he is from blackrock, not ubs. i wanted to ask a question to you about ubs. says it wants to manage the wealth of persons once again. do you see them as competition for your own plans in this? -- in this business? zeno: first of all, i am not here to comment on ubs strategies, but from what we it is and, brokerage-tilted approach broaderclients, much offering. we are very focused, very nimble, and we will stick in the niche to offer our clients diversifyinglobal mandate, access to global diversification on the back of a swiss driven advisor. in a wealth management niche. we do not compete against firms from wall street. we are specialists. manus: ok. you always pointed out the specialities of your company. joiningu very much for us this morning. now, reports of progress of exit pound --ons stall the saw the pound jump. services will have continued access to the european markets. in a letter to apartment, the lead negotiator says he thinks by deal can be struck november 21. all of this comes ahead of the bank of england's rate decision today. is head of equity

ubs is a stock we're looking at after the u.s. sued them for rnbs sales back in the crisis. bbva under pressure after the spanish government changed some mortgage laws there. oil and gas continues to underperform on the back of the weakness on the spot oil price oil is about 20% lower than where it was at the highs. industrials, thyssenkrupp will be a big focus of the sector, down about 6%. this sector is one of the main underperformers. >> thyssenkrupp have issued a fresh profit warning net income for the full-year is expected to drop 63% to 100 million euros. the company said an ongoing berlin investigation into cartel-like behavior as well as problems at its automotive unit will impact earnings this is the second profit warning under the new ceo. he took over after a crisis-plagued summer. julianna tatelbaum joins us in the studio why are investors reacting so negatively given the risk from this investigation was already priced in to some extent >> investors did know that the investigation was ongoing. but this is the first time we heard thyssenkrupp come out and set asid

he has the deal with ubs. i hear he may look at other deals. for ubs it's very fascinating.so risky. steve cohen, let's be clear here, i like steve a lot, you like him, i'm glad to see him back, but he's back after essentially a regulatory suspension. his old hedge fund was shut down over insider trading, criminal insider trading charges. steve was never criminally charged, but he was forced, he was suspended for a couple years. his new iteration of the fund, what i understand, ubs did a virtual proctology exam on him in terms of his ability to meet compliance standards on insider trading. so this is very controversial on both ends. him seeking the retail money, them actually agreeing to something like this, because the compliance hoops are huge on a retail brokerage platform. i would say what this shows for steve cohen is that he's having problems raising money. he was looking for $10 billion on the money raise early in the year when he got back into business, got just three. his performance has been flat. he's looking for customers. for ubs, it's almost a flipside of that.

david: keith parker of ubs is staying with us. viewer genome he saying are you going to be doing anything tomorrow night? we are coming on the air at 7:00 tomorrow night and we will be on the air until midnight, covering the elections. really focusing on the house and what does it mean for the business community and financial markets. that is tomorrow night right here on bloomberg. alix: do not miss it. how awake will david be? coming up, china stands its ground in the press -- in the trade war. fighting what he calls law of the jungle policies from president trump. this is bloomberg. ♪ emma: this is bloomberg daybreak. the world's biggest paid music service will buy back up to $1 billion of stock. week, company shares fell after the fourth-quarter forecast fell short of estimates. spotify stock is down 25% since hitting its peak in july. barclays was the worst performer in the stress test yet. the results may be a setback for the ceo's plans to boost returns to shareholders. japan, -- is running to reap benefits of his enormous i

it has accused ubs defrauding investors.hes bank of fueling the 2008 financial crisis. two years ago, credit suisse and deutsche bank settled similar claims. disney ceo bob iger has laid out his vision for the company's big bet on streaming. on several,ing including a sports process. meanwhile, the company reported quarterly sales and profits that were better than expected. that is your bloomberg business flash. francine, tom? tom: taylor, thank you. joining us now are stephanie right now,- stephanie baker with us of bloomberg. election,s the wednesday, thursday, very close races, and friday brings us to the chit, maybe the speculation that mr. mueller, postelection, will get back to it. if mr. mueller gets back to it today or any other given friday, who do you presume is the next area within his investigations? stephanie: yes, will, we are bracing for something. moeller does have a tendency to drop things, and documents come on fridays. mueller does have a tendency to drop things, indictments, on fridays. much of the specul

you find a lot of people at ubs, they spend 40, 50 years at ubs, and they start off as apprentices.the importance of on-the-job training. you can do as much as you want on paper, but the feel for markets and theint interacting with clients every day. >> and the fear of having skin in the game. >> i'm sure you wanted to ta toe risk it's important to sit with a portfolio manager and a trader the body language. do their pupils dilate when they see those headlines flashing that is just as important as fundamentals >> our thanks to jeffrey yu and to nelson dong from the wharton school >>> coming up on the program, some sports. >>> madrid's stadium will host the postponed 2018 final on december 9th the second leg of the final between river play and boca juniors was due to take place on the 24th in buenos aires but violent incidents forced authorities to postpone that game elsewhere, last weekend it was tiger against phil, going to head to head on a golf course for $9 million tomorrow in los angeles two unbeaten heavyweight boxing champions will do battle over a world title and a combined

ubs denies the charges.ere, prosecutors have demanded they pay a record fine of 3.7 billion euros for helping clients avoid taxes. at least 9.7 6 billion euros and unreported between 2004 2012. we will have a look and see how the markets in europe are doing. markets are continuing to edge lower. banking stocks are down. keeping one eye on italy as its standoff with brussels continues. the european commission warned the forecast was not in line with its own calculation. the ftse 100 and dax are down by almost 1%. with the british deadline -- with the brexit deadline looming, trouble could be brewing for guinness. concern is mounting over whether the irish drink industry supply chain between the republic and northern ireland will be kept complete. selena sykes has more. iconics ireland's most export. leavefilled with guinness dublin and had to belfast, where the beverage is packaged for international consumption. brewers worry the supply chain is in limbo. >> on average, our industry undertakes 23,000 truckk m

jason of ubs is sticking with us.n a little more to the market perspective. , ion, before we get to jason want to dive deeper into the action from the markets. we thought what are you watching? i'm watching two-year yields. it has been the longest decline in two-year yields since november of 2016. this is a retracement of fed rate hiking expectations. this has been a huge driver of a lot of the action in markets. if you look at where people are putting their money, the two year yield dipping after that long, steady climb up. investors are going into cash. if you look at the $16 billion exchange traded funds, ishares, it has actually gotten the biggest daily inflow friday night since march. definitely showing that people are flooding into cash, staying there, seeing these yields attractive where they are, and not going into longer dated debt. there is too much uncertainty. romaine: thank you, lisa. the talk has been about technology stocks and the leadership they had and the leadership they lost. when you look at what

ubs also weaker. cfo saying market dynamics are favorable, talking currently about store opening pace to slow versus the previous years. this is coming from the richemont cfo. a host of stocks we are watching for you this morning. this is bloomberg. ♪ anna: good morning. this is bloomberg markets, the european open. we are 10 minutes into the trading day. trades down this morning by .5% following a negative session in asia. dani burger has stock movers for you. dani: since it's a negative day, i'm going to stick with negative stories. starting off with richemont, down 5.5% after the company missed first half estimates, came in at $1.1 billion versus what analysts thought $1.3 billion. retailers were especially weak, troubling to investors because others had solid earnings. thyssenkrupp one of the biggest losers, down 6%. at what moment today -- one moment today, the biggest loss in two years. there is a legal provision over whether they colluded in price-fixing. telecom pricing in negative news after

he joins us from ubs.,one step in a now, clearly all of the steps have to be made in order for reality. become nevertheless, we have a situation where you have a cabinet meeting to approve it and then the parliamentary session that has to approve it, as well. the eurosterling option volatility. you can see what has happened as of late. this will capture most of the events. this increasingly feels like a binary events. how is the market trying to price it? john: you have seen relief because getting this far was essential if we are going to get anywhere, but it does seem the way this has certainly come about may have occurred by the u.k. government making more strides towards these positions from where we were in october, and we will only know when we see the detail of the report. you can see by the reaction of parliamentarians in the u.k. that the chances of this, making it through parliament without a few serious inches, look slim. i think that is why the market is taking it fairly cautious there. guy: jus

are you seeing margin pressure at ubs?we're expecting going forward is there will be continued challenges in the markets and margin pressure will arise here and there. the real challenges the markets will have is liquid at this. as the ecb gets off their purchase program for the first time in the last 10 years, central bank balance sheets globally, the sum of what central banks are doing will no longer support the economy. it will no longer expand balance sheets. central bank balance sheets globally will start to shrink. that's a new phenomenon. so far, the ecb's expansion and the bank of japan's expansion has more than made up the shrinking of the balance sheet by the fed. that will change at the end of the year. so there's clearly going to be headwinds for the next year economy. there's going to be some headwinds from the effects of the tax reductions and physical reforms in the u.s. are starting. market growth is going to be more normalized. but there's no reason to worry. i don't see an imminent recession on the horizo

joumanna is at the ubs conference and joins us with more >> yes it is a big day for italy.ow is klass knot, the dutch central bank governor. given that it's such a big day for italy, given we're seeing a widening in spreads, i have to ask you at what point do you stop worrying about the transmission mechanism given that italian yields seem to be breaking out >> let me begin by saying that the italian problem is an internal redistribution problem. there's a lot of focus on the high level of public indebtedness in the italian economy, there's less focus on the private sector is quite wealthy. in order to avoid such domestic imbalances spilling over to our one single monetary policy, that's the reason why we have these fiscal rules so in that perspective it's pertinent that italy complies with the rules if it doesn't, the result is that spreads will go up. there's some rational pricing there. that's a fact their will play into eurozone deliberations with the weight that the italian economy has in the eurozone averages we cannot, as a european central bank for the whole area, m

warriors, struggling, banged ub, losing streak, >> good evening.ed ter tory for the warriors without stephen kur. steph, still a cheerleader. you saw the accident earlier. look how fired up he is. 17 threes in this game. damian lillard held to 23 points. jordan looking for more minutes and playing time. look at draymond firing him up. this was the play that changed things. playing defense. getting out and running. andre iguodala to durant. steph says look, he dunked on that dude's head. 32 for k.d. klay for four threes. the warriors 125-97. sharks and canucks. the entire sharks power play lost all of five seconds. he lights the lamp. his eighth of the year. ten seconds left. team o' mire have no fear. 19 shots, 19 saves, can't do any better than that. back to the sharts on the power play. more jumbo joe. the snap shot and t woauthor ton with 750 assists a the sharks win by the final. apple cup washington and washington state. no shirt in 35 degree weather. these are real men out there. the weather isrightful but an 80-yard touchdown delightful. the

she has lost her the ub people, the european research council. —— her dup people.ost a few of the pro— remain people who have said that they want another referendum. she will depend on the kindness of strangers, which would mean that labour, the lib dems, and scottish national party mps. i don't know how she can get nothing for their to put it through parliament. the real issue is who she stays, and if she stays, what will happen to be meaningful vote in parliament. if she stays, what will happen to be meaningful vote in parliamentm if she stays, what will happen to be meaningfulvote in parliament. it is extraordinaire. watching the press conference yesterday that she gave, that too is very late for, and we are all wondering why and what was going on, and why there were such a delay, but she came out and her initials -- initial delay, but she came out and her initials —— initial words, i was convinced was going to resign. but that she became more defiant. that was a parting shot, my deal, my way 01’ was a parting shot, my deal, my way or the highway. a high stakes

kweku adoboli, the former ubs trader convicted of britain's biggest ever banking fraud, has been deportedrved four years of a seven year sentence for covering up huge losses between 2008 and 2011. and now, what's trending in the business news this morning? wired has lots more us e—cigarette market leaderjuul and its alleged marketing to teens, as it says its shutting some of its social media accounts and removing some flavoured vapes from convenience stores. bloomberg's opinion column says, brexit‘s 0nly sure bet is higher pound volatility. the uk has wasted almost three years tearing itself apart over the question of leaving the eu, and it's not over. cnbc discusses comments by the federal reserve chair powell credits fed policy for the us economy being in a good place. he also warns each fed meeting from now on will be live for a potential interest hike. that's it for the business briefing this hour. a bbc investigation has revealed that authorities made more than 16,000 calls to schools in england and wales in the last year, to inform them about domestic abuse incidents. 0peration enco

wayne gordon at ubs wealth management joining us from singapore. the this is flash headlines. united technologies tumbled after it said a long-awaited breakup would take two years to complete and revealed weak cash flow. investors may have to wait until 2020 to spin off the division. david: let's have a look at this. the nintendo switch, whether it can achieve the mass-market status. it launched as a hybrid. it has a few attractive titles for the holiday season. shipments are expected to fall short of targets. so far, it has struggled to find customers the on core fans. it is on track for 35 million shipments, short of the target of 38 million. yvonne: i am part of those fans. the first official gambling partner part of a multiyear agreement with mgm resorts, similar to the one it has with the nba and nhl. it gives the mgm the right to use mlb logo and trademarks in states with sports gambling. is the only major sport without of sports gambling partnership. david: in one hour, we get the markets in india up and running, barring a meteor crashing in

. >>> coming up next, we'll speak with ubs investment vice chairman catherine cai stay tuned for that. (vo) gopi's found a way to keep her receipts tidy, even when nothing else is. (brand vo) snap and sort your expenses with quickbooks and find, on average, $4,628 in tax savings. quickbooks. backing you. unstopand it's strengthenedting place, the by xfi pods,gateway. which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. >>> you're looking at live pictures from the royal palace in the heart of the spanish capital, madrid, where the chinese president, xi jinping, is on an official visit. he is being afforded full military honors by the looks of things he also will be speaking to the spanish senate later on today. that's european tourism by the chinese leader speaking of european tourism, let's talk about some european stocks gsk is up there trading higher by a quarter of a percent. unilever and nestle both trading into the red i wonder w

ubs is first foreign bank given majority status in a jv. they asked for it in may.hey only had 25%. today they were given the okay. this is significant what happened with american express and allianz insurance. >> and bmw. and letting tesla have a factory in shanghai. charles: that is significant. this is central issue, these jvs, western companies are, you know, they just come there and essentially give away their expertise for a piece of the action? >> yes. as you reported before, charles, the pressure for forcible technology transfer often arises out of these joint ventures where the senior chinese partner demands source code, design and trade secrets. that will be reduced if they go to whole ownership or at least majority ownership by the foreign company. that is good news. but there is bad news too. notice, except for american express, these are not american companies. china is taking in the last couple weeks, charles, a kind of global approach. we'll open up to everybody in the world. nothing about america. nothing about president trump negotiations. this is a

they see that in the data. >> are global chief investment officer from ubs.continues in the next hour. tom keene joins me. we will also speak exclusively to the finance minister of germany. that conversation in 30 minutes from now. this is bloomberg. ♪ francine: tech tanks. technology leads the charge into the red. rebels fail to secure a no-confidence vote in theresa may. deutsche bank shares hit a record low amid concerns that the german giant is being drawn deeper into the basket scandal. i am francine lacqua in london. tom keene in new york. i know you are keen to talk deutsche bank. i think what is interesting is what is happening to mark carney. he could actually move pound. brexitwering a political question, but still going through the various scenarios. tom: you get these outside shops. these are not separate from this, let's bring up the deutsche bank chart to show the carnage back a year and a half. it is getting dicey from 16 and down to eight. toncine: let's go straight the bank of england, governor mark carney addressing the u.k. parliament commi

from ubs evan brown asset management is sticking around with us.ok at news with paul allen in sydney. paul: special counsel robert mueller says president trump's former campaign chairman paul manafort's has wrecked his plea deal i lying to authorities. it exposes manafort to a lengthy prison term. he had pleaded guilty to a range of charges, agreeing to cooperate to avoid spending rest of his life in prison. a judge will consider the claims, which manafort denies. president trump is threatening to close the border with mexico as thousands of migrants seek entry into the united states. he again claimed without evidence the group contains criminals and said they should return to their own countries. closing the border would have widespread implications. mexico is america's third-largest trading partner with more than $550 billion in two-way commerce in 2017. the united states has broken his silence on tensions between russia and ukraine. told the un security council that moscow's decision was an outrageous move. protests are interrupting across ukrai

you mentioned ubs buying, asking clients to buy equities. are you specifically, are you looking at specific companies or are you looking at sectors? >> so, we have a general approach that the equity markets have a positive environment right now. and it will depend on what your allocation is. obviously you want to have diversified portfolio. you have to withstand the vulnerables. because you can have things go off the race because people are -- charles: if you diversify today, every single sector is down. so it doesn't -- >> market is up on the year. we can focus on the positive. market is up on the year. charles: i love a man that focuses on the positive. all three of you did. i will bring you back in a moment. have to switch to this, in 201652% of british voters had enough. they no longer wanted to take marching orders from unelected bureaucrats in brussels. they left the eu they have thrown roadblocks and scare tactics into the mix. say a down version is being foisted on the uk in terms of a soft "brexit" that would ease the pain. is this

a g-league team where players have a shot to getting called ub to the devin's new home is smack in the middle of his old on >> it' so funny. i talked to mr. hill just now. he used to at 6:00 a.m. in the morning i'de dribbling the ball. i used to give him fits. he's happy it all paid off. >> thatp sign and that stop sign, that was it. >> funny for g a who's playing career has spanned thousands of miles across 12 countries. >> if i didn't play basketball, of these e had some people on this street really looking after my best interests, i don't know where i'd be. >> it change >>yes. >> come back, we talk to you, and say hey, what's going on? >> i appreciate that, man. i appreciate that, man. >> reporter: from d.c. to latvia and china and beyond. whennc the chae to play in his home team came up, devin couldn't pass up. >> i don't think people know how big this capital cy go go means to people. hard working people. when you ask me what it meant for me tbe here, that's what it meant. >> news 4sports. >> uh-huh. and the go go begin theirgu inl season tomorrow. they're going to play at the in

what is the ubs position on e.m. right now? sanguineare reasonably .the context of what we've been seeing up to now with u.s. iticy changes and so on, and it a bit next year will be more the asian economies that will potentially slow down. we think growth will remain reasonably stable. john stays with us. and the primexit minister is set to return to brussels this weekend to finish hammering out her deal with the e.u.. that's on the future relationship. the real fight in westminster is yet to come. we speak with a minister who supports theresa may plan. that is next. this is bloomberg. ♪ london.:47 a.m. in so u.s.nksgiving day stock and bond markets are close, but futures up .2% after we did see modest gains in the u.s. session yesterday led by tech and energy. ,oday were asking the question what do traders have to be thankful for this thanksgiving? join the debate, reach out to us on your bloomberg. let's check in on what is trending across the bloomberg universe. the number of unsold homes in london is at an all-time high as brexit uncertainty and af

but ubs says bitcoin is over, dead, the man behind the bold erll will be he. more "fast money" right after this >>> welcome back to "fast money. mcdonald's sizzling to a fresh all-time high today, following a vote of confidence from morgan stanley. upgraded the stock pris from 210. and in the past month shares of jack in the box up 16% starbucks up 15% while chip on that and mcdonald's higher by more than 4% in the past month is now the time to get into the fastfood names. >> mcdonald's people say valuation is extended but they have said it a while kudos to tim, he went out and did the thing with the kiosks, remember he said it's a technology play. now i don't want -- i follow you on twitter, by the way and this is getting off topic. but you tweeted something today. >> especially righton topic. >> because the morgan stanley upgrade did with the modernization efforts as mcdonald's and part of that is ordering by touch screen on kiosk. what did one study find on kiosks, all of them had feces on them this is for people's good health, right, tim. >> i don't know w

ubs wealthf management is still with us.uisse,t just credit many of the continental european banks are having a real trouble in their markets businesses. is this going to turn around? we've seen so much volatility, it seems like they should be trading. geoff: financials is not a ieferred sector in europe think it has been reflected in the comments just now. things can pick up. at theyou look aggregate, is starting to affect other parts of industry in terms of investment. you start to see some of the pressures on the margin side accordingly. these growth expectations, then you have an issue, and going back to the point about the forecast for the ecb at this point, has the event risk over the last few weeks or so, i'll are their expectations going to extend? let me ask you about some .f your preferred sectors structural shift away from experiences. you have talked about it quite a lot over recent years. what is it that is going to benefit some much. you site video games, but that has been a beaten up sector. geoff: you have to

. >>> charles schwab is downgraded totral from buy at ubs. they cited a less attractive earningsoutlook and heavy regulatory burdens. price target $51. that stock fell 2% to $45.97. also at ubst.d. am, td a merry s upgraded. price target is $60. itlosed at $52.07. >>> still ahead, why cvs and walgreens find themselves at the center of the opioid fight. >>> shares of pacific gas and electric fell again today after california's largest utility revealed that a second power line outage occurred on the n morning oember 8th. that is the same day as the deadly camp fires started. it could face liabilities that exceed the cash levels and ag insurance cov if its equipment is, indeed, found to have caused that wild re. pg&e says it is cooperating with the investigation and califora regulators have offered financial help to keep that company out of nkruptcy, but since november 8th that stock has just about been cut in half. >>> a man synonymous with the auto industry has been arrested. nissan alleges its chairman carlos ghosn underreported and otherfign

was in line, wealth flows were higher than estimated, even though they were less than the rival at ubss about global markets, and it's about a disciplined approach to capital, isn't it? nejra: absolutely. overall, not a blockbuster quarter. we have already underlined that, for credit suisse. while investors can may be take solace from solid wealth management results, it is the unexpected loss in global markets that will be in focus. ceo tidjane thiam spoke to francine lacqua in zurich. listen to that interview now -- we wanted to do three things with global markets. size, to de-risk, we de-risked massively, cutting inventory between 40% and 60% in these global markets, and cut co sts from 6 billion to 4.8 billion. e have delivere -- we have delivered on each of those. the one place where we have not delivered is revenue. we do not control that. what i would be worried about, auld be if i saw signs for lack of control on those three things. the business has delivered. francine: you are not planning measures to boost profitability in global markets? downne: we see, we are 13%, up six per

in tandem with the base in seattle5 and share billion worth of investment and 50,000 new jobs.on a ubas been found in a lamborghini by police inaf paris r officers discovered the driver taking pictures with the animal. the man reportedly said it was just cat, but was later arrested. has been taken to an animal shelter. israeli forc and palestinians in gaza have been exchanging fire in the worst violence between the two sides in four years. israel's military says hundreds of rockets and mortars have been fired by palestinian militants towards southern israel, while israeli warplanes haveed out more than 100 bombings on targets in gaza. our middle east correspond reports from gaza city. reporter: a warning shot is fired. then an israeli warplane hits the studios of a tv station run by hamas. people flee in panic.ad the buildingeen evacuated. israel said its waves of airstrikes were in response to this, more than 400 rockets and mortars fired by militants in gaza into southern israel. some were shot down, others hit home the flareup started on sunday. israeli special forces operating ins

and miebl kors was upgraded to boy at ubs the company cited the strong brands. provides target $80. the stock rose 5%o 58.29. >>> still ahead, help wanted. the construction industry isg. boomin but where are all of the builders? t >> construction industry added 30,000 jobs last month. biggest one of th drivers of that strong employment report. but even with the latest gains, the industry is still facing thousandstages with of positions left unfilled. kateer r is in baltimore for us toght. >> reporter: the construction industry isbooming, adding some 330,000 jobs this year alone. but experts say there are still nearly half a million open jobs waiting to be filled. these big numbers mean bigs opportunitie for baltimore'sge eu jouers after completing a local program called project jump start training and placing baltimore residents in construction jobs, jouers works in a job he enjoys that pays well. >> it gives you jobs, skills and aining that you can start getting paid at a higherso leve. y pay is i get paid a good enough amount to where i can provide for my famy and still have a lit

sing a tracking device and following along behind as she calls for ub after uber. >> i didn't think my children hey don'tthat because have credit cards. >> but there's a way to use the app without using at cre card. and tonight, news 4 at 11:00, the one place the driver took the girl we never expected. for now, scott mcfarland, news 4 i-team. >> you make technology to help kids get around safer, they will figure out a way to stretch the rules. >> what is an uber driver thinking? if some young child comes out in the mide of the night. movealong. >> teenagers, it could be hard to say they're not 18. >> i don't know if i'm ready for all of this. a localinger fighting his way to win nbc's the voice returned home for a performance at his alma mater.e >> visited duvall high school last week and take athook at . ♪ >> well, theeacher said she taught him a decade ago in the same classroom. last week he survived the knockout round toan a in the competition. ♪ he is killing it. you can track his progress tonight right here on nbc 4. it starts at 8:00. what a surprise. >> do you know what else is

assigned to was ash away feces and pick up used drug needles across town, and the city helps to staff ubst opened this summer. but nuru says san francisco is still in the midst of an emergency. bigad: how, then, could a pr company your department hired come to the conclusion that san francisco just deserves a near-perfect score when it comes to cleanliness? mohammed: we continue to work at this every day. these are situations that no one of us created. bigad: but forgive me, mr. nuru, i didn't hear an answer there. are you familiar with the jbr report? mohammed: oh, yes, i am. bigad: you've been paying jbr upwards of $400,000. mohammed: and that data is being used to make decisions for the city around cleanliness of sidewalks and neighborhoods. and human waste, and a pr company you paid says san francisco is spic and span. mohammed: there are many parts of our city that don't have some of the things that you are talking about. they might have sampled some of the nicer parts of the city. bigad: city auditors helped design those surveys, but now even they have concerns the findings are not

goldman sachs responded reducing fiscal '19 units by 6% today ubs, which still rates apple a buy, also trimmed calendar q4, q1, and q2 estimates. guggenheim going a step further down grading apple to neutral. guggenheim telling cnbc this morning that weaker iphone units was one reason for the downgrade but bets iphone average selling prices won't proep vid the same help they did a year ago, so iphone ref fuse will also decline. so how do apple bulls respond here i just caught up with gene munster. he says what's most important is a stable iphone business which he still sees flat ahead and big buybacks, he says, totaling $100 billion a year back to you. >> thank you very much, josh >>> let's get more on what's behind today's reversal with bob pisani on the floor of the new york stock exchange. we know apple is a big part of it but not all of it >> reporter: it's not. what's moving the market, fed, inflation, and tariffs we may have a new risk, regulatory risk. the s&p futures this morning prior to the open. we got the cpi the numbers were good overall here they were in line. core cpi wa

it relates to 40 securities ubs sponsored, managed, or offered.ank says the suit is not supported by the facts or the law. the bank of australia has given an upbeat assessment of the economy, saying growth and hiring are spurring inflation. the quarterly statement on monetary policy reiterated that higher interest rates are likely to be appropriate at some point, but says there is no strong case for a move at the moment. as predicted by everyone, the fed stood still, but remains on course to hike next month. the policy statement notes economic activity rising at a strong rate in the labor market continues to firm. it repeated plans for gradual rate increases in the coming months. the fomc added that risks to its outlook seemed balance. rishaad: -- global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. yvonne: thank you. let's look at your markets. not looking pretty here. if you are long markets, the shanghai composite, .8%. losse

came out with ubs their nightmare scenario at david: 20%. that will be the worst case scenario. discounts are the most bearish. salesprice targets on the side, it shows you how they are. this continues much further. they will get interesting again. haidi: existential question about the banks. the kind of profit in terms of fiduciary to shareholders. does that affect enforcement for good behavior? i don't think so. we will see more pressure on the regulators. the other story, regulators, these shares were get all the attention this week, but there will be a lot the regulators have to do, and we have to see regulatory capture of regulators buying banks. we have seen contributing to the [indiscernible] fory: thank you so much your time, david walker, client investment management. facebook's recent slump has hit mark zuckerberg. when will see how much is worth has fallen. this is bloomberg. ♪ this is bloomberg. ♪ shery: welcome back. i'm shery ahn in new york. haidi: i am haidi stroud-watts. you are watching daybreak australia. let's get you a check of the business flash headlines.

tesla is down 2.2%, ubs has come out saying that those gross margins were helped out by electric vehicle credit, trying to throw cold water on that hot quarter right now. shares are responding, but still well above where they were when the report happened. the broaderk at index, nasdaq composite, this is highust large cap, but the data stocks that had investors fleeing at signs of risk off. over the last year we can see signs of a sideways uptrend transforming. earlier this year we had volatility of horse and when it compared to the recent selloff, we see the steep declines here. we have a 50 day moving average crossing below the 100 moving day average called a death cross. the real one would be below the yellow, but both are slowing down, it's pretty bearish. there was a brief one earlier this year but a different situation that may suggest that more selling is to come. where is the money going, vonnie? the consumer staples defensive sector, up 1% along with a number of these names. you forabigail, thank that. for more on the market action ahead of the midterm elections, let's ring in m

also ubs lowering its target from apple from 240 down to 225.sp are not going to cut it anymore. >> noii am not gong to be systematic i have $100 bet on who downgrades it next this is right out of the house >> all right how many choices do i have >> all the others are already picked by my staff >> who do you have >> i have key. >> i have web bush you get $100 this is what the analysts do wow, i got to downgrade it because that guy did i don't think the quarters can be that bad. do you think luca did not know about these things november 3rd the supply chain closes down. the higher phones absolutely have greater gross margins i think guggenheim knew about the lower. this is not repertory. corvo misses a lot it is an consistent company. i am tired of these analysts how about singles day? it turns out to be an amazing day. did you know amazon and apple announced a deal during this period of massive downgrades they hear other people doing it. it is that bad that's why it is 100 bucks on web bush >> i got key, david, it was guggenheim and ups today an

another one of your executives told a ubs conference that there had been some inventory issues recentlye there is not some big downturn coming? emily: we just -- sanjay: we discussed in our september earnings call that as is well known, there are certain cpu shortages. the important thing is that memory and storage are in the very early innings of driving the growth and experiences that have enabled, whether it's in future, to-- in the ultimately truly process all of sensors onhat the the car will generate in order to provide for a safe, comfortable driving experience for the future. or in the data centers today, in terms of really unleashing new business models, you need machine learning, artificial intelligence needs to process lots of data. emily: scale has always been important in memory. huge competitor, huge market share, lots of capital. how do you compete? sanjay: with have strong scale of our own and our focus is driving technology for competitiveness and working closer with our customers to design the memory and storage solutions that they need in their future applications. by

former ubs america ceo and former obama adviser -- what is going on there? >> not surprising.t it, one it's midterms. midterms are local. local is really about looking at various policies. >> neil: of this money channels to locals. >> democrats, lot of finance people. they look at things like the caravans. they that is become absurd. the birthright citizenship. they're pro immigration and pro climate change, they are pro gun reform. >> neil: they're also pro making money. wall street has been soaring. >> this is not hillary clinton versus donald trump presidential election. this is a midterm. with midterms you voting for house and senate, you voting for governorships. they're looking at some policies and say they want change. >> neil: you know this better than i do. what i see -- you have a sense that, every number i'm seeing saying democrat will take the house. many are phony little worms. >> i think we don't have a clue who will win. in you ask -- if you ask me do i think the democrats win the house and they have narrow path to the senate, the answer is yes. we're not speaki

still ub healthy but not as bad as yesterday for some to the north and oakland and san francisco.le patterns, been this way for a long time.

but when it comes to putting three-month-old lola in a ube or lyft, who provides the car seat? the parents? >> i'm cyfused whether t provide the car seats so i avoided uber and lyft when'm aveling with my children. >> reporter: or the driver? t >> i gethere and i find out they have a small child. off small child, you have to ha a car seat. >> reporter: there's plenty of gray area here and two-thirds of e u.s. there are no child seats required in taxis. the laws are muddier with ride share. we've read the laws in d.c., maryland and virginia and there's no clear understanding who is responsible. sam higgins is a part tieme lyf driver. she says she's getti for rides when a parent has a small child. >> i won't take the m liabilities are tooh for me. then it leads to riders being angry and you don't know what yu're going to get out here. >> reporter: whi can request some services like uber faly to bring alg a car seat, it's not an option in all states. h th become such an issue that virginia tech put out a new udy. >> there's confusion among parents and drivers as to when specific l

ub >> you know, mark, i think they're sick of the contradiction. you put it well.s group offing my grants at the southern border, in the tijuana area, they are by all accounts just a general mix of illegal aliens. they are not a mass of people who are fleeing oppression and they are particular candidates for asylum. they'll find out that these -- waiting for the asylum adjudication is going to be a wait in vain. the vast majority, maybe 90%, will be denied. at some point word will get out, you know what, we're not going to get asylum, maybe we'll dode what we were planning on anyway, sneaking across the border oras rushing the border. where we need more manpower. they are undermanned on our side of the border.wh >> the other point you make, everyone uses these cliches, we need comprehensive immigration reform, there are more immigration laws than any functioning society would need. there's actually more immigration law than immigration officers and border posts can understand.. they know very little have it themselves. because it's too much of it. it's the fact tha

is now delivering something to >>> today will be our 12th consecutive day with smoky skies, 11 with ubhy air. smoke came in thursday. it got unhealthy on friday. we have had 10 days where we have exceeded standards for collusion in the air. i'll show you the run coming up. here's jessica. >> mike, thanks. believe it or not there is a new way to watch hollywood movies online. >> youtube you can watch movies with ads. take a look at what's available now. hmm. >> legally blond. i like that one. >> terminator is there. >> rocky. those who pay a premium can watch without ads. >>> california brewers are coming together to help victims of the camp fire. you can have a beer and help a good cause. sierra nevada and several other companies will make a resilience and all profits will benefit a fire relief fund. >>> a young lady involved in a serious traffic crash 16 years ago was finally able to say thank you so the chp officer who saved her. so here you are. and this is the emotional reunion between officer tom mcguire and christine macintosh. she was involved in a horrific 2002 crash when she w

underwriting and advisory generated through the quarter, which puts them squarely in front of barclays, ubsand they would say, look, you know, we are in europe, but we are ahead of european peers. though we are trailing behind the bold bracket u.s. investment banks clearly. when you break it down into market activity, in equity prime brokerage they are number one in europe >> geoff, thank you very much. lovely backdrop you have there as well. enjoy the morning. >>> up next on "worldwide exchange," hitting the brakes. a double dose of recall news on the deck why toyota and subaru are both pulling thousands of cars. stick with us on "worldwide exchange." i'm ken jacobus and i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. which i used to offer health insurance to my employees. what's in your wallet? >>>a new month, new risks. stocks capping off a wild october ride. >>> a china consumer check fears of an economic slowdown taking center stage overseas >>> plus an apple a day keeps the bears away

we did a study at ubs of business owners and what their sentiment was and what they thought of the president'solicies and with all of these things we see a market that can go higher because people have such a sense of optimism. cheryl: yeah, optimism is there, business owners obviously like the fact that we have less regulation, they like the fact that, you know, corporate tax rate has been lowered, i mean, is this really proof to you that the trump economy is working? >> the trump economy certainly seems to be working, if you look at the numbers, if you just metric like the unemployment numbers, we have 3.7% unemployment and we have people who were hungry to get people to work for them and we have stock markets that have done this well since the president was elected, you to give some credit to this administration to brought about new policy change and real animal-spirit shift in the economy. cheryl: yeah, let's talk about some of the sectors, we saw a lot of the marijuana stocks actually start to spike yesterday because you had some of the referendums that passed in a couple of states as far

using a tracking device and following along behind as she calls for uber after ub. >> i didn't think my children could do that because they don't have credit card >> but there is a way to use the app without credit cards. thece one p the driver took the girl, we never expected. for now, scott mcfarland, news 4 team. >> amazon dropping the minimum orderneeded. typically amazon customers have to spend $25 for free shipping or they can p for a prime membership. it starts in time for christmas. target dropped it's minimum orderast week. with your business report i'm frank holland. >> still ahead, two violent shootings in one night. we're live with details on the police investigation now underway in prince william county. >> getting your car ready for winter. news 4 today continues. meet aime hoeber. self proclaimed mother of the chemical weapon corp where e referred to nerve gas seas just insecticider of the developed for people. eesomeone who's made a c cashing in on her government contacts- to defraud shareholders. her potion as a board member g and is now pursuumps agenda of defunding

the lawsuit accuses -- but ubs said the claims are not supported by facts.wo years ago credit suisse and deutsche bank settled similar claims by paying a combined $12.5 billion. shares of -- of fell the most in two years. the company lowered its guidance due to legal provisions. the new ceo trying to move forward with a restructuring plan. trying to clear up the balance sheet. that is your business flash. taylor: i want to take a look at the majors. we are in the red on the dow jones, dropping 6/10 of 1%. the s&p 500 off more than that, off about 9/10 of 1%. and the nasdaq is something we are watching. the worst performer, off 1.5%. nasdaq 100, the big tent companies really falling the most. offmost. off 1.5%. some of the biggest losers, some of the biggest winners we should say are in health care, tech, internet retailers. day, this weekend, our interview with the alibaba president, mike evans. that is next. this is bloomberg. taylor: from new york, i'm taylor riggs guy: in london, i'm guy johnson. this is "bloomberg markets." taylor: china aiming to boost

there are 10 to 15 people that we know who are injured in addition to the 11 shot and ub.y members are arriving on scene to learn if they are safe, injured or even dead at this point. here's a hotline for family numbers to call. 805-465- 805-465-6 805-465-6650. many believed to be students from pepperdine oracle lutheran. it was a very popular club. we are hearing new details, hearing that the shooter targeted employees first. >> people who survived this mass shoot anything thousand oaks, we have been listening to their stories. understandably shaken up. >> they offered hugs and words of comfort. one said she was dancing with her friends. >> it sounded like firecrackers. and everyone just dropped down to the floor. >> i thought it was a joke. ur fends got the bar t balls the stools and they started slamming it against the windows so we could get out. >> thrgh the window. >> a father was at the bar with his stepson during the shooting. he says they were about do leave when the gunman opened fire. >> here's what he told kabc early this morning. >> it was live and it was real

ub pro will make some drivers eligible for a pay boost, priority airport pickups, cash backup on gas purchases, and college tuition at arizona state university online. the pilot program isn't available in the bay area right now, but uber plans to roll it out to a few more markets soon >> new at 6:00, who can market the 97-year-old park ranger who survived an attack in her own home. she just received a nationwide honor. >>> steph curry is an all-star, a champion and now executive producer. details on his new >>> we were talking about how bone dry it was and how we were behind average for the month. it is also the driest month of the season. the drought monitor hasn't changed at all. now that we are in november, we are in our second wettest month on average. i'll show you some of those totals coming up in less than seven minutes. >>> thanks, mike. if you have a toyota scion, you want to hear this. they are recalling a million vehicles worldwide because of faulty air bags. it affects 17,000 scion xa cars from 2004 to 2006 in the u.s. toyota says the problem is an electrical short. it ca

significant monetary stimulus is still required let's get out to joumanna bercetche who joins us from the ubs european conference in london quite a stunning statement from praet today, when you consider it is the day that the italians are resubmitting budget proposals to brussels. so much more stimulus is required, should it be monetary orifi fiscal? >> excellent questions, and i have the man of the hour with me, peter praet, chief economist from the ecb is with me. i want to pick up some comments you made in your keynote speech just now one line in particular has caught the market's attention. you said significant monetary policy is still needed can you explain that >> i don't think it's new. we always communicated that to reach this inflation path, close to 2% in the medium term, we needed a substantial degree of monetary accommodation when we announced that we anticipate to end the asset purchase program at the end of this year, we said that we still needed a substantial degree of accommodation to support the base scenario. >> you say that, it's at odds with an ecb who are intent on ending