bhanu baweja going us from ubs. -- bhanuloomberg baweja joining us from ubs.is bloomberg. ♪ ♪ now for aime bloomberg business flash, a look at some of the news right now. deutsche bank sold off another chunk of unwanted assets to goldman sachs. the latest seo involves securities with a notional value of about $51 billion tied to emerging market debt, previously housed in deutsche bank's wind down unit. the bank is exiting businesses where it has been unable to compete. ceo andapital's chairman tom barrack is under pressure to step down. says it haspital lost confidence in barrack, and says he's been described it -- he's been distracted by at least two congressional investigations. that is your business flash update. guy: we are counting you down to the european close. three minutes or so to go. the ftse 100, a little bit of outperformance coming out today. potential, vodafone doing well today. some of the oil stocks down. paris is down. we are seeing some of the luxury stocks having a very solid it today, lvmh in particular. the close is next. this is bloomber

do you think ubs is the right scale to take it forward?o: we are the largest wealth manager in the world, not only because of the size of the client assets, $2.5 trillion of client assets, but also the fact we are a leader in the u.s. we are one of the leaders in the u.s. we are a leader in asia, in europe and switzerland. therefore, we are well-positioned to capture this growth, so scale is eventually going to be an issue for many players. reporter: does that mean you are not going to need to do a deal? i've come to you three or four times this year. the rumors in the market are you are looking at this, looking at that asset manager. are you going to need to do a deal to change the scale? sergio: we don't need to do a deal, but is exactly like saying you are never going to do a deal where you need to a deal -- a deal or you need to do a deal. nobody can really, in any industry, say that you are rolling out doing a deal. but we are not forced to do deals. we have a good strategy that's been quite successful for the last few years, and we a

. >>> ubs upgrading match group to buy from mutual. don't father date night. the fundamental drivers remain intact >>> evercore downgrading twitter to underperform. it played a key role in causing technical bugs last quarter. here's what the analysts said last hour when asked whether the amount of money spent by twitter mattered if it kept hitting its daily active user targets. >> they can sustain the growth we're seeing now however, i think this is a key takeaway profitability matters as well

reduced them to near 0% shares closed thursday session sharply higher on the back of that news. >> ubsays it expects equity issue ens in europe to remain depressed. tech is expected to remain the big ticket of the ipo market let's talk more about this outlook for 2020 with our guest. great to have you on the show. there is this clear die cot my of the issuance and the record highs. how do you explain that? >> i thinks it the late cycle where investors are being very selective. ipos that offer yields, they are well received. >> you say it is selectiveness on the investor base and maybe part of the competition in terms of debt financing. to what extent does that play a roll that low cost of debt you are talking about is driving asset allocation and index performance. the fund managers are struggling to perform you said before, global tech up 30% year to day. you said this could be one of the better performing sectors. we have seen ipos in the u.s. that haven't performed as well they've been lagging uber for example how do you explain that? that one sector through disruption or innovation

retail analyst forwe ubs.me, nice to have you here. >> good evening, bill and sue thank you r having me. >> are you worried? theeport was better than a lot of people thought it would be. are you worried at all about the sullback by crs on the bigger ticket items and clothing? >> no, not. i think the skierm is on good footing as we merge into the holiday season. wages rising and unemployment is roe low. three rtant foundational rivingts of what should consumer spending over the holiday season. >> winners and losers into the holiday season here, and i'm curious your thoughts on the departmenttores themselves, and which category they fit in right now. >> well, you know what i would tell you is thats apparel difficult category. we heard when wal-mart reported yesterday they noted apparel waa ana of weakness, in part because of the uncooperative weher. it's been a bit warm up until recently. >> aright. >> aa result people haven't been buying apparel. the winners will clearly be those with effective omni channel off

vonnie: is there any doubt in the ubs collective mind? there are things that are red lines for both china and the united states. guest: of course, it is not a done deal. we look at the markets, we are focusing on whether the inherent increase is on december -- whether the tariff increases on december 15 are going to go through. i is most likely that phase will be signed and the tariffs will be delayed because of the interest of both sides. hong kong bill will have the death this afternoon -- vonnie: i'm sorry, i am going to jump in because we are going to get a different way for katerina to hear you. guy is asking if the president will sign the hong kong action that will potentially have ramifications on china talks. guest: it is very hard to know, but most likely he will. in spite of the fact he will come a we believe that the phase one is still going to go through, again because, particularly, i know it is not the most common view, but maybe because of this there is going to be a little more urgency to get the deal completed. guy: if we

rate strategy at ubs. we will bring you this morning's stock movers, including medicine company up in premarket on takeover reports. this is bloomberg. economics, finance, and politics. this is "bloomberg surveillance." let's check in on your biggest stock movers with annmarie hordern. >> a lot of news in the u.s. is actually moving european corporates this morning. stc is opting for a public auction of airwave. this means this could mean billions of dollars for them unable to tap into. cindy world. d upore than 3% -- cineworl more than 3%. cineworld is in the u.s. with a theater called regal. the thinking is the hollywood studios could buy up some of these chains. easyjet to the upside, up more than 4%, even though they said they were trim expansion exterior. some of this may be opening up space to raise higher fares. i want to show you what is going on in the u.s. premarket after a bloomberg scoop. medicines is surging come up more than 10%. they have a promising -- surging, up more than 10%. they have a

something we highlighted in ubs billionaire report. it came out this week.the screen are sectors you say are your techtores. >> yes. neil: you have communications services, discretionaries, consumer staples. what about these three look like green on screen for you for quite some time? >> they have been green on the screen. they have been able to navigate around all tariff volatility. when you look at sectors. they are less susceptible to policy political uncertainty. we hang our hat on p-e ratios, earnings momentum. sidestep some concerns people have about policy. that said, if you're looking for value in the market, you had commentary earlier on the health care sector. not a sector we're overweight in bees. investor are looking for left behind sector that had big policy overhangs, that would be an area to look at. we had earnings surprise there is as well. liz: oil also has been a energy sector too. they have been buying low, certainly. where have you been our whole life? on a day we see three new all-time records. people are sitting in the chair saying we'

former chair of ubs america who dealt with the federal reserve for years is here. he's going to game it for us. >>> grammy award winner taylor swift's tangle with private equity getting drawn into the 2020 rhetoric. can you believe that. politics. but should everyone take a page from swift's own words from her hit single "you need to calm down." we are going to explain why this is a huge business story. >>> and a kardashian cashes in as coty finds 600 million reasons to keep up with kylie jenner's cosmetics line. >>> plus a first look at the mustang mach e, e stands for electric. hacking disney plus and charlie breaks it on the future of t-mobile ceo john legere. less than an hour to the closing bell on this monday. let's start "the claman countdown." liz: secretary of state mike pompeo has just finished a news conference at the state department during which he announced that the trump administration will reverse the obama-era position on israeli settlements. he says that the israeli settlements on the west bank are quote, not inconsistent with international law. a

ubs launching coverage of the airlines sector with bullish ratings on united and jetblue.lly done well this year despite the fallout from that boeing 737 max. ubs says non-737 carriers are likely to be in better shape to start the year and of course quite a few of those carriers have delayed even longer the return of that 737 max. >> krae. criticism about the airline industry has been it's sort of a boom and bust industry but ubs says it looks like they've got costs under control. >> i wish they could get their schedules under control. i booked a flight yesterday. i'm not going to mention the airline. let's just say it's a major player at newark >> i wonder what airline that is >> and the -- i went on flight aware one of those things and it said, this flight has an on-time record better than 0% than the other flights. i'm going, what am i doing >> better than zero. >> but nobody's worse. >>> apple reportedly looking to boost its streaming business hbo's former ceo richard plepler looking into apple tv plus the deal could be finalized in the next few weeks also rbc capital

going to the ubs in london views our audience may want to hear >> absolutely.'ve got two very high-profile guests with me now peter praet. the chief ecb economist and the former president of the philadelphia fed thank you both for joining us this morning i'd like to start with you and take it back to the most recent fed meeting. they seem to signal that they are coming to the end do you think the midcycle is over in the u.s. >> the correct answer to that is who knows. they are sending a signal for the time being the challenge has been the communication has been some what irrattic and it is hard to know under the terms and conditions they might act in the future it is a problem for the fed and the markets and public and not knowing under what circumstances will they return to easing or return to rates again. >> is that the function of the decision making that has also been quite irrattic when it comes to decisions on the trade war? >> i think both now. one of the problems is that the fed's communications about why it was easing had a lot to do with the potential

ubs wealth came out with some interesting numbers. they surveyed 3400 clients.bout the fact that they are expecting a down drop for risk assets during 2020. they are increasing their cash holdings in their portfolio. this is a short-term view of the world. you can see this in the money market numbers as well. that is 2008 back there. we see a significant escalation of money being held. you can find this chart on your bloomberg. vonnie: i like that a lot. i think you know what i'm going to say when i start a fight complementing you. you have first prize, not only for your wit but for your chart. common up, balance of power with david westin. we will bring you the speech to the economic club of new york live. these are live pictures. he will be speaking in just a few minutes. this is bloomberg. ♪ david: from bloomberg world headquarters to our tv and radio audiences around the world, welcome to balance, or politics meet business. president trump will deliver marks to the economic club of new york in this hour. wall street will be watching closely. here with more o

i really appreciate talking to you, vinay pande of ubs wealth management.na hurtado is here with first word news. viviana: we begin with a copper mies from china and the trade war with the u.s. it will raise penalties on the theft of intellectual property, one of the sticking points in trade talks. commit tonce china to cracking down on ip theft. former new york mayor michael a passrg plans to take democratic presidential race. he will focus on california and other states voting on super tuesday in march. michael bloomberg is the founder and majority owner of bloomberg lp, the parent company of bloomberg news. over to london, where the transit authority refused to grant uber a new license. that endangers the ride-hailing service's future operations there. the government is concerned that drivers come in you like the app to carry passengers -- drivers can manipulate the app to carry passengers. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is

stuart kaiser of ubs investment management is sticking with me. reminder, we will use charts throughout the next two hours. if you want to check them out, go to gtv on the terminal. this is bloomberg. ♪ ♪ is "bloomberg daybreak." disney had the battle for streaming customers. disney+ went live early today. fiveompany hopes within years, it can attract 90 million users. the streaming business is getting crowded, though. disney, netflix, amazon, and five apple, soon to be joined by at&t and comcast. nissan still struggling to get back on track after the arrest of former chairman carlos cohen. the cut -- chairman carlos ghosn. the owner of jaguar land rover is looking for strategic partners. bloomberg has learned tata group has approached carmakers. india's largest conglomerate wants to save on costs and talks are still in the early stages. that is your bloomberg businessflash. i'm also looking at tesla. bloomberg asked 5000 tesla owners, what is it like to drive elon musk's electric car? here are some of the cool things we found. a car reallyee

geoffrey yu joining us from ubs and bloomberg opinions marcus ashworth.e bloomberg underway in new york city. .ust run the function live we are talking with howard marks, the chairman of oaktree capital management. howard: in this particular cycle, you have not seen a lot of factory building ahead of demand and so forth. >> what about balance sheet access? howard: that is different. i said in the real economy. you're talking about finance. in finance there has been. i think the ultra low interest below, haveand worked a lot of calculations and in the small picture sense, it makes sense that companies have taken on more debt because it is so cheap. you can borrow money and it cost you almost nothing per year. why won't you? the answer is the more debt you have the less likely you are to get through a period of economic difficulty. in the meantime, there has been a lot of levering up at all levels. >> where you see evidence of work calculations? howard: for example, the pension 7.5,that needs a return of cash, moneyse markets, high grades, or even get

ubs putting on some tilts as well. we seen a selloff in gilts today driven by the global bond selloff. it will be interesting to see if that turns around. alix: the long end of the curve is paring some of those losses. they had been up by about six. the front end actually slipping into positive territory, supplying the short end a good call. the cuba day could be pretty interesting -- the q&a could be pretty interesting. what you feel will be the most interesting question that could be asked to mark carney? nejra: he's going to be asked lots of questions around brexit and exactly how the changing scenario is changing the bank of england modeling. the u.k. is going to an election december 12. that changes everything from their previous forecasts. if he lays out three different scenarios and how the bank might react to those, the way he has in some previous meetings. he's also likely to be asked questions, though i'm sure he will probably declined to answer them, on secession plans. that's been another question now that

john mathews of ubs wealth management stays with us.re on his new billionaires report. plus, mike and i will speak with raphael bostic, atlantis had president, so don't miss that. this is bloomberg. ♪ alix: 2018 was not the best year for billionaires. over the five years to the end of 2018, billionaire wealth grew over 34%, reaching $8.5 trillion. in 2018, that wealth dropped by one put your percent. so what happened? john mathews of ubs wealth management is with us for more on his billionaires report, and also with us is bloomberg's sonali basak. so what happened? there's 2201 billionaires out there in the world. once again come of the u.s. economy proved resilient. we are the only region in the world where billionaires grew in wealth and in numbers, which i think is incredible. every other region in the world fell dramatically. sonali: but a lot of that came from tech wealth. something i'm wondering about this, what happens after the wework effect? we are seeing so many things miss valued. now the trajectory of growth in the u.s., is

>> so undoubtedly they'll be some damage, i don't think it's going to be as bad as ubs cited.ut i do think they'll be some damage. that's not the point, liz, the point is we have to get to free but fairer trade system, allies agree that we have long-standing grievances against china, intellectual property theft, force transfer of technology, joint venture requirements, we don't impose on -- on china, so i think deeply agree that if not now when, when will you stand up to china, look, you've benefited enormously from the global economy, developing process but you have to play by the rules, so short-term cost, yes, but if the strategy is successful, then the longer-term gains will be significant not just for the u.s. but the global economy as a whole. liz: i agree with you, we cannot be stomped on and following the rules as the president said while others are not and china has to change, tell me right now, mohamed, from what you have seen will china change? >> i think they are going to give -- make some very short-term concession that allows for, you can call it a mini deal i pr

let's get to ubs. his company is very well-positioned despite a number of looming risks, among them the situation in hong kong and the ongoing u.s.-china trade war. toward our center position as the leading wealth manager in the world. the leading asset gather in the world. this is a secular trend. it plays very well to who we are. we are extremely well-positioned to capture growth. >> you have all the chess pieces on the right position on the board. are you the right scale? do you think ubs is the right scale? >> we are the largest wealth manager in the world. the size ofause of the clients assets. but also the fact that we are a leader in the u.s. we are one of the leaders in asia and europe and switzerland. we are well-positioned to capture this growth. it will eventually be an issue for many players. >> tell me that you are not going to do a deal. i have come to you a few times this year. the rumors in the market are that you are looking at this or that asset manager. will you need to do a deal to

. >>> ub en mÉxico y sus le dijeron.esidencia, fue rechazada dejÁndolo en un verdadero limbo legal. >>> su vida cambiÓ de ser oficial de migraciÓn a una persona que ahora estÁ tratando de pelear en estados unidos. >>> el servicio de inmigraciÓn y naturalizaciÓn no puede hablar del caso de rodrÍguez por cuestiones de privacidad. >>> quiÉn sabe si puede regresar a ese trabajo. me siento triste, porque ahora sÉ lo que pasaron. >>> el agente apela la decisiÓn del servicio de inmigraciÓn que le negÓ la solicitud de residente permanente. y tambiÉn trabaja con congresistas, para obtener un perdÓn, que le ayude a permanecer en el paÍs por el que arrÓ la vida. francisco cuevas, noticias telemundo. >>> en arizona, siguen llegando grupos muy grandes de migrantes que cuando cruzan selant autorÁ de 200 ingresaron en un lapso de 5 horas. provenientes de guatemala, el salvador, honduras y nicaragua. otros 387 migrantes fueron rescatados en mÉxico durante un intenso operativo internacional para desmantelar a una banda de polleros. los i

alix: this alisa briar called of ubs is still with me -- vassili serebriakov of ubs is still with me.do you think? vassili: we think growth will pick up, but we are below consensus in terms of how fast and visitors this word manages. growth rate accelerating around 3.5%. this should be good for risk assets. i think your best that's are going to be in parts of the that have been most affected by the trade wars. we think in the currency markets, the dollar will weaken, , against the dollar, i would look more at the central european currencies, for example. some of the asian currencies as well. the brazilian rail we think -- the brazilian real will ultimately rebalance come of it in is in a weak spot right now. the conditions for stronger growth are there next year. it is just going to take a while to be reflected in the currency. trades,e all risk on mostly, but it is important to be patient. there's still a lot of headwinds. everyone has been focusing on the trade war. the trade war is sort of a switch on and off kind of issue. don't forget that we have a very weak auto cycle and a ver

but ubs says it's time to get out of some. downgrading three big players in the space. our experts debate it in call of the day. plus, we want to hear from you to submit your questions for our investment committee, go to cnbc.com/halftime or tweet us. "the halftime report" wi sttthco wapner and the traders is back in two minutes driverless cars, or trips to mars. no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades. at fidelity you'll pay no commission but shouldn't somebody this is be listening?pression. so. let's talk. we're built for hearing what's important to you, one to one. edward jones. it's time for investing to feel individual. ♪ >>> welcome back, everyone i'm sue herera here's your cnbc update. israeli prime minister benjamin netanyahu has been indicted on bribery charges. israel's attorney general says he will be charged with bribery, fraud and breach of trust in connection to three corruption probes if convicted he could face up to 15 years in prison

deal they its black frid dealand ubs is out with a holiday shopng warning.ass is live at the nasdaq with those stories and more joy. >>darya goomorning to you good morning, everyone ubs says that online shopping may mean empty malls th holiday season. the report says that consumers will spend more online. driving ople to malls and not cessarily clothing target the meantime is opening its doors for black iday at 5 pm on thanksgiving day stores will close at 01:00am on friday mornin and reopen at 07:00am later in the day. those are the same hours the target observed last year amazon ust confirng as black friday deals for 2019 and the listovers various tegories from smart home devices to reaming devices. the deals ofciay kick off on friday novemb 22th. amazon fire tablets ring security cameras eco home devices, they'll all be marked wn. but if you're looking for a deal on those new eco but earphones no dice there costco is teaming up with insta cart to offer a one hr prescription delivery service. cnbc reports that thiservi is currently being piloted in califor

she shared her views with ubs employees saying i don't see any reference to independence and the legislation that the five the role of the federal reserve for the united states. joining me now is a reporter that broke the story. we will get to judicial 10 in a moment. first the overall question about the mandate of the federal is consideredy it an independent body and has always been treated as such by the executive ranch. is the is interesting legislation itself, the humphrey hawkins act, the federal reserve act, does not expressly given independence. when judy is picking up on is language that indicates that the , thend the lawmakers president should all have the same goals for a healthy and happy economy, but what we are seeing is judy's comments about the fed not having any guaranteed independence is against the context coming from the president where he has repeatedly attacked the chair of the federal reserve who he calling jerome powell a bonehead, incompetent, not able to do his job, making mistakes. this is rare for a president to make these kinds of comments. judy shelton, who trump

>> it is and it's surprising because i've got goldman sachs, ubs, steefl all moving targets up on this name. not moving targets down. so you know, kudos to ray jay for fighting that trend. i think the others are going to be right and ray jay is going to be wrong on this call, but i think the obviously the market will tell us as it usually does by either endorsing this with buying or selling. >> i would guess the angel list is leaving himself room to upgrade this in the near future. >> look, the retail apocalypse is real, but this is one quaen company that seems to be surviving it if you want to knock that it's had a recovery, that's fair, but the valuation is forgiving and the sector of sports apparel and equipment is not immune to online, but it's more protected than say apparel is to online consumption. >> two components to this that work against dick's. that's the margin compression story. it's been significant as you have the transformation towards digital which is now 70% of sales. in gaining momentum in digital, you're losing some of the margin power you previously had hard lines

we will speak to the standard chartered ceo and the ubs group ceo. we are going to catch up with the goldman sachs chairman and ceo david solomon. the former white house chief advisor gary cohn. it is going to be a busy day. i'm going to show you something. it was not supposed to go this way. the fed was supposed to have saved the day. the yield curve is back in a flattening trajectory. they have narrowed for the fifth day in a row. dropping by nine basis points. we are back at 18 basis points. the phase one trade deal was so much in the price, but we reverse pretty much all of that with the vice president's words this morning. to the oil market, let's have a look at the oil and the gold market. i call it the doubting thomas of the market. it is concerned about trade, resolution, a huge glut of oil and a lack of conviction from the russians. gold. giant risk event for 2020 according to td. one of the hedges is gold. good morning. nejra: good morning. what i've noticed is that a lot of the flattening was driven by the yield dropping more on the 10-yea

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ubs sees growth below a half a point before bouncing back in the second half.ready in train from tariffs already implemented. slowing down no further than 1%. previous data pointed to a growing risk that ongoing weakness spilled over. that no longer seems to be the case indicative of an economy that remains in expansion both agree on this, the fed is out of the picture either with a cut or a hike for now. the december funds futures with just a 7% probability of a rate cut. so a back drop of perhaps improving growth not a bad back drop for a rally. >> thanks for that our guests with us now, good to see you. greg, given everything steve just said, are you going to chase this >> no, i don't think so. the prompts are pretty valid but the market has become more optimistic about a trade deal and potential tariff roll backs. i see trid more potentialally to the down side. when you look at earnings estimates is expecting a kind of strong rebound into next year, we've seen to be the lows in terms of corporate earnings growth the risk is to the down side, not the upside

. >> ubs initiated jet blue with a buy. with the only buy on the list. might be on to something american airlines phil mentioned, trading 5.5 times nextier. a ridiculous valuation you mentioned jet blue at 8 american at 5. 62.5% did that in my head. the stock made a series of lower lows appear lower highs. technically looks like a disaster and ubs initiated that a well with a sell and the $27 price target despite the valuation i think that goes lower. >> we didn't talk about boeing at all in this segment should we. >> we mentioned boeing. >> we didn't do it it's amazing how the stocks still hangs in sitting above the 200-day moving average this is one you threw everything at you want to talk about dap said it was a bad year for headlines for amazon talk about bad year for boeing the stock stuck in fl. >> you can read more about the winners and losers on our website. cnbc.com here is what else is coming up on fast. >> announcer: deere caught in the headlights of the trade war. what the company said about the future that sent the stock tumbling >>> and lat

the poor performance of ub eaeuber and lyft reflect investors inwillingneses to endorse silicn valley's growth at any cost ephilosophy. uestion now zshgs all this amount to an emerging crack in investor risk appetites or the willingness to say this is a sign of underlying resilience in the insex is at record highs and for now.ength at least for nightly business report, i'm mike san thole. >> as bob pisanine ment the ceo of mcdonond's is out. steve easterbrook was let go because he violated company policy. o the stock fel that news and now the company enters a new chapter with a new leadloer fac leader who faces new charges. >> a major change at mcdoevld's. easterbrook is out as sikh as demonstrating poor judgement in having a consensual relationship with an eeempl he succeeded by m cdonald'susa president. easterbrook is also off the board of directors. in a memo to employees, oo easter said this was a mistake. given the values of the company, i agree with the board that it is time for me to move on. yond this i hope you can respect my desire to maintain my easterbrook took over in march

but experts say this year's quick sellout suggests advertisers found new appeal in the live game >>> ubss telling clients to buy shares of hasbro because of "frozen2, which made history as the biggest animated opening film ever. they expect strong sales from hasbro's leechb of "frozen dolls, given the success. that sent hasbro up 3%. and disney, the company behind the franchise, also got a lift after exceeding allon expta at the box office. here's julia bore steyn. >> i'm just livinghe dream, rona. >> reporter: "fn 2" blowing past expectations at the box office, disy announcing the film brought in $130 million office.e north american box with the $350 million global , ta a record opening weekend for an animated movie, the film is well o its way to be disney's sixth film this year to gross over $1 billion. >> i think it's did office because number one you have that built-in fan base. i think what it ridlly well is appealing to a younger audience who h never seen o"frozen" before but als the people who grew up with "frozen. "the themes for this w moviee a little more adult so it appealed t

ubs chiefthat was the executive.ming up from the fromberg economy forum -- bloomberg, the u.s. economy forum. and on the global economy. this is bloomberg. ♪ >> one of the measures is for the u.s. and china to co-assist more productively economically. -- two coexist more productively economically. wem encouraged that i think can probably expect the progress to be in stages, but i am hopeful we will see some progress. i think it is important. i think here in china, the chinese, it is important to them. the u.s. realizes it is important for the u.s., and candidly, for the economic growth around the world, given the size of both economies, it is important for everybody. francine: does it lead to a phase two? does it mean something for the world economy, or is it status quo? >> i think we have to hope that economy is being super important to global growth, we can focus on all these issues. certainly, a step in the positive direction is a step in the positive direction. i am a glass half-full guy. i am sure that the china

accordingngo bank ubs there n now more than twenty one hundred billionaires across the world. it's up nearly 40% over the l last five years. the united states had the most of any country but china comes in a close second. my wealth declined just slightly last year total billion our wealth is still a very healthy eight point five trillion dollars to charlie. do appear if any effects of the global downturn but all things considered not so bad i guguess i'm still more billion. good good news i guess for the world. thanks call and i'm going to swititch over to the other side of the set now for media watch with them a james i look at what's what's hot online and on social media. and your starting with the b british prime ministerss i interesting take on whwhat brings it meaeans for businesses in northern ireland it's got a lot of people talklkg yes very much so because it really does fly in the face of what everybody else has been saying up until now. a brexit is very complicated but you would expect as as one person who has his head around all the minutiae it would be the british

d coverageuch united airlines initiated with a boy rating at ubs.mproving operating performance among other things. the price target $110. the stock fell a fraction to $92.42. >>> still ahead, if you own a lot of large captocks there is a new risk at plafor them far from wall street. ♪ >>> google continues to expand way beyond search and into banking. according to the "wall street urnal," the company is planning to offer checking counts with its google pay app. but it's not going it alone. with citi partnerin group and a small stanford university credit you know orunion. the r notes that checking unts contain huge amounts of data about consumer spendin and income. >>> elsewhere, alibaba is reportedly planning a secondary listing in hong kong before the end of november. according to cnbc, the chinese e-commerce giant could raise about $13 billion. as you noticeablea is coming off dayccessful single's shopping event setting new records. experts say the listing could boost the m hong kongket itself which has seen business slow down amid protests there.

because he is a nice guy, could he have made uber into what it was or did you need a bad guy to make ube- to make uber what it was? >> that is probably travis' super power. he didn't care that he came off like a jerk or that he was a jerk because he felt that that was what was necessary. look, the taxi industry became the sympathetic character in a lot of this. no one likes taxis. how do you make them the good guy. but taxis are very strongly -- before uber were very strongly entrenched, very -- >> talk about unions. >> i would say hard to remove or whatever. >> and donated to mayors -- >> exactly. >> lobbied. in new york bill de blasio is directly connected to the taxi unions or whatever. so one could argue probably in the right way that you needed someone very strong-headed to pursue that and travis seemed to be that guy. it is hard to imagine a nice version of uber. >> it is kind of hard. lyft would come in behind them but they needed -- a jerk to push forward. >> you mentioned the reaction to your book and maybe surprising reaction. what is the current outcome now of looking forward

. >> last word, mike >> yeah, i mean ub are has outperformed the market the last weeks but to dan's pointy that uber is better positioned than lyft many ways cost per ride is half of lyft and of courses in a business where scale matters. but fundamentally we have to figure out how the companies whether lyft or uber make money. i would never advise running out to buy either stock here. >> speaking of autos we have news october auto sales rate coming in at 16.58 million, notable because it's the lowest in six months. this according to auto data. up next, one industrial stock tested metal against the street and won process. we tell you why that's great news for traders it's friday, you know what that means. tweet us burning options questions at "options action" you might get the answer on air. don't go awhe,nyer much more "options action" right after this ♪ >>> "options action" sponsored by think or swim by td ameritrade ♪♪ ♪♪ that could allow hackers devices into your home.ys and like all doors, they're safer when locked. that's why you need xfinity xfi. with the xfi gateway, devices connec

ub if you're trending on twitter not with excellence of awareness of educating those who are in crisisnding on twitter because you missed the mark and you're a laughing stock? time to eat some humble pie. it's time to change it. >> reporter: that's not the strategy of either the governor or the firm that signed the nearly $1.4 million contract to e oduce and distribute the ad. tonight, they say the ad is ining its job, which is to solicit lots of reaction. norah, that part is certainly true. >> o'donnell: all right, jim, who is not on it, thank you. all right, up next, with flames all around, a selfless action to save a tiny victim. a tiny victim. sell your car. whether it's a year old or a few years old, we want to buy your car. so go to carvana and enter your license plate, answer a few questions, and our techno-wizardry calculates your car's value and gives you a real offer in seconds. when you're ready, we'll come to you, pay you on the spot, and pick up your car. that's it. so ditch the old way of selling your car, and say hello to the new way-- at carvana. this is loma linda. a p

and germany's troubled d land that don'tt your bank has sold fifty billion dollars worth of assets to ubs investment bank goldman sachs as part of its restructuring. as as i would like to take emerging market debt. and all the latest in a series of toxic asset disposals made by the german. goldman is believed to have pulled that at a deep discount hoping it could make a modest profit on the day. and finally from me the owner of football club manchester city has agreed to sell a five hundred million dollar stake to us private equity fund. the deal values at the apple w. controlled a company at four point eight billion dollars making it the most valuable football group in the wild. the bias. will take just over 10% of cftft which and several football clubs around the world along with the reigning english premier league champions. of without the united group of will remain the majority sat shareholder at with the stake of around seventy seven the scent. big deals yeah and it's not a money changing hands there absolutely you can thank you very much today you can avoid that with the business o

joining us now is ubs asset management head of fixed income.t is an interesting space we find ourselves in. there is uncertainty still over the trade situation. an interesting reaction when it comes to sovereign bond markets globally and increasing conversation or noise about maybe we will start to see qe in australia. how are we placed at the moment? fundamental flow has stopped getting worse. i think that is the most critical driver of markets, but there has not been any material moves. australia, a lot of chatter, and a lot of analysis, but the reality is i think it is still a long way away for australia. when it comes to the bond market, is duration looking a bit long and the tooth? >> we are consolidating because you need either another cut or some weakening furthering data to drive yields somewhat lower. difficult it is very to see a material selloff at the same time because of how low cash rates are, how weak inflation is, and of course, very tepid growth. we saw the fed pausing on its midcycle adjustment. here is how the chicago fed pre

ubs has continued that with a spectacular new report on the dynamics of billionaires and what they doave joining ubs,is morning joseph of and christian keller continues with us from barclays. congratulations on a report, and what i love about it is the acuity of the global billionaire. tell us about the little chart in the back of the chinese billionaire. are they less billionaire-like with a slower china and a trade war? >> there are two effects that created a little bit of a dip. one is the stronger dollar. if you look at the currency effect, 60% of the story is currency driven. you are right, china has slowed down, and the trade war has not helped. the dip is mainly in china, where we only had 56 entrants and about 100 billionaires exited the cohort. tom: obviously you are doing this within ubs, ultrahigh net worth, but the stereotype is jetting around and going to conferences and all that. forget about that. -- interiorinterio confidence to sustain and enrich business? >> the billionaires we know, they are human beings like you and me and driven by entrepreneurial efforts. these a

ubs's global wealth management's senior portfolio paul, andherry vincent, thank you. coming up next, we look at wework. this is bloomberg. ♪ caroline: live from bloomberg world headquarters in new york, i am caroline hyde. joe: i am joe weisenthal. romaine bostick is on assignment. caroline: snapshot of the u.s. stocks closing pretty muted in terms of volumes and mood. trade tensions weighing on wall street. stocks picked up slightly in concerns that the u.s. and china's trade deal is still struggling. head, hunts for a new they may be looking at someone from t-mobile for a top job. fromkong looks to recover one of its most violent days since the protests started in june. joe: let's get right into the hong kong protest. for more, let's welcome bloomberg's shery ahn. what are you going to be watching next in terms of this? after the intensifying protests, we heard carrie lam coming out. it didn't sound like there was anything new. is there any move that somebody could play that could disperse the tensions? shery: she seemed pretty defiant, especially when it comes to t

it was interesting that ubs wealth management put out a piece today. this balancing act?that is always the question with volatility. the2020 this is something survey really emphasized, that , the rateutlook environment now in the u.s. and elsewhere is going down, not up. that has been the engine carrying the commercial operations based on the rate environment. caroline: stick with us, traders, until 2021. coming up, high-fashion, low prices. we will be discussing the rise of the online retail market and what it means for luxury brands. this is bloomberg. ♪ caroline: time for a look at what is trending. citi with a warning to clients that the white house in 2020 may entail a war against wall street. some candidates are pushing greater accountability for corporations while some are worried that loosening the reins might foment another financial crisis. chrysler manufacturing more cars and trucks than its u.s. dealers are willing to expect. put ampany says that it predictive analytics system in .lace this year at tictoc on twitter, reporting that facebook has announced faceb

it is going to be ubi with ubs a lot of uncertainty there >> you see the necessity they do it or theyre going to struggle i hope they will be able to do it for the first two banks, the picture is clear, they found their own space. they are making a decent amount of money it is a much more bullish picture there. >> being looing at t looking at banks, how sensitive are they now? >> they are very sensitive they have said they are both going to go to zero over the next three to five years last quarter, 140 business points of tightening we do expect to see good third quarter data on the back >> are they still holding btbs in their rule book >> they do both on their own balance sheet, maybe on insurance business they do obviously in this quarter, it's going to be a very good support for the results. i think that the exposure is going to be less of an issue for italian banks going forward. we do see italian banks part of our global bullish trend it used to be a bullish business and then it became a disastrous business i've seen the banking system morphing to a different object now i see some

we welcome ubs managing director, senior portfolio manager jason katz, who put together the perfect holidayolio meal that will make people money, correct? >> let's feast. liz: let's go. what do you have? >> i start with high quality because in a market with such a parabolic rise, you have to focus on dividends. generate fray cash flow. pay out most of the cash flow in the form after dividend. connell: okay. >> i would have garnishing. global health care, performance, lack thereof relative to the fatigue. "medicare for all," single-payer. a the group is getting immune to the headlines. liz: true. >> last but not least, emerging markets, international. if we get phase one i think is in the bag, phase two in the not-too-distant future all export economies could play catch-up. we could see a rise there. connell: i like the theory about emerging markets. it appears as the president said we're in the quote, the final throes of the deal with china. u.s. mexico trade deal happening before our eyes right now. we have hillary vaughn outside of the trade representative's office. you think that might b

thank you so much, jason katz with ubs and bloomberg cross affect reporter sarah ponczek. "what'd you miss?" is next when we will be talking about today's merger mania. this is bloomberg. ♪ ♪ romaine: live from bloomberg's world headquarters in new york. scarlet: i am scarlet fu in for caroline hyde. joe: i am joe weisenthal. andine: the dow, s&p, nasdaq all closing and record territories. joe: the question is, "bloomberg technology" -- the question is, "what'd you miss?" what drove dig in to the rally. a fresh batch of major mergers hitting wall street. we dig into the m&a ahead. change in tides in hong kong. a record number of voters turned out to rally behind the pro-democracy party, winning 80% of the almost 450 seats up for grabs. joe: let's get more on hong kong. joining us, bloomberg's shery then west from washington. just break down how significant and how unexpected the results of this week's election were when the pro-democracy party seemed to win a landslide. given the unrest continuing to grow company expectations that we could see something similar, that the p

united states, so shelton really casting doubt on the central bank independence when she spoke with a ubstive and october on central bank policy. highly unusual for someone in that position to say anything, let alone question the independence of the body. let's get the latest on our top story, this ongoing wework saga, softbank looking to reduce the size of their investment. shery: this was very controversial from the get-go. what do we know? >> it seems like terrible objects, on the same day they laid off 2000 people, to have hanging over the discussions the notion there would be this tender offer where the cofounder who is responsible for the situation where we are now, might get 900 $7 million as part of that offer, so privately, softbank executives have been talking about is there a way to hold that tender offer where they do not have to pay that full amount to adam neumann? haidi: what is the structure of the current agreement that is in legallynd is it a huge legalout tussle to be able to renege on it? >> they could do it in a way that is not exactly reneging on it because the tende

ubs has said this. the question is how bad it will be for oil prices, and how far they fall. fall far enough, does this mean that opec is to hold some emergency meeting and step into the market? that is the big question. many people say if they do not cut, they are going to be facing really difficult prices at the start of next year. anna: thank you very much. just a quick check of the price is right now, down around 0.4% -- $57.87. $87 brent under pressure, too. just down a fraction of 1% on equity markets. the big story is around hong kong tensions. president trump signing that hong kong bill into law. how much is that going to disrupt the trade negotiation? that is something the markets are watching. q market is not selling off a great deal on this thanksgiving holiday. still ahead on the program, the outlook for europe growth concerns lingering as the ecb weighs its inflation target. on that next. this is bloomberg. ♪ ♪ this is a special edition of "bloomberg markets." i'm anna edwards, live from london this thanksgiving. happy thanksgiving if you are celebrating in the u

this is the head of ubs, saying that billionaires actually do good for society and the economy.ompanies run by billionaires do better than those run by less wealthy ceos. obviously still very wealthy chief executives. shares in publicly quoted companies controlled by billionaires rose 178% between 2003 and 2018, compared to 9.1%. between 2003 and 2018, compared to 9.196. -- between 2003 and 2018, compared to 9.1%. —— rose 17 point 3%. so that isa 9.1%. —— rose 17 point 3%. so that is a significant point, if your company is being run by a billionaire it will do better, maybe because they are making more long—term decisions because they don't need the money? maybe they are just geniuses, that is why they are being compensated that way? i thought it was interesting. before we run out of time, we are staying with eft, take us to final story. a beautiful picture on the front page of the paper. i think as we go into the memorial weekend, i think it is really a very moving image that the financial times have foregrounded. it is the oldest known poppy from the first world war, picked by

there are several months where ubs had told wework of the issue, wework actually starts talking to vendorsaugust about replacing future phone booths with new ones, and actually in september, premiere, the maker of the phone booth, suddenly shuts down without warning. some of its workers are left stranded with no severance. in the background, there are a series of events that lead up to the announcement of the phone booth. that is what we get into in this story. jason: in the saga of wework, we turn from phone booths to a phone guy, who could be the next ceo of this company. john legere is now rumored or confirmed to be at least having discussions for the top job. tell us how that came about and what it may mean for the future of wework. ellen: right. it seems like wework is continuing on the ceo search. john legere is one of many names that they are having under consideration. it seems like wework, to put it in context, is still struggling to find who will be the leader that is going to take them forward out of this really tumultuous time. to take you back a mere two months, they still had