the opportunities with ubs.e talking about china's strategy and the outlook for the a share market. will be talking with the head of the aipac investment banking system for ubs. get his views on the expansion here. we will be talking health care. about aalso be talking robo taxi company. would you ever take a drone taxi? that is a question we will be putting to the cfo of that business. what's more guests to come from the ub -- lots more guests to come from the ubs greater china so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. kathleen: we come back to breaking news from our own bloomberg team in washington. vice president mike p

let's get to ubs. the largest wealth manager in the world and the beat on fourth-quarter net income. they also announced a share buyback that is going to be cascaded over a period of three years. ralph hammers, the new ceo, trying to find his foot at the new bank. other highlights from the earnings announcement, they basically are doubling the size of the previous repurchase program and they are saying they are expecting to buy $1.1 billion of shares in the fourth quarter. they saw a rise in income and the investment bank revenue also was pushed higher. that helped bring in this set of results. it is a boost for the new ceo who has been in focus because of the scandal that has overshadowed his start from a previous engagement with ing. the focus on wealthy clients by ubs -- ubs stock has outperformed the benchmark swiss stock index over the past year. we will get more reaction throughout the day. from the ceo of ubs, rob hamers, he is going to be reflecting on his first earnings day since taking the he

we are at the ubs to hear from david chin. haslinda: the world health organization heads to china to investigate the beginning of the coronavirus. the inquiry will focus on the original epicenter, wuhan. rishaad: getting to market action, taking a look at what's going on with regard to the benchmarks. up by .2%.225 that benchmark approaching a record high in dollar terms. at the moment the hang seng, .25% to the upside. in mixed future. u.s. stocks fell for the first time in five sessions. the dollar edging higher into a fourth day of gains, back up about 1% in the next three sessions. with a being reflected 100 to handle this time last week. new york crude held back by some dollar gains. 179%in managing to trade above its average over the past 200 days. people suggesting the momentum is becoming vulnerable to the moves to the downside we saw on monday. let's have a look at what's newsning in the first word and join karina mitchell. karina: the world health organization is prepping for its long-delayed fact-finding trip to chi

i'm well prepared, so i can really focus on my role as the ubs ceo on ubs and the future. hamers. open to negotiations. joe biden says he is seeking gop backing for his on $.9 trillion stimulus bill, but won't rule out the democrats only route. this is bloomberg. ♪ anna: welcome back to the european market open, european equity markets move to the upside, up .3%. let's look at the movers this morning, rising after ism offered to buy 23% of the company, the stock up by more than 15%. ubs on the move, we heard from the ceo ralph hamers, rising on fourth-quarter earnings as they beat estimates. rolls-royce, moved to the downside, down 5.6% after the output put out by the manufacturer. joe biden is open to cooperation on the $1.9 trillion proposal but he didn't rule out a democrats only route. jeremy thomson-cook, equals chief economist is with us. from a global perspective, what is important is how much of the $1.9 trillion remains intact, how quickly it gets through, what are you watching to inform your thinking? jeremy: the headline number is still very important, the fact

plus, ubs stands by its chief executive.ank's chairman reiterates his support for ralph hamers. we'll hear from our exclusive interview with axel weber. good morning, everyone, and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene in new york. frankly, there is no other story in the world apart from what is happening in the u.s. right now with the democrats nearing proceedings to impeach president trump. the other story is lockdowns. not only vaccines but just in the u.k., could tighten lockdowns in england. i'm not sure how that is possible given where we are in london.

francine: for the outlook of 2021, axel waiver, ubs chair, and -- axel weber, ubs chair, given the issueh gamestop and surrounding companies, what is your take on the impact this could have on the banking system? dr. weber: first, francine, as you said, normally we would meet in davos this time of year. on the issue you mentioned, we have seen an increasing number of retail driving single stocks but also, you know, markets in general. roughly 30% of the market currently is driven by retail traders, which is way higher than it has ever been before. the emergence of being able to trade from your phone or your phone for free has really facilitated retail becoming a bigger part. just to put it in perspective, yesterday, 39 million contracts were traded in retail space. last year on average, it was 29, the year before it was 19 million. so this is really strongly increasing, and that is an indication for markets. but at this point in time, you know, it is like everywhere. since trading is important, retail has taken a bigger share of the market. but the phenomenon you alluded to is a specific

tom: chairman of ubs securities here in china at the greater china ubs annual conference. indeed. haidi: we will get more from the ubs greater china conference ahead including from the head of financials research. plus, a peking university professor will be joining us later. this is bloomberg. ♪ holiday,pan is away on but south korea trading. the cost be seeing a record highs stance of leading the gains more than 4% after finishing at a record high last week. we had the recovery in the membership market. saw aht supply and we surge in earnings for samsung. that has led those gains. the cost beginning to percent at the moment. the korean yuan under little bit of pressure given the strength dollar..s. here in the u.s., top democrats saying they will bring impeachment legislation to the house, seeking to remove president trump under the 25th amendment. let's cross to our deputy managing editor in d.c. what is the motivation here of the democrats doing this again and we are talking about impeachment charges, the second one in the last two years. do they risk having some impeac

anna: that was the ubs chairman speaking to bloomberg. investment committee member, quilvest wealth management is still with us. we have some thoughts on the global economy, but i want to talk to you about valuations. bank of america's watch list of bear market indicators is not suggesting we are in one or heading to one, but there are bear market indicators stacking up, in particular a basket of companies with week balance sheets outperforming those with decent balance sheets. is that a warning sign? bob: i think it is a warning sign, but not a powerful warning sign. indicators,ifferent and clearly what has changed over the last two weeks is the rise in u.s. treasury yields. that certainly will put a constraint on any further upward movement in equity markets as we go into the end of the first quarter. and it is probably consistent with this period in january and february of consolidation. clearly, if you look at market valuations, whether in the states or other markets, there are a series of areas where the valuations are stretched. two

i want to get a sense from ubs, what is the core alpha of that? i question that because standard charter is saying the rise in the breakevens is erratic, possibly a one-off, and moves in the oil and the dollar. it does not signal inflation expectations will rise rapidly. how do you jump off in 2021 in the inflation narrative? kiran: we would agree. in the first half of the year, are we going to get occasional jumps in cpi because we have interesting comparisons with what happened last year? we might have a sudden revival of demand. we could get an increase in cpi in the first half. but does that represent something core and structural? no. what we think we have seen in the past few weeks are the markets pricing in the impact, and fiscal stimulus we talked about coming in. that is what is getting priced by the market. we think that is now largely enterprise and we are not really expecting to see much further increase in yields with lots of structural forces, which are supporting bond markets and suppressing yields remaining in place over the course

let's pick up and talk more about this, about what is happening at ubs.sak is back to join us with what is happening with the banking story. , it waser hired him closed but got reopened by an activist and as a result of the judges have ordered another probe. sonali: yes, and as you know these type of probes can last a while. people affiliated with the bank had told some of our colleagues on background that there are concerns about whether the rush to have a new ceo and the background search was rushed. how long will this be an overhang for congress and ubs, which is looking past their own beyond his own past. alix: that is why was struck by other news that happened with ubs, talking about their future and how you make money, this may be minor, but it speaks to a trend. ubs is lowering the cap they charge for depositors. it was $600 billion. now $280,000. all the sudden you have to pay. is ai: i do not think that small issue at all. plaguinga major issue european banks that have to face negative interest rates. how do you keep that cost from getting to the

francine: ubs is doubling its size of its share buyback.nny spoke with the lender's new chief executive about his first results at the helm. >> our business model has been successful getting through this pandemic, and therefore both the capital reserve that we already have and the government generation of our business model gives us the confidence that we can announce the 4 billion swiss franc share buyback program for the next three years, of which we will perform more than one billion in the first quarter of this year, and 2020 has been, specifically the fourth quarter quite good in terms of proficiency, 66 million of risk off, a combination of some releases. but also a provision we had to take on a particular client related to the capital sector, and going forward, the question is really, how do the economies get through this pandemic? francine: the bank's focus on wealthy clients has allowed ubs to sail relatively smoothly through the pandemic. but with delays in vaccine rollout and double dip recession, the light at the end of the tunn

plus, ubs stands by its chief executive. the swiss bank's chairman reiterates his support for ralph hamers. we'll hear from our exclusive interview with axel weber. good morning, everyone, and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene in new york. frankly, there is no other story in the world apart from what is happening in the u.s. right now with the democrats nearing proceedings to impeach president trump. the other story is lockdowns. not only vaccines but just in the u.k., could tighten lockdowns in england. i'm not sure how that is possible given where we are in london. there is word angela merkel is prepared to extend some of the measures taken until april. ," i saw the success -- tom: i saw the success of israel versus the known world in getting out the vaccinations. you are right, there is no other story. we will bring you the events throughout the morning. the president meeting with the vice president yesterday, what we will see on tuesday and wednesday. far more than that is the

what is your immediate thought on ubs?ave a constructive view on the european bank sector and we are within that positive on the swiss banks. the results we have seen coming through already shows third quarter was good. investors are now asking questions about the outflow. what is 2021 going to be like? can this amazing 2020 trade performance be sustained? francine: will we see cross-border consolidation in 2021? ronit: we have seen m&a come back on the map. cross-border is harder. the ecb tries to encourage it. the regulators want to create bigger european banks. initially, we think it will be domestic in-market consolidation, like we see in spain and italy and the u.s. and also banks to nonbanks. tom: good morning. i want to congratulate you. as we protect the copyright of all of our guests, you can protect that through citigroup. what permeates your 61 page deck is a lack of profitability. how do they fix that? ronit: there is a structural problem, particularly in europe. the swiss banks and the american banks -- in the

unicredit considers ubs and credit suisse heads to head the lender.e on that so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. francine: this is "bloomberg surveillance." i am francine lacqua here in london. now the course we have christine lagarde speaking, saying that central projections are very clearly plausible. i am sure she will be asked about some of the different projections because of the vaccine rollout, and the fact that many parts of europe have to extend their lockdown measures. on to banks and unicredit narrowing its search for your -- for ceo. "the financial times reports they are looking at andrea orcel and tidjane thiam. chief executive jean pierre mus

joining us is paul donovan at ubs wealth management. we have to talk about the u.s., we should probably talk about in operation, but many more things to talk about. you look also extensively at the economy from a gdp point of view, but you've written a brilliant book on prejudice. what are we seeing in the u.s. right now in terms of income inequality and trajectory for a better path ahead? paul: this is one of the challenges the incoming administration is going to be facing up to. as we move beyond the pandemic, what we are going to be finding is structural change in the economy being accelerated, so the risk here is that some groups of society are going to continue to feel left behind and that, of course, was a worry u.s. president trump tapped into in his campaigns brilliantly. you get that loss of status coming through, because some people's jobs are going to disappear, 10% to 15 percent of jobs will disappear in the next 20 years, but also a lot of jobs are going to change. some will change for the better, but some for the worse and

chief investment officer at ubs is our guest host. she joins us this morning.aroline, great to have you with us. in the foothills of a new administration. it is all about go big or go home. the justification -- i want to understand how you see it from yellen. she says the debt interest burden is lower than in 2008. is that a healthy justification for this kind of spending? or not, as the case may be? good morning. caroline: good morning. yeah, i think we are in this paradigm now where we are looking at the cost rather than the size of the debt. i think there's a few reason for for that. one is that global debt increases have happened everywhere. it is not just one region as a result of the pandemic. therefore, the way you need to assess the debt changes somewhat on a relative basis. of course, the other is because of the central bank stimulus we've got. keep the rates low and keep the funding for that low for several years to come. annmarie: our question today is about how will the dollar trade under yellen? it is a bit of a 30,000 foot view. yellen says the ma

the greater china financials research head at ubs, joining us from the ubs greater china conference andummer here in shanghai. >> thanks. trum to come on the show, p's final week in office. a former ally says the president has spiraled into madness. we have the very latest, next. this is bloomberg. ♪ - i'm doug hirsch. you may already know that goodrx can help you save up to 80% on your prescriptions. unfortunately, many americans can't get to a doctor right now. the good news is that for many health issues, you can see a doctor online. it's easy. just go to goodrx.com, and with a few clicks, you'll be treated by a licensed medical professional, all from the comfort of your own home. visits are confidential and affordable. need a prescription? your doctor can send it to your pharmacy or have it mailed to you. get the healthcare you deserve at goodrx.com. haslinda: welcome back. here are the latest flash headlines. three top american banks are to remove some hong kong product because of sanctions on the city. they say about 500 products will be affected, but insists the market will not b

economist over at ubs. all eyes tomorrow will be on what jay powell in the fed say.ight now all i seem to be on gamestop. caroline: no one's going to be talking about -- tom keene stays up from 2:00 in the morning all the way through, he will be pumped up and happy. who is the next big name to come in on gamestop? joe: it's like we've got everyone. i don't think warren buffett is going to be tweeting about gamestop anytime soon. in terms of billionaires who tweet, we might be reaching the limits. caroline: meanwhile, let's dig on -- dig in on what is happening with president biden, how they are tackling covid vaccines as well. will discuss the rollout with our health reporter. we've already got the headlines that have rolled out in terms of doubling down on buying the vaccine from dharna m -- fromoderna. is this going to be enough to get into arms quickly enough? here is president biden. >> to dad like to update you on where we are. -- today i would like to update you. tomorrow we are going to begin briefings that will occur on a regular basis. we are bringing back t

>> i just spoke to ubs management.ne analyst says he sees permanent changes ahead, hedge funds reducing their short exposures before the regulators start asking them to. we have talked about this before. the short exposure, you are naked to what can go wrong. so that was something that was a cause of concern. you saw the biggest names in hedge funds lose billions of dollars. and these are some of the biggest names today. guy: what does that mean for the other side of the ledger, the longs? >> great question. when you are looking at the market, there is a reduction of risk. people are borrowing less money to take on trades. the bar also reducing the risk here parts of their portfolios. so there could be an argument to make that this could impact other parts of the market. and as we know, it certainly impacts where everybody is on the short side. the other thing is, watching the robinhoods, ameritrades, the interactive brokers of the world create restrictions on these risky and volatile stocks. alix: gamestop extending t

qian, ubs was eugene securities chairman speaking to bloomberg's tom mackenzie. the bloomberg business flash. britain is less attractive for international business, but it is well according to a study by germany's foundation for businesses. the u.k. has slipped behind the u.s., but remains ahead of the rest of the g7. elon musk is bringing his broadband system to the u.k.. the world's richest man aims to roll out superfast broadband by sending thousands of satellites into low-earth orbit. alreadyaunched hundreds and is testing a service in north america. the approval allows musk to enter the british broadband market and compete with mainstream providers. anna: thanks very much. hsbc shareholders including man group are pushing the bank to cut its support for the fossil fuel industry. joining us with more is bloomberg's esg and climate reporter. what are shareholders asking for and why? essentially, shareholders trillion, they4 are not a small group, are asking the bank to give more detail around their plans on the way to get to net zero. the bank announced it pla

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sophie: at ubs, still long asian high-yield debt. a position that has been held since june.y, ubs says it's the best opportunity this year with spreads that 80 basis points in the first half and some of that outlook is echoed in the latest bank of america survey on asian credit. that was the most bullish since march 2010 and in the service -- survey, high-yield are favored over investment grades. investments have moved down the credit curves on better yields. over the next three month, investors expect flows to continue, although there are concerns around china's potential credit tightening and higher rates globally. more than a third of respondents expect a bond connect could be launched this year to provide technical support. haidi: sophie kamaruddin with your morning calls in hong kong. profits in australia expected to rebound this earnings season that could revive markets after a slow start to 2021. bloomberg's asia equity markets reporter jackie edwards is here with ap free -- a preview. about six month ago we were looking at the worst profit earnings season in about 10

ubs down grades pandemic growth i plastic.flix reports after the bell we will go into the "market zone" next sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. >> announcer: the "market zone" ü is sponsored by etrade. trade commission free today with no account minimums. >> with 12 minutes to go in the trading day, we are now in the "closing bell" "market zone. commercial-free coverage of all the action going into the close. cnbc markets commentator mike santoli leer to break down these crucial moments of the trading day. today we have got lindsey bell back as well we will kick it off with the broader markets. stocks are rebounding after markets posted a weekly

ubs said skewing to the downside it's worth noting in the same call ubs raised its price to 124 a sharet i think henry blodgett we're all familiar with him. he made a comment like he wished he made some of those calls. i better to do it ahead of earnings than behind it. valuation is stress. we talked about it for a while we also talk about the fact that it's not just a bicycle. there's so many verticals they can get themselves into. 124, up from 115 i like the call. if it gets to 124, i think you buy it with both hands again >> this would be the prime example, i would think, karen. do you >> yeah. i think so they couldn't have asked for a better setup you know, there was an article, i think, this weekend about some growing pains and the delivery problems they've been having and so that's what happens when you grow this fast good for them for downgrading it down $7. i think it hung in there really well, considering. this stock is extraordinarily high value, in my opinion. i can't get involved with this valuation. >> bracing for turbulence. coming up top of the hour, we're sitting down wi

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of these stocks have had tre men drodouse run, and all of thm over at the analysts at uds are s -- ubs are saying that they have had runs and now is the time for the profit take, and we will see if that plays out over the weeks and runs, brian. >> well, quickly, dom, a follow-up, you are looking at the inflation, and when aim looking at the screens here, any commodity, corn, wheat, s soybeans, cotton, and anything that is over the last year or so lower, and as a former fund manager and looking at tips, and not chips, john and ponch, but tips for securities? >> that is the calculus of the 10-year break even rate that i showed you. a huge demand rate and a bid for some of the inflation-protected securities and this is what is driving a lot of the gap and expectation and the expectation for higher prices down the line. if you are looking agent this overall picture right now, there could be an argument made that the inflation protection trade has gone very far very quickly and due for a little bit of the pause right now, but it is notable. i'm a person anecdotally who drives to work everyd

let's dig into the perspective now, the chief economist for ubs wealth management.donovan is with us right now. do,inating writing that you talking in particular about the big threats and irrational discrimination. talk to us about the key findings. >> the real problem i think we've got is whenever we get a period of structural change in the economy, prejudice tends to increase. that is because you get some people that find that incomes anddropping, or declining, they look for somebody to blame, a group to blame. you get this scapegoat economics. i think what the pandemic has done is provide structural disruption in the over itself -- in and of itself, but accelerated some of the structural change of the fourth industrial revolution. we are seeing potentially an increase in prejudice coming through in the global economy, this is not uniquely an american phenomenon. you see prejudice coming in. that's going to be particularly damaging, not just in a moral and social sense, but also in an economic sense. it's going to undermine some of the benefits that companies and

second but to let it go unpunished means to agree to it or to let it slide and that also seems from ub you know up politics and history and the state our democracy that also seems like a bad idea so it's but i think i think the responsibility for that really. rest on the president's first step. >>the president just lost his twitter has suspended him facebook least until he's out of office. >>why he still is going to reach out to try to speak to his followers, he attempted to do that on the potus account. >>that was also what's linked in. >>right or tiktok heaven help us. it is also saying you know he's continuing to or maybe it's a commission him and his supporters are continuing to call for another action of 17th, yeah i think this is this is a this is a really live and i he has the biggest megaphone in the world, you know before social media existed the president still has the biggest megaphone in the world so there plenty of channels to get his message he wants to maybe could have a traditional press conference for a change. >>data we're almost out of time but really quickly what do

joining me now ubs financial services private wealth advisor, allie mccartney, senior wealth advisorourtney domingus. mark, futures are pointing to gains this morning. yesterday the dow managed to close -- hit an all-time high, despite the rioting that we saw in washington, d.c. you look at the dow climbing yesterday, what is your take on the market reaction to yesterday's events? >> well, it's quite su surprisi. as a matter of fact, small value stocks yesterday were up over 5% which seems very amazing to even comprehend with all the chaos. but my message to investors in times like this is take a deep breath and relax. any time you have fear, the panic is natural to set in. selling starts up and you just end up he destroying your portfolio. but i also want investors to stress test their portfolio. you should analyze it and look in worst case scenarios, large stocks, value stocks, tech stocks have been up massively over the last couple years in spite of covid and most investors would be shocked to analyze their portfolio and find out they could lose 50 to 60% of their money. you have

the chief market strategist of ubs. string about the mizzen against the gloom there that was legendary. onld you maintain optimism the american economic experiment after what we observed yesterday? drew: we look forward to 2021 we have a couple of things going for us. the stimulus package was passed. have the vaccine rollout. you willathers steam get closer and closer to something being a little more normal towards the end of the year. that provides a lot of momentum into 2021. i have to say i am optimistic. we talked about yields earlier. gone on too far of a run based on how things are progressing right now. by the end of the year we will see yields most -- much closer to where they are in 2019. in today'smoves market is the dollar, it is gaining value. typically today is a day the dollar would lose in respect to other major currencies because people are not looking for a haven investment. is this being used as a political referendum? the idea of poor fiscal stimulus? how are you reading this? the behavior of a lot of

matthew o'connor spent a decade winning trophies at ii with ubs and onto a storied career at deutschee are thrilled he could join on the big banks. matthew, the money question as banks come out of the bottom and regress back to a mean or can there be a golden age where they go through it and onto prosperity? matthew: thanks. we are bullish on banks. same reasons since we upgraded group in early september. pretty simple story. they have lagged the market quite a bit, even with the run since the crisis. macro conditions improve this year, driving interest rates and loans higher. concerns about long-term earnings power being significantly impaired, overblown. put that together. we still see room. tom: charles peabody, wonderful analyst in your area has been brilliant on the use of cash by the banks. do you start january of this year, understanding the banks have so much cash they will use it to get to shareholders? matthew: good news from the fed in december allowing banks to start buybacks this quarter. measured pace, 1% outstanding, capacity for most. moving in the right direction. ban

ubs coming up, vvva, and joining us now is andrew stimpson, kbw.about this reporting season. european banks have not provisioned the same way u.s. banks did back in the beginning of the crisis. the u.s. banks are seeing the benefit of that. where are european banks going to be? andrew: it is broadly true, as an overall statement, to say the europeans have not benefited as much as u.s. banks. it is also true the european banks have not taken as much risk as u.s. banks. you get different answers across europe. the u.k. bank, the irish bank, the nordic banks have frontloaded significantly and more than, say, the french or italian or spanish banks. they have still frontloaded to a degree, but much less so. given what we are seeing, given all the talks on delays to vaccines and travel restrictions, i think it is way too early to expect visitors to pay up for any good news on provisions. i think that is the story that will come through, but it is far too early for investors to get their teeth into. alix: if you are in equity trading, are you going to hav

are abramowicz and i thrilled to bring stuart keiser in as my first interview of the year, ubs head of equity derivatives research. let me go right to what then later said. gains ine double-digit 2021? >> good morning and happy new year. i would say why not would be my answer to that. you have a tremendous amount of risk premiums still priced into the market. it's hard to imagine that risk premium coming out of the market without equities rising. with the specific return numbers in, the table is set for the markets to continue around this year. there's a lot of uncertainty in the markets right now. tom: within your study of the cross moments of derivative, what is the speculative bet right now? , thee speculative that market is in a place where they are very positive about the growth outlook. there is still a reasonable amount of uncertainty out there and i think for that reason, the speculators have been a little bit cautious against the high volatility we are seeing in the market. if you look at where the vix curve is, the markets realize that kind of volatility about 10% of the time

morgan stanley and ubs are among the most important in the world.t is a clear business model based on wealth management on the part of corporate investment banking that specialize on the global scale. i think in europe, there are some institutions that have those characteristics. i can think of a term that has 65 -- [indiscernible] i think it all depends on your business model. in europe, you have lots of banks -- too many -- too many that do bread-and-butter like they used to in the u.s.. they have not evolved. what is needed in europe is less --, more investment in digital, and a cion of what is going to be a business model. you can't just be a universal bank with no specialization. tom: you know more than anyone in europe, if you are in a skyscraper of a big bank on the 47th floor, things that go on on the 13th floor are the 80th floor really matter. the dynamics of gamestop. i guess big banking is removed from that, are they? davide: right now, across the banking system, -- has totally changed. if you go into european banks right now, one floor

million came from speaking fees paid by major financial firms on wall street like goldman sachs, citi, ubs and the same businesses she will have influence over in her role as treasury secretary. congressman aoc tweeting this about it, quote, we may not want to admit it but policymakers experiences do shape their thinking, is it disqualifying, that's for the public to decide which is why reporting is important and shouldn't be attacked. yellen said she will work with directly with ethics official to get written permission before she engages in any type of deals or negotiations that would directly impact those companies and biden transition official gives me following statement, during chaotic time for the country, this is not someone who pulls punches when it comes to bad actors or bad behavior, you can expect she will bring the high ethical standard and tough enforcement philosophy to treasury. other disclosures shows that biden's choice tony blankin made more than one million, did work for bank of america and facebook and in process of selling interest, she was consultant at blinken's fir

art cashin of ubs. >> still to come, t-mobile ceo and his take on washington thtoat sck is up 2.5% thisrning. the s&p and the dow record highs. stay with us see every delivery... every yikes... and even every awwwwwwww... wait, where was i? introducing self protection from xfinity. designed to put you in control. with real-time notifications and a week of uninterrupted recording. all powered by reliable, secure wifi from xfinity. gotta respect his determination. it's easy and affordable to get started. get self protection for $10 a month. >>> business leaders have been speaking out on what has been a tumultuous last few days former ceo of kellogg, cofounder of empath. always great to have you give me your take as somebody who is runup of a large company and served in the government at a high level what were you thinking what you watched these images yesterday >> i couldn't believe it i couldn't believe that was happening in the u.s disgusting, criminal it was hard to imagine that was happening. this morning, we saw images we didn't see last night. people tearing officers apart, stealing

manus: that playing field, one of the last ceo's to leave ubs. the playing field was never level.k to you about citi. two of the banks you are recommending is citi and wells fargo. you are a contrarian. they really went after james fraser. how are you going to close the gap? you have no depth. are you contrarian? and why do you like citi? tim: we tend to like cheaper stocks. it comes with the territory during the research that we do but the short story is that, particularly -- we are looking at credit improving, and we are looking at buybacks coming in to help our banks, and for boti city and wells fargo -- both citi and wells fargo, they can benefit the most from buybacks. the other thing that we like about citi -- while at heard on friday for them to come down about 7%, 8% each, it's important to bear in mind these stocks are up about 50% since the end of september so it's not unusual to have a little bit of that buy on rumors, salam news as become -- cell on news -- sell on news as we come into the quarter. we should boost the stock to help shareholders. annmarie: i just want t

dollars from speaking engagements paid by major financial firms on wall street like goldman sachs, ubs city same firms she'll have influence over in her role as treasury secretary. biden transition official gives me the following statement about this, saying, quote, this is not someone who throw punch when is it comes to bad actors or bad behavior you can expect she'll bring the same high ethical standards and tough enforcement philosophy to treasury. biden pick for secretary of state tony blinken is also sparking questions. of conflict of interest but blinken made over a million doing consulting work for companies like microsoft, Über at&t and fedex i talk to a biden official who discuss financial disclosures show most of biden nominee spent a lot of time working for the government and a little time in the private sector but jon, even that little time spent in the private sector, some of them made a lot of money. jon. jon: hillary vaughn in delaware. hillary, thank you. so what can we expect in georgia and on capitol hill next week? congressman chuck the republican from tennessee is a

other investment analysts over ubs, if you have democrats in charge, checks come out and increase employmentits. when i say mixed reaction? jillian: was the win baked in on monday? was the s&p and outgoing up a sign that like you said maybe markets are excited for all the free money that will come. to the nasdaq for a moment. all their money, and unkind media support went to the democrats. >> reaction on the tech heavy nasdaq, the corporate tax rate story. the corporate tax rate, and that is one of the issues that they face. the nasdaq, i watched the energy companies, exxon and shell are problems. the two georgia races, and energy infrastructure will be problematic. jillian: thank you. and hours a number of republican lawmakers will contest the electoral college results. neil: speak with one lawmaker plans to challenge the certification and another who will not next. ♪ breeze drifting on by you know how i feel ♪ [man: coughing] ♪ it's a new dawn, it's a new day... ♪ no matter how you got copd it's time to make a stand. ♪ ...and i'm feelin' good start a new day with trelegy. no once-daily cop

jonathan: joining us now is evan brown of ubs asset management, the head of multi-asset strategy.hat's start with janet yellen downing washington, d.c. what are you looking for a little bit later -- janet yellen down in washington, d.c. what are you looking for a little later? evan: i think we are going to see her endorsing 1.9 trillion dollars, and given we have already seen the text of her speech, going big, janet yellen very much endorses what jay powell has done in terms of trying to engineer and inflation overshoot. there's going to be a very healthy relationship between those two individuals. we really need that if the fed is going to achieve its goals of higher inflation and much stronger employment, so expect her to be doubling down on what biden said last week with the large fiscal number. tom: fold in equity dynamics into your asset-management management choice right now. it is -- is it the dynamics of sustained growth margins, or the surprise revenue growth? evan: i think it is outright earnings growth and operating leverage. we saw the multiple expansion last year. now

we have more big interviews ahead, from the ubs greater china conference in shanghai.ins exclusively along with others. plus, we will hear from a peking university professor as well. here is a quick check of the latest business flash headlines. tesla is reported to be looking for a design chief to come up with talk -- with cars tailored specifically for the chinese market. they are looking at candidates familiar with mainland tastes as part of a plan to launch in shanghai or beijing. tesla dominates the electric car market in china and the model three in shanghai. three top american banks are to remove some hong kong listed products because of u.s. sanctions on the city. goldman sachs, morgan stanley and jp morgan say about 500 structured products will be affected, but hks insist the market will not be affected. the exchanges says -- exchange says it is working on an orderly delisting but will not have a material impact. -- hastes has joined teamed up with blackstone on signature aviation. firminal deal for the could be worth more than $4 billion. the bank of new zeala

institute of health metrics evaluation said the new variant could add up to 80,000 new deaths to the ub of u.s. covid-19 deaths. what's your degree of confidence that the vaccines that we have now will protect against the mutations. >> it's certainly a glass half full situation. we have data from two trials, novavax and johnson & johnson and the one from south african where this variant is widespread. there's 50% or more protection from vaccination. and with johnson & johnson vaccine, in the south african situation, it's 85% effective. against severe disease. so that's good news. >> i listened to dr. fauci here last night on the south african variant. >> when we were communicating with our many scientific and public health colleagues in south africa, they were telling us over the phone, something strange is going on right now. we have people who were infected several months ago, who now with this new strain are getting reinfected. which is telling you that the immune response induced to the first infection wasn't good enough to prevent the second infection. >> how does, or should that c

ubs says depreciation is likely. barclays disagrees. we will put that proposition out there.d rallies. you can get inflation. dollar down for the fourth day. the 200 day moving average. bank of america morning of a bond tantrum. i've said it twice now. i will squeeze it in in the next 30 minutes again. bank of america warns of a communication slip. eurosterling rocking away. let's to -- get to the top story. joe biden is the next president of the united states of america. he was surrounded by his family, predecessors on both sides of the aisle except for his immediate predecessor. that's president trump. biden pledged to reset the tone in washington. then it was down to business heading to the white house to sign 15 executive orders to unwind trump administration policies from immigration, climate, as well as enacting some of his own ambitious agenda. our senior editor joins us now. derek, take me through the executive order that he signed. it set the biden era tone, doesn't it? derek: it does. i'm not sure that there's too many surprises here. if you go through the list of d

paul donovan at ubs has a word of warning, noting that the trend of outperformance from manufacturinges has rightly to reverse once the virus falls haidi. haidi: also out with a report on the rba. what are they looking at? sophie: the gist is that they expect the rba to keep extending asset buying until the fourth quarter at least, with an additional 100 billion aussie dollars of qe expected over six months after the current program is set to end in april. westpac reckoning this will reign in these yield curve in australia and the bank not seeing a reduction after 2022, with the policy likely to start with qe, followed by yield control and a rate hike. kathleen: sophie kamaruddin, thank you. gulf nations agreed to end the year-long blockade by qatar led by saudi arabia and the uae. the move is partly seen a strengthening regional unity against iran, something encouraged by the u.s. bloomberg spoke exclusively with the qatar foreign minister who says the gulf cooperation council should work with iran on regional security. >> the time should come where the gcc sit-down the table with ir

million from speaking engagements paid by major financial firms on wall street like goldman sachs, ubs credit suites. she got almost $1 million just from city alone for nine appearances. the same businesses she had influences over in her role as treasury secretary. she also announced or disclosed she had stock holdings and other major corporations including at&t, pfizer and raytheon. the progressive group demand progress and is not okay with it telling the new york times, there are almost too many corporate clients to count who have relationships to respecti respective, these segment designees with stuart, it's an unfortunate circumstance. the transition team is pushing it off giving the following statement, this is not someone who blows punches when it comes to bad actors or behavior. you can expect she will bring the same high ethical standards top enforcement philosophy to treasury. she didn't hesitate to tell audiences the rules governing their businesses should be tougher and more stringent. other disclosures released this week joe biden's choice for secretary of state, tony made

director of operations at ubs. good morning good to talk to you again. >> good morning. good to be here >> you did say in your morning note that stocks could rally somewhat but not by a great deal that certainly describes the market action so far what do you think the dynamics were yesterday because for a while there we were looking at the worst opening day of the year since the depression >> yeah. i think yesterday was kind of a strange day and i think what happened was if you looked at the equity markets globely before our opening they were almost universally better. europe and most asian markets. so i think they were buyers into the u.s. opening and then i think what may have happened, which was something i overlooked a bit initially, you know, new month, new year, you expect new money, but i think this year perversely people may have decided to book some profits in the new fiscal year and you can say, well, why wouldn't they wait on capital gains tax and whatever the presumption is if you do get a change in capital ains, it won't be retroactive to the first of the ye

and house democrats are set to formally ub veil the impeachment of president trump for an unprecedent the second time. cnn has just obtained a copy of the single impeachment article. we have it here. it charges the president with inciting and insurrection after the deadly riots at the capitol following his words encouraging those people to march to the capitol. also, it cites his repeated false claims that he won the election and his call to the georgia secretary of state asking him to find votes. >> it is so hard to watch that over and over again. but before impeachment moved forward, nancy pelosi is asking the vice president to remove the president by invoking the 25th amendment and declaring the president incapable of performing his duties. let's go to manu raju who joins us on capitol hill. that is pretty unlikely, right? that pence is going to do that. if he doesn't, what are we expecting today? >> reporter: we expect it to move pretty quickly today. the formal introduction of that article of impeachment, incitement of an insurrection, the only article listed in the resolution th

some newly sworn in ub are can lawmakers have said they will support objections to certifying joe biden'slection victory in wednesday's joint session of congress. phil mattingly breaks down what to expect. >> reporter: a number of republicans, more than 140 in the house, at least 12 in the united states senate have made clear they are going to object in some form or fashion to a slate of electors or perhaps more. they say it is just to raise concerns, raise awareness for what they believe are irregularities in the vote count. there's no evidence of any irregularities up to this point. but they're saying they're just raising issue. and then the president's phone call to the georgia secretary of state became public, making clear that these lawmakers are not just raising issues. they are lining up with a president who is trying to overturn a legitimately elected president of the united states, soon to be president of the united states in the case of joe biden, which raises the question of what's going to happen next. here's one thing to stipulate up front. joe biden will be the president-ele

corporate tax, about salt, about china, and we have a few upgrade, x peda is one, ford, disney, as ubs goes to 200 and some initiation of names that jim was just mentioned like crofmiost and crm out of golden. back in a minute ♪ you can go your own way ♪ it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get nationwide 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you. get nationwide 5g included and save up to $300 a year on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile. keynote on janet yellen's nomination for treasury secretary sometime in the next hour, that could potentially set up a final floor vote later on today, which will be the first test of the bipartisan support not just for the cabinet nominees jim but for the $1.9 trillion relief package on wednesday. senator romney had some quest

ubs talks about bonuses. i never hear about jp morgan bonuses. are they the most overpaid people on wall street? do they get no bonuses? why do we hear silence about payday it jp morgan? sonali: there is no silence, we know they are planning on paying people well, people who perform well. jamie dimon talks about economic uncertainty. banks tend to downsize when they plan for tougher days ahead. their net income outlook is supposed to be roughly flat. tom: are you saying that these numbers will downsize? sonali: you have to repair for tough times. it is a question that should be posed to jamie dimon on the call, how does he prepare for tough times? in 2019, they brought in almost $58 billion of net interest income. this income they -- this year they are about to bring in about $2 billion yes. lisa: we are a few minutes away from wells fargo and citigroup reporting earnings. j.p. morgan is the want to beat. does its earnings provide any insight to what to expect from wells fargo in citigroup in 50 minutes time? sonali: i would be concerned about th