we talk to the ceo of ubs. the second quarter net income beating and we will bring you two exclusive interviews. get the bloomberg first word news with juliette saly in singapore. hello. u.s. president donald trump would agree to an interview with special counsel robert mueller's investigators to questionsted about whether his presidential campaign colluded with russia in this 2016 election. the president's legal team is concerned that robert mueller and his staff might believe witnesses that contradicted the account of the president. including james comey. that could lead to the president vulnerable to a perjury charge. five potential witnesses against paul manafort including accountants and bankers have been identified. at the same time, a judge gave the former trump campaign officer's lawyers. among those granted immunity for their testimony include an accounting firm used by paul manafort. the u.k. is anticipating a 50 fold increase in interventions on takeover of british companies and assets. ministers are

trading revenue surges at ubs. the swiss bank suffers an outflow of money from its global wealth management business. we will hear from sergio ermotti. asia in the green. stocks rise across the region with the steepest gains in china after beijing unveils plans to boost domestic demand. yuan false toe its lowest against the dollar in more than a year. economists forecast a 100 basis point rate rise from the central bank of turkey against the wishes of president erdogan. we will preview that decision. we are less than a half-hour away from the open of european stocks. let's take a look at where futures are pointing after more than 1% gains across china and in hong kong, half percent gains in japan, we are looking at gains for european futures. ftse futures up 0.4%. dax futures up 0.6%. we could be on the cron for a positive open this morning. take a look at the gmm to see what asset classes are indicating. asian equitywith indexes, they are all up. every major asian equity index across the region is gaining. two of

coming up, ubs shares climbed higher. we are live next.his is bloomberg. ♪ caroline: ubs, a major play in the markets, bank earnings are off to a solid start. economies moved to merge management businesses together. investment banking units are also looking strong. patrick.s is it is an interesting move that made is the super unit of the world business. talk us through it. we some money leave the business. >> esp are today, ubs and its employees can basically bask in these summer earnings. a tricky six months where they have had investors grumble about the road rate, also about the beenegy, which has not properly updated in quite a while. this quarter, it -- share prices up. they will have an investor day in october, that is the first one. in four years. to -- much improved, it means more dividends and more share buybacks. you are right to mention outflows. there were outflows linked to clients in the u.s. who basically had to with strong money to pay back taxes but i do not think that is really moving today. it -- is it in any way the div

we will hear our interview with the ubs ceo. and we will also hear from our interview with the ceo of pta, as they make money again after two decades of losses. and a closer look at turkey holding rates steady, in spite of double-digit inflation. the lira beginning on the news. -- weakening on the news. this is bloomberg. ♪ mark: ubs the first major bank to report the numbers and setting the tone by hitting targets. the chief executive discusses the performance and the new money outflows in their wealth management unit. he spoke with manus in zurich. >> if you look at the performance of the market, you will see 20% or more, so i think at the end of the day 10% or 15% correction is in the cards. i see also -- >> can a trade war trigger that? sergio: it is not need to be a war, it needs to be a constant escalation and there is also lytentially physiological a need for the market to correct. we believe that these tensions will be resolved, but our view is that things can get worse before they get better. 2 thoughts about the increa

. >>> ubs posts a better than expected rise in second quarter net profits sending shares higher the ceo tells cnbc the bank is on course for a strong year. >> like in the last few years, we have been able to navigate challenging market conditions and deliver have returns to our shareholders i believe we will continue to have a solid performance also for the rest of the year >>> a big beat for alphabet. shares jump to a record high in after hours trade after the google parent company's second quarter earnings smash expectations. >>> and ams jumps more than 10% as the apple supplier forecasts record revenues for the second half of the year pulling other chipmakers higher. >>> hello. welcome to "street signs." we have some eurozone pmi figures to bring you this is the flash number for the month of july coming in on the composite level just shy of forecasts. that composite coming at 54.3. that compared to a forecast of 54.8 a touch shy of the 54.9 level in june on services, that appears to be the drag services at 54.4 compared to a poll of 55 on the manufacturing component, we had a beat. 5

ubs trading revenue surges. net new money misses.e is confident about the rest of the year. good morning. this is bloomberg surveillance. tom keene is in the art. there are two global stories, one is chinese stimulus. you can see stocks up in china, something we haven't seen. euro area growth is slowing with more fears of trade tensions amounting into trade wars. tom: we have seen day after day of this. it really stands out in the data check. when you look at eu growth, you can look what we've learned over the last 24 hours from fiat. hownd this fascinating italian fiat adjusts to the new global fiat. that will be fascinating the coming months. francine: there's not much italian left in it. it is growth in the region that has been softening on the back of a lot of concern about deteriorating confidence in europe as a whole. we will get back to that. let's get straight to the first word news in new york city. taylor: president trump would agree to an interview with robert mueller's investigators, there's a catch. rudy giuliani says th

paul donovan from ubs.ck to the heritage of ubs in asia and the brilliant research you guys did and still do in asia. bring up the chart. this is real gdp in china. paul, i don't buy it for a minute. back in the past, the normal variance of gdp. clearly the financial courses. clearly the rebound. this has gone down to flatness. you have got to be kidding me. do you trust the statistics provided for the smoothness of gdp at the 6.7% range? as anmy guiding principle economist is to trust no statistics at all. with is normally a problem the data, u.s., european, or chinese. that is a dubious statistic. i think it is fair to say that the amplitude of economic cycles has been reduced by the application of technology over the last 15 to 20 years. the inventory cycle since 2008 has become less volatile, and that will reduce economic volatility, but not to that extent. i think what you can say is that when you look at a gdp number in china, the ballpark is probably right. the chinese economy is we 6.75%g between 6.

ubs off the highs of the session.are watching, one is the -- is what is happening with the lira. governing -- jumping by about two and a half percent. the central bank does not raise rates. what that means for foreign direct investments. this spread that david loves to talk about. 32 basis points, the biggest move and yields over the last three days we have seen. since 2007 the longest. winning streak since february. some fundamental supply and demand which we will get to. david: it was worth going to create a to get you some -- going to croatia to get you some material. alix: i still talked to david about croatia even though he was not sitting next to me. israel said it has shut down a syrian warplane that entered its airspace. two patriot antiaircraft missiles were filed at the jet. it is the first time israel has shut down a syrian plane in four years. in greece, the death toll from wildfires near athens has risen to 60. it is expected to go higher. more than 150 people have been injured. the fire is spreading from

yianos kontopoulos of ubs is still with us.and technology stocks, what are you most excited about? alex: i want to know what the impact of gdp is going to be. anecdotally that they manage to got a lot more market share. i got a million emails in the last few months. alex: the general data protection regulation which is the european commission big crackdown on -- giving european citizens control over how tech companies can use their data. it rolled out on may the 25th. google because a control so much of the advertising ecosystem is able to say we are compliant across the board. other companies which are are at greater risk of losing to the big dogs. tom: what is the persistency of their revenue growth? everything is hinged on keeping it going, all the valuations and hopes and dreams. 15% or dare risk to i say 20% plus revenue pop year after year? alex: analysts are expecting revenue to jump this year. they are probably going to book the fine they had to pay in the european union for the way they approach mobile operating system

joining me chairman and ceo of ubs americas and fox news contributor, robert wolf.nd john sylvia who by the way is retiring after 16 years at the bank. a wonderful run, john. thank you for joining us. >> thank you very much. liz: we're thrilled, we hope your friends behind you -- >> former chairman, you did my exit interview. liz: i did the exit interview. i do a lot of exit interviews here. i did roberts. okay. robert, i'll start with you first, you having been at ubs knew what it meant for people to have all kinds of stock funds, whether they were 401(k)s, pensions, et cetera. talk to me about the "new york times" headline that set off the firestorm and that was that the trump administration was kind of moving toward a unilateral tax cut without bringing in congress and it would be for the wealthy who own a lot of stock. >> i think those are just the facts. it was going to be a tax cut, they tried to do through the treasury, now looks like if they float it, it will go through congress. number two, it is predominantly helping the wealthy, that's the fact. they are

macro rates and strategy at ubs limited. talked about david davis resigning and in the meantime, boris johnson is gone. transition to the two-year -- for the two-year. .- for the two-year period what does boris johnson's departure mean for the risk factor in the u.k.? john: i think we would say that the most likely outcome over the next 6-9 months is still that the u.k. makes it to the transition period, that parliament approves the withdrawal deal, as is the u.k. and eu -- as does the u.k. and eu negotiating teams. getting there has become more complicated. the numbers are not there yet to challenge theresa may, but every time the government moves and what is obviously the necessary direction towards what is the softer brexit, so they create more headwind within their own party. that is not clear how far the government will have to go in that softer direction, and with every step they take in that direction, how many of their own np's they alienate in the process. manus: one of the charts that i started off the show with hi

i'm happy to say joining us down the line to discuss further mark haefl from ubs thanks for joining us on street signs this morning speaking about specifically trade tensions, trade escalations, so-called trade war, it's very difficult to put a number on how much this is affecting markets. according to your own analysis, do you think trade tensions have -- sufficiently in financial markets and equity markets globally >> we don't think that the, kind of the second order effects has been priced -- last week we took down overweight in equities to reflect that we're kind of risk neutral now we know that trade policy can change with a tweet. but at the same time, certainly there are things like supply chains, disruptions that can occur. we're already seeing from some of our clients, our industry leaders who run businesses that some of the uncertainty is flowing through in how they allocate capital we want to respond to that. >> should we be talking about the word global recession any time soon? >> i don't think we're headed for a global recession any time soon keep in mind that earnings thi

laroche fit it 100% that set of criteria. >> do you feel with the traditional banks, credit swiss, ubsting back into wealth management again and that becomes another priority for them in the future, that there will be more competition in the space and on the back of that further pressure to consolidate? >> first, we've never been afraid of competition. competition in the end is good we're happy to compete against whoever wants to join the ranks of wealth and asset managers we expect consolidation to go on however we do not see private wealth management as an industry that will consolidate down to 5 or 10 global players because the economies of scale at the end and in the front are not there so we will always see a mixed structure of the market including boutiques. given where the marketplace is today in terms of switzerland you will see more change, either outright consolidation or simply significant shifts in market share which we like to call the silent consolidation so simply clients and relationship managers moving to future proof platforms such as our ours >> that was the ceo talk

here to debate that is joe, steve, jon, and rob of ubs private wealth management, one of barron's and forbes top 100 financial advisers also with us from lake joseph, canada, is kevin o'leary, mr. wonderful is the chairman of o'shares etfs, a cnbc contributor. stocks are higher following the worst day in a couple weeks. all coming of course, ahead of the official start of earnings season banks this week, citi is up 2.5%, which you own. margen stanley is up, bank of america, jpm the banks have been moving higher into the number what does it mean? >> rates are moving higher i believe, i was talking to mike mayo about this before >> he'll join us in a moment >> they're purely proxies for rates at this point. >> that's it >> that's it >> not for loans or anything else >> no, not for the economy, purely rates here's why relative value trading is driving these. as rates go up, they look at it. i was talking to one person, very knowledgeable in the markets, they think 80% of trading now is driven by the boxes. so that's going to drive everything so look, do i think the earnings will be good

. >>> tome uana pausa por saber qe me haria feliz y el 2013 hice ub ahora ha tenido que arfrotnnta sificiles coador lea espalda al cambiar de sexo, e. >>> todos lo miran coomo cu cualquier otro boxeador. >e>> l apÑo pasado el coitemit m olimpico dice que haahora puede competir todos sin discriminac o discriminacion . >>> la riprimera pelea de diviin masculina gano sin rpoproblema a aohora eperspera un contendien e pero muchos se niegan a peleare con el. >>> victor ceuenta que los riv e rivales consideran que si pie pierden la pelea serian derro derrotados pro unor una j, una a mm manuel pro aÑos veia a una mujer inicerierta devolverle la mirad pero ahora ve un hombre con la c conviccion de todo un ganador . >>> y porque soso la mos la autoridadeautoridad en el tiemo, ahora vemos la t temperaturas . >>> hola que tal a las 5 dle l tarde todavia se mantienen est c calor, vamos con ncamara en vivo, en san jose vemos este cielos despejados y tambien ve veosd que laveo vemos que las nubes no se han a mantenido al sur de la bahia, a hay gran diferencia en ala tard y dependienndo dedo de doo

economist at ubs. coming up, shares of goldman sachs lower after the firm reported second-quarter earnings and officially announcing that david sullivan will be taking over as ceo. we will have insight from david konrad. this is bloomberg. ♪ shery: this is bloomberg markets. i'm shery ahn. vonnie: i am vonnie quinn. time for a look at the biggest business stories in the news right now. shoppers are brushing aside technical glitches that affected the opening of amazon prime day. amazon says sales in the first 10 hours of the shop on grew at a faster place than last year. johnson and johnson is cutting its forecast for the year. they posted 20% growth in the drug unit in second quarter but expect to feel the impact of the strong dollar in the second half. the medical conglomerate generates about half its sales overseas. starbucks is trying to end its post lunch slump. chain of coffee shops is expanding to some markets on the east coast. nationwide the males will be in 1300 stores. bringing in more aftern

francine: why do you prefer credit suisse to ubs?we like the valuation differential between the two. they are not wildly different. i think credit suisse will be getting more of their income, private banking come, as a percentage total from asia. there too.ty strong they trade at a substantial premium to credit suisse. we think it is undeserved. tom: i want you to give us a view strategically on how a busted bank turns it around. bring up the chart on deutsche bank. this is a next ordinary chart of failure going back to 2008. i look at the moving averages. all you need to know is that this is beyond elegant. the mathematics of this chart, the timeseries order of this trend is just shocking. david, how the universe this horrific trend if you want to do right by the employees and the shareholders? david: i think what someone has to do, what the leader of this business has to do is carefully comb through the various business segments, the various business areas and see where do they have a competitive advantage, and why? where these bus

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and that ubs, second-quarter report could be all about the flows and u.s.elated outflows are typical this time of year and could be worsened by the rule changes from the trump administration. stay tuned. haidi: big week ahead. looking at what we are watching on wall street. in terms of politics, also watching president donald trump using the release of surveillance application on an advisor during his campaign to renew claims of a rigged fbi investigation. the government released a heavily redacted version of the document used to apply for a wiretap of a campaign adviser carter page. marco rubio is taking a different view on the matter. >> i have a different view than the president and the white house. they did not spy on the white house from everything i have seen. you have an individual who has bragged about his ties to russia and russians. he has certainly talked about it. haidi: let's get more from bloomberg editor ros krasny who joins us. what is the latest? confusedident trump the carter page news that came out saturday to pivot back to his claims the

geoffrey yu is head of investment at ubs wealth management. look to the programme.ased in london. raise the level. but born in china and have family in china. give us your take on how this is all unfolding. it seems to be getting worse, not better. markets have been surprised that washington has pushed so far. beijing's response has been trained to work out what the us actually wants at this point. but it is the rental market is. there are many ways a wound this. companies are applying for exemptions. we saw this with the original tariffs. —— but it cuts the cycle short to some extent. you can get the supply chain disruptions and you mention components, just now, as the lineker be hit. that is only that will impact their bottom line for us consumers and households. what you think about donald trump's stands on this? you know, arguing we are doing this because china is not opening up its market, it isn't a level playing field, when it comes to things that intellectual property rights etc, how foreign companies are treated in china. is this a hard sta nce are treated

ubs is one of the strongest players around the world.t theyis story is were saying this is a play for offshore assets, assets that have moved out of china but eventually onshore assets. we are seeing banks and wealth managers trying to get a foothold in china with their own products. >> this banker did make an example, this is not made up. they did have a chinese, now billionaire, who is not made up, who, because of an ipo, went from a millionaire to a billionaire overnight. alix: this lease into our third story. the tax law passed and all of the people were going to go to florida? not so fast. >> the laws are pretty strict. people thought they could get away with a little more. the feds and state officials and the irs are strict. days, you're risking an audit. >> technology has made it easy for them to grab people. this is no joke. you should cancel your gym memberships in new york if you move to florida. they track your doctor's appointments and interview your doorman. you can change your billing to your grandparent's house. which is,s

. >> mañana le contamos cómo puede proteger sus pertenencias. ub co, con papas y una bebida, por sóloa pechuga de pollo crujiente y picante, tocino ahumado y queso derretido en pan sourdough tostado, papas y una bebida por $5.99! ¿$5.99? no way josé. sí way, chucho. prueba mi spicy chicken club combo por $5.99. >> feliz noche gracias por continuar con nosotros. >> todavía queda algo de este recibo para esta noche. en este momento san josé, 65°, vemos esta neblina acompañándonos en la ciudad. tenemos estas aperturas refrescantes en ciudad como san francisco, metro su sistema de alta presión para mantener las temperaturas sobre los 90° hacia el valle central. >> precisamente por eso hay zonas que se mantienen en la advertencia por calor y incluye el condado monterrey. >> podemos llegar a temperaturas con los tres dígitos y aumenta el riesgo. >> el agua está bastante fría, es un gran peligro y tenemos otro peligro para el día de mañana. corrientes de resaca. si se quiere escapar del calor, no entre al agua, porque puede quedar atrapado en una de ellas. si le sucede, no traté de nadar sin

abrigo hay bastante i brisa estoy disfrutando esta hermosa tarde en san francisco podemos ver algo de ubeshoras de la a maÑana le ha dad temperatura etuacion enas las ras ciudades >> ip(informacion en pantalla() >> ip(informacion en pantalla() >> i(informacion en pantalla() >> vemos la situacion de una gran diferencia en san francisco en los 60 y otras ciudades sobre los 90 en este momento esta n o nubosidad que vemos es el sistema monsonico que trae top r tormenta tropicas electricas paa hay posibilidad de tormentas e electricas en horas de la noche se ve rayos la recomendacion es que entre a su vivienda vemos los modelos de lluvias se inyeca humedad a la bahia y el viento baja a medida que nos acercamos al viernes veremos condiciones s secas el fin de semana que se i pinta bien para hacer act actividades al aire libre obs v observamos para la ciudad de san jose vemos el termometro en los 79 grados a las 7 de la noche 75 para las ocho y en los 560 a las 10 de la noche una noche l caliente para los amigos de san jose varias consecuenciaiudad a grados >> i(informacion en pantalla) >> esto p

to put it another way, there's amazon, netflix, download a tape from ubs and you have discord among the analysts and then everybody else. the endlessly talked about tesla is what's going on here. notice i didn't say fine it's obscuring the valuations would be wrong 3 of 5 are fairly inexpensive when you look at it. easy to see how facebook could fall off a cliff and people were actually worried about privacy when they're seeking topromote themselves online. kind of oxymoronic when you think about it the media had a field day with this privacy stuff and probably not done having that field day when the tariff dominated the news correctly, the "new york times" harped on facebook being fined $660,000, the largest slapped on them. you could steal $660,000 from mark zuckerberg and he wouldn't even notice it's gone. facebook sells for 22 times next year's earnings estimate at the end of the day, that's all that matters the only thing the investigation has done is shrink the stock price, not the earnings. will people pay for those earnings, another way saying the stock is cheaper than it's supp

ubs second quarter net profit beating forecasts helped by its investment bank.hough the company's wealth management business just missed consensus. for the third quarter ubs says market volatility remains muted. >>> shares of whirlpool are down sharply. the appliancemaker reporting a surprise second quarter loss they also cut the full-year economic outlook they cite poor performance in europe and also that u.s. steel tariffs are driving prices higher. >>> td ameritrade's third quarter earnings beat forecasts as trading volumes and commissions jumped after the acquisition of scott trade >> thank you >>> we are just getting started on "worldwide exchange." it's only 5:12 in the morning. on deck, silicon valley or pamplona spain, how the herd mentality in tech could be a big risk to your money we'll show you numbers around why we're saying this. >>> and is one of america's most prominent senators calling for more antitrust action in silicon valley what elizabeth warren told cnbc teio is sure to get a lot of atntn this morning with tough food, your dentures may slip

today is that ube to workday. it is expected to draw nearly a thousand tubers. >> look at that. it looks like a lot of fun. >> a speedo at the bottom. >> i think it's that instead of tube to work. >> yeah. >> come to work in the wet suits. >> yeah. >> exactly. >>> in the bay area we have a big wheel race. they do it down there. >> they do their own thing there. you don't need it. it has been pretty hot there. >> yeah. it has been hot here too. we are dealing with temperatures almost to 100 degrees. we start out with a nice little cool down. okay. yeah, i just got the word from our producer that san francisco number is not right. we know we are all starting out with upper 50s across the board. as we take a look at our morning commute it is upper 50s heading out the door. it is a nice cool start. it has been feeling a little bit warmer than we normally feel as we head out the door in the morning. we know we have had very warm afternoons. so already at noon we are at 79 degrees in fremont. check out how to make plans for the rest of the week. today slightly cooler. in morgan hill u

we did hear ubs flag some concerns on geopolitical issues. when will we start to see this impact performance >> that's the thing, i suppose the start of the year, everyone was positive on global synchronized growth. then we had the haze of italian politics, trade wars, european growth slower than anticipated but it does not benefit wealth management compared to other portions of bank asset blank sheets, looking at what happens to markets, wealth management is best positioned in a safe way to deal with big global macro issues we prefer to look at fundamentals of banks rather than the macro headlines that have been grabbed. what are your preferred banks in the picked income space today? >> well, essentially we like credit suisse. though just against the benchmark, for example, it's rather expensive we go neutral on that. but we still prefer the global narrative on banks and go for slightly more riskier assets, bank of santander, kbc is offering pick up in those names. so we go for slightly more global banks on the bank of santander side and ban

deutsche bank, ubs and others. we will see how that goes. tremendous volatility in the price of oil and gas. we will have to see how the major oil companies in that yet it sates and europe come through here. getting back to china, which is a big importer of oil and gas, the price of oil and gas is very important for china. there is some people who feel china has stockpiled quite a bit on the oil side and may actually cut back on their imports. it will be interesting to see how that goes and basically to see if they decide they will cut back on exports from the united states to china. all of this is tied in with the so-called trade war which we are looking at. the negative implications of the trade war, and i suppose you don't see that feeding through this season of earnings as you look at the commentary and uncertainty, lack of confidence as a corporate leader, wondering if you will invest, given the policy environment, but is there a thisr this on the news -- undoes the tax reform policy? bill: without a doubt. we could see it, the impact b

here to debate, joe, josh, steve and erin she's the head of asset allocation at ubs. let's begin with markets dow and s&p coming off three straight weeks of gains. erin, so many important companies coming down the pipe then that wait against tariffs earnings versus trade policy what are you looking for this week >> earnings have been coming in strong we had a quaurlt of the report last week. maybe 7% of the s&p 500 that's report nd the second quarter has been above expeck tactations that compares to 67% historically so we're tracking better than expected in terms of earnings and the earnings are beating by about 5% to the upside, which is great er than the historical earnings we're seeing heavy knew beat of about one and a quarter percent. so good earnings across the board. what i'm really looking for going into this quarter is to keep that momentum looking out into the back half of the year. what are companies saying about cap ex and the impact of tariffs. >> does it matter that earnings are going to be as good as erin just said they are and will be as long as tariff

. >> ubs upgrading u.p.s.y cutting rival fedex to neutral >> very interesting call a call that you would not have made over prior years. clarity on u.p.s.'s side and that's with the teamster agreement. both of these names move higher. i don't see amazon as an imminent risk for either one of them ubs can appreciate more through the remainder of the year. both down 7% little bit of a head wind in place for fedex and that relates to the integration of tmt express. they had that cyber attack they talked recently about having to figure out retail ecommerce. like the call. agree with it. u.p.s. higher. >> coming up is bill ackman making a come back leslie is following the money next on halftime >> announcer: the "halftime report" with scott wapner is the place for market moving interviews >> corrections are prompted by a consensus that the markets are in an urgent state >> announcer: real money >> i think you're going to have higher interest rates. >> announcer: real debates >> bitcoin is the poster child of the soc

now the people who got these infections ate fresh nonpasteurized crab meat from ubs.ert u at tom others ate the crab ealthatre stau department is warning folks not to eat any crab imported from that south american country until further notice. they say the vibrio infection can cause diarrhea cramps nausea vomiting fever and chills. ifou get sick, call a doctor right away. w, again, the crab meatue that's instion comes in a plastic tub. it is the fresh varie and if you look at the tub, it'sel actually lab that it is imported from venezuela. you know, the safer bet for for a number of reasons.local of course, it's going to be a little bit fresher because it's i notmportd from far and away. you're going to be helping to support our local fhermen, our local crab industry, and of course, thataryland blue crabs absolutely delicious. live athe municipal fish market, anne cutler foxal news. baocck to5 l you. >> all right, sounds good. ahead thisore' g mue,ni wng todn a who has made it her mission to help as many women around thean world as she. prst has changed thousands s.ss

persecuciÓn de un tractor robado quedÓ captado en video y en realidad parecÍa como un desfile el tractor que ubmomentos de temor en una feria en sacramento por falla elÉctrica en el tranvÍa que transporta a visitante de un lugar a otro. >>> cerraron la atracciÓn para que pueda ser inspeccionada. >>> en el sur de california las autoridades registraron un brutal ataque a la salida de un bar el agresor dejÓ a la vÍctima inconsciente sin provocaciÓn aparente un sujeto golpeÓ en el rostro a este hombre que inciento te se desplomÓ sobre el pavimento golpeÁndose la cabeza al caer. >>> yo siempre vengo a comer aquÍ. >>> el violento incidente ocurriÓ el 30 de junio en el exterior de este restaurante ubicado sobre el boulevard venice. >>> estÁ mal, porque uno tiempo a comer. >>> estÁs bien que lo encuentren. >>> en el video de la cÁmara de seguridad se observa como poco antes del presunto agresor lleÓo acompaÑado de una mujer y un hombre, de acuerdo con testigo, posteriormente huyeron del lugar de color blanco. >>> hay muchas barras, como aqÍi hay muchas cantinas, despuÉs de comer y tomar mucha gente vie

. >> van a estar amarillos ub oscuros. el esmalte no crece otra vez. no lo recomiendo.Ágenes en vivo del puente de la bahÍavamos a regresar con elena tabraue que nos tiene pronÓstico extendido. adelante una vez mÁs, te escuchamos. elena:un saludo para estos amigos televidentes. comenzamos analizando cuÁl fue la tentadora mÁxima durante este sÁbado en san josÉ poaquil. a la mÁxima 84 grados y temperatura ligeramente encima era normal. ara los prÓximos dÍas se esperan temperaturas bien cÁlidas durante el martes y el prÓximo miÉrcoles en todo el estado de california. san josÉ poaquil ademÁs detendrá temperatura mÁxima en los 90 grados. con cor en 90 grados. mucho calor para mediados de la prÓxima semana. se emitido una advertencia por calor desde el martes en medio dÍa hasta hasta el miÉrcoles a las 9:00 p.m. fundamentalmente al este y al norte era ya la bahÍa. cuando tenemos las temperaturas tan cÁlidas recomiendo que cuando se baje de sus vehÍculos revise de no dejar ni niÑos ni mascotas en los asientos traseros. en lo que va de este 2018 hemos tenido 26 niÑos muertos en

withheld and the skies the true risk of the puerto rican government ons -- bonds that ubs packaged andd to residents on the island, wiping out $10 billion in retirement savings. so, mr. secretary, my question to you is -- in your role as both secretary, treasury secretary and chair of [indiscernible] do you believe that fraudulent and a set of actions practiced by financial institutions could pose a threat to financial stability? >> thank you. i don't believe that they could pose a threat at this point to financial stability, though i do it knowledge that there are some very specific cases that the regulators are dealing with around improper practices. >> do you believe that fraudulent and deceptive financial practices should be criminally investigated? and if necessary, prosecuted? prop -- not my role to comment on prosecution, but i definitely believe that if there are rules broken or anything else, the regulator should be responsible. >> so, if we know that executives knowingly committed financial crimes or cover them up, they should do the time, don't you? >> i would just say that

ubs coming out with a slight beat and their stock is actually down 1.28%. alix: it's not enough for missing that midpoint estimate. i also want to check in here with coca-cola, they came out as well. it's good to get consumer .taples in they are beating estimates and the operating revenue came in really strong and beating estimates. organic revenue up 5%, really helped by the water and sports drinks and beverages -- sugary beverages are not as hot. the sports drinking water section wound up being very good for this company. he did see a 3% currency headwind based on the current rate with an impact on the hedge position as well. the coca-cola ceo said organic growth is the issue and his main goal is to make sure he could grow it organically. now it's time for the bloomberg first take joined by marty schenker. and by joe weisenthal. we have a new presidential suite out. every time i see a weak saying i want to stop trade talks, think what are they thinking? tradet $817 billion in last year, no weakness. this is setting up this meeting between president trump

juliette: ubs is laying off dozens of staff as it rebounds the leadership team.he head of the sustainable division at the wealth management solutions department was among those cut. there will be the continued leadership of sustainable investing effort. loriel's in mass-market brand is weighing on the cosmetic giant's sales, despite more chinese demand for high-end products. the french beauty conglomerate reported revenue fell shy of analyst estimates. although it was helped by sales brands,ght recovery mainstream brands fell short. we will bring you the interview with the company ceo at 11 a.m. u.k. time. china has expressed regret over qualcomm's decision to scrap its $44 billion takeover of nxp's semiconductors, an apparent attempt to avoid blame after regulators failed to rule on what would have been the largest chipmaker acquisition in history. tensionsfell apart as between china and united states escalated. every other relevant jurisdiction in the world had green lit the bid. matt: we'll take a look at teh industry.h the sector is booming in china due to a

think about ubs, way up there in the single digits.e just heard from deutsche bank, reducing risk-weighted assets. this is one of the perhaps most challenged capital position banks out there. terms of net income, 1.7 billion is a beat. net income is a beat. the second quarter is a beat. limited equity for number is 10.17%. so it beats the highest of the high estimates. that's the key point to take away. deutsche bank delivered a curtain raiser, if you want to think of it in those terms. a couple of weeks ago, the stock rally. gives us a hint of what was on the agenda. let me recap that for you. did they lose any market share? result revenue drop 17%. all the editors are there. it gives you the challenge they are under. your today, down nearly 13%. ficc is down, the guidance said it would be slightly lower versus lower. they have let people go, 1700 people have left the bank in the past quarter. asset management has seen outflows of 5 billion euros, but net assets under management rise overall in the second quarter by 14 billion. asset

i want to get to jason katz, senior directing manager, poem, for ubs wealth management usa.k about the award you got, named by euro money as best for wealth management. talk to viewers, either wealthy or dying to get wealthy. where do you say to put money. >> this is environment where you proceed with caution. we come off tremendous rally subsequent to the inauguration. so 200 billion-dollars announced yesterday -- liz: announced but a threat. you're talking about the china tariffs the president is ready to put in place but they have not? >> precisely. if that comes to fruition, which we put a fairly low probability on, we think the scenario is it puts a cap on the upside. because earnings this quarter are likely to be tremendous, coupled with strong economic numbers, we also think a floor as well. we're looking at a range-bound client. liz: wealthy clients, where are they heavy and where are they light in sectors in their portfolios? >> from asset allocation with fixed income, we shortened duration to protect against interest rate risk. david: what mohammed el-erian said to

our thanks to alan from ubs. >> the close stocks have been falling.y again today. the dow down 143 as we close it out here. not far off of session lows. so it was rough in that last half hour or so. but down throughout the day. red for the s&p. the nasdaq has really an about the issue percentagewise. that is 1.4% decline. 107 points to the downside of the nasdaq. melissa: wow. >> wow indeed. i'm connell mcshane in for david asman. melissa: i'm melissa francis. this is "after the bell." we have more on the big market movers. here is what else we're covering this busy hour ahead. president trump wraps up a knew

have the little cold front comethrough, big thunderstorms of course, now, t bythng a.m in thetohe 50'ubsht tonightithit ,we'llemity s chectomorrow. startsys cnoming back a little for theth w we.ee hav't ndke west. that's where the hot and clear skies will be, but withrehis area of low pr things will start to get for the weekend. chance of showers on saturday, 80's,ne as we get intoot n sunday, even though temperatures are going to stay in the 80's, it does slighb more coverage of some showers and thunderstorms on sunday. so aying here is the weekend hasn't changed from yesterday. 8s utderstorms on rdsatu degrees or so. sunday is pretty much the same thing. temperature will be a ldatle bit warmer ony the way it a looks, we'll have little bit more of a southerly flow and that will keep our temperatures into the mdle 80's. theseld cbe ours n howuch a btt cleloud cover we of we have. looks the two days, it like sunday should be the wettest out there, just so you know. stay tuned, things could change a little bit but it l looike rered e next couple thuday o ad bonusly sime weather inrtum dc.

let's bring in our guest, ubs senior china economist, donna kwok.e us an overview of what you are looking at when you break down these figures. donna: at this stage, we are waiting for the next few months. it has been a strong start to the year. we will likely see stronger imports and exports growth. in terms of the signals we got ahead of the numbers themselves, we have stories about how people were frontloading shipments before the tariffs kicked in. so they are not completely embedded within the supply chain when the disruptions do come. i think for this month's data i am less concerned. i would look for july and august. thespective come i think second half of this year, after a strong first half, exports will likely be weaker, without a doubt. currency is worth bearing in mind because we have seen the renminbi losing quite a bit of strength in the last few months. that will also undermine the dollar. steve: how about the import numbers as far as depreciation of the yuan, the rising fuel costs, oil is higher, and you have exporters from the unite

soccer , ub's new stadium and when they announced his naople were, like, took their shirts off and threwit it to 6,000 pele. and it was huge. and so all i did in ery game was hide. >> seth: okay. [ laughter ] >> and i was just a coward the whole time. i did the coward.s i loot lake. and i just hid. then i heard a guy running. i ran up behind him and shot him. [ laughter ] diand my kids -- then ninj before me so my kids were like, e the greatest dad of al time." >> seth: wow! >> yeah. [ laughter ] "i don't know how you did it, dad." >> >> they're like, "you didn't embarrass us. i can't believe it." >> seth: that seems like so much pressure.ca e i'm assuming ninja and the likes, these are younger people? >> no, no. they're in their 60s. [ laughter ] yeah. it's what retirees do instead of playing pinochle in the park. >> seth: it's the new thing. >> yeah. >> seth: it took over for shuffleboard >> ninja is -- he's actually a little bit older. i think he's, like, 25 s h: gotcha. >> and he's making half a million dollars a month. so -- seth: oh, my god. >> by sitting -- like, drake like logs o

and then tomorrow, it's the turn of switzerland's ubs.y, we have deutsche bank as well as facebook. you can see its global here. there's a massive juxtaposition in size. thursday, you've got nomura, you got shell, another big tech company reporting. then twitter coming out, as well as exxon mobil. just a couple of minutes, we're going to look to some of those earnings. let's get first word news with sebastian. sebastian: trade tensions threaten global growth. finance ministers and bankers said in a statement, global growth remains robust and many emerging market countries are better prepared for financial crises. but risks have increased. u.s. treasuries move to curb counterpoints. >> this was a very productive set of meetings and again, i think munich case are important to look at the messages we are trying to send but don't overanalyze one sentence and be concerned. we understand what the trade issues are and we are trying to productively deal with them sebastian: jeremy hunt is heading to berlin to one them. that comes a day after the

ubs cutting their growth target that stocks remain resilient. is -- here with your business flash.as slumped inx extended trading after missing earnings and since grammar expectations and warning of potential disappointment in the third quarter. revenue was three point why -- $2.9 billion against estimates of 3.9 4 billion. one million users signed up. subscribe or growth may miss again in the current time. adopting netflix around the world, increasingly more in our newer markets as well. i think we are still on track for strong growth this year. and it will come and a little bit differently than we expected and others expected. deborah: amazon sales rose sharply as the prime day kicked off. the fears that glitches would hurt business. shoppers spent 54% more in the first three hours of this event than a year ago. and jeff bezos has the consolation of coming the richest person in modern history. his fortune has risen to $150 billion. turmoil.asing the company decided to -- he decided to leave after he had no confidence of the supervisory board. his resignation as to a the ceo ofacc

at today's upgrad andowngrades and we begin with netflix which was downgraded to neutral from buy at ubsthe analyst there cited the stock's valuation citing a 35% run-up since third-quarter earnings were released and the price target now $425, that stock fell 1% to 413.50. amazon's price target to $2,000 a share. the analyst says that amazon has nge most robust and durable growth right now a the group of so-called fang stocks and those include facebook, amazon, facebook and google. the f cm alsoes amazon's size and scale of investment. 2% to ck rose another $1796.62. sony was named the best idea long at heji. the analyst says the stock is set for arn ound after more than a decade of losses and the firm sees the shares rising 35 to 55%. the stock rose to 52.21. >> still ahead, why the tray silence tos deafening. ♪ ♪ >> >> admittedly, it was relatively quiet on the tradeew front and developments out of washington or beijing, but it may be the silence t tt's sendinghe biggest message right now. eunice jung has that story. sflo >>> the prospects of a good resolution to the trade war does not

the stock is up 0.5% ubs second quarter net profit beating forecasts helped by investment bank.for the third quarter with ubs says it remains muted which is less favorable to client activity >>> coming up when we return, eli lilly just out with earnings we're going to talk drug pricing and the results with the ceo and later, what's the president's end game when it comes to china we'll discuss what's coming next stay tuned you're watching "squawk" right here on cnbc what about him? let's do it. ♪ come on. this summer, add a new member to the family. at the mercedes-benz summer event. lease the glc300 for $429 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when

. >>> ubs downgraded procter & gamble to neutral from buy. analyst there saysinhat ation and pricing pressure will hurt p & g's profits. the price target now $83 and today p & ghares closed at 78.73 and that was down a fraction. lion's gate was upgraded to buy from hold at suntrust robinson-humphrey. the analyst sees potential for the starz network and the price target, however, was lower to $37 from $31 and shares today finished at 2498 up nearly 5%. >> now to the economy where the number of americans filing for unemployment benefits last week fell to the lowest level we've seen in more than 48 years. jobless claims fell by 8,000 to a level sot seence december of 1969. >> meanwhile, the white house ii aim at lowering drug prices. we'll tell you how and what it means for you. ♪ ♪ >>> earlier today, prdz sat down for a one-on-one withcnbc's joe kernen. during the interview mr. trump broke with the tradition of a sitting president not commenting on monetary policy. >> i've put a very good man in the fed and i don't necessarily agree with it bec

i want to thank tony and ubs and his team showing ins and outs.more about communicating and helping people, achieve what they want in life. and that is what i've been doing my entire life, going out there to help people when i could. pete: that is why you signed up in the meantime. tony, love what you're doing, people want to get involved, learn more about american corporate partners, where do they learn about it? >> go to the website. the fact of the matter, acp was founded and supported by corporate america. today i need every small business in america, step up, give me, two, three, four, five, mentors help us transitioning veterans pe. pete: american corporate partners was big corporation. now you say small business can do the same thing? >> i need retirees, dentists funeral directors. every career path in america is what our veterans want to go into. pete: i love it. there is the web site, acp-usa.org. if you want to mentor. thank you for your service to the country. stay with us. ♪ main cause of bleeding gums. for healthy gums and strong teet

ubs has put more focus on wealth management.vestment bank with a smaller share of total revenue. but software micro focus has agreed to sell a german subsidiary for $2.5 billion in cash. the buyer is eq t partners. it specializes in linux products. its revenue decline would be greater than expected. that is your bloomberg business flash. david: it is summer. that means we are thinking about taking some time off. like the rest of the business world, travel and hospitality have entered a new era of growth and transformation. we have decided to spend this week looking at business and leisure. the industry is estimated to have grown 5% in 2017. it is projected to grow another 9% in 2018. we are going to focus on resorts and cruise lines. gamingome the senior analyst as well as james hardiman the manager of equity research and wedbush -- from wedbush. where is the growth coming from? his domestic or international? >> i think it is some of both. i think the travel industry benefits from demographic trends. we have an increasing number

ubs has very strong equities trading.arter, so might be misleading, but i would expect the numbers to go the right way for most of these banks for this quarter, it can bad is the first quarter, where some of these banks really disappointed in trading. bad, ifnumbers are not you look at the earnings and sales and in the majority of the companies in the u.s. eating, depending a little bit less, i andk -- beating estimates, in japan, a bit less, but if you look at where the credit cycle is in the u.s., that doesn't seem to be in a place that is going to power earnings going forward. not as much as technology or health care. francine: and in europe, they also have an ecb that is staying put for the moment. >> yes, and they have an underlying microenvironment in europe which has this elevated from the momentum we saw in the fourth quarter of last year, but it is still consistent with growth. we think the macro market in europe is still effective and the other we have removed the political risks, as it took about the pressure i