what does it mean, the reduction in the ubs fine?it is a bit of a relief because they were facing a 4.5 billion euro fine, so it is cut in half, and you saw that in the shares. they did rally. this had been bogging down the shares for two years. there shares are trading around 17 francs per share. francine: what does the penalty mean for natwest? >> they admitted that they mishandled what is happening. their admission of guilt helps lower their fine. they said they will carry the stigma of that fine, but they are able to pay for it, and they will take an extra provisioning in the fourth quarter. tom: thank you. coming up, we will discuss the tech dynamic environment in europe. part of that is fintech. stay with us. this is bloomberg. ♪ francine: welcome back to the open, 31 minutes into the trading day. investors fear that central banks may ruin the party for stocks in a massive week for central bank decisions. equity capital markets in focus. we will speak to emilie jadat o'shea about the funding pipeline for european startups. the

nevertheless ubs is still considering its opinion. ubs flat, down .4%. s.a.p. a cracking day. it was a ubs upgrade, we are seeing sap up with an the cloud will do well. there is iag, the owner of british airways and iberia, down just over 5%. alix: let's get a topic near and dear to her heart, that is the weather. european natural gas futures are searching to a high. concern russia's nord stream 2 pipeline will not operate this winter. it might be warmer where you are but how long will it stay like that? with us is rachel morrison. the prices we are seeing in france and germany, germany 200 megawatts per hour, that is next year. supply, demand, or bureaucracy, which one is it? rachel: today it is supply. we have had a volatile day on the gas market that is bleeding through. you mentioned the supplied concerns over gas and everybody looking at the weather. this feeds into the electricity market. in france it is low wind, low nuclear. what they need to fill that gap is gas and gas cost six times more that usually does. that is bleeding into prices and making ever

two ubs in switzerland. some of its former bankers have had punishments cut in paris, the bank was accused of helping to launder money. french residents had not declared to the tax man. let's bring in our finance editor. the big story is more the penalty on the bank, isn't it? walk me through the scale of what has been delivered relative to what we expected, first of all. >> let's start with the numbers, if you cast your mind back to a few years ago, we were expecting significantly more than what we ended up with at the end of this mess. to the tune of $2 billion. as we saw in the stock price, you had investors thinking this was significantly less than what they had been expecting. also the idea that going forward, clearly you still have the reputational issue around the fact that they were a serious banking service. you had a lot smaller penalties than what investors were thinking. that means that potentially going into next year, you have a bit more room, this is what analysts are saying, a bit more wiggle

ubs says we need a bear market.hat is the risk of a more serious drawdown in equity markets in equity -- in 2022 or is the bull case robustly intact? kiran: we are confident the s&p will move through 5000 in 2022, we believe the bull market remains intact. when it comes to watching out for the key risks, we talked about omicron and on top of that we have to layer on central banks and the fed and the risk they tighten too quickly so we will get the cpi on friday and the meeting next week will be key looking at that. and also china, there has been headlines this morning around evergrande. i don't think that is the issue, per se, but if china tightens regulation on property too much and slows the sector down too much, it could have wider ramifications. those are some of the risks we are watching. we still see growth as being very strong as the earnings growth next year particularly strong. we think that should drive equities higher over the course of 2022. dani: let me take you to another risk asset, high yield bonds,

ubs is appealing that.they do that, the fines that have been announced will be suspended while the matter is solved. it could take months to play out. paul: our bloomberg asia finance reporter. a quick check of the latest business flash headlines. the battle over a canadian nickel exporter is heating up after an offer was raised following a breakdown of bhp's deal. it is owned by a billionaire mining magnet and is offering $1.10 per share canadian, which is higher than bhp's bid. the owner says they won't entertain alternate offers. nso group is continue -- considering shuttering its pegasus unit and selling the firm. according to sources, two u.s. funds discussed taking control and closing pegasus, which makes software that contract mobile phones. sources say the firms would inject $200 million into pegasus and turn it into a defensive cyber security. pfizer agreed to buy arena pharmaceuticals in a cash deal valued at 6.7 billion dollars. shares surged 88% monday, short of the deal price. pfizer wants to s

let's get more on all of this with paul sullivan, chief economist at ubs.excellent to get your insights. let's get your thoughts on the fiscal impulse or lack of fiscal and pulls out of washington, d.c., and the petitions for u.s. growth. are you adjusting your outlook for the u.s. economy on the back of this news? >> not really. i think the idea that a fiscal passcode -- package of this magnitude was going to have a dramatic impact is probably a little bit exaggerated. this is not fiscally neutral. it's a mild fiscal stimulus. but it's mainly a program of redistribution, which has long-term implications. so concerns about long-term trend growth in the united states, if you fail to tackle some of the social and structural problems that exist, that is not necessarily something that immediate -- that's immediate in terms of impact. tom: paul, we're still trying to get a grip on impacts of omicron, on the severity of this variant, and whether or not these restrictions put in place are going to be effective. what do we know? what does the data tell you about th

sarah ponczek of ubs private wealth management.will be tal -- what will we be talking about next? vaccine makers mixed. some under pressure, as you can see. earlier on, a lot of the stocks openings in italy higher. we have certainly seen a fade on that. this is bloomberg. ♪ alix: it is time for your bloomberg business flash, a look at some of the biggest business stories in the news right now. oracle taking a bold move into the health-care industry with its biggest deal ever. the company has agreed to buy medical record systems provider cerner for about $23 billion cash or get oracle will be adding a broad customer base bolster its cloud computing and database businesses. monday, the bank of montreal spending billions to expand its presence in key u.s. growth markets. it has agreed to pay $16.3 billion to buy bnp paribas' bank of the west units. bnp lends to return some of that cash to shareholders through a buyback. elon musk says he will pay more than $11 billion in taxes this year. that could be a record payment to the u.s. irs.

reined in the inventory and promotions and will not revert back to discounts even if competitors do ubscks for 2022 list. both have underperformed this year and ubs says the stocks are mispricing some e-commerce positive impact. bath & body works is a publicly traded company and matt boss says the pandemic accelerated market share and foot traffic in store and gave pricing opportunities so positioning bbwi well for 2022 >> lots of picks there i want to ask you about macy's the stock more than doubled this year what are analysts saying there >> yeah. this is an interesting one while the mastercad pulse holiday sales data said it was a good season for the department stores, analysts differ on the opinions for the retailer. one says it's a top pick for the year forecasting to take share and grow thanks to the leadership in omnichannel and the focus on the younger consumers. ubs takes the opposite side negative on macy's with a sell rating and says it will continue to lose share to pure play online players as well as brands own websites leading to lower sales and that one is a battleground

gareth mccartney of ubs, thanks for joining us.the first word news with juliette saly. juliette: covid cases and hospital admissions are rising in the united states amid a season of family gatherings with most victims having shunned inoculations. the seven day average of admissions for covid have climbed at least 50% from two weeks earlier. millions more americans are now eligible for pfizer booster shots after the u.s. cdc gave the green light to 16-year-olds and 17-year-olds. they are crunchy, nutritious, and set to hit enter place in supermarket aisles. three types of insects, crickets, mealworms, and grasshoppers, have been certified as food fit for human consumption by the european union. the commission says they are weighing applications for nine other types of insects. that is your bloomberg first word news. you will have your insects on the menu over the holidays? dani: i don't mind eating insects. two weeks ago, i was having corn covered in ants in mexico. you should get on board. juliette: i am in the land of insects. i w

kailey: luke kawa of ubs, thank you so much for joining us. guy, i keep forgetting that the a olympics are coming up fairly quickly. guy: the beginning of next year. and chinese policy seems quite focused particularly around beijing on those games. i think it is going to be interesting to see what happens after the games in terms of industrial production in particular because they want blue sky for those games. they don't want any smog. we will see whether or not there's a dip, and whether there is a pickup coming later. damian: i am curious to see if it can compared to last year. the chinese new year, all of that notwithstanding, it is deftly going to be weaker this year in my opinion. kailey: we also have to consider covid-19 because you are starting to see china lock back down. she on -- xi'an, 13 million people back under lockdown. that news we got out overnight. we will continue to monitor the situation in china with the virus and continue to monitor these markets. up about 0.3 percent on s&p 500 futures. 4700 is where we sit on equities.

ubs bullish on large caps like alphabet, amazon and meta. the firm also expressing confidence like much of the street in its buy rating for uber after sitting down with ceo just yesterday joining us now, the analyst behind those calls, lloyd of ubs. lloyd, so good to see you. quite an exciting interview with him yesterday saying that last week was a very strong one for the company. what was your main take away from that interview with him >> yeah, thanks for taking me, having me on the show. our biggest take away was really two things one, a lot of concern over what the company would look like in terms of bookings growth after the recovery you know, can they grow at a rapid clip they laid out a of reasons to think that growth in 2023 would be faster than 2019. so, they're laying the groundwork for inesthvestors tot more comfortable in the long-term growth the second thing, a lot of concern on potential margin risk from investment and quick delivery and grocery and all these new verticals but they basically came out and said in 2022, they wil

. >>> still ahead, ready to pickup ubs bullish on uber and lyft they say delivery is strong, and ride share is recovering should you buy in? our trading nation team will discuss that next. as we head to a break, here's a look at some other share economy stocks are faring in this market - [announcer] at southern new hampshire university, we never stop celebrating our students. from day one to graduation to your dream job, that's why we're keeping your tuition low for the 10th year in a row. - [student] the affordability and the quality of education, it can be enough to change your life. - [announcer] as a nonprofit university, we believe in making college more affordable for everyone. - southern new hampshire university, it was just amazing experience. - [announcer] find your degree at snhu.edu. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asa

looking at tesla shares, they are at the moment up 3.5% after ubs hiked its price target on the stockd to 1,043 right now, ubs expects no rival to get even close to tesla in 2022. separately, there is a report that tesla is replacing the autopilot cameras in the front fenders of some of its electric vehicles, and they will be doing that for free due to faulty printed circuit boards. get your baker mayfield nft here , everybody, draft kings signed a deal with the union that represents the nfl players. the stock is getting a 2% bump on that the sports betting firm plans to launch nft collections in partnership with the league's players association which will give draft kings licensing rights for the authentic name and image of active players. okay, so we're not getting that guy, and glaxo-smith kline says its covid-19 antibody treatment is effective in treating all 50 identified mutations of the omicron variant. the results provide hope that at least one monoclonal antibody therapy will be effective against this highly contagious variant. glaxo-smith kline up about 1 1/3 %. one company

the nic withdrawals to de the caspian sea monster stands near, bent a 2 hour drive from abdul gleam ubs home. the no retired flight engineer is proud to be the only dagger stanny on the team of soviet researchers. hardly any photos remain from his time with them. after all, it was a top secret soviet military project near wil, purely, but thought it was the only non party member they took on your miss, but you know, she would have gone the other coworkers were communists. williams, virginia, when the head of her test pilots division found out about axel core. he was shocked to blow on that. how could a non party member have become a crew members? i'll get the miss, but generally, but bowl. we keep us to tea party membership means nothing. the country alika g. abdul gleam off was so proud of the soviet union is history. and the colossal wing ship is destined to serve as an attraction in petri park, or to recite planned on the caspian sea coast. the will remove the mud. everything is ruined the old nor you. the work of so many designers and engineers in europe, awfully were of us, but at

east ukraine's break way. republics are still living under the constant threat of shelling from key ubs armed forces not despite a sci fi agreement struck between the rebels on the government and years ago, with nato full says, openly supplying ukrainian military ortiz, redmond cos who have went to the don bus region ah ah, 7 civilians were killed and 32 wounded on the territory of the self proclaimed the next people's republic. this year alone, the total number of foot noncombatants who perished in this civil war is now well over $5000.00. while ordinary people who live along the front lines continue to suffer, many of them say they don't see their future. will the ukraine any more would meet a month ago? a woman and a man were very badly wounded. she and another man was killed just before that. what can i say? we are often shelling a statement. she said we are not need ala. that, but yet everyone is afraid of god. because the shelling is going on throughout the summer. they were shelling day and night, so nothing good is happening to not listen to randomly or will change that chamber

the nicholas chose to de the caspian sea monster stands near, bent a 2 hour drive from abdul gleam ubs home. no retired flight engineer is proud to be the only dagger stanny on the team of soviet researchers. hardly any photos remain from his time with them. after all, it was a top secret soviet military project near wil, purely, but thought it was the only non party member they took on miss, but in limbo, she would have gone the other coworkers were communists. williams, virginia, when the head of her test pilots division found out about axel core. he was shocked to blow on that. how could a non party member have become a crew members? you'll get the miss, but generally, but bowl. we keep us today. party membership means nothing. the country eleger g a took him off was so proud of the soviet union is history. and the colossal wing ship is destined to serve as an attraction in patriot park. a to recite planned on the caspian sea coast. the will remove the much everything is ruined the old nor you the work of so many designers and engineers neural awfully were of us. but at least that s

. >> sharks against the islanders in the brand-new ubs arena in strong island. first period nick bonino taps it in for san jose. we've got a tie game let's go to overtime. timo meier young stud. his shot is off. but erik karlsson. plays cleanup duty lights. the lamp sharks win. they will head east over the river over the bridge to manhattan to play in the world's most famous arena, madison square garden in new york rangers next. >> saint mary's visiting utah state in logan. 2nd half. alex to case 2 of his 13 points and i finished with the left on the opposite side. it's a tie game. all right. a couple seconds left utah state trying to tie it. a shot is off the mark saint mary's crowds and the rebound and do case gets fouled. boy, 6 seconds left. he tied it up. all right. now utah state has one last chance to go for a clock runs out. utah state coach was kind of ticked off. he wanted some more time on the clock. guess what, buddy? 60 to 58 years while off the gaels are now 8, one they play colorado state on saturday. 2 hosp of billion. cal posting oregon state. 2

the nicholas chose to de the caspian sea monster stands near, bent a 2 hour drive from abdul gleam ubs home. no retired flight engineer is proud to be the only dagger stanny on the team of soviet researchers. hardly any photos remain from his time with them. after all, it was a top secret soviet military project near wil, purely, but thought it was the only non party member they took on miss, but in that will, she would have gone the other coworkers were communists. williams, virginia, when the head of her test pilots division found out about that. so he was shocked to blow on that. how could a non party member have become a crew members? i'll get the miss but generally, but well, we keep us today. party membership means nothing. the country alika g abdul gleam off was so proud of. the soviet union is history. and the colossal wing ship is destined to serve as an attraction in patriot park. a to recite planned on the caspian sea coast. the river in the mud, everything is ruined. good nor you the work of so many designers and engineers neural awfully were of us, but at least that still

he's the head of aipac equities and credit at ubs wealth management.nflation debate, it feels like we are still trading around the same themes we've been talking about all this year. as 2022 going to be different and what new trading dynamics do you see? >> different in a sense that we have very high gdp along with very low basis hikes. but it will be a year to half, so the second half of next year, we will be more normal. i think it also argues for market performance, not necessarily a negative, but it will be difficult to repeat. we are hoping certainly to see china the big market in the region be the tail end of the sometimes harsh regulations and when that happens, you will see some re-rating and that could be another in the region. haidi: we have the gold dragon with the best day in four months after what had been a big selloff. will there be consistent trading when it comes to chinese names? >> it is going to be consistent in the next couple of weeks. when is the macro front in china, it will take one or two quarters for the bottom to form. certa

don't explain to the customer what this is than the neighbors going to be asking, what did you buy, ubs, a vacuum cleaner? how much was it? 2000 euros opposition, but it's not just a vacuum cleaner. it's the whole package needs to be properly explained on and have a think about where you can start. you should have been lying awake in bed last night, thinking where can i present the hula? the fire has to be that. when does the couples villa is right next door to the company h q. they met through the company, angelina housing glass, a former miss frankfurt is a few years older than her husband has to have a good time to read. i'll see the either of us smoke. we hardly drink any alcohol about where very young at heart, only were mentally fit to say, i'm already imagining myself at 85 standing on the beach tanned, slim, strong, and healthy. the millionaires can afford almost any thing. a private yoga teacher is a relatively modest to luxury the year of the corona virus has been good for them. unlike up to 40 percent of germans who have no financial security, some don't even know how they're

we've got the latest developments and reaction for you online now at ubs e dot com. it's less of the year to the u. s. midterm elections and pulse suggest worrying, trend full, the democrats, latino voters who showed huge support for joe biden in 2020 are appearing to break away. this kind of moment explains growing number of americans who identify themselves as hispanic, are being drawn to the republican party. this long time, democratic party block has been softening according to the poles, latinos more and more becoming swing votes. is there a swing vote that we're going to have to fight full? you see in this whole that was a group of hispanic men who will, without a doubt, entice by trump and have become will republican yet i just, i was there all the same once they get their position. and they forget about everybody, especially us, the immigrants, they ignore us in some aspects they're fulfilling their promises. but in others, they've forgotten about us, such as education or the pandemic. in the recent virginia governor's race, more than half of latino voters ga

that comment was made at virtual fireside chat hosted by ubs on tuesday, but hasn�*t been officiallycomment from both didi and uber. shares of uber also jumped on tuesday after another remark that the rideshare company had its best week ever in terms of overall gross bookings last week. oil futures prices dipped after the international energy agency said the omicron variant is set to dent global demand recovery. the iea also said that it�*s lowering its forecast for oil demand by 100,000 barrels per day for next year. the price of brent crude is now hovering at about $73. apple is now requiring all customers and employees to wear masks at all its us retail stores. the move follows another surge in coronavirus cases in the us. previously apple only required masks in stores within regions that required them. new rules requiring people to have covid passports to enter nightclubs in england come into force today. the rules affect indoor venues holding more than 500 people and outdoor venues with a capacity of more than 4,000. people will need an nhs covid pass or negative lateral flow te

the ubs global strategist joins us now to answer these questions. let's think about what just happened this week. we had a rate hike, we had a fat -- fed become more hawkish. they matched expectations from the market. what changed for you? >> nothing to be honest. a few weeks ago, we were expecting a change from the fed. i think omicron is an issue that we will see the market reaction. the market is holding up quite well. we know that as we observe the year ago, this is temporary. one year ago, we were in the same situation in europe. there was a locked in different countries. we saw the gdp growth, and the eurozone mostly, that was temporary. we have growth from the second quarter. i think people will be watching. we have some restrictions on that. overall, we maintain our risk on the market. it will remain quite strong in the first half of next year. sonali: what is the risk here of a policy mistake and further market drawdown? claudia: it's not something we are concerned about. we are working hard. i think the work done by different -- they have

with us is the regional cio at ubs.s coming on the back of the first interest rate hike among central banks with the boe, not to mention the federal reserve trending hawkish. so in this environment, why do you rates to remain low, and how do you position? >> well, i think if you look at the overall environment, despite the fact we are recovering, there are still several forms of risk around the environment. for example, what's raging right now is the omicron variant. and this could affect growth because of the fact that social restrictions actually increase, it will hurt consumption the next couple of months. now we do think, despite the federal reserve is going to be hiking next year, it will remain pretty yields will remain pretty low -- yields will remain pretty low. we are basically saying credit is one way. the asian high yields is something we like, as well. and a senior loans part, with a benefit, that can perhaps be another way to look for higher yields within the portfolio. shery: what are you expecting in term

. >> fox news reached out to f ub come at the age did not respond to the direct questions, but sec aver can cancel a right if they feel unsafe or if they suspect illegal activity. law enforcement has warned him it's against allowed to transport illegal immigrants, but he can't predict an immigration status. he saysdi the surge and pickups begin in the past few weeks and the mayor also tells fox digita that immigrants turning to uber is a new tactic. >> what people we're doing is ae the border a couple of hours an it just wasn't happening, they haven't seen anybody they start moving. some of the waves was by uber. >> that me and declared a local emergency sink the number of people crossing the border is staggering. tucker? >>tucker: thank you so much. jeffrey epstein former girlfriend and arranger delayin last name maxwell, on trial facing 70 years behind bars for her role in a child ring. closing arguments beginning tomorrow the daily mail predict a verdict this week is highly likely. they're our rumors that maxwell is found guilty she will name names in order to get a lighter senten

the problem ubs and are all over the place.e problem pubs and restaurants are _ are all over the place. the problem pubs and restaurants are facing - are all over the place. the problem pubs and restaurants are facing is i pubs and restaurants are facing is simple. they haven't been forced to close but people have been advised to think twice before going out and many are choosing to stay at home. that meant an awful lot of cancelled bookings. during lockdowns, hospitality businesses could call on government support. that's not the case now and the industry says help is badly needed.— is badly needed. firstly, we need local authorities _ is badly needed. firstly, we need local authorities to _ is badly needed. firstly, we need local authorities to distribute - is badly needed. firstly, we need local authorities to distribute the | local authorities to distribute the cash they are currently sitting on that's available to them to give grants to businesses to maintain employment. secondly, we need extended business rates relief so

the nick was jealous to de the caspian sea monster stands near, bent a 2 hour drive from abdul gleam ubs home. the now retired flight engineer is proud to be the only dagger stanny on the team of soviet researchers. hardly any photos remain from his time with them. after all, it was a top secret soviet military project. yeah. will purely, i thought i was the only non party member they took on miss burton and she would have gone the other coworkers for communists. williams, virginia, when the head of her test pilots division found out about axel core. he was shocked to blow on that. how could a non party member have become a crew members? get miss, but generally, but, well, we keep us to tea party membership means nothing. the country alika g up local im off was so proud of the soviet union is history. and the colossal wing ship is destined to serve as an attraction in patriot park. a to recite planned on the caspian sea coast over in the much everything is ruined. good nor you the work of so many designers and engineers noodle awfully were of us, but at least that still standing here. do

in a paris court today, it was a victory for ubs. the swiss bank was ordered to pay a heavily reduced to billion-dollar penalty for helping clients stash funds in swiss accounts. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans. this is bloomberg. ♪ >> the characterization of inflation is transitory is probably the worst inflation call in the history of the federal reserve, and it results in a high probability of a policy mistake. jonathan: mohamed el-erian of queens college cambridge. he's said that line a few times. i think we should clarify that, the worst inflation call in the history of the federal reserve, not necessarily the worst call. some people might look back to subprime is contained. lisa: that might be considered the worst call ever. honestly, mohamed el-erian has been ahead of the curve, and he's been talking for weeks about how concerned he is about the fed not moving quickly enough. what is interesting i

guy: paul donovan of ubs. joining us now, louise dudley, portfolio manager at federated hermes.you see the market reaction we are seeing now, is now a time to be changing the view of where we go, the trajectory that we are on? or do you think, as paul says, this may be a fairly short-term event that we now largely understand? louise: we have definitely seen throughout 2021 the volatility, the sentiment within the markets being really fragile, so we have been kind of transitioning day-to-day between the risk on, risk off trade, between the reopening, stay at home, and that hasn't gone away. what we have seen is that those impacts have lessened over time, and for us, looking through maybe some of this week sentiment into next year -- this weak sentiment into next year, we are may be seeing a more cautious sentiment, so expect volatility, but maybe is not -- but may be not as much 21. alix: does that mean you buy the dip? if so, what spot? louise: we are definitely looking at those names that have not performed for the year. they are coming into this year such that they can't bid u

are a couple more hours for damien and i and we will joined by the investment solutions director at ubsgement america has. we will talk about the markets that continue to rally and the s&p futures up point 25% shy of the 200 level. this is bloomberg. ♪ >> we are looking at a more hawkish fed. >> we are in a chronic labor shortage that is not going away anytime soon. >> we keep having the problem of the recession coming back and hitting us again. it is called covid. >> we risk a policy error at this point. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. kailey: good morning on tv and radio. kailey leinz, damian sassower, and guy johnson in. santa claus has already come to this market. guy: he was always going to arrive at some point. it is being delivered on big volume. i think we will probably wait until the beginning of next year for we get an accurate gauge on what is happening. but the news

ubs expects a strong end to the year they maintain a buy on at&t. price target 34.t at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. ("jingle bells") vanguard. ♪ (doors knocking and bells ringing to the music) ♪ - [announcer] this holiday season, give the gift of grubhub. >>> after the break, shares of cloud marketing platform braze popping after reporting reports. you see emth there up 14.5%. the ceo joins us next. worker's comp was about 20% of my total expenses. i needed a worker's comp policy that wasn't going to strangle my business. when we got the quote back from pie, it was a sigh of relief. we did it online, and it was done very quickly. we saved about 30% when we switched to pie. working with pie was extremely easy. i can grow my company while not breaking the bank. ask your agent, or get a quote at easyaspie.com. it's another day. and anything could happen. it could be the day you welcome 1,200 guests a

if you look at our friends at marathon, ubs, allianz, blackrock, they probably have very low expectationshey're going to get paid back, after the risk committee was formed. they are going to prioritize employees, homeowners, suppliers, and offshore creditors are going to be bottom of the stack. so what is the recovery on these bonds for offshore creditors? lisa: the bar is pretty low. people are having pretty low expectations. i do wonder, if you take a step back, what this means in terms of how china will handle a restructuring. this is the first really major restructuring at a time when we have kind of cast aside fears of contagion. the government seems to be trying to step in, but there is a larger message for the chinese credit market, especially if investors want to get in with yields where they are. lisa: -- damian: you've got to look at the airline conglomerate , which defaulted. those are your benchmarks, your litmus tests for how this is going to shake out. the government is going to be actively involved. they're going to privatize that's going to prioritize stability, but they w

mark of ubs says our base case is the market focus will shift back to the positive outlook for economicrowth and earnings. investors should consider whether now is a good opportunity to add some of the winners in global growth that have been most negatively affected in recent days, including eurozone come in japan, energy, and financials. with us now, seth bernstein, president and ceo. it is we too have you here on this day. thank you very much for joining us. seth: thank you for having me. alix: let me give you the question we just posed to our previous guests. do you buy this rally? i know you are not a day trader, but the rally we have seen through the end of the year, is that something you want to be a part of? seth: we believe investors should stay invested in the market is very strong and we continue to have an outlook that is very favorable for the economy, the global economy. so being long equities is the right thing. you have to be a lot more careful today because valuations are pretty pricey. but we do think there are opportunities and equities to exploit. guy: where are those

. >>> golden era for bank stocks ubs says the sector has powerful tail winds what does inflation and the move in rates mean for big banks. there you see a mixed bag today. we will ask the analyst behind that report. >>> plus, consumer-related stocks with pricing power. our trading nation team on inflation toy.da it's coming up we will see new a little bit i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com >>> welcome back, everybody. rates don't seem to be playing along with inflation today as a result, banks remain flat on the session more on that in just a moment. meantime, look behind me at one of the big areas of interest in the market of late suddenly it is carbon. our etf tracker tells

. >>> check out shares of uber rising on comments from the ceo speaking at a ubs conference this morningwas our best week ever in terms of overall gross bookings as a company and close to 40% above where it was at our ipo. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. >>> volatility returning to a couple names particularly amc and game stastop >> gamestop specifically v volatility we saw yesterday has resolved itself to the upside today to stop some of the bleeding that we've seen to the downside on those moves. just to give you an idea on the meme check gamestop, the original one, up 2.5% off session highs amc entertainment up nearly 2% off session highs as well. a quick check on other names that have been talked about in the past as part of that meme stock trade. blackbetr blackberry down and tesla caught up in that wall street frenzy meme stock trading but that story is driven by tesla's ceo and his st

don't explain to the customer what this is than the neighbors going to be asking, what did you buy, ubs, a vacuum cleaner? how much was it? 2000 euros opposition that it's not just a vacuum cleaner. is the whole package needs to be properly explained on and have a think about where you can start. you should have been lying awake in bed last night, thinking where can i present the hula? the fire has to be that one. got the couples. villa is right next door to the company h q. they met through the company, angelina housing glass, a former miss frankfurt is a few years older than her husband has to have a good time to read. i'll see the i'll either of us smoke. we hardly drink any alcohol about. we're very young at heart. you only were mentally fit to say, i'm already imagining myself at $85.00 standing on the beach tanned, slim, strong, and healthy. the millionaires can afford almost any thing. a private yoga teacher is a relatively modest to luxury. the year of the corona virus has been good for them . unlike up to 40 percent of germans who have no financial security, some don't even kno

the caspian sea monster stands near bent a 2 hour drive from abdul gleam ubs home. no retired flight engineer is proud to be the only dagger stanny on the team of soviet researchers. hardly any photos remain from his time with them. after all, it was a top secret soviet military project near wil, purely, but thought it was the only non party member they took on miss burton and she would have gone the other coworkers were communists. williams, virginia, when the head of her test pilots division found out about that. so he was shocked to blow on that. how could a non party member have become a crew members? i'll get the miss but generally, but well, we keep us today. party membership means nothing. the country eleger g a took him off was so proud of the soviet union is history. and the colossal wing ship is destined to serve as an attraction in patriot park. a to recite planned on the caspian sea coast. the will remove the much everything is ruined. good nor you the work of so many designers and engineers neural awfully were of us, but at least that still standing her

don't explain to the customer what this is than the neighbors going to be asking, what did you buy, ubs, a vacuum cleaner? how much was it? 2000 euros opposition. that it's not just a vacuum cleaner. is the whole package needs to be properly explained on and have a think about where you can start. you should have been lying awake in bed last night, thinking where can i present the hula? the fire has to be that and all the couples. villa is right next door to the company h q. they met through the company, angelina housing glass, a former miss frankfurt. is a few years older than her husband has to have you got time to read. i'll see the i'll either of us smoke. we hardly drink any alcohol about. we're very young at heart. you only were mentally fit to say, i'm already imagining myself at $85.00 standing on the beach tanned, slim, strong, and healthy. the millionaires can afford almost any thing. a private yoga teacher is a relatively modest to luxury. the year of the corona virus has been good for them . unlike up to 40 percent of germans who have no financial security, some don't even k

the s&p today our parent company comcast near a 52-week low after comments from its cable ceo at the ubsence. let's bring in julia boorstin with more on that story. >> well, kelly, the key thing here is that the company warned comcast/cnbc's parent company did warn they will see fewer broadband net additions in the fourth quarter than analysts had been anticipating. for the full year they thought there would be 1.3 million new broadband addition, analysts expecting 1.4. the key thing it implies the addition of 185,000 new subscribers in the fourth quarter, down from as many as 461 in the first quarter, 354,000 in the second quarter and 300,000 in the third quarter. we're seeing a decline over the course of the year, but there are a couple other key things to note here. it does seem like there's been a real pull forward in broadband subscribers, broadband net additions into the past two years, going back to the beginning of the pandemic. three key factor, lockdowns really benefitted and drove broadband growth then you have the fact that people were moving more, particularly in the first h

the stock is on pace for its biggest job since june of 2020 after ubs initiated it with a sell and aorm sentinel reported better than expected ruts but several analysts cut their price targets. it is down 6%. dave and u.s. abouters, rising after earnings, saying the recovery seems to be taking hold as walk-in business is rebounding but special net and revenues still way down from 2019 i have personally been spending a lot of time at chuck e. cheese the play is up 7%. for dave and busters and all the being movers going to our website. >>> exexof all six crypto companies testified before the house financial services committee. unstable coins was the focus joining us now, rosie rios great to have you here welcome. >> thanks for having me. >> in many ways ripple is emblematic with the problems of with the way crypto is regulated where the whole approach has been piecemeal no one involved in any project ever knows if there is going to be a clamp down waiting around the corner while everyone waits for the broader rules to be clarified. >> for me, i think of ripple as actually a solution. i

as a cloud play they favor microsoft saying aws is less stretched from a valuation perspective and ubs looking at the retail side of things analysts write that despite other ecommerce players grabbing market share, they believe growth could reaccelerate to 2023 and they call the stock a top pick as does dana who says consumer technology companies are likely to take a premium spot in the post-covid-19 world. every analyst who covers the company has a buy. not a single sell on the street and just a couple fringe holds, julia. to me, i don't know. if i were an investor in individual stocks which, of course, as a cnbc journalist, i am not that might make me a little uncomfortable that there's so much bullishness i mean, when there's a, mat and too many buyers and not enough sellers, i don't know. >> yeah, everyone jumping on that band wagon. one thing i thought was so interesting reading all these different notes is so many different places that amazon has strength so many different markets where amazon is dominant, whether you're looking at ecommerce or the strength of aws and, carl, i wo

market will be carried overinto the first quarter instead they see supply significantly exceeding demand ubswhile prices will remain volatile they are bullish on global and national oil stocks into 2022. >>> let's turn now to the word that's on everybody's lips, crypto cnbc showing the new members of millionaire club have a hefty portion of their wealth in crypto robert frarch joins us with the details. hey, resident. >> hey, tyler, more than 80% of millennial millionaires own coinbase what is more surprising, how much they own. according to the survey, more than half of millennial millionaires have at least 50% of their wealth in crypto. nearly a third of them have 75% or more in crypto. compared with baby boomers, only 4% of any boomers have any crypto the numbers suggest it is a main source of wealth for many millennials. half of them plan to add to their crypto investments over the next 12 months only 6% planning to reduce their crypto holdings. millennial millionaires are bullish on other investments as well most plan to add to their equities next i don't remember they had the highest f

maker did beat analyst expectations for the third quarter, and several brokerages including jpmorgan, ubsratings on the stock. it is down 44%. well, what's a day without tesla news? ceo elon musk has sold another 930,000 shares, worth more than a billion dollars, to meet his tax obligations. so if you're counting, since november 8th elon has told 10.1 million tesla shares for $10.9 billion. got that? he's on his way to meet his twitter goal of selling 10% of his stake. there's a report from the if car blog electric that said he's the la is integrating car sharing in its app, so this might be another step towards the long-awaited tesla network which is an uber-like ride-hailing app that also lets tesla owners share their cars. tesla down pretty sharply at 1,017. didi shares down after its listing will be moved to the hong kong stock exchange. move is expected around december the 10th. it's seen as a reaction to china's clampdown on the tech sector. didi just listed in new york in june. stock's could be 22%. other chinese tech names, baidu, alibaba getting caught up in fears that a delistin

. >> sharks taking on the islanders and strong island brand-new ubs arena out their first period.ed then for the tie game. let's go to overtime, extra hockey mire. it can get the backhand ago. but guess what? great pass to eric carlson. current on the red light for the winter sharks win 2 to one. they travel across east river. enter manhattan to take on the rangers at. the world's most famous arena tomorrow night for those who don't know that madison square saint mary's taking on utah state in logan this was a good one. 2nd half. lou, could do kiss. check out the finish with the left that put the gaels up by 2. all right. game tied seconds left. and check this out. utah state misses a shot is that you get the rebound. and they call a foul on utah state. case makes them both. and going up by 2 ensuing play. we'll 0.6 left. they knock it away. the go on to win. get this. they're 81 on the season. they want more time on the clock. but no dice gales win 60 to 58. they take on colorado state on saturday. cows, women basketball. a host of fresno state. the bears jumped out to an early 1

and jumping higher after being named a top pick by ubs. i mean, after the big 1 run it has had, that would be amazing if it kept going, tim. >> well, you know, the stock pulled back about 16% off those november 18th results which were good but not extraordinary and again, it was around data center, a.i. and even gaming so i think these are where you expect to see continued growth they do have a lot of competition. we talked about starting to get involved in the meta chip world and the things that have been part of the valuation driver it seems nvidia is the one, those leading edge themati chips and therefore, the multiple, depending on how you want to look at it take an $11 a share earnings out in 25, discount it back and get to you a 40 times multiple i think that's cheating. i think the stock is 55 times earnings and that is very expensive it is probably going higher. >> nvidia has always been and always gone where the market wants to be in terms of the next big trend. crypto, meta verse, gaming where are you in the chip space? there's a

. >>> not all semis are created equal, at least according to ubs.any will underperform due to smaller exposure to the ev market. >>> pagerduty shares are popping. jennifer tejada will be with us next stay with us >>> welcome back pagerduty is surging after reporting stronger than expected results. you can see it now up over a little 11% the company posting back-to-back company sales 30% year over year joining us now ceo jennifer tejada good to see you. i want to talk about earnings, of course, but perhaps no better case study than what pagerduty is for than the aws outage yesterday. what was the impact that you saw? how perhaps did customers use the tools that you have to address it >> well, it's great to see you, john you know, the reality is all modern companies depend on cloud services and cloud providers where the operations of those systems are imperfect. software as we know it are imperfect and aws has been a terrific partner and extremely reliable but when they have a bad day the key thing for customers is to recognize it very quickly. use so

ubs, you can work-from-home.sachs kind of wants you back in the office and so does morgan stanley and it's sort of manifesting itself in this holiday party disclosures and policies that are going forward, liz, back to you. liz: okay, charlie, thank you very much. we're watching it. it is a very very sort of constantly-developing story, as we know. because we have that one death in the united kingdom and again it's related to omicron but we'll be watching it thanks charlie. cancellation creep. the omicron variant, yeah, it's taking the wind out of the sales of some travel stocks, airlines, et cetera but our countdown closer says that makes some of these names a screaming buy, where he's making reservations for his portfolio, next. ♪♪ it starts with a mother's determination to treat her baby's eczema. and grows into a family business that helps thousands more. it starts with an army vet's dream of studying the stars. . . and grows into an award-winning restaurant that creates local jobs. they learned how on youtube

. >>> meanwhile, ubs resuming coverage on a slew of tech names this morning amazon the favorite sayingre too conservative alphabet, metta and snap have buy ratings. compelling time to revisit the online ad space. >>> right now the nasdaq let's see up fractionally about half a percent. stay with us when it comes to autism, finding the right words can be tough. finding understanding doesn't have to be. together, we can create a kinder, more inclusive world for the millions of people on the autism spectrum. go to autismspeaks.org everyone needs health insurance. covered california is making sure more people can get it. new federal funding of $3 billion is available to help more californians get covered. julie and bob are paying $700 less every month. dee now gets comprehensive coverage with no monthly premium and the navarros are paying under $100 per month. check coveredca.com to see your new lower price. covered california, this way to health insurance. enroll by december 31st. ♪ >>> shares of c 3 a.i. trading all time lows despite meeting es mates with revenue growing more than 40% a s

and southwest catching a pair of downgrades with ubs lowering it to neutral, love has higher exposure pressures versus peers head over to cnbc.com/pro. southwest is down nearly 4% today. >>> we're also keeping our eye on a bunch of ipos two market debuts from brazilian fintech nubank both in the green right now hashcorp up 4% nu just opened a few moments ago. hashcorp, only slightly higher today. but the mystery chart was boxed. remember boxed we showed you that before the break in a spac today making its debut since merging with an acquisition. now valued at just under a billion dollars. >>> now to rahel solomon for our cnbc news update hi, rahel. >> hi, kelly a former reality tv star has been convicted of downloading and possessing child pornography. josh duggar became famous on the show "19 kids and counting." now faces prison sentences on each of the counts there are allegations that he had molested several people. >>> the museum family say it was a joint decision to remove the sackler name over the family's ties to purdue pharma and the opioid epidemic. >>> treasury secretary jan