inflow million into etf's rejecting against volatility. in crude could go higher this week because of strains with the u.s. and saudi arabia. let's get to the flood of earnings. it was expected that there should be a demonstration of strong fundamentals in order to help restore the uptrend in the market. caterpillar, boeing in the bullseye of these tariffs. we have big tech reporting around midweek, and a lot of the amazon,ocks, alphabet, netflix gave a little bit of a to release theh concern over momentum. we have another group with ford, mcdonald's, ubs. all of these could restore stability or not. take a look at the bloombe

head of strategy and economics at ubs.l continue the conversation on bloomberg radio at 7:30 a.m. u.k. time. this is what we have got planned for you. we are going to talk about the banks. it was a pretty cracking day. dealmaking is not quite dead. most. stanley rallied the indman sachs jumped the most six weeks after both banks said yesterday that their investment theing business surged in third quarter, a sharp contrast to the stocks we saw in their major rivals. what are the main takeaways of u.s. bank earnings? it's fairly obvious. there are two leaders on the street. keithampbell is here -- campbell is here. what did you take away from the stanley?rom morgan there seems to be the migration to the harder wall street if you want to do a deal. goldman is but one of the names. what do you take from morgan stanley's numbers? >> yes, it was quite interesting runs morganman, who stanley, expressed on his conference call that he does not really understand why his stocks have been beat up as much as it has. been very strong fo

-40 wit ub-40, a guy named ali campbell.iving him the eye, looking hat this guy, is that really him? could he be here? if so, we'll introduce ourselves and say great show and maybe share a beer him or whatever. is a and, well, he saw us looking at him and didn't like the fact that we were looking at him. so he said something like, you know, what the hell are you looking at? and i said, oh, we just thought you were the lead singer of ub-40. and he said something fairly aggressive, frankly, you know, i'm not and screw off or something to that degree. and at that point, brett took umbrage at this and threw his beer at the guy. i actually now found out from the report that it wasn't beer, that i had mis-remembered, that it was ice cubes in whatever the drink was that he was drinking. i guess we weren't drinking water, so it must have been some sort of mixed drink. and, well, the fellow -- well, brett said, up, pub you, or something to that effect, and threw the ice at the guy, and the guy, even though he had been aggressive in h

regional banks are under pressure ubs and key corps, that is finance, finance we'll sell ubs and sellnd introduce a health care company, i'm going to pick merck, and we're going to pick a leading industrial, yeah -- no, because people might think dow is a leading industrial. let's do a retailer, costco. that way i feel better i need that done, though two chinese stocks and two banks, not working in this market ron in judge, ron. >> hello, boo-yah. >> boo-yah, ron. >> caller: i enjoyed your book "get rich carefully. it was very informative. >> thank you so much. >> caller: you're welcome. you want the symbol or the name? >> whatever you want to give is fine >> caller: aapl, phgg, ktos, pypl, and nps. >> okay. you know, this is a controversial one, because i have not been on the paypal call, but we're doing this for diversification only purposes. paypal is in the payments business y anal is apple is a device. i come to praise dan, because the stock is only 25 i remember when it was at three. my favorite refiner, and a defense, we got a defense refiner, educational help, a tech device co

jeremy and herren with ubs wealth management. ng>>> and coming up, prepaor another hurricane. >> i'm courtney raying 199panama city florida where residents are stocking up before hurricane michael. i'll take inventory coming up on nightly business report. >>> hear look a what to watch for for. the producer urs price index will be released annual with the focus on interest rates it could move both the bondck and the s market. investors will also be paying close attention to commentsrom number of federal reserve officials. and hurricane michael is on trackalo make lan in the florida pan handle. that's what to watch for on wednesday. >> always love that segment and as hallmark michael approaches the florida coast. ering producer are sh operations in the gulf of mexico affecting both oil and natural gas production. according to one estimate about 40% of gulfoast dal oil production has been taken off line. exxon mobil kmerch and anadarco have operators that have evacuated rigs tip. both d cngtde and natural gas prices settled highers

we see this now, ubs says expect a rally from here. nejra: great chart. matt, what have you got?mething relatively simple but i think very interesting, especially for u.k. investors, as we get every day an up arrow story on brexit and a down arrow story. they are going to make a deal, there is no way it will ever happen. if you look at the ftse here, this on top is the cash index. here, you see the rsi, a technical indicator of the relative strength. right now, it is down to oversold for the first time since march. interesting thing is if you want to try and take out the are the brexit, if you person who believes this thing always goes down to the 11th hour and will probably get dragged on after that but will never have a positive or negative outcome of, you can buy the ftse at this level and hopefully make some money and it will bounce back. nejra: matt, i love your chart and did love the relative strength index, but i will go for dani burger because she showed more of an insecure spread and also key questions for the market right now is whether and when to get back into equitie

and i said, oh, we just thought you were the lead singer of ub-40.id something fairly aggressive, frankly, you know, i'm not and screw off or something to that degree. and at that point, brett took umbrage at this and threw his beer at the guy. i actually now found out from the report that it wasn't beer, that i had mis-remembered, that it was ice cubes in whatever the drink was that he was drinking. i guess we weren't drinking water, so it must have been some sort of mixed drink. and, well, the fellow -- well, brett said, up, pub you, or something to that effect, and then they were two guys fighting and that was all pretty quick. and sat one point, chris dudley, who had his drink in his hand proceeded to smash it up against the guy's head. well, the melee went on very briefly. i don't know what brett was doing, exactly, but i was pulling -- i was pulling -- um -- sorry. i was pulling chris back and someone else was pulling the other guy back and next thing you know, there's some shouting and, um, i don't know how many minutes it was. it wasn't very

let's continue our review of results with a profit beat from swiss banking giant ubs. >> ubs reportedncome for the third quarter that beat the highest analyst estimate, 1.2 5 billion swiss francs. has hit keyrmotti financial targets for this year. >> we have to look at ways to become more efficient. the real story for us is how we free up resources for cost initiatives. that is the reason why we expect flat,st base to stay excluding variable compensation. and grow our top line. growing the top line is sustained by secular trends, wealth creation and wealth transfer. chinaso the opening up of as a financial market. in general, we see those forces allowing us to grow at least as much as the real gdp growth globally. >> tesla shares soaring as the company reports third-quarter earnings and as elon musk hinted, tesla has made money. net income was $312 million. positive cash flow. $881 million. walk us through the numbers. >> the big thing is that they are profitable. first time they've been profitable since the third quarter of 2016. it is only their third profitable quarter ever. but de

and tapping a market that is promising for us and under ubs.- under-tapped for growth, we do for expectlion of inflows in the next year to come from a segment of clients. >> talking about expatriate. u.s., what-- in the can you offer clients, particularly in global wealth management and other areas your u.s. competitors cannot? say our of all, i would inflows and outflows in the u.s. are in line with industry standards. if you look at our u.s. , the best proxy to understand inflows and outflows on a competitive basis is to look at invested assets, and we have been growing in line with our peers. we have the same kind of universe of new money. in terms of competitive, we can offer the capabilities we have outside. it makes us unique. we are the only truly global wealth manager in the world. we have leadership positions in all main markets. not only in the u.s., we are a top player, but also in asia and europe and switzerland. we can bring the expertise of investing globally and -- which is complementary to some of our competitors. >> in global wealth managers, they have been focusing on

i did it at ubs. i took 10% of the cost back -- cost base out in the first year stop out in the first year. we have to address the state pension plan. there are a ton of hard-working state employees who have religiously contributed to that plan for decades. we have to try to preserve their retirement. but on the other hand, i am not doing the state employees any benefit, the state of connecticut any benefit by ignoring that we have a $100 billion problem like mr. lamont wants to do. those checks are going to start to bounce. we need to have security for existing retirees. we need a defined contribution plan. we need to attack that. the third thing is we need to reprioritize. look at what governor malloy did with the bonding a few weeks ago. he bought a property in orange, connecticut, for $5 million that was worth $500,000. how does that happen? a business person doesn't do that. how does he have the authority to do it? that's what's driving the taxpayers of connecticut crazy. they don't mind having t

surgen en medio de la crisis con mieconÓmica, soluciones improvisadas, en caracas venezuela, francisco, ubor eso uso los paños heavy duty swiffer sweeper y los plumeros de swiffer, ideales para alcanzar lugares y rincones difíciles. atrapan el polvo con una sola pasada. ¡te atrapé! y los nuevos paños heavy duty sweepers atrapan el doble de la suciedad y el polvo... ...y llegan a donde las otras herramientas no pueden. y, ¿saben qué? mi casa está mucho más limpia. deja de limpiar y empieza a swifferear. ♪ call on me brother ♪he ♪ lean on me, when you're not strong ♪ ♪ and i'll be your friend ♪ ♪ i'll help you carry on ♪ ♪ lean on me ♪ mmm... ♪ lean on me... ♪ mmm... ♪ lean on me. muscle cars. Águilas calvas. y hamburguesas. y aunque los muscle cars perdieron músculo... ...nos ajustaron los blue jeans... ouch. y las águilas calvas están más calvas... soy pelón. ¿y qué? ...que no se metan con las hamburguesas. por eso creé la all-american ribeye burger, hecha con carne 100% ribeye, lechugas variadas y queso provolone, en un pan de papa. se me antoja una. volvieron las ribeye burgers. pruébala

we want to kick it off with ubs. this is the latest and asset managers trying to consolidate.retail clients and specialized asset managers. what is notable is $800 million worth of assets is not enough to compete. when you look at some of the other asset managers, it's a scale game. ubs recognizes this, especially as an increasing percentage of their portfolio becomes passive. if you are not getting very much fees on each dollar coming in your door come you better have a lot of dollars coming in. david: those asset managers are doing so terribly well compared to the market. eric balchunas has articulated this well. at the end of the day, we are heading toward a couple of massive asset managers that oversee a vast majority of assets. we are seeing an increasing number of investment firms go lending, coming up with these other strategies that pay fees. when it comes to passive management, it's a scale game. only the big ones will win. alix: we literally heard that from jpmorgan asset. direct lending, they like. then there is the antitrust thing. we have to go to jamie dimon. an

first up, james bond comes to ubs.ed of helping clients with tactics worthy of double 07. prince saysi crown he took a ride in the tesla in a recent trip. -- the artists work goes up for auction is shredded right away. now, argueing us guest -- let's start with ubs. i thought we were done with this. switzerland going into france, they feel so guilty about it, they used encrypted computers. 007t does feel like a movie, allegedly switching hotels regularly, but this is an ongoing saga with multiple banks, that has changed the flow of money. the crackdown by countries like france over the moving of taxable money offshore was something that a lot of the and itere known for, changed the competition landscape in terms of hong kong, miami resident best places to go. david: several years ago this was the u.s. crackdown on swiss banks, and i thought this was bank said they wouldn't do it anymore. alix: they just got craftier. like it hasso seems taken years for them to come to resolution with these cases. from the story today,

equity strategy at ubs did you check my account we still have ubs. somehow we ended up there from -- >> payne weber >> is my strategy -- i don't control it >> i think you're good at ubs. >> is it on track? am i down the last couple of days >> we're probably down you had no safety here in october where bonds are down, equities are down. that's exacerbating some selling from the multi asset community as well. from an equity perspective, is now a good time to buy, you're talking about earnings up 22% this year. the market up 2% that is a bear market. you had a de-rating in line with 2015 and 2016. we hit a level yesterday that we had not hit since the depths of january of 2016 when earnings had not grown for 18 months. we had dollar shock. we had an oil shock. you know, we're talking about caterpillar. i looked at the multiple today, low double bridgettes. >> double digits >> are you calling that a low? >> i think so. 25% tariffs is a cost shock. that will work its way through some companies acknowledge they're trying to find other sourcing i think a lo

that is the line from ubs. it is within this context of this gradual slowdown in the chinese economy and increased concerns about the impact of the trade war. we are watching the offshore u.n. very keenly. the pboc saying this is not something you should interpret as indicative of further depreciation in the currency. yes, it is interesting, pboc saying they are sticking to a prudent and neutral policy, other economists saying they are seeing signs they are moving more toward easing. the pboc also saying it is not going to lead to devaluation of the yuan. believe that is hard to , particularly in the context of the rate hikes in the fed. they expect potentially to see an increase in outflows. it was interesting to see the fx reserves over the weekend came down. september dropped by about $23 billion, relatively modest, but a note put out by an economist saying you could be in an inflection point where you see a take-up and capital outflows. the minister of foreign exchange saying this is more about a change in

and sergio from ubs. -- a lot on from ceo earnings. anna? go through in terms of underlying performance and that has been a fascinating part with regard to the wall of worry tim was talking about. donald trump said he plans to pull out of a major treaties arm with russian and he claimed they breached the latest on record. kim and one news -- he and his treasury secretary talking about the importance of their relationships. joining me is our senior reporter for international affairs. great to have you with us. mp picking a fight with russian? a very complicated relationship with putin. normally we see the congress applying sanctions and being tough on russia and trump trying to build a relationship. his security adviser bolton going to moscow and independent of congress, telling the russians we will pull out of the treaty. the russians have responded iste hard and they say it outrageous they should pull out of the treaty and gorbachev who signed it with ronald reagan. dull face of it, it is a little unusual. putin'sd, last week, said accusati

we will be speaking to the ceo,ays ceo, deutsche bank and sergio ermotti, ubs ceo.t of homework to nejra: we do, but that is it for "daybreak europe." this is bloomberg. ♪ anna: welcome to "bloomberg markets: european open." matt: good morning. chinese stocks soar up the most in two years. u.s. and european equity futures rise as well. can the rally in asia roll around the world as gold and oil rise? the equity markets open in 30 minutes time. anna: btp yields drop after

it was also the first time the band ub-40 has ever been connected to the confirmation process. ♪ red,one final time here. >> why limit it? >> let me tell you why. according to a 1985 police report, after a ub-40 concert, brett kavanaugh was involved in a bar fight that he allegedly started. he was questioned by officers afterwards, but he was never arrested. so does this even matter? joining us now, cnn chief legal analyst jeffrey tubin.

head of asset allocation at ubs global wealth management ubs, but not in any fancy thing like that.there a cutoff? what do you need to get -- i mean what do i need to get -- never mind i'm not there. >> ask nicely. >> yeah. randy is portfolio manager at baron discovery funds. i guess that is for the hour charles campbell, managing director and trading desk specialist we're going back and forth between fundamentals and technicals i always trying to figure out what the crowd is thinking or sentiment. i feel like we're up 300 points. i worry we're going to sell off immediately. but that makes me think i could be wrong my feelings are wrong and actually we could have a pretty good rebound what is most important to think about now? fundamentals or technicals >> fundamentals is always what i focus on that's what's going to drive the markets. >> for sure? the fundamentals might be changing in the market might be ahead of how we view the fu fundmentals. >> you can cpi yesterday below expectations dovish the futures are up so we're not getting inflation pressures. overnight, the data out of

. >> in the ubs note, they're saying it would be great if they're using gap numbers. i think he has to try to figure out how to translate what they were doing and start using real numbers. >> ge is down about 1 quarteron of a percent let's get to the opening bell here, it is allogene and anap n anaplan. >> we don't have a lot of margins because the markets are slipping up. the etfs come in -- some people may feel we may have a crescendo. the rally started too early. that meant there were no fire power left at 315 and not at 248, we'll have a good day i think the market is fine because we are most over 6.8 we are fine. watch this we also have the weekend where the president tends to speak a little off the cuff. i think we should wait, 315 is when i want to see the rally starts, the second level >> the leaders of the opening here, amazon and anvidia is that what you want to see >> i don't want to see amazon and nvidia to be the leader. i am worried about them. the gaming -- "call of duty" is very strong. i do think take two is up. i do think we have to be concerned of a

was dubai biggest month for passenger traffic, a record 8.3 7 million passengers used the traffic h ubh pushes it ahead of its nearest rival for international traffic, london heathrow. well it is breaking passenger records, let's check in with the retail side. we have the executive vice chairman and chief executive for dubai. welcome to the show. >> gentleman, good morning. >> you are the benchmark of all that's good at the airport. 7.5 million people. what is the number? what is achievable this year for sales? >> this is going to be, i'm happy to say, our biggest year ever. it's our 35th year, and based on traffic so far, we will collect $2 billion usd this year. we are very excited about that. we are very excited about a lot of things. we know have 6200 staff working for us from 45 countries. we're very excited about the fact that we still have 26 of our original 100 staff working for us. we have 270 staff who will be more than 20 years of us. all these things are very positive. >> what is driving the growth? you look at what's happening in the other parts of dubai, china's playing a

it's ub, i'm pretty sure, like, there's a name. ( applause ) here's the thing, if you're throwing a drinksomeone's face because they're not the lead singer of ub40, you're either someone who drank a shit ton or a crazy person, one or the other. again, him raging as a young man doesn't disqualifying him from serving on the supreme court, right, but brett kavanaugh lying about it to the senate is what should be of concern. and for more on this, and the legal ramifications of all of it, we turn to a man who has been represented by many lawyers, michael kosta, everyone! ( cheers and applause ) michael, on the one hand, on the one hand, you have brett kavanaugh who says that sometimes he had too many beers, but, on the other hand, you have all these witnesses who say that he was a belligerent drunk who drank way too much. what do you make of this? >> well, trevor, this term "too much" gets thrown around too much. ( laughter ) it's all a matter of perspective. if a dad posts ten pictures of his kid on facebook, that's considered normal. but if i post ten pictures of his kid, suddenly it's "too

. >>> plus, making your next ube de safer with the touch of a button. button. the new this isn't an election. it's a declaration. that whe.they attack who we a we show what we'retmade of. and we don't stand back- we stand up. for women's rights. for health care. for our kids futures.in the waon post says david trone is detailed, studious and no-nonsense-- an excellent successor to john delaney. the waon post says david trone is detailed, there's no sitting on the sidelines. not me. not you. not now. the best choice, by a mile, is mr. trone. on november 6th. vote. david trone for congress. i'm david trone, i approve this message. >>> youtching "news 4 today." >>> it is 4:39 on halloween morning. ieve it?b just like that we're at the end of october and these are some nkgreat costumes t to everyone out there who has tagged nbc washington in all your social media posts. that's aar and chuckell if you didn't know being good sports. >> not necessarily a costumes but the promotion, people asked us tout on some masks and we did. >> i'm surprised. you usually no. we lik

conagra was upgraded from buy to neutral at ubs. theyro cited the long term gwth potential following the acisition of pinnacle foods. price is $40. shares rose by 3% t $34.65. >>> still ahead, the benefits of interest rates and what they could mean for you. >>> two american economists have won theze nobel pn economics for their work on understanding how c economies grow sustainably. william nordhaus is best known for climateeconomics. he developed a model that examines the effects ofte cli economy like carbon taxes. paul romer is a professor a nyu, new york university. his work has shown h economic forces govern the companies to innovate. >>> the teamsters union approved a deal with ups even though most members voted against it. since a majority of members did not vote at all and since f2/3 those who did vote did not oppose the contract, it was tified, but the decision could cause a rise in tensions between factions within the aeamsters an of this comes as companies like ups ramp upor the busy holiday season. >>> it's not just ups r

and temper sealy upgraded to neutral from sell, at ubs, the analyst says the company could benefit from a potential mattress firm bankruptcy. the provides target is $56.to 10e rose more than to $53.66. >>> hail ahead, the road ahead, ow long before highways are full of self-driving cars? >>> the national retail pr federation is forecasting holiday seasons for tailer. says it expects to sales to increase4. compared to last year to a total of $720. the figure by the way excludes cars, gas and snding at restaurants. >> senator bernie sanders wants to break up large financial companies. he says their size exposes the economy to too muc risk. the vermont independent introduced a bill requi financial company that has a total exposure of greater than 3% of gross domestic product to split up. that would include jp morgan goldman sachs and berkshire hagertiway among source. >>ouesterday we told amundsonen surprised everybody by raising the minimum wage it pacers woro $15 an hour. last night ceo jeff bezos explained why. >> thinkg about inrying to decide do we want to change? we realized we made

still with us is bhanu baweja from ubs investment bank. do they defend seven? technical level that will mean selloffs elsewhere? bhanu: selloff -- seven is a technical level and it probably means more so lost elsewhere. seven in itself is not a deadly sin. i think what's happening in china, with happening in the currency is symptomatic of the major changes. china has not had to make a choice between external stability and growth that every country in the world is everyday. china has not had to make that choice since 1993. now for the first time china will have to make a choice about how much they want to stimulate the economy again. you did not have to do that when your current account was 4% of gdp. what does it mean for growth? francine: what will they choose, first of all? bhanu: they will choose external stability. that's not to say that the renminbi will weaken. they have several levers that they can exert. what's happening in europe in that you we stocks recently tells you they are already putting pressure on overseas -- we think the renminbi is weakening

for example, the ub center for politics now saying that in wisconsin for social media 23% is 31% trumping health care, the economy, and taxes. how challenging has it been for you to address the more controversial national themes? i like what we are seeing and it is people getting energized on the right and the left. it is time to have a conversation. what policies we want to put in place to continue to grow the economy. the engagement is positive and people are tuned into the race and how do we take core policies and apply them to washington. people are frustrated with the noise of washington and the inability to get things done. there is an ability to take my private sector background to washington to get more done on behalf of the american people. kevin: that is a great point that shery makes, the partisan issues that are making an impact. out of your district, you have a major boeing supply chain, and boeing having a huge impact in your portion of wisconsin. what are you hearing from those workers in particular, those families on this issue of trade? do they have any concerns at all

the ubs senior china economist is here. we do not have the complete numbers, but your sense of how the trade story has affected the numbers. guest: i think so far we have not seen any signs of weakness. i think half of that is because the tariffs are fully implemented. we also think there is some frontloading from late june, early july onward. factght have a flashing of come up from them rushing to get their orders in. q4, wetime we head into will see more weakness coming through, not only because of the because it is-- weakness, but because the frontloading has paid off. yvonne: what do you make of the lines we saw overnight? it seems to be that trump and xi might have a meeting in argentina after the midterms. also reportedly, the u.s. will not label china a minute -- a currency manipulator. and you think they could get some deal by the end of the year? donna: i would love to be an optimist, but i have to be honest. news,rump delivered the the 10% tariffs would be imposed on $200 billion, there were no conditions set abou