an exclusive conversation with the ubs chair. we will talk the future of european banking and the pandemic. welcome to "bloomberg: surveillance." i'm francine lacqua in london. let's check quickly on the markets. if you look at the markets, and a lot of them are looking at the concerning news or news brexit is going to weigh markets were hoping. the stock's european 600, down and the pound, looking to see if there is any swing on that. 1.3243. let's get to the first word news with leigh-ann gerrans. a british official says brexit talks need to show progress by tonight if they are to continue. european union's chief negotiator is said to have denied any breakthrough on the issue of fishing license. boris johnson is due to speak with the commission president ursula von der leyen. donald trump says his personal lawyer rudy giuliani has tested positive for coronavirus. "the new york times" says the 76-year-old was admitted to hospital yesterday. the president wished him well. giuliani's son tweeted his well. is feeling the u.s. is sa

baweja of ubs, you're going to be sticking with us. constance hunter, thank you for joining us from kpmg. this is bloomberg. ♪ alix: live from new york, i'm alix steel, with guy johnson in london. this is "bloomberg markets." the u.k. warning that negotiations are at a very difficult juncture. speaking earlier today, italy's minister of european affairs told bloomberg's maria tadeo what he's most worried about on the heels of next week's eu leader summit. >> brexit, as usual, europe is very united. our delegate michel barnier has our full confidence to negotiate on behalf of the delegation. alix: maria, it has been quite the 24 hours when it comes to brexit. where are negotiations now, and what happened? been 24 hours of mixed signals and a lot of back-and-forth between the european union and the u.k.. we understand that michel barnier has decided he doesn't have enough to present, and he will stay longer in london to try to present a deal. in terms of deadlines, i would really not want to give a date on this. to be very honest, no one

still with us, paul donovan of ubs wealth management.rexit,en you look at what does it mean for negative rates in the u.k.? first of all, it is actually unclear whether we have a deal or not. how much damage or how much disruption will we see come january if there is no deal? think we will do get to a deal. we are now at the stage where prime minister johnson and president macron are slapping each other around the face with wet fish. i think it is unlikely that fishing is going to stop a deal in the end. for oneor -- but if reason, we do not get a deal, there will be a lot of disruption. challenge for the medium term is, ok, if we do not have a deal on the first of january, when will we get a deal? because brexit goes on forever. we are just starting another round of negotiations with or without a deal. in either case, there is a limit do,hat the central bank can because the sort of disruption that we are talking about, with a deal, without a deal, is not something that is about liquidity in the system. down to dover go and start directi

ubs up 5%. that.xcess of coming up, oil is sliding on concerns that more lockdowns could slow the global recovery. we discuss. coming up on >> this is bloomberg. manus: it is daybreak europe. first word news. laura wright is with me. byra: london is being hit the uk's toughest restrictions from this wednesday. u.k. authorities warning of a new variance of coronavirus may be driving a rapid rise in cases. the switch to tier three means pubs and restaurants will close except for serving takeaway. the health secretary says the new measures are essential to protect lives and jobs in the longer term. u.s. attorney general william barr is stepping down, after probably disagreeing with president trump's claims of widespread voter fraud at the 2020 elections. trump confirmed the move on twitter saying he has done an outstanding job and will be succeeded by enacting basis by deputy attorney general jeff rosen. government agencies and major corporations out of the u.s. are reviewing their computer systems for s

ubs chairman speaking exclusively to bloomberg with francine lacqua.e interview with the indian finance minister. don't miss that. this is bloomberg. ♪ rishaad: reports from india saying a coronavirus vaccine planned for its 1.3 billion people is been closer. the business standard saying you see arm institute of india is close to signing supply contract with the federal government for its product. also pfizer, astrazeneca and biontech are reportedly applying for emergency use authorization for their own shots. let's go to new delhi to find out what this means for the economic outlook, and welcome the finance minister of india. welcome to the program. i want to first ask you about how much you have been earmarking for vaccines? and whether that will come out of this year's budget or next year's? clearly, we have been saying you're going to keep everything required to get the vaccine going. the logistics and cold change are being worked out at the level of districts and states. so i am unable to now at this minute give you an exact number modes are being

of ubs, thankty you.da posting the briefing documents on the pfizer/biontech vaccine forget this will be made available ahead of a december 10 advisory panel, where we might hear whether they approve the use of this vaccine in the united states. we understand from a staff report that pfizer has given adequate information on vaccine quality. tom: forward you go, step-by-step. we've got to get the safety right. but i'm sorry, it doesn't diminish the courage of the gentle lady from coventry this morning. somebody has got to be first, and there she was doing it, and she was very stoic. she should see the queen. jonathan: i think the queen is going to take her turn coming up shortly, maybe before year end. coming up on this program -- maybe it will "the crown." i'm not a fan. tom: i'm shocked. [applause] [laughter] -- i'm shocked. [laughter] jonathan: coming up on this program, boston mayor marty walsh on what is happening in that city and across the state as well. this is bloomberg. ♪ ritika: with the first w

valuable items. , ubs seniorjackets advisor, very important here, a conversation on the moment we areand the linkage of our markets to public policy. futures up 22%. this is bloomberg and it is her birthday. ♪ ♪ good morning, everyone. tom keene and the birthday girl in london. futuressteenis without. up 28 --huw van steenis with us. you abouttalk with the experiment of negative interest rates. you are truly expert on this. out, 2019, 2020 and then all of a sudden, this horrific pandemic. is 2021 a to.4 -- point?-- tip huw: you look at the latest statistic, banks will make just 2% for the next three years. behink that is what needs to from the special funding program is so important. one of my concerns is one of the concerns of policymakers is is the bank small enough -- strong enough to lend to businesses when it has been such a tough environment. i can see it continuously expended because of the society rates more corrosive by the day. tom: what is keeping the united kingdom -- what is keeping the united states from joining the negative rate experience -- experiment? huw: some of it

ubs say everyone is piling in and they need this protection right now. stephen, thank you so much. think one of the interesting it does not feel like we have a great handle on what has been lost. we know it's big. we know it is at multiple levels of government. but so far we do not know the damage. how concerning is that? that's the scariest part. we are just starting to quantify this. you start to think about the large national security impact. we see large companies of 10,000 or more, but at least 15,000. we know that they will be looking for ways to has this off, but do we start to see fundamental changes, or is it just the patch and then you move on? daily scanning. we see the removal of this particular software. people are responding. it's very different than in the past. multifactord authentication. this would not have changed. what will continue to do, it will shut the focus to really look at this challenging problem, which is the supply chain and the vulnerabilities of these partners. caroline: did the u.s. take its ball?f the thatll it be the narrative the u.s. will do it

ubs are quite positive here. lifted their forecast for the ftse 100 heading into next year. 7002 hundred, that is an 8% upside from current level. they are also expecting a 32% gain. some of their stocks are those that have underperformed. the likes of sainsbury's and lloyd's banking. they predict sterling will have a good year with a forecast of $1.44 by the end of next year, an equity return for everybody who is an investor. juliette saly in singapore. thank you. ubs say one dollar 40 four cents. morgan stanley warned us your run is done on the pound. where do you stand? the deal is done. is it enough to take it above $1.40? >> on the basis of the deal itself, no. october onwards, markets have priced in the likelihood of a deal, so the fact we got a deal did not surprise markets. on the deal announcement itself, it is not going to propel cable higher. since marcht cable of this year, it has been a dollar story. sterling, it has not done an awful lot against the euro. there are two issues. first, continued dolla

coming up later, jc draw ho of ubs. >> i'm richter cooped up. getting on board with a bipartisan 908 million dollar package for coronavirus relief, they told fax -- fox news that that they are a member of the group pushing the measure. reports, rudy giuliani has been hospitalized with covid 19 in washington. he is reportedly getting great care and feeling well. giuliani has been leading the efforts to overturn the results of the election. in china exports jumped the most since 2018 to a monthly record high, underlying how global pandemic goods export is helping the chinese economy rebounded. another blow to the ute -- ,tature of new york city goldman sachs is planning to move to south florida, operating remotely, they persuaded leaders that they can move the jobs out of new york to save money. and this week facebook will be had by federal, state antitrust lawsuits. they have learned that there has been an abuse of dominance and a thwarting of competition, led by the ftc and group of state attorneys general led by new york. global news 24 hours p

>>> ub er and door dash are rolling out benefits. >> prop 22 helped cover those costs.a surcharge to rides and deliveries. no word yet from >>> thank you for watching tonight. the news continues streaming on cbsn bay area. >> cbs evening news is coming up next. have a good night. in just a few months, we've learned a lot more about the covid-19 virus. it's real. it's dangerous. and we do know how to keep you and your loved ones safe. wear a mask. wash your hands. stay six feet apart. we can do this. if we do it together. ♪ ♪ captioning sponsored by cbs >> o'donnell: tonight, the moment we have been waiting for for months, the coronavirus vaccine is here. giving hope just as america hits a devastating milestone. healthcare heroes across the country were the first to get the pfizer vaccine starting with a critical care nurse in queens. >> i hope this marks the beginning to the end of a very painful time in our history. >> o'donnell: when dr. anthony fauci says we may get back to normal. 300,000 deaths in the u.s. the desperate battle to save patients as covid wards fill u

guy: joining us now is arend kapteyn, ubs chief economist. the base case, is that the way to go? arend: we think so. i think we are all just waiting. if you are not in a room -- in the room, you don't really know what is happening or how close we are, but you have to thing a deal is going to be forthcoming. all of the focus is on things like fisheries and food and things like that, but if there is no deal, the u.k. will effectively lose most of its auto industry. some of the cost estimates we forgot about because we got preoccupied with covid. the cost of not having a deal is just way too large to not close that final gap between the two sides. the: how do you think unfair competition problem is going to play out? if each government is infusing their government was a lot of money to spend on stimulus, but then they have this clause where they are not allowed to support or subsidize certain businesses, how does that affect the recovery out of covid? arend: the u.k. has not been using a lot of support so they have not benefited as much from it and the european countries have. i thi

check out mcdonald's, topping the market today, to buy ubs, the name just about flat over the past month this particular analyst was so excited about mcdonald's reaccelerating after this lull including things like spicy chicken mcnuggets and the mcribs. >> listen, without giving away my final trade, i'm so with this ubs analyst. obviously the stock pulled off from a prior all-time high. i think they're picking the right time to upgrade this name. performed well on lousy pace. comps will come back and i agree. without giving too much away, i like what they did here at mtd, mel. >> final trade, mcdonald's? we'll find out in a few seconds. >> yeah, i'm not giving anything away when i say that i think mcdonald's is long-term holding in any portfolio, not because dividend yield and structural foundation of the company but because they stayed with the times, they actually upgraded and the cool factor of mcdonald's is less important than kiosk, digital, more helpful food and evaluation in that space that isn't the most expensive relative to peers. i like it. >> they're pretty well positioned in

we do need to get enough vaccine and have it available to the ub at-large. you heard about the decreases in the coming allotments and endure those challenges. we need to make sure that people are getting vack inated. there is a clear difference between vaccine and vaccination. even if we had vack innations, if they don't come out of the freezers and get into the arms of individuals, we make no progress on this pandemic. we cannot forget the important foundational things that we have to continue doing and that includes wearing masks, avoiding gatheringings. using this very layered approach will get us to the end of the pandemic and we will have that time for celebration. thank you. ow comments nrl spanish. [speaking foreign language] >> made even more significant in this pandemic is the digital divide. how can your child learn from home if you don't have internet access and shop for groceries online if you don't have a computer. accessing the digital world has been essential. really, there is no realm which connecting online has become absolutely necessary in

players, staff, ubs need to be brave enough to take a stand against this, regardless of whether or notou forfeit a game. if that is the decision that they will take, it can only go, it's a decision that honors them, of course. it is still unconfirmed, we will have to wait for confirmation from uafa, but at this point in time, i have no further information to give other than those allegations, and that the game for the moment is still --. marco: simon harding, our sports editor. the president saying that the team will not take part in the match if the fourth official who has been accused by the players of racism remains in place. the fourth official is necessary for the running of the actual gain. -- actual game. paris versus istanbul, it has been suspended on allegations of racism leveled against the fourth match official. this all emerging in an incident involving a red card being shown to a coaching official on the turkish side. we will get more on this as we can. our sports editor's on developments too. thank you for that, simon. let's move on with the rest of the world news. the fi

maria: you've got major banks gearing up to own their own securities firm in china, jpmorgan, ubs ishere, goldman sachs all want a piece of the 1.4 billion-person population in china so they can sell everything from checking accounts to credit credit cards to this massive population. now we learn that the former so owe of disney, bob iger, is being considered as the next ambassador to china. what would that say to the world, what message do you think that says about how joe biden will deal with china? we know that disney has a theme park in shanghai, it has a theme park in hong kong. they've had to go along with what the ccp told them to do if they want to operate in china. >> well, it's funny, i just sent bob iger a copy of the book, actually. i hope he'll look at that. and in any case, i think it would be at the point that it wouldn't go through. disney had a major scandal this year with mulan where they yanked the public security bureau in china, the place that's operating the concentration camps where you have a million people in concentration camps in shin jang, and, of course,

mark smith from ubs wealth management also joins the conversation and we get our first comment from mikewhat do you make of the way this week sort of petered out for the market despite the fact that, you know, we did get that positive fda meeting yesterday and we are awaiting that emergency use authorization. >> it seems like the vaccine stuff has been part of the premise of the rally we saw coming into this month or this week already in fact if we looked at the low from this morning on the s&p it was back to november 9: -- the high of that day when we did start to price in really vaccines being within view i think that's all a net positive it is just we have already got there and processed through it i think the market is both listless and resilient at the same time this week. the broad market the s&p 500 didn't really set off many alarms in terms of the action but there was a little bit avalos of energy most of the energy seemed to be in creating new 80 and $100 billion market cap stocks from ipos as opposed to the old stocks that have been out there for a little while so we will get m

we also have ube pie. ♪ it's like this purple color.nilla, coconut, and it's just, like, delicious. the pies i actually launched at community events. of course, at that time, i was working full-time with the state. worked there for 14 years. and i always tell my family that i will start my business when i retire. and when my son told me, "why would you wait when you're older?" so 2017, that was my wake-up call. i quit my full-time job to start sweet condesa. when i first started, it was just me, one-woman operation. and then, with the demand growing, it's quite challenging to meet the demand. finally, during the pandemic, i was able to bring in a pastry assistant. all our products are 100% handmade, handcrafted. our pie crusts are hand-molded, and we make everything fresh. mixing the crust... baking it... making the filling... pouring the filling, and then baking it again, it's a long process for just a simple dessert. at this point, during a pandemic, it's just like i was just blown away that, wow, it's doing good. and i'm just so than

the ones driving the consideration are the ones that have profit and neither ubs or credit suisse aren that area. >> what is the hope for financial at this late stage? the -- financial services are not part of the discussion yet. we have trade and a new relationship with the eu. they would basically call the shots, so they look at the european court of justice as that entity and it has been a difficult discussion in switzerland and i don't expect a less difficult discussion in the u.k. if i'm honest. >> will we get a deal? cracks in the end, both sides will come to an agreement. it will be a transactional deal will beever is agreed subject to review. think financial markets. if the union, like switzerland gets an agreement because the u.k. is super equivalent in every dimension, that's only a snapshot in time. as soon as the u.k. uses its degree of freedom and changes the laws in financial institutions, it will be reviewed and switzerland lost its equivalent for the stock exchange, not because of anything happening in switzerland but equivalent judgments are political judgments and at

mcdonald's contributing about 30 points to the dow after ubs upgraded the stock and analysts there areushel on the company's breakfast offering and digital shares up 2% to 4 pedestrian and amgen and visa trading in positive territory. two ipos from last week, airbnb and doordash selling off in today's trouble. airbnb getting hit by a double downgrade with analysts saying its shares are too high and, kelly, now back to you. >> it is an historic day as seema said as our massive covid-19 vaccination campaign gets under way in this country. with the first shot given in new york this morning and similar pictures to be coming in from across the country, meg tirrell has been following the rollout fours, and show spoke with pfizer's ceo this morning about it and the next steps from here. she joins me now with the very latest. hi, meg? >> kelly, just got an update from operation warp speed on how all of of this is going across the country. the distribution has gone incredibly well with pfizer overall. the first boxes of vaccines were packed up and started to get shipped out from pfizer's plant

ritika: over the weekend, the ubs chair said the merger would not be unreasonable.: it does seem that the dance has started though, hasn't it? both talking about it so quickly as insist -- in such proximity. the banking merger story is fascinating because in some ways it is the center of what is happening in europe at the story debating. about the single market. the banking union, that is miles away. ,ingle banks, domestic banks that feels like a long, long way away. europe has so much ground to cover. alix: i wonder in the middle of covid, what will the stomach the for these mergers, because they value. include that is where you have to bring out the value. how are you going to make money? you are going to fire people when you wind up merging. i don't know how that works. guy: in spain, they are happening. in germany, to an extent they are happening as well and the retail left over -- layoffs. i think that there is a recognition the deals need to happen. they are happening domestically, putting the big cross-border deals together remains elusive because we do not h

ubs flagging, a bumpy demand for oil.er of 2021 when vaccines are are expected to be rolled out. the second half will be constructive for demand so they are forecasting $60 per barrel for brent. haslinda: indian stocks capped the best weekly run since 2019 but be careful. cautious,mura being pointing out india's growth prospects aren't matching up to the robust earning a -- expectations and lofty expectations. the value has pushed almost all 200 big companies in india above their 200 day moving average. virusre cautioning the impact on consumers is large with credit growth far from indicating a sanguine outlook. they are underweight on auto and consumers in india plus commodity prices are seen as weighing on consumption. rishaad: thank you, sophie. china markets as we had towards the lunch break, having a look at, last time there were positive. the shanghai shenzhen composite, 1.3 percent to the upside. quite a lot of issues down to what has been going on with the benchmark money market rates, which are bitcoin. the centr

paul: ubs private wealth management, roderick vonlipsey. thank you. european, vaccination program gets underway but there are setbacks in germany. case number is beginning to slow in the u.s. this is bloomberg. paul: concern in the u.s. about a post-christmas jump in coronavirus infections. numbersnformation shows slowing. a setback in germany. we have the latest virus developments. the united states has been vaccinating people now for two weeks. your business getting going. how is progress? reporter: there have been well over a million vaccinations given. quite a bit more. modernaaccine and the vaccine are both in the u.s. europe just started today with the pfizer vaccine. italy, the, france, scandinavian countries all vaccinationsg the to the elderly and front-line workers, people in long-term care facilities. going pretty well. germany has been the only spot of a snag. the pfizer vaccine has to be kept at very low temperatures. a bunch of doses were not at that temperature. suspend vaccinations in a number of cities. they did not want to take the r

york.om keene in new i love the idea that you are a foreign-exchange trader at ubs years ago. the idea of using a bid -- losing a bit in three seconds is an educational experience. let's get education on price up, yield down. -- grid and seed for 2021 the great unseen for 20 21 is the opposite clearly of consensus. what will be the processes it force price up and yield down for the united kingdom and the united states? up, yield down, in actual government bonds, i think is going to be challenging. i think there is -- one thing a couple things that we have -- that we can almost know for certain, next year there is going to be a material economic recovery, given the positive scientific developments. i think the big challenge for central bankers is how you keep financial conditions loose as the economy recovers. there is going to be pressure for nominal yields to rise, and the intent, i believe come of the central bankers will be to keep conditions loose. they give forward guidance, they have a number of tools. yield, at least the nominal yield lower story is unlikely to happen w

there are senior women executives at ubs who are coming up the chain. similarly with deutsche bank.ning to see women ascend to the ranks of executives. however, you know, this process does take decades sometimes, and thanks have just started planning for this very late. francine: thank you for all of that. salaam --back to the it is a big day for the jobless figures in the u.s. to look for that. the other big story is opec for oil. there is news on the u.k. brexit negotiations, we are trying to figure out how they are going. we just have another headline coming in from reuters saying the u.k. trade deal is expected by the end of the weekend. from our own sources, that is what we had understood, but then something happened last night. we are checking with colleagues, ringing the phones to make sure that we have all the facts straight for you. count pretty much unchanged at the moment, or at least i am looking at euro-sterling, 0.9030. "bloomberg surveillance" continues in the next hour. tom keene joins me out of new york. we will talk to a number of market participants, and we will t

one that your audience might know best is margaret hoover, who has reprised firing line on ubs. mr. madden: -- on pbs. mr. madden: right. is the great relief effort, the papers when he was head of commerce, the great relief effort of the mississippi river flood of 1927, of those papers at the library? we have atz: yeah, lot of stuff that comments on the mississippi flood of 1927. mr. madden: most of the presidential libraries have an oval office exhibit. do you have one? we saw a photo where there was originally one. mr. schwartz: we did, but that was replaced in 1992. the permanent galleries that people will see data from 1992. the oval office was replaced with the waldorf gallery. and this is a, very specific question. is the grant-wood painting of the hoover childhood home on view? mr. schwartz: no, we don't have it. mr. madden: do you have information -- no, sorry, we have already covered that one. about, did heere have a relationship -- you and i have talked about, he developed before carter the post-presidency. withe have a relationship eisenhower and kennedy and those adminis

today for instance, ubs has announced a shakeup in its management ranks and has nominated a prominentcutive -- women executive to lead its swiss unit. if you look at the top executive leadership at europe's biggest natwest is perhaps an outlier, having a woman ceo. and santander has a woman as chairman. are and less, they visible roles. annmarie: you write the world of hostile andbe isolating to someone who is not white, straight, and a male. what has changed in the past few years? >> a lot of the changes have only accelerated in the last two years. there was this huge time where there was a vacuum in the kind of steps that needed to be taken to aggressively address this in a way that could ensure future generations of women could be ascent up theuick ranks -- where the same kind of assent there male colleagues could be given. where we are today, we have made and strides and banks financial companies are realizing this to be a big issue. such a times been e thankserms of th coming to this realization. and they lost precious decades building women candidates. annmarie: that is all the

losses and on the news that it is looking to merge asset management units and deals with invesco and ubsllow this news and see how it plays out into and after the close. this is bloomberg. ♪ mark: the senate passed a one-way government spending bill getting president trump just enough time to sign it and avoid a government shutdown after current funding runs out at midnight. the short-term spending bill is necessary because none of the 12 annual appropriations bills for the fiscal year that began october 1 has been enacted. negotiations on and on the best package wrapping them together has not been completed. lawmakers hope to use the omnibus bill as a vehicle for war than $900 billion -- as a vehicle for more than $900 billion in coronavirus eight. new york city restaurants will not be able to offer indoor dining as of monday. governor cuomo says statistics surpassed benchmarks, hospitalization rates are increasing dramatically. he called them the ultimate cause for concern. outdoor dining and take-out can continue. 30 firstcember deadline, both sides were odell brags that is looking li

we partnered with bill and andrew and howard marks and ryan graves from ub aer and we start we commerce. >> what would you say was the bernie sanders piece of advice bill gave you over that lunch that you put into practice. >> bill thinks long term. i think it's easy when you're i don't think and you just want to do things quickly, you know, we had said to him, you know, should we sell this business, hold this thing and he just said you need to think in decades. you need to be much more long term. we really tried to drive tho ho -- that home. and my business partner and i like to joke we make three to five good decisions a year. >> maybe you're trying to put that into practice. you're trying to develop wecommercial into a berkshire-type business, right? >> that's right. it was founded on a busy started about ten years ago. i met the ceo and now president of shopify at a conference. at the time i was actually running a web design firm and he said i love the work that you guys do. i would love for you guys to be one of our first partners. so we became one of shop pify's first partners, th

for example that partner at ubs, pretending for hick ups in the future if you want to go into what here. >> we see something wider in the repo markets as the banks start to worry if it is worth this low value, low margin use of value she lends with more and more reserves coming on. there's a real real chance of volatility, friction and money markets as the treasury runs out of cash balance and pulls the hope town. sort of setting up for a bit of a storm in money markets i think. sonali: that is a terrifying thing for banks and regulators to listen to. people were calling that moment the ltc m moment because hedge funds were so leveraged and now they are doing so again. toobviously you are going see some caution from the fed, some concerns for the banks. we know that u.s. banks are better than european banks in terms of capital buffers, but do we need stress tests on private lenders? on hedge funds? it's a great point that you make an something that janet yellen had been concerned about. into next year her move from potential regulators is to cut down on that in a bigger way and that's

r, thews out of ube ridesharing service selling their self driving business to aurora and taking a stake in exchange for investing $400 billion in our laura. they will get a 26% ownership stake. sources say it will create a larger competitor to the leader in the field, alphabet, and it is a big surrender for uber, which it made a big bet on self driving cars. coming up and we hear from box aaron levie on the megadeal that is salesforce plus slack. ♪ that is next. this is bloomberg. -- that is next. this is bloomberg. ♪ emily: demand for the cloud has rocketed in 2020 amid schools closing and workforce is going remote. in last week's megadeal with salesforce and slack i spoke to both company's heads for their take on what the deal means. >> you said it right, it is a marriage made in heaven. >> the key message is there is an opportunity for something nonlinear. >> the idea you can have this next generation, work from anywhere environment, runs on my phone, ipad --amazing what is possible. emily: many are looking at this as a defensive move against microsoft, what is your response to that?

looking at assets for its asset management units, including the big atfs, exploring with invesco and ubs. >> coming up, take a look at the markets as america awaits details on the covid relief bill stuck in congress, energy and finances are the biggest laggards we'll have more as the dow has turned positive. outdoor retail companies are surging amid the pandemic. cape c academy sports and outdoors' sales nearly doubled in the quarter. e'a whole lot more "power lunch" after this. in a land not so far away, people are saving hundreds on the most reliable network with xfinity mobile. they can choose from the latest phones or bring their own. and choose the data option that's right for them. they even get nationwide 5g at no extra cost. and since they are on the carrier rated #1 in customer satisfation, they live happily ever after. again, again! xfinity mobile. your wireless. your rules. your way to stay closer together. click, call, or visit an xfinity store today. >>> welcome back, everybody. stocks are lower today across the board. the nasdaq leading those declines, down about a half a p

fedex, target raised today, street high, $380 at ubs you own calls. do, scott, and it just broke 300 today and traded up to 303 it's literally right at 300 as we're speaking right now like the upside here, scott, and demand drives value in this one and the demand is through the roof i think you hold this one and continue to look for more upside. >> give you something quick. netflix. don't talk about the stock very much anymore target raised at jeffries. >> calls in this one also, scott. stock and calls. i like the upside of netflix, and i think the offerings just keep getting better really than just until theaters reopen, scott, this is the play. >> give me a name for a final trade while you're at it, please. >> plug, p-l-u-g >> good call. >> sirrate >> godaddy, hitting new highs and growth at a reasonable price. >> we'll continue to follow that having a decent day. >> all right josh brown >> paypal, stay long, going higher. >> still likes the payments name. >> stephanie link? >> xpo the spinout news last week of a logistics business is absolutely pos

as for boeing, ubs doubles their target from 150 to 300 we've got this running theme going through the about the promise of a vaccine but, as bernstein says, the vaccine may not show you the light at the end. tunnel but it definitely indicates that there is an end to the tunnel. and a lot of that is going to be reflected in the way in which we fly around the country, hopefully beginning next year. finally, guys, tomorrow is going to be a busy session, not on with the salesforce investors meeting, but we're going to get earnings from the likes of chewy, auto zone, game stop and goldman has financial services conference we'll watch for bank headlines for now the judge and the half >> thank you, carl welcome to the halftime report the road ahead for your money and whether a good part of the recovery is already baked into the market we debate that with our investment committee today, joining me for the hour. bryn, brenda is the cio of globe hill visors. we are trading at noon today, nasdaq hitting new highs today, 12,516 s&p, dow, slightly in the red today. russell's also green let's kick

the optimism people can talking about, bank of america says all this money continues to go into tech ubs says don't worry about tech being a bubble because they say we don't think it's time to sell the sector on bubble concerns. it looks appropriately valued. nasdaq's been up a ton >> yeah. i think steve makes a good point. i know that's surprising it must be friday for me to say that but in this case he's making a great point. i think when you think about what technology represents -- i'm crabby today about tesla, so i'm sorry. you know, i think that what we are looking at is we're looking at this scenario whereby technology as a sector is very broad. we saw technology be split between communication services and traditional tech and honestly we probably need another split now if you think about it in terms of the way you're actually investing in technology because big technology, mature technology, the microsofts of the world, they're absolutely going to participate in this reopening trade. they don't need the reopening trade but it's not like they're not going to benefit i don't disagr

. >> the ub estimates that some 5 million tons of wild meat are harvested every year from the congo basint the most potent source of viruss are live animals. they carry the viruses can and infect when they're butchered or petted in private zoos. lye animals and bush meat are part of a multi-billion dollar global trade, that's a cause and a symptom of ecological disaste disaster. combined with logging, untold potential infections could be released. and now it's as if nature has found a way to protect itself. that locked up in the armory of the forest is a weapon against the planet's most deadly threat. humankind. and if so, this abandoned palace of a long-dead dictator isn't a relic of the past, it's a vision of what the planet looks like when mother earth fights back. >> sam kiley joins me now. i have to say, sam, it's both fascinating and a bit terrifying to see your investigation. when you talk to experts, is there anything that can be done to stop the threat of these new viruses? >> well, yeah, in short, there is, kate. there is quite a lot of interesting work that's been done actually

google and waymo is not sitting back, ub ser is playing offense. tesla will never do anything >> jim, you're the car guy what about josh's idea >> well, certainly of course i woke up this morning and said what about gm? i think there's one point that josh kind of glossed over but this is where it's like starting a land war in asia, which is the auto union they are decades of experience of the auto unions wrecking companies and wrecking management maybe the auto unions would say we'll get paid in apple stock but it feels like getting into a land war in asia, not one you would win. i'd love it and if they did it i think you pick gm over ford because they have the battery technology already there the bigger point to me as an apple shareholder, i could not care less about this news. first off, it's four years away. that means there's a ten-year head start for guys like elon musk the fields are already guantanamo bay to be overplowed -- >> so what apple didn't invent the phone. they just arguably made it better than the one who is did >> okay, maybe tha

of another lift, it's not lift per se, but look at boeing shares, upgrade today by analysts over at ubs cite willing some of the optimism around the boeing 737 max model jet and its trajectory going forward. that's helping to porter gains still down 25% year to date but look at that move ever since vaccines were announced and we've seen some of that reopening trade play out a big movement for boeing. we'll see if that maintains that way in the next few weeks to could. back over to you >> yeah, looks like a stair step climb over the recent performance there. dom, thank you very much, at long last araibi and door d.a.s.h. are going public this week leslie picker has a look at their offerings, one of the best days ever for the ipos and a hot new way of going public, using a spac bob pisani has the details lesly, let's start with you. >> you're right. two multi-billion dollar ipos coming to market this week door dash set to make its debut on wednesday followed by airbnb on thursday. now, kell, it's important to underscore the level of issuance in a single week including spac. we're expectin

so what we can do is specify what particular rights or privileges we would like to feel ourselves ube obligated by or obligate others to in an agreement that is binding and i'm happy to hear what sam thinks about that, but what stands behind that is a conception of a human person as being the bearer of rights from god, but bearer of rights that are not dependent upon the whim of the king or the class in which you live. they precede the state. they are part of us as human beings in the image of god. these are rights and freedoms connected with the freewill you were just mentioning, paul. but rights and freedoms as a human being and that is what we need to meet each other as peers and come to agreements as peers. >> yes, that's all true. the other thing i would add to this is implicit assumption built into the mayflower compact, which is only still being worked out in england itself. we are talking about 20 years before the english civil war, which is a changing event for britain. what's interesting about 1620 is there is this assumption at work in the mayflower compact of limited gover

as he waits on signing the bill, the president spent the morning tweeting more about his ub substantiatedtion fraud and complaining that first lady melania trump hadn't been featured on the cover of a magazine. joining me is the former director of the nixon presidential library. so good to see you, tim, and happy holidays, happy new year upcoming. boy, there's a lot to tackle here. the president has been silent for the past few weeks, really, on covid, on the relief bill, he has talked a lot and tweeted about the election fraud that he maintains. but how do you assess this here? and then on the heels of pardoning more than 40? >> well, first of all, happy holidays, fred, and merry christmas to all. the president stopped being the president in all but one sense after election day. i mean, he kept being the losing candidate. but president stopped talking to us about covid, he mentioned the vaccines, but only as a way of giving himself a pat on the back. we've heard nothing from him on russia's cyberattack, and we've heard nothing from him about the bomb in downtown nashville. so with the ex

. >>> we're ready to turn the change on 2020 including ubs the firm out with its most compelling buy-rating202 is and a mix of reopening plays with notable further upside and secular winners that will keep trucking along names include southwest, morgan stanley, dollar tree and 2020 favorites as amazon and docusign for the full list head on over to cnbc.com/pro. >>> ahead here, fedex and ups enforcing strict limits and apple expects booms business next year and rvkaana picking up great speed. that's all coming up in "rapid fire." don't go anywhere. >>> welcome back let's catch you up on a couple of stories that should be on your radar today it's time for "rapid foyer." here to brake down the head lyons are jon fortt, seema mode he and bob pisani. welcome, everybody first up, step minutes until christmas and fedex and ups are limiting the number of packages they will pick up from shippers in order to deal with the record surge in parcels carriers are trying to keep up with the boom and volume and the strategy seems to be paying off for the most part. the three biggest carriers had on-time sco

but with the two sides about the size and scope of the provisions it's ub certain what ultimately will more small business loans. or whether it's money needed for the vaccine distribution for covid-19. all of those are on the table right now. but will they actually get it through? we will be back here next friday when the next deadline comes on and will they still be stuck? uncertain at this point, as so many people wait for action. >> manu raju, thank you. >>> i want you to hear from one of these people angela kerney, a mother of five, she was furloughed from her job as a paralegal in march and she has been unable to find another job during these very difficult economic times. >> i promised them we would get a house. i promised them that they would be normal children and then the pandemic hit. and i can't keep those promises any more. i have to take the bills and pick the ones and hope they total the amount that i have. >> it's a widespread problem. this was the scene yesterday at one los angeles food bank. they had food prepared to give away to 1800 families in need in one day. the h

and ubs upgraded to a buy and hiked the price target to 190.und 161 they're talking about growth from the coil's revenue base by adding another 2% today. let's get to our cnbc news update >> hello good to see you. here's what's happening. we are watching the supreme court which may have a response as soon as today to the lawsuit from the state of texas that seeks to stop electors from georgia, michigan, pennsylvania and wisconsin for voting for joe biden as scheduled on monday the extremely unusual suit strongly supported by president trump accuses the states of not following their own rules, making it impossible to detect any fraud. but retiring republican senator lamar alexander tells chuck todd, he's not buying it >> that doesn't sound like a very republican argument the me. my position, republicans believe that straits in charge of elections. and texas is a big state but i don't know exactly why it has a right to tell four other states how to run their elections so i'm having a hard time figuring out the basis for that law. >> and minutes a