ubs is raising their bonuses. mark: imf managing director christine lagarde is defending the negative rate move in europe and japan. why she says the global economy would be worse out without them. caroline: the identity of street artist banks see has never been revealed but that could change. is that a good thing or a bad thing? let's get straight to the market desk now with bloomberg's julie hyman with the latest. the day is not done yet, so you never know. i just want to mention that we got some sentiment numbers from the university of michigan with the sentiment number coming in at 90. following to 90 from 91.7 last month and that is also a five-month low. consumer confidence numbers coming from the university of michigan. it looks like as part of the survey low income americans became more concerned about prospects for the u.s. economy and higher gasoline prices. we are seeing some gains in u.s. stocks, all three markets are higher but just barely. has gained the most in the year as we saw it take into the po

ubs is raising their bonuses.agarde is defending the negative rate move in europe and japan. why she says the global economy would be worse out without them. caroline: the identity of street artist banks see has never been revealed but that could change. is that a good thing or a bad thing? let's get straight to the market

let's stick with ubs.h more on that, michael moore -- he leaves all over our financial team coverage. hans redeker is here. ubs is saying we are winning, increasing bonuses. deutsche bank cut bonuses last week. it puts ubs as one of the biggest, and only, major european lenders. is that good, or will shareholders take offense? micheal: i think they see it as a first mover advantage. ubs was earlier than some of the peers in taking the restructuring moves that they wealthving more toward management and scaling back the investment bank. that allowed them to have a better 2015. they also got some of their legal issues out of the way earlier. that was a big piece of it. and it perhaps offers another chance for a first mover advantage. tom: i'd say the first mover advantage is to keep your tail on it. how quickly is this bonus list keeping the -- i mean, paul donovan in london -- it is outrageous what they have to compensate to keep him so he can come on the show. that is what this is about, right? michael: [la

ubs did not have all of that and ubs had half of the provisions of that to take from his is matters.ess matters. guy: what happens now? talk to me about compromise when it comes to talent. what the numbers are. jeff: an interesting question. profession are people who react quickly to pay. if you can send a message like ubs did today, our bonus pool is up 14%, that is a bank where you can work. tocontrast -- in contrast where people had doubts about their business model. iss will mean ubs competitive when it is about hiring. guy: thank you very much indeed. the market open is coming up next here looks like it is going to be played one here in europe on friday. ♪ guy: good morning, welcome. you are watching "on the move". we are moments away from the start of european trading. is cutenback's rally down by the doves. what does it mean for global markets? the ecb president says it is your turn now. why e.u. leaders are ducking draghi. do international investors really know -- let's talk about this market open now. looks like it is going to be a fairly flat out. thne. let's get you to the

nejra: i'm starting with ubs.bank raised its bonus pool the chief executive officer receiving a 37% increase. this goes against the grain. of course, the difference is that while some of europe's biggest lender's posted losses in 2015, they were hurt by a slump in trading revenue and cost tied to restructuring, ubs posted the strongest profit since 2010. this stock was up more than 1%. gains coming off a bit. populari banks, banco in mergeren locked talks for weeks. the ecb is urging them to form a letter with a strong capital position. this is in a letter that the ecb requested. it wanted them to submit a business plan within a month. what we saw yesterday with these stocks declining basically reflecting investor concern, that the ecb request may force banks to raise fresh capital to comply with these requests. these have extended the declines. they are two of the biggest losers on the stock 600. guy: let's turn our attention to brazil. it has been a stunning week. sunday, we saw millions take to the streets in p

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ahmadi of ubs.an belski be in the financials if ubs, jpmorgan, and , if they areurgh going to be a utility industry? brian: three different companies, but at the end of the day we think we are seeing a generational opportunity to buy high quality things not only here in america, but canada, especially considering that financials remain on the most feared sector in the world there -- over complied, there is too much regulation. as the economy continues to recover, we think loans will continue to grow. but the real picture is going to be the final transition, or the beginning of the transition out of bonds and into equities. that is an expressly profitable business. tom: you can buy the canadian banks if there are no canadian teams in the nhl stanley cup? is that true? brian: it is true. it has been a tough year for canadian hockey. but the haves will do ok this year. tom: we will have to see how this goes. brian belski with us. wewe run out in 60 minutes will have to extend to 80 minutes. what we wil

ubs seems to have the winning strategy because this are doing this cointreau or five years ago, -- ubsat could increase bonuses, this is what we found out, about 10 days ago. if you look at the ubs credit suite, to have been in charge for nine months, they will go after the wealthy asian, slightly differently, but this is the point we were making off of fourth-quarter results. know the ceo that well, trying to figure out his strategy with a similar model that has so far proven quite resilient which is ubs. i would argue that maybe they need a bit more time, but if he wants to take the risk now -- jonathan: i want to cross over -- thee hyman because stock was down some 40% and just goes to show you how tough things have been all set -- have been. julie: it is still more expensive, at least on a price-to-book stasis. we are talking about a lofty valuation, all of the banks are valued at a discount to where they have been, historically but curtis reese is in white -- credit squeeze is in white. this is a bloomberg intelligence index of u.s. banking peers. bottom, bank at the this goes to

some might say big news from ubs, it has raised its bonus pool by 14%. how they are faring versus its peers, i have normalized it at 100, we know all banks are falling but ubs is performing the best, down a mere 16%. the others are falling between 30% to 40%. ubs the big winner among the investment banks. alix: let's check in on the first word news. more from our news desk. >> senator bernie sanders says he still has a path toward victory in his presidential bid against hillary clinton. he is rejecting suggestions she is all but locked up the nomination. in interview with the associated press, senator sanders related upcoming primaries in several western states, including arizona and washington, and april contests in wisconsin, new york, and pennsylvania, would offer him a chance to catch up. president obama lease for cuba on sunday, and will have a beating with the president and will hold with -- he will attend a baseball game between a u.s. and a cuban national team. the first time major league baseball has been played in cuba by a u.s. team since 1999

microsoft getting a boost from ubs. ubs going bullish on the company's cloud service.% up. facebook up by 2.1%. news coming off of instagram of course, facebook owns instagram, instagram saying that they will increase the amount of time users can post videos to 60 seconds. on the flipside, let's talk about some laggards. first off, over to ebay ending flat, but it had fallen as much as 3%. barclays cutting the company to underweight from it will wait saying that fundamental improvement is lacking. tesla ending flat as well. it had fallen by as much as 2%. mixed analyst calls after the model three unveiling. but also, ubs going the other way, saying that higher not betions just might met. but overall, a positive day. for every one stock down, three stocks were up. cory: thank you very much. coming up, robo advisors -- yes, that's a big thing. changing the entire personal finance sector. we will have the hot star who has been defying bc caution with success that is being defined differently from other sectors. we talk about funding that suggests the success of the compan

ubs joined usof -- you today with what used to that.hat we've been taking order over the last couple of years basically price our theices, to reprise ukrainian side of the situation. the fact is that what's going giving --nk that your getting a subsidy. adding high and waits to our claims. what this it mean for certain rivals? the side effects are negative. it it is extremely difficult to judge. >> i think that this is something that european banks have been trying to get used. you can also start to see the effects of that. avoid negative rates, some banks are over extending credit, a condition that in my point of view might create potential risk in the system, like in real estate mortgages. so, i don't know if there is a way out of this. on the credit side, talking to us for fees on services that used to be subsidized by the pause -- by deposits. deposits today, the fact of a lower rate environment is the proposition. >> are we going to see consolidation in the banking sector in europe because the has been so much pressure on your riva

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>> well, so ubs we're expecting you'll get to 3% by the end of the year. usually wages grow by somewhere between 1% and 4%, so slightly elevated. when they get to 4%, things overheat, the fed's tightening and we actually pull down the labor market a little bit and loosen things up. you usually never stay at 4% and usually don't stay at 1% and you're somewhere in between. right now we're 2%, going to 3%, pretty much the sweet spot for wages. in particular if you think about how low inflation is, the fact that we're getting nominal wage growth at this level means that real wages, people's standard of living, are improving pretty rapidly and that's the true sign of whether or not the labor market's tight or not is whether real wages are rising and they are at this point. >> all right, drew. thank you so much for your perspective. we appreciate it. >> thank you. >>> coming up, why the world's super rich were less super rich last year. >>> here's what to watch tomorrow, folks. last batch of economic data ahead of friday's unemployment report due out including p

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david is senior equity strategist at ubs wealth management research. he joins us now to discuss that. david, welcome, good to have you with us. the market has had a tremendous month of march since february 11th, it's up double digits, done very, very nicely. is the market looking past what everybody seems to say is going to be one of the worst earnings quarters that we will have seen in many, many years? what's going on? >> yeah, tyler. i think you frhave to take thin in context. when we started the year, there was a lot of concern about a slowdown in china, becoming a hard landing. there were concerns about the u.s. economy, itself, whether it would continue to grow or not. and now we've seen some signs of stabilization in the chinese economy, seen some signs of stabilization in the u.s. manufacturing sector as well. and i think that's what's powered the rebound on top of the fact that the fed has been a little bit more accommodative. so now we can get back to i think where we were at the end of last year and the earnings picture still is a bit sluggi

theng up, we also talked to ubs chairman about negative rates and also that bonus pool search.aving a bonus pool of 40%. ♪ francine: tom keene is in new york, let's get to looking at consolidation in the drinks industry. thank you so much for sticking around. abenomics andt things that would hurt you or benefit consumption in general. talk to me about the drinks business. it seems that consolidation in the drinks industry has been right for years. are you looking at anything? do you have a treasure trove you want to spend? takeshi: we have no intention at this moment to apply to any businesses -- acquire any our focus iscause definitely on the integration to become the quality player in the part spirits industry. producethe expertise to quality spirits, so we want to suntory totucky and create quality products. inare not participating competition now because we did, two years ago. francine: how difficult is it to integrate such a large group? you buy all of these huge companies or you did -- and you had to make sure that the values are the same or you have to streamline, is the

including an ordinance tha would prohibitew marijuana ubs. th meeng comom just two daysp aftethe marijujua tata for gave theirinal rececmendationsto the citcouncil. also on thagenen today.. a resotion declaring opposion to the retecation of refugeeses the resolutions cites thatathe council has significant serity conrnrnabt thth refus resettttment proroam one concern n ing the federal gornments ab v cong rugees.s( l thean burn refueses p othe uny day'ty c m is lefohi afoo ie pikeak conferenm. we he new tails sry 'ven fololwing for u.. health officialsay new water tests in both fountaininnd security widefield have found pfos andndfoa. the chals wewe wely used in nonstick cookware coatingsfirifiting fm other mamarials. e health dtment t ys t tts pipipines and wereranksks used tstribute the water er found non-detectable lels orevs erlow the susuted mits. weve. llp stston t wewididid shevels thth ed d xim thhoells haven't be uee. rt breaea i isecuri e aso un sheriofce sne p w injured ngurar its are ju nrriv o iormatit thisim wilbrg you uptes we n

ubs initiating coverage of the bank with a accelerating. firm citing what it sees as risks to wells' revenue growth and credit performance coupled with a valuation on the high end of its peers, pointing specifically to fee revenue being limited. of course, we know it's a big berkshire and buffett individual play. >> yeah, i talked with john over the years, including the first week of february -- the ceo of wells fargo, john stumpf. wells fargo is a bank you've not made a lot of money betting against and i will tell you you won't do it again. to sell wells fargo is to say warren's lost his touch, because it's the company he's most closely affiliated with. if wells doesn't raise rates, they have the same margin problems. to say it's limited, maybe he's got a source at wells fargo that says something is not right. wells does have some oil loans that are an issue, but i think that john laid them out to me pretty closely. wells could go to $47, i guess on this, and then you're going to want to buy it? this is trading in and out of wells and ever

. -- good newsand, for the banks and ubs in particular. with a record month in store as revealed in today's charts. that is next here on on the move. ♪ guy: welcome back. i am guy johnson did -- i am guy johnson in london. let me check of the market and show you what is happening. we have been in a wait-and-see mode. we had the boj not doing that much. wait-and-see mode over there. they're waiting to see what happens with the fed. the start of the two-day meeting in washington where for the fed, the market is currently pressing in and near 80% chance that we go upght -- we see rates by the end of the year. you want to find of that story? go if you are a bloomberg customer and you will see the latest in terms of market pricing when it comes to the fed caroline hyde is here. allline: what we were terrified about, contingent convertibles, it cannot pay out coupons if your capital is not strong enough. we had the best day here at we have seen a ramp up in issuance. ubs came up with $1.3 billion worth. the market basically froze back in january

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microsoft getting a boost from ubs.ng bullish on the services -- on the company's cloud service. up.on also 2.4% facebook up by 2.1%. news coming off of instagram that it will increase the amount of time users can post videos to 60 seconds. flipside, let's talk about some laggards. ending flat, but at the end of the day, it had fallen as much as -- but at the beginning of the day, it had fallen as much as 3%. tesla ending flat as well. it had fallen by as much as 2%. after theyst calls model three unveiling. sayingng the other way, that higher competition and other expectations may not be met. but for every one stock down, three stocks were up. thank you very much. coming up, robo advisors -- yes, that's a big thing. about funding that suggests the success of the company. hint.re is a this person will be sleeping with the sharks. cory: on today's financial board, automated startup funding . some companies have trouble with valuations and are seeing them cut. are buckingy firms that trend. tell you.ve to on our bloomberg

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let's get back to geoffrey yu joining us from ubs.kswagen is an interesting case because you look at germany and you look at what is going on with the carmakers over there. the issue of what happens with negative rates, how you get people spending again relative to a brand like that. what is your take on where we go next with the ecb? the negative rate story coming out of japan, to many people minds makes an on compelling case for the ecb to follow suit. geoffrey: if you look at the countries with negative phrase, they have their idiosyncrasies. danes willand tie it is working fine. guy: but they are small, open economies. geoffrey: the euro-swiss has held ok. maybe some intervention as well -- and japan's case, if you look at the deployment of negative rights, they wanted to give themselves too much flexibility to the extent that the initial was assessed it compared to the rest, this is not significant at all. if you have to do it, you are going to mean it in a has to register with the currency. the eurozone's case, for the ecb, nega

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do n n 13 ththqmestion whether to ban cannabis clubs--the private marijuana smoking ub in colora springs--is incloser a ainal answer tonight. krdo newschannel 13's sct harrison isive at city h!ll f f ft appear be e long work session. scschis haha been a touou issue since clcls arteing 3 yeago.o. take v veo from 4: as scott reviews the issuesnvolve a cannabis club supporter says clcle the clcls. hearing from highimes magazine...(ter word thahathey are pulling thr request to hold d the cannabis cup in pueblo. th cancelleded ththrequest this weekend... essentiall killing plans to hold three day mamajuana festivivivn n e sat arles s s mesa. today,he grp issu isnt urorort t commitititit always to create the highest quity and fest event possible.. we remain committed to susuororng t historic coloradodo cannabab indust@ynd lookorward to stg a fufufu ghimes event in corado. " wee gegeing further reacacon on this ststy and will bring you more detaiis s krdo newschannel l atatat the u.s. supreme court may ke on a case brought agagagag coloradodoy twtwo neigigiging states..'s a a about mariria gali

we spoke to the ubs chief executive.ive rates, some banks are over .xtending credit in real estate and mortgage is. aboutan: we are talking them taking too much risk, but that is the point. force the banks to take more risks. know thetary policy regulation at this point in europe? >> we need to find an alternative route. all these unorthodox monetary policies are starting to lower rates than to zero, negative stop thisneed to competition for the next creative monetary policy idea and go back to basics and try to the table ands to bring structural changes to the table as a way to accompany a see monetary policy edge can rebuild confidence. what is driving the slowdown in the global economy is the lack of confidence. the businesses are not investing as much as they could. credibility has been detracting from confidence. the g20f you read what said, they said we cannot do this with monetary policy alone. the u.s. is not alone. congress has their own ideas. gerardo: you're right. is to do it out through monetary because we d

today, to speak up about this,s, and she isn't the only onon this bus willlbe filled withtcacaabisis ub members, , l gog to`oity hall`to ma the voices hehehe "we're a going, we each getetur three minutes to sak, 're going to expljanthatatnehehe placac." but hers have highopes, the clubs will lecoloradodo spspp annabibicls e nosoththg i wowo beor. really needs t& to regat, anvery very regululed, r the sasaty of e commity and for our tation." bubuhehese pys, it's t tt putationhat ought her here in the first plpl the council l ll vote on the future of cannabis clubs totoght, we'll let you know wh hapns. this is snly t first reading, a cicion isn't finatil a second r rding. reporting in the mabe a few scsctered showers aroundnd toninit, butut anything that develops will l ak and short- lived.omorroro ll bng a alight t chance for snow in the mououainsns but elsewhere ll be dry. highs tomorrow i'll have more on thththarming end coming up newscast. ifizou t tnk the i- andndimarron intercrchcnge project a mess now... just wawa. & 's aut to get worse... as s new phasof construction begins. krdo

in the disk space, seagate falling because of a downgrade from ubs. falling to its lowest since mid-december. ubs lowering its price target to $24 because of weakening pc sales and western digital also falling in sympathy. emily: predominantly a down day. there were some risers. what is the story with amazon? >> with amazon, the biggest lift on the nasdaq today. the reason for this is because apple is having an influence saying it is years away from leaving its cloud vendors and you will remember we were talking about how amazon actually signed a deal to shift some of its cloud operations to apple. you can see the lift and then closing up by about 1.6%. i want to end on an airline, not a tech stock, but the virgin atlantic. it rallied today up by more than 13%. the reason is because the airline is thinking about selling all or part of itself after getting takeover interest. it is unclear as to who that might be. some analysts have been talking that it could be delta or jetblue. bloomberg did reach out to those companies and they declined to comment. i

the ubs director of floor operations here.t's good to see you. >> thank you. >> even cramer is saying people are starting to ask for him for advice on how to align a portfolio for either out come. how is the market taking it today? >> the market is still not reacting strongly. they believe that the next two weeks you're going to see an all out push from the republican establishment to see if they can deny donald trump convention with a majority of votes. he'll certainly have a plurality coming in but the stop trump effort will intensify now. >> is it so from the market's perspective? ted cruz is the one that gets pointed at for the government shutdown that so riled the markets a couple of years back. not donald trump. i don't think many people imagine that he's the type that would want to derail the flow of markets to get his way. >> there is some belief that he will delegate well. he will not be as rash in decisions and get some experts around him. the big question is, trump's stance on china and what could that mean? if he's

ubs charted the product -- started the process there for years ago.tter place economically come the world felt safer. i do not know if they are using the same model. ownit suisse wanted their model, keeping to private individuals. they want to be a one-stop shop. suisse hascredit said the billionaires in asia to not always have the cash flow they need. they want to be sure the investment bank linens for them to do more investment. and at the same time, manages their money. a man whothis is knows a thing or two about expansion in asia. we look forward to that fascinating conversation with tidjane thiam. bank analyst christopher wheeler will be digging into everything in the banking area. wolfango piccoli will join us. suisse done?t have they done what is necessary. all, he laid out a detailed strategy as you saw in october. it was not taken well. we know that he focused on switzerland, the rest is confusing. it has to get to the second stage. the fact that he was not as clear as people would like, and the markets have been dismal in the first part of t

useea >>eporte e cove td.ia sche "washin >> theort ceit cult sued u're tha wi tme mister >>te tru umped ub thantiru. invi aho flee iumnso bu h ke hendou coiden americle and lo woing witmer ey cho send te r: ste di,0ests, it ryan ynolds and bla vely rissues like ng onen. grg elder steshe thld ste. ronaln,news ppear to ve intified ti o ounds firs. itroor a ike job pl slen from is d i gg reook jt is wlioig anieor the ca getorm n c for rrespot gel. ercely prote of s crets, and defectors, if caught, are generally executed. so this apparent leak may be a sign isis is starting to lose control. the german federal police has already said that the genuine. but it's an enormous and unprecedented trove of information, which experts are still sifting through. >> i think they probably are authentic, these documents, because they contain a great deal of detail that's been verifiable, can be verified. >> reporter: there are thousands of these forms which carry the isis seal, and list detailed information about isis recruits, nationalities, and whether they chose to be fighters or suicide killers. in a pre

ub,s is a major health -- h not just a busy terminal. over to the curbside check-in, we can show you that the metro station, the busy metro station is right across the street. is working closely with homeland security and intelligence from all around the globe. even though there is no specific or credible threat here in the u.s. today, tsa has decided to increase security. u.s. customs and border's will againstng all travelers the u.s. terrorist screening database. metro is working with local police departments, adding more police on trains and platforms. >>' i expect more checks. regularly best get here extra -- get here extra early. john: today was going to be the day that airport workers staged a work stoppage, a strike. out of respect for the families and victims in brussels, they have canceled that event and are instead holding candlelight vigils at the airports. obama ispresident holding a news conference with the president of argentina. we have live pictures to show you. a long day for the first family with air force one landing i

cououil puts s ban in place, , no new marijuana ubs can u existingnglubs wououave to closedn n years. if the ban fails, council willdiscuss new gulations. totoght is n n the final say. counciwill have a second v ve in two weeks. we'll let u know at happens. with a light b be. the uthern-25 coorors s eing xed showers right nonoand d e didide. hudity is high than days in the past so fire d dger isisis deerngor n. tempererures will be chly through the evening. votersrsn n s stes are weighing in on the prpridential race tonighghthxh more tha300 delegates upor grabs. craig boswell s the latest from the w wtetete epububcan n onlnrunnnn donald trp expectctto add to his delegate lead michgan is the biggest prize tonight.t. s newsxit pollllshsh sixty gop - and most are looking for an o osider. hn kasich has spent more te e ininichigan than anythth caate. he is tryr_g to show how he's different from trump. )"personalttacks are just not 0 acceptab." )ted cruz mindnd voters his campai hasaslrlrdy beaten ump in six stata )now tay it is our hope th ose e mbers will go o . )wle exit pollshow repuica

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lo t td the ustoday today that rkies spring training was likekeoing to country ub...that wa hs subtle way of sang the rockies s e soft bebebee of their anky spring trainingngig. lo also sa@d that`the r r resed to his facece d he is stl upt wi the way y ey handled traded him to toronto ..walt weiss doesn't thin managegea sort te. our guys are mentally tough competex yeah i have no issue wiwi our guys being soft t our countrtr clurbish our ththbroncos ar gog say tag, you're it rr to vomiller ...the bronhave til 2p tomorr to ap the exclusiviv franchtag on millereby placini th exclusive tag g miller litit will give theroncnc unl july 15th to make him one of the ght paid defensive playays in the nfl. i meananf ok at last yea was a franchise tag year as well it was conact year a lotf uncertainty gog on i'vnever been anchihi before ian't re s i d d't want to be a frchisisi don't want to o ts i want to o w)wh the er onons. - the nhl trade deline was day.it's tense dadafor most othe playerercause there'e'no loya\a i&) sports. thavs traded the belovevealex tangy to the yos toto. e cotes sese th

we will talk about that and what else is coming our way with ubs.tching "trending business". ♪ >> welcome back. it is 9:44 a.m. in hong kong. these of the stories making headlines around the world. authorities have called off a soccer match about two hours before kickoff, citing an unspecified risk. reports say there was a bomb threat at the stadium. matches will be played at a later date. a man from islamic state carried out a suicide bombing in istanbul that killed four people. 13 people killed and 30 injured in a bus crash in northeast pain. the bus was carrying university exchange students back from the largest fireworks festival. into an oncoming car on the opposite side of the highway. officials say the bus was the cause, but the driver past alcohol and drug tests. iraq has shipped out the first exports of natural gas in its history. iraq first planned to start exporting gas in the late 1970's, delayed by the iran-iraq war. of ahipments are a result joint venture between japan's mitsubishi and royal dutch shell. it wages and extensive fight ag

. >>> e "los a aeaesim rerertth offers ininlorida us an n ube an nfl nnnnba -yr-ole n n hemss faci marijijij andnd affic chargegeinlywood, & or police s s he was cooperive when hisar was p pleteteer saturday night. mason is preparing for h third season with the rams > he newortiort suspected copycat case in the crossword puzzle business. a computer engind discoved atlues tsrom ti cr aeare ler "a nd s sdicated zz"t"t tim" puzzle master isist oss, but says it's uthical. >>borrrr or takekeomeoeo elel's caty anng gp orinalhelly i# not right. >> the 6 6puzzles and questions were allted b thy rk. hels ineoince. >>>the gtost" reportin aboutow thetory reagan began. ncag w wtake listcommis atzer. shshasked for h mtt lead he s seen il t at point ittete eet nagan. >> they marriein 1952 a&d were together 52 years. she e ysng we was th roheted st ild,ldren's lunch warning. thousands of poundndof a p pular brd o&hicken ngets may be contaminated. details a ead.ead.ovoved guidance to over 100,000 ople j jt li iou. gaozto t legal youannt galzoom. legal help is here. there's onlyne egg at just tastesesette es