ubs blackrock and barclays have met with the national front leader.iously should you be taking the policies? all of that is coming up on this program. this is bloomberg. ♪ anna: welcome back. this is the european open. 10 minutes past 8:00 this friday morning. this is the picture as we head towards the end of the week. the ftse 100 is pretty flat, as is the stoxx 600. let us get to nejra cehic with some of the members in today's session. -- movers in today's session. nejra: a big week for u.k. bank earnings. royal bank of scotland, a ninth straight annual loss for rbs. it also delayed its possibility target. twos however announcing a point 5 billion cost-cutting plan. we also spoke to rbs's cfo earlier this morning and he spoke to us about the bank's returned to profit. >> we have seen actually quite open today that we think we have got another tough year ahead of us for 2017, provided we can get through issues, particularly u.s., rbs. we will be from the back making profits in 2018. shares down just over 2% at the moment. one of the biggest losers on

this is critical because we had , a threethat from ubs billion dollars by back, so less than what ubsould have expected, so let's cross over to hsbc's headquarters. results coming through come in yes, everyone closely watching for example this announcement about share buybacks come up one of the contributors to driving hsbc asres much higher last year well as the slumping pound. they are also looking at other factors. the fact that bloomberg intelligence has pointed out, can hsbc keep revenues greater than costs? saw an improvement across performance when it announced results in november, and those drove shares higher on that day. when you look at the details that will come out in the coming minutes regarding the results for the full year and fourth quarter from hsbc. one other factor is the contribution of facia. asia contributes more 40% of revenues there. we saw asian growth have been slowing, and had been one of the clouds on the horizon for hsbc. how are things going to go this time around with a shot looking like it has picked up. thank you. later, we speak exclusively to 6:00 a

. >> we didn't know.e awar >> we're a step ahead just>> wet letting rethe ate pp ub look bee to your notch. notch >> i got jay buck on -- he's on speed dial calls me every cal mr sunday. >> there you go. as jay a jm in the phone buck, too. too >> let's talk about movies when it comes to super bowl, fooball --football -- >> right. >> what do you like?>> >> there's so many films iilms absolutely love.te l there's so many that we can gott down the list every time i do ao best football segme always says you left this outt s you left that out.yo i'm going to give a coupleg to honorable mentions i'll get to my fief through one real fast.uf brian's song big one thatha everyone loves.es also i got to mention the longest yard with burt reynoldss the last boy scout with bruce willis. getting into my five to one alse we are marshall that's greats film.

ubs's house view is that it won't go up that much. how much of this appreciation is already priced in? also to what extent does trade purely drive the rate is debatable. we have the foreign exchange appreciation at a much higher level than has been suggested. >> the impact on u.s. stocks and companies, how about foreign companies? >> actually. the headline focuses on the u.s. taking european companies, if you are exporting into the u.s. you've got a high level of u.s. exposure there. your production facilities are outside the u.s. your goods are going to go in. they're possibly going to be hit by this tax. now to the extent that you can maintain competition and competitive edge with this higher pricing impact is debates among companies. if you have companies with those three characteristics, i think there is vulnerability there on equity prices. >> jeff, thank you very much for being with us. head of fundamental equity analysis at ubs. >>> now head online to see why one analyst is saying that stocks gains are counting on a tax plan th

global head of ubs is still with us.ink about the way politics is unfolding, it becomes more difficult to understand what it means at a political front. >> i think the markets are reasonably clear that article 50 will be triggered. i don't think it will make a major difference at the markets. i think given the majority, it is very difficult to see how this is not going to happen. more likely than not, a gets triggered by the deadline. there will be a. you don't see any prisoners in terms of negotiations. busy i going to be very cap. -- like that. data and saidgood why are you worried about this? up, you see the pmi's not go like europe. you have seen retail sales come up and real wage data decline. start tellingill on the economy as a whole. i think 2018 is going to be weaker than 2017. even in 2018, you will struggle to beat 1% growth. this political uncertainty is going to weigh on private spending, but potentially also on consumer spending. anything that theresa may can do to turn that around? is there anything she ca

ubs had a huge downfall years ago and cleaned up their act. like four and a half years ago. the overhaul of the bank took place a lot quicker at ubs because they put in a new ceo and credit suisse came around with the appointment of tijane thiam. you could say both banks are going for the same strategy, is going after wealth management for which agent countries. sooner.ted the process tom: somebody at the mcdonald's just had a heart attack over a $20 value meal. if i look at credit suisse in their future, it seems to be a stumble from one run off to the next. what will they be doing in the next quarter, what is the mandate? francine: i think it is a little bit too early to tell what their future holds. the ceo has been in charge for a year and a half so we are halfway through the plan. if you look at the numbers, they are not all that bad. the critics will say they are taking too much risk is why the revenue of their margins are stronger. if you look at the figures, they are a little bit better because they put the doj fine behind them. now yo

ubs' anderson -- do not be surprised if the rba stays on hold all year.omberg's top rated rba analyst expects a cut in august. he expects the commodities rally to peter out. anna: never boring. haidi lun is the anchor of that program from sydney. manus: she is in there early. australia's trade minister will be joining daybreak australia. manus: staying with the asia-pacific. asian equities decline after the yen led a rally in haven assets. lyrical uncertainty is rising affecting markets around the world. -- political uncertainty is rising, affecting markets around the world. i think the dollar is the underlying driver here. >> the dollar has absolutely been the driver in the last few weeks but since sunday, there has been a shift. it has become more focused around europe and french elections in particular. what we have seen since the weekend is dollar-yen has slumped while the dollar and have done pretty well. a lot of the crosses technically -- it looks like the yen can rally much further. china.alking about it may have exceeded a monthly record, the loa

joining us is paul donovan from ubs wealth management.reasury secretary joining us in a little over an hour. lots of focus in terms of what we expect from the trump administration on tax plans. if there was a border adjustment tax, would it be a good or bad idea? what would it do for the dollar? >> well, i think one of the issues with any kind of trade protection, doesn't matter if it's a tariff, border tax, this is a tax on consumers. that's plain and simple what you're doing. this is a tax on the american consumer one of the interesting issues that comes out of a border tax is that this is a tax which will hurt low-income consumers more than it will hurt high-income consumers as a general rule. particularly if you exclude autos. if you look at things people buy on an every-day basis, low-income people are more exposed to this. you have to say this is redistributive, you are taking money from lower income people to finance tax cuts for companies, is that good or bad? that's a matter of political analysis, but it will certainly be signifi

still with us, the cohead of ethics rates strategy at ubs, rate strategy at ubs.go>, you will see graphics that are even more telling about what we are facing. you can see live 10 -- you can see marine le pen well above , in white.cron how will the markets play this out? are they worried about a possible le pen victory? themos: absolutely. we have sheen -- we have seen this shift. investors are finding ways to hedge that risk. scenario, it moved on to people seeing higher front-end rates in france versus germany. it gets very vulnerable when you have systemic episodes like that. as pressures intensify, broadening out on the periphery as well, more existential pressures -- francine: what are the real chances of marine le pen becoming president? what does it mean for the next day? themos: the main thing this year ,s that, in the second round against a centrist candidate, she has a certain ceiling and how many votes she will gather. centristare the candidate prevails. the odds are not showing that as impossible. that makes markets nervous. saw volatility, and unfores

ubs is testing a delivery drone in florida. play anes also important role in safeguarding our infrastructure. rail lines already use them for safety checks on equipment and tracks. they also have been used in emergency response in united states for more than a decade. in kentucky, firefighters are using drones with thermal cameras to fight fires, locate the lost, or help in disaster recovery efforts. drones can also be used to inspect pipelines for leaks, protect first responders from accidents involving derailments, and hazardous materials. and also help save lives in many emergency situations. in september of last year, the national highway traffic safety administration issued a federal automated vehicle policy. this is a set of guidelines, not a set of rules, and this administration is evaluating this guidance and will consult with you and other stakeholde rs as we update it and amend it to ensure it strikes the right balance. we will also be asking for your input at the faa to develop standards and regulations to ensure tha

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the aussie dollar, ubs likes it by the way, dollar-yen pushing towards 112.30.oards, some shares are following, japan, and update, there we go. toyota .3%, an update on what we might see later today. , toy yoda is in talks with suzuki. the board will meet later today. is in talks with suzuki. the board will meet later today. seeta, if you want to shares go down the toilet again, poised to fall by its daily limit. we will look at that stock when tokyo closes up. that is a stock said to be in the lead, key systems, likely to offer for takata. rishaad: thanks, david. first word news headlines from haidi lun. travelpresident trump's ban remains suspended after a u.s. appeals court declined to grant a repeal. it gave the doj and till to submit further arguments. donald trump's case will hinge on whether the executive branch alone has the on matters of national security. the head of president trump's national economic council gary cohn has taken aim at dodd-frank , saying it stops banks from lending. theman sachs join conversation over deregulation as the administrati

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. >> today, the president met with business leaders but the ceo of ub uber did not show up. >> go ahead>> we had a lot of folks that wanted to attend the meetings. they understand the president agenda is one that's trying to lower the regulatory climate to get grow jobs and economy, that's why saw so many companies gather today because they want to be part of the agenda. they understand the president has an agenda that's looking to easy the regulatory climate to allow them to produce more, manufacture more and get jobs in the country, every day we're having meeting with -- they want to bring jobs back to institute manufacturing here in america. it's a in -- people who understand that if we change the business climate in this country and become competitive we can grow the economy, get jobs, lift up the wages that can benefit every american. >> he has to answer to the employees and the shareholders. it's a great company. that's a good thing that innovation, that entrepreneurial spirit is i still alive in america. a list of companies that want to be part of this continues to grow because t

ubs, you say god forbid, this were to happen. >> actually it is liquidity. but it works both ways. what we could see is if the news gets incemeterilier and there is policy movement. perhaps in front of all the other things. supreme court, health, et cetera, that we have to deal with. that's the kind of condition where you get a melt up. as we all know, meltups tend to end badly. >> it includes financials? >> financials. >> health care? >> financials. the bearish story is so embedded over the last ten years, that even though we're concerned about the market trading on elevated valuations, financials are still off the mark. it doesn't require the discreet tax reform that industrials and energy and so on need to grow into its valuation. and health care and technology have started to perform in 2017. they're going to discount better earnings and the potential for if all else fails on tax, you still get repatriation. >> good to see you. thanks for coming by. what do you think, sectors? >> i do like both his sectors. i think picking, what happens if this tax reform actually faster than p

former ubs chairman, fox business contributors, robert wolf. stay in l.a. stay with the great weather. he has made today touch. he is brilliant man. why is he doing this? >> i think his background is wall street. that is where he made his name and his money. i think what he is doing in hollywood and his other entrepreneurial things is great but when you're on wall street the golden trophy and super bowl trophy being a patriots guy is treasury sector if you want to go into the public sector. as we used to say for years only signature matters on the dollar bill and the signature on the dollar bill is the treasury secretary. i think it's a great move for him. look at him, gary cohn, two smart business guys. this democrat is for dodd-frank saying i like this. liz: gary cohn is democrat and steve mnuchin stave money to hillary clinton. he was interesting brought on to the trump administration, trump campaign, scraping bottom of the barrel to run out of money. he turned it around. >> i was with steven and you in vegas at the salt conference. liz: that's right. he

ubs is saying they could miss. reason according to ubs is currency or strong dollar.his is a five-year chart. blue, we have this index there there are reasons to think it may drop in the near term. it does not look like it will be the dollar, strength at least. it looks like it has been managed very well as the dollar is climbing higher, so is it. we see a range in the last year or so, suggesting you could see a trade down closer to $40 per share. perhaps the company does again just manage that well. joe: thanks. you are is in play when looking at china, just below truth -- 3 trillion last month. in the library, currency reserves falling to the lowest level since 2011. this comes after the steepest annual decline in two decades. , george,s from london great to have you back on the show. the reserves keep flowing out. levels fallen below $3 trillion, it makes for a nice headline. pace of make of the outflows right now? >> i do not think the number means too much. there is a little psychology attached to the $3 trillion number. as much as 20,000 or what else. we should

bowl.e a nausea dollar i hope you are listening to that call from ubs wealth management.ook at the latest sign suggesting hong kong's property market is not cooling off anytime soon. this is bloomberg. ♪ haidi: hong kong's housing market is hitting new highs. the property index says existing home prices rose to a record high earlier this month despite the imposition of official curves to cool off the market. are tracking the story. how is it that home prices have continued to reach these record highs despite these restrictions on the markets? hong kong's property market seems to be unstoppable avenue of late. what are the unintended consequences of the november fews have then that existing homes have been coming to market, and that has constrained supply. you have buyers hitting up the existing prices of what ever the supply is coming on stream. the other thing of course is that no one is buying the argument that there will be plenty of supply coming on, so sentiment is still very much skewed towards the notion that prices are going to keep going higher. haidi: is that wh

analysts from ubs saying again overall that r.o.e. target of 10% may be below some expectations, but these are made on conservative consumptions, and lars machenil saying they are staying on guard for political activity. but they are confident that they're moving towards a new investment plan that will continue to reduce costs for the bank going forward. it appears investors remain unconvinced this morning. back to you for now. >> great stuff. behind you, it looks like the eiffel tower is cut off because of the fog. >> yes. i know. foggy, rainy day here. >> like half an eiffel tower. nancy, thank you very much. we'll chat very soon. shares in bp trading lower after fourth quarter underlying replacement cost profit fell below a millions, missing forecasts. the lower oil price weighed on the numbers. bp said it expects 2017 capital expenditure to be 16 billion to $17 billion. >>> we spoke to industry analysts after the earnings to get their reaction to the numbers. >> bshgsz p wip has to figure oy will pave their way in the world with $

we are joined by the ceo for switzerland at ubs wealth management. he joins us from the trading floor in zurich. daniel.ning, is this another blow to switzerland's safe haven status? .aniel: yes it is suddenly a period of uncertainty we have had. switzerland is traditionally a very safe, competitive country, that this is suddenly a different situation for the swiss government, when people reject a reform package by close to 60%. it means that many international companies here in switzerland do not know harvey future tax regime will look like. that is certainly a difficult situation right now. manus: if you are a large swiss company, a large international company, do you at this stage for investment into switzerland on hold? daniel: it is difficult to say. companies will certainly wait and see what the swiss government will bring up as a next step. we expect the swiss government to quickly draft a new reform proposal to adjust the swiss tax regime for corporate. that will take some time, of course, until we have more clarity how the next package of ta

ubs could be right.e will see 1300 but from a medium-term perspective, it will reach into overbought territory, near 70. gold, maybeer for closer to 1100. lots of interesting implications for the dollar and the 10 year yield. we will see the's chart. mark: the policies of president trump are one of just many things to be discussed in the 26 annual global metals and mining conference. taking place in hollywood, florida. joining us from one of the largest corporations in the standingniel macomber by with a special guest. over to you. >> think you very much. i'm joined by the ceo of teck resources, a takeover-based company with a lot of accessed -- a lot of assets. thank you for coming on the program. have a very diversified portfolio by thought we could start with a look at steelmaking coal. in europe, you said you felt better about prices than three weeks earlier. do you feel good about about prices that you will add some capacity? >> i was feeling better 10 days ago but now i'm excited because in the las

despite all the political hub ub going on over the white house the last couple of days, president trump hosted a high-profile guest. israeli prime minister, benjamin netanyahu is hoping for a better relationship with president trump than he had with president obama. >> reporter: describing themselves as old friends, president trump asked the israeli prime minister to slow down on expanding the jewish settlements that are a stumbling block to progress with peace toward the palestinians. >> as far as settlements i would like to see you hold back for a little bit. i would like to see a deal be made. >> any solution, one state or two is fine with him. >> but netanyahu says that the palestinians are to blame for the ongoing conflict. >> this is the source. the persistent refusal to recognition the jewish state that is the reason we don't have peace. the first news conference in the white house triggered this rebuke. >> there is no mention of the extraordinary oppression of the palestinians and of the daily and constant theft of palestinian home and heritage and history and land. >> for many

take sot juanfra tag ---ah lapalabs del esidente del ub universitario.estiga la conducta de el tcnico de tigres, ricardo ferretti, in explot al r cmo la situacin se sala de control.por el momento es todo lo que tengo... ad lib cesar ---porque somos la autoridad enel tiempo... veas cmo estnlas temperaturas, con gabriela dellan... take gabriela live end segment cesar ---en botes..boeros rescataban a residentes de ♪ ♪ algo grande está aquí. algo más grande. y algo... más pequeño. ♪ ♪ la icónica y jugosa big mac. ahora en tres tamaños. por tiempo limitado. amigo regulo caro en su show nÚmero uno "titulares y mÁs" coors light aplausos >>> oye chicos (aplausos) >>> quÉ pasa muchachos Órale estamos de vuelta en su show nÚmero uno "titulares y mÁs" >>> coors light >>> buenas noches karin

we're joined by richard clarendon at pimco and mike ryans, global strategist at ubs.d to see both of you. what a week we've had. it's not just been potus. it's been yellen, philly fed, cpi. what can we say this after week we've had? >> we've had strong data for several weeks. we had yellen on the hill for humphrey/hawkins stem. she leaves her options open, didn't show her hand for the march meeting, but strong data. >> one question, mike, is do you sense there is any rise in complacency, underestimation of the risks, you know, as we look out to see how exuberant this market really is? >> i'm not sure that there's a sense of exuberance, but i do think what you're likely to see is there will probably be a resetting of expectations as we focus less exclusively on the likely virtues that the policy makes and focus on potential execution risks. one of the things you have to do is while you certainly see the pro-growth aspects of tax reform, regulatory relief and infrastructure spending program, remember that one of the things you have to focus on is how much political capi

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we've got upgrades over at ubs.dman takes their numbers up because they think the eight will have some augmented reality. tim cook's speaking out on fake news in this interview with "the daily telegraph," saying "we are going through this period of time right here where unfortunately some of the people that are winning are the people that spend their time to get the most clicks, not tell the most truth. it's killing people's minds in a way." kara, your thoughts on that and your degree of confidence that we find any solutions for that problem? >> of course we're going to find solutions to the problem. it's just a matter of commitment on behalf of tech companies. tim -- i was glad tim said this and so explicitly. everybody else dances around it and acts as if mistakes were made here or we don't know what to do about it. it's like any technological problem when you have humans involved, you have to figure out ways to do filters, way to monitor these things. i mean, it's all to the negative of companies that have this s

the attorney general found there was separate ub related 911 call that came into cumberland county dispatcher there hit the wrong button and transferred the signals to dispatch which recorded two seseconds 911 hangups and dispatched troopers to syke's house. they felt it was cell phone call and cell phone power on the syke's property f. that was what the address came up as. >> if i had known it was the police. i would have done whatever they say. if they said put your hands up. i put my hands up. if they sad unlock the door and we want to come in. would have let them come in. i would have done stuff i didn't have to do and fought later because you don't fight with police. a syke's attorney sayest there considering the ops and not sure whether or not they are going to sue. the state police say it is under administrative review. sykes right and he did lack out and he heard something to the effect of, you know, don't call 911. you are going -- >> right. we are the top cops that would have, wooed better than saying don't call 911. a what is a burglar would say, almost. >> creepy. >> the fact he

among other institutions, blackrock, barclays and ubs.rom her national front say this is the first time their party has been approached. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am taylor riggs, this is bloomberg. jon: the french election is one of many that comes up in europe this year. in the markets, it really used to take the temperature of the euro's future. it is a two-year note and the yield hits 95 basis points negative in today's session. we are trading -94 at the moment, now for basis points this friday morning. euro the canary in the coalmine. it used to be that. mr. de longis: right now, it still depends. we are seeing demand for a safe haven whenever things look on clear. let's not underestimate the importance of france. france,he weak links is which is the other big aaa safe country. debt,supply of sovereign given how much the ecb is buying, the boom yields are really telling you what the demand for safety is. jon: arguably french bonds are not much in mark

in a blog post former ube employee susan fowler say she and other women complained about advances by male supervisor but that supervisor got nothing but a warning. left ooh nerve december, now, uber ceo has ordered uber human resources department to look into those allegations right away. >> and one of the largest corporate merger proposals is now off the table. friday us giant craft heinz in a table over bid for european company unilever. agreed withdraw the proposal. the 140 take over would have been the largest in the beverage industry. >>> powerball jackpot getting bigger by the day. >> no one matched all six numbers over the weekend, get ready to pitch into the work pool. may have won a smaller prize saturday night. here are the numbers: three, seven, nine, 31, 33, powerball was 20. there were two million declared winners in pennsylvania one in new jersey this time aroundment jackpot for next drawing healthy 403 million bucks. it will grow between now and wednesday night. hurry and get those tickets. >> and you can get a tour of the newest distillery in philadelphia this week. p

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art cashin's here at post nine, ubs director of floor operations.od morning to you. >> good morning. >> you called friday a gol di locks with influence on deregulation plus the jobs number. >> yeah, the jobs number was a goldilocks aspect of it you had a big jump in payrolls but when you drilled down wages were not strong enough to push the fed, the chances of a fed hike in march fell from around 20% down to 9%. so it was a good number. and also lost in it was the idea that some of those jobs -- you lost jobs in the 25 to 54 area, and most of the gains were over 55. so that sounds like somewhat part time work. and we'll see. but for today stocks are consolidating the big gain they had on friday. but we do have a very slight flight to safety theme going on. you got the dollar up, you got gold up and you got treasuries up. so that may be some of the geopolitical nervousness you guy were discussing earlier. >> it's hard to focus on things outside the world of politics. we do have a few big earnings reports this week, disney, coca-cola, general motors a

that money is going to go to two places, the turner center for housing innovation at ub and community legal services in east palo alto. that nonprofit, and they gave us this video, provides legal help to people facing hardships because of the housing shortage. the money being donated to uc berkeley is going to support research for a long-term solutions to affordable housing. >>> next at 5:00, if you've noticed your pg&e bill skyrocketing you are not alone. the reason the electric company is raising their prices. >>> put that on the ground. put it on the ground. >> men wearing masks walk into a police department with guns and they streamed it all live themselves. >>> and the story that i'm watching, iran's top leader not happy with the u.s. this morning. just moments ago, he spoke out, and tensions are running high now between our two countries. that's next. >>> police say this man robbed a bank, taking the manager hostage in the east bay. the search to find him this morning. >>> it's a 3 on our storm impact scale. scale. abc7 news now it's okay to cry, right? no more! we don't want an

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those joining the meeting -- blackrock, barclays, and ubs.is the first time their party has been approached. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. francine: taylor, thank you so much. i like your last story, tom. i know there is a 25% chance that marine le pen actually becomes president of france, but 25% is 25%. why would you not try to understand the economic implications or how she views france getting out of the euro if she becomes president. something we need to keep a close eye on. let's continue the conversation on banks, regulation, and m&a. dombretack with andreas . in new york, it is joe quinlan from merrill lynch and u.s. trust. every day, tom keene asks winter banks in europe going to merge. there are too much banks, and a lot of them do not make a lot of sense. the answer i always turned to his regulation. is there any appetite for regulators to see big merger m&a, which could mean more systemic risk? andreas: if you look at

eric: three pieces of really proprietary evidence for the ubs seven slant.rveyed china, the u.k., the u.s. about consumer intent. viewso surveyed consumer online about devices that have launched, and we look at google search data to measure intent versus the desire. we think we are at a tipping point where the devices are at a price point, consumer interest in starting to build, especially in markets like china and japan, and with a tipping point around price plus intent could mean going forward by adoption in the consumer marketplace. >> one additional question i have for you is how do you feed the play of content into the ecosystem? price is a key factor but the other is the availability of great content to make device useful. eric: it is a great question and at the heart of the matter. get build when they up our chicken and egg issues. you have to have the hardware and then you have to have the content. go back to the launch of the original iphone. or two forut a year the applications to catch up to the iphone. we see no difference here. when you listen t

ubs said it short term there is hardly going to be much. -- if there were problems down the road, that there was a study saying the to 5% of to output gdp. mark: why did swiss voters voted against corporate tax reform? what was the reason? >> everybody -- both sides agreed there needs to be reformed. the objection was to the package presented. the social democrats called it opaque tax tricks. they had concerns this would lead to a higher burden for the middle class and also cuts to public services. there were complaints that there was not adequate funding for the productions that were planned. vonnie: i'm looking at some statistics about the swiss economy. it looks like in the last quarter, gdp growth was 1.4%. they could use some boosting. what is next? what is next on the reform agenda? obviously is a big issue for the government. the idea is to have a draft bill potentially by the end of this year. the finance minister says it could take longer. there was a 2019 deadline for which they had hoped to have the reform in place. they want to comply with the international rules and that d

george soros has named ubs wealth management executive to run his $25 billion family office accordingle familiar with the matter, he will replace the man in the role for a year. ♪ mark: that is the latest bloomberg dismissed/-- business flash. elt wroteeffrey imm the great wave of globalization, he discussed the state of europe, a place where general electric is heavily invested. europe is oversold in many ways, people have been so dark on europe because they need to differentiate between the weight europe is governed, which is difficult and sometimes poorly, to how good the people are on the ground. some of the most productive workforces in the world are in italy and france and we could export out of europe all day long. if you could ever combine reasonable governance or competitiveness in the continent, and if the economy comes back, we will do great in europe because the people, the individuals, are quite good. >> do you worry about what happens to the eurozone if there is something like a marine le pen presidency? mr. immelt: i am not surprised anymore. happened,ing that is if any

ub uber's ceo says they will hold an independent review to look into the issues involving susan fowler. in a blog post, she made statements regarding sexism. she said a supervisor came and requested sex from her. >>> we first told you about this yesterday. it could be a blow of hopes of reconciliation with the united states and russia. the ambassador to the u.n. passing away. we have move on what this means going forward. ♪ approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and

are making a ubs come back. last one in manhattan closed theredecades ago but soon will be one just blocks from times square. a lounge, e restaurant, game room. we're told, will have updated modern outfits. not sure what that means. the club on west sophisticated in the world. those who don't want it disagree. a cheato t for us, harambe.ks like how much would you pay for it? the winning bid on ebay next special election following >>> the patriots joined their coach and owner on a float as they cruised around boston of their housands fans. >> they've done this before. they've done this -- even the this figured have out. they use duck boats. go through the city. into the water. it's a lot of fun. this is just two days removed rom the biggest comeback in super bowl history for the patriots when they beat up on the falcons. people y thousands of show up to wave the patriots. had a good time. >> yeah. enjoying the moment as well >>> so from fun to crazy. crunchy cheato just sold for huge money. that thing right there

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caroline: i'm going to bring you a more optimistic note that came out from ubs that said, by 2020, weld see an eightfold growth in the revenues coming from gaming, from the software when it comes to virtual reality. they say $3.3 billion. what is it that is going to galvanize people to start spending for the more expensive pc lan units? >> this is a what we do in the gaming world. we navel gaze and try to predict what is going to be big sellers. i'm no better at that than anybody else, even though i have been in this realm for a long time, but what i found is i just came from the sundance film festival. they have a program called new frontier which is all about how storytelling is done in new media. for the last few years, it has been virtual-reality stories going on at sundance, and me, being somewhat jaded in this world, has seen a lot of the vr. i was blown away by the innovation of taking the new medium forward into a place where stories are being told, where interaction is super compelling, and where you are actually engaged with this content in a way that i could personally imag

back with a special "late show" on the road. refinance your home. ubs and bank statemo or you could pushrocket launching] skip the bank, skip the paperwork, and go completely online. securely share your financial info and confidently get an accurate mortgage solution in minutes. lift the burden of getting a home loan with rocket mortgage by quicken loans. [whisper: rocket] tawell, the only place youn, need go...oll? london's got the best of everything. cornwall's got the best of everything. sport sport nightlife nightlife (both) fashion adventure i'm tellin' ya, britain is the only place you really need go. expedia. everything you need to travel britain better. all right? how do you become america's best-selling brand? ooohhh yeah. keep breathing. keep breathing. im breating, let's go. you make it protective. can you go a little faster? just trying to be safe. you make it hard working. hey guys. you make it so everyone's happy. going further to make life better. that's ford. and that's how you become america's best-selling brand. adios, honey, hasta la vista, baby. (sing-songy) fat guy i

vonnie: what do you do as cio of latin america for something like ubs wealth management?you just not make a trade in this environment until it all settles out? inato: know, we believe, as said before, that the mexican peso could appreciate tour 19. -- toward 19. is important to recognize also that mexico will start in electoral process of its own. process islectoral taking place in mexico next year. in the midst of negotiating nafta and seeing what the u.s. is going to do with the border adjustment tax, mexico will have its own internal political dynamic going on at the same time. vonnie: if they oust the current leadership because of what is happening in the u.s. and the tone souring, who is there to replace them in mexico? renato: we have to look it was going on between the mexico and the u.s. in terms of economic growth. we are forecasting that economic growth in mexico to decelerate this year. this is even before talk about border adjustment tax and renegotiation of nafta. mexico's own internal dynamics could lead to a political change. it is still quite early at 18 m

ubs had a positive note saying the stock should be higher. service liketheir you do paypal, you would have 10% upside for the stock area -- stock. today,s of commodities we are watching oil prices. they have been falling on the outlook or supply here in the u.s. iron ore is on the rise. they say they don't think iron ore is going to fall off a cliff. the china demand should be relatively robust. mark: thank you. janet yellen will deliver her testimony before congress tomorrow. there is loads of anticipation about if they hike rates when they meet next month. our next guest says it's close to 50% probability that march will. -- 30%t guest says probability of a hike. >> we assume that we stay in the same part of the range. there is a hike in probability closer to 20. it's very hard to see how the probability will fall from here. the last time yelena spoke in california a few weeks back, the market sold off 20 basis points in the front and of the curve. she is not going to say anything different than she did ask them. mark: 3% end of year? is th

. >> did you meet with advisers from blackrock, barclays and ubs?e understand you met some advisors to marine le pen. >> we did. we have a lot of it -- a lot of interest from investors and the last few weeks and months, and it is quite a pleasure to discuss our project with these people, because they are very pragmatic, they are professionals. they are very businesslike, and this is the approach we take. the key advisor for the national front party. citigroup is in advanced discussions for a banking license and saudi arabia after a more than 10 year absence from the kingdom, looking to ways -- looking to ways to capitalize on financial reform. receive license talks. we will get more on that story -- we will have more on that story as soon as we get it. this is bloomberg. ♪ mark: this is bloomberg markets. i am mark barton in london. vonnie: it is time for our tuesday etf segment. julie: it used to be low volatility, then it turned to value and now momentum is having its turn, leaving factors in 2016 returns. we have our senior etf analyst at bloombe