ubs boosts its dividend and buyback. francine: if you look at futures ahead of the data, it is about the u.s. data, that cpi print later on. we did have u.k. unemployment data, better than expected but not all positive. futures after the rally we saw yesterday, trading sideways. tom: four straight days of gains in europe if we see that green on the screen through the market session today. gains in the u.s. again. maybe inflation has peaked. the estimation for the cpi print later today. jp morgan saying a soft landing is the central scenario. they are risk on. the spanish ibex currently gaining 0.3%. the cac quarante up. the ftse 100 range bound in the first few seconds. across assets, we watch the dollar. a little upside in the session today. the u.s. 10 year has moved lower two basis points. five straight days of gains. brent $94 a barrel, range bound as they work through the changes when it comes to the energy conversation out of brussels. francine: let's dig deeper into sectors on the move. in gains you have basic res

at least not yet managing director at ubs private wealth management and joins us now.hearing a lot of folks say, hey, look, bond yields all of a sudden are paying you a little bit to stay safe on the other hand, are we not in the business of looking to buy equities when they're down you know, 23% off their highs? how's the risk/reward set up >> look, yesterday was a tough day. it was a tough day, because the three questions that investors had of the fed were answered they were answered in sort of a negative way right? how, when, what? how high are we going? when are we going to get there and what is going to make you pivot? the reaction was, therefore, sort of a puking out of risk in an environment there was very little risk on to begin with bofa asset manager survey come in historical high for bearishness and cash on sidelines. that's what you're seeing. you're seeing that to the point you just made on the equity and fixed income side. we are in a very strange environment going back to history, which i know sam was talking about, and i think a lot of us use as sort of

thank you very much for that, thank you christina, the head of equity strategy at ubs. coming up on the program, we will have a new prime minister on monday. whoever enters number 10 will have an important trade. anna: welcome back to the european market open. 15 minutes into our trading date, we are up by .5% on stocks , u.s. futures look more negative at 1%. let's talk politics, -- u.k. politics. we will have a new prime minister, polls show liz trust beating rishi sunak. whoever ends up at number 10 will have a full tray, with some of the challenges facing the u.k. economy. bloomberg's lizzy burden joins me now. the economic challenges that face the next trimester. >> to put in historical perspective, it is worse then theresa may got post-brexit, worse than david cameron got. you have to go back to the early 1970's to -- for historical comparison. you got double-digit inflation, goldman says it could hit 22% next year. it is driven by this energy crisis, there are warnings that more than half of u.k. households could face energy polity. people are asking for higher w

this as ubs share repurchases are set to exceed $5 billion this year.e have a feast of breaking news on banks. ubs upping the dividend, and going for a confirmation in terms of the size of the share buyback which will be $5 billion. a little bit shorter and quicker than we thought. dani: that is right. just earlier this month, they had to abandon the deal to buy the general manager. it seems like scrapping this deal, they will be using the extra capital to exceed that target of $5 billion for this year, manus. manus: certainly, that wealth business -- putting his hand down on that and saying this is my deal. this was to buy the robo advisor. that was a deal he hung his hat on as being the way forward. accessing and building the presence in the united states of america. there is no doubt about it. why hold credit suisse stock when you can hold something that can give you $.55 come upping the dividend and buyback? dani: something that will weigh on credit suisse' mind. that is the story with ubs. let me take you into other equities this morning. let me gi

kriti: evan brown of ubs, always a pleasure. we thank you as always.up, growing concerns that the potential rail strike could make inflation worse. what the government has planned when it comes to this strike. this is bloomberg. ♪ >> we have plans for storage in different places throughout the united states. we would use trucking as a backup. but as i said earlier, we want to encourage everyone to work this out. i think rail not only for our industry, but many in the u.s. it is critical. kriti: this is "bloomberg markets." i am kriti gupta with jon erlichman. you were listening to toyota ceo about the looming u.s. rail strike. 125,000 could walk off the job if a deal is not reached by friday. joining us is joe mathieu. the rail sector has avoided strikes because washington intervened. are we going to get that lucky this time? joe: it is a good question. from the white house's perspective, they are personally involved and a have made that clear, including labor secretary marty walsh, but also pete buttigieg. karine jean-pierre has been pretty consistent

let's welcome in jay, a retail analyst at ubs good to talk to you.egments that you think are going to get hit worse than others in this holiday shopping season? >> thanks for having me. the apparel industry is probably going to be negatively impacted by the impacted inflation it's having on consumers and some of the issues that are going to make the christmas holiday season a difficult one for retailers and brands. >> when looking at the apparel retailers are there specific retailers that, you know, if they cater to a budget minded crowd that will get hit worse than luxury brands >> yeah. you're making a good point because we've been seeing that all year retailers that cater to lower income consumers off priced retailers or department stores or specialty retailers that cater to the teen market have struggled this year and a lot of the reasons that they have struggled are in play this year and the rest of the holiday season. >> it's brian, did they botch their inventory? did they over -- couldn't get anything forever then a window opened up and i hear

rates strategy next to ubs. bloomberg. ♪ zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. >> coming up, the founder and ceo joins bloomberg tv. this is bloomberg. >> they've been consistently getting more hawkish in the last few months and this is sort of talking some of the most hawkish expectations. so of course it's fairly dramatic. i think a bit more honesty and reality in the forecast as well, the economic forecast of more consistent delivering some impact and i think is mr. powell has reflected upon is going to be painful. >> global head of fixed income research speaking with bloomberg. joining us is michael cloherty. the two-year, open four point -- the two-year, 4.13. michael: i think we can slide a little bit more but we will have to wait until we get the other side of cpi. it's hard to price in a full 75 at the next meeting. but if we price more

let's get more from a shock train professor of peace and conflict research at ubs, hello, universe. in sweden, profess when if the violence in lester connected to the right wing majority in politics we're seeing in india right now. is he, the lester or the city has been living? i'm in the, in those, and mostly that has been an i'm blogs, number of immigrants coming from india as well as the pakistan on other countries. but those into the muslims living, i mean, can really, in that city for a long, bitter time. what we see in the sense loved monk that it has been they, they will learn of holland taking place. and it started with a match, india package played. and after that, there was this kind of, you all's locker matched the sports fan, do the playstation, but then on the india in the muslims. and this kind of fall parlance which has been continuing now. and also getting people from the other parts of the cities that are coming there. what we see, the difference is that though there is the law for the for the last time we saw that it's him, 2 groups are in the right. we groups are

ubs plans to raise dividends by 10%.y expect share repurchases will exceed its target of $5 million. it is returning capital to investors after calling off $1.4 billion acquisition of a u.s. company. bloomberg has learned that the prospect of a ceo leaving before his contract expires. as provided plenty of shareholder frustration and legal turmoil since becoming ceo. she spearheaded the division which has been a huge legal headache. the longest streak of declining gasoline prices in the u.s. might be coming to an end. regular gasoline has dropped by less than a penny for several days that the same time more states are seeing an overnight increase in prices. meanwhile gas prices in new york climbs to a high for the session this day. alix: tying that into the inflation picture it ties to the upside and the market cannot find its footing. the nasdaq 100 off by 40.3%. the s&p up by 4.1 and earlier i wanted to separate that for the nasdaq 100 because it saw 2.6 billion dollars worth of inflows and yesterday we were talking ab

ubs is returning excess cash to -- after calling off the acquisition of a u.s. company.audi arabia told opec that it raised its crude production to 11 billion bobble -- barrels a day, in the last two years that they raised. that was to get penn production back to where it was before pandemic. and a chinese single travel jet could be certified by regulators this month according to local media. certification could clear the way for the 990 to start commercial flights 14 years after its development. that is your latest. alix: thank you so much. the august report much worse than expected. president biden came up with a statement -- came out with a statement that it will take more time to bring down inflation out. we want to bring in our washington correspondent. this was a big surprise the market and this was very surprising for the white house as well. doesn't change what he does later on today? annmarie: it changes the tone and how they span it and whether or not the messaging could stick with the american electorate as we gear up for the midterm elections under two months

one other stock we are looking at is ubs. plans to hike the dividend to 55 cents per share. the swiss lender signalled it expect the share buyback program to top $5 billion by the end of the year positive reaction there, dom >> joumanna bercetche live in london thank you very much. >>> let's get to the top corporate stories. let's go to silvana henao. >> dom, good morning a majority of twitter sh shareholders voting in favor of the $44 billion sale to elon musk despite protests from the tesla founder. according to reports, early voting shows investors approving the deal by a wide margin. there is a chance the results could change as shareholders can alter the votes today at the meeting scheduled for 1:00 p.m. >>> and shareholders through layoffs as the company looks to adjust to a slowdown in the consumer spending habits the fashion rental service did not say the number of jobs affected, but as of january, 958 full-time employees and 138 part-time. this is meant to go through the sales force. sales are down sharply in the pre-market for rent the runway the company will open

will hug their new neighbors all call themselves cities refuges for migrants until they arrive in this ube they will hug them. we need to secure the southern border, as we did for 4 years before the biden arrived. migration policy is a sore point that is being discussed. perhaps the deepest split in american society in november is the midterm congressional elections and the republicans are raising rates. biden's personal rating has grown after the failure of recent months, but here's another embarrassment. this is the most this summer. i appointed a new head of the national institute for cancer research from bostonala monica bertalia bertagnoli. excuse monica, you can call me an insult, and if only a reservation after the speech , the president of the united states again looked for a way out, there is a high chance that many democrats voters in november will be pointed to the door the premier of the slopes moved even charles iii, she wants to be the first to meet biden in albion in khitrou, they have already confirmed that a hundred will be canceled for the arrival of a distinguished guest

another winner for you, eli lilly, the fti has approved one of its cancer drugs at ubs upgrades them to a buy, up 3. 5%. %. it has a new weight loss drug that is considered very effective and ubs says it could be the biggest drug ever for the company. ashley: wow. i want to get into this. retailers getting a head start preparing for the holiday season. what are they doing? lauren: my kids already started their lists. you know what? i am fine with it because things are expected. what retailers are doing is making it as convenient and as cheap as possible to shop this year. walmart is now offering curbside returns, stay in your car and return your item. if you are a walmart plus member you can call a delivery person to come to your doorstep, hand them the item, don't need a box, label, nothing. amazon is rumored to have another prime day perhaps in october 2nd juice sales. inventories are surging, lululemon inventories up 85% from last year, look at these numbers, footlocker, kohl's, gap, no merchant wants that stock in the new year so they will cut the prices and they also know that w

the next step, an agnes up health ubs, need our data to work, and to keep improving by that means we often disclose a lot about ourselves in our bodies. the ongoing discussion about data abuse with period track apps shows just how risky that can be. host business as a to know when women have mood swings, headaches, or sugar cravings, period tracker, abs collect various types of sensitive health data and might also store location age and weight. the ab steve, most of this data to perform their function. but the spanish and g o eci cars examined 12 popular period tracking ups and found that almost all also collected unnecessary data and passed it on to 3rd parties. information on whether someone is trying to conceive or has gotten pregnant is valuable to the advertising industry. and might also be of interest to law enforcement agencies. at least that's what experts in the united states fear. now that the supreme court has overturned the constitutional right to abortion, terminating a pregnancy as a criminal offense and numerous us states now. so might law enforcement use data from per

this is an ube croissant. we have ube filling in the croissant.dd a little more innovation to any product you are eating or drinking every day to give you extra flavor, extra excitement. i want you to buy something in our store that you've never seen before, but it is also coming out of the product you are familiar with, like mango. the cocoa mango, we use real mango in it to make a perfect smoothie. larry: thank you so much. i don't know if i should thank you luz. if we have a christmas party, could you cater it? this is fantastic. toby, thank you. >> i would love to support you guys, and we do get that a lot. we can't wait to serve more people with our products. kristen: toby son, thank you so much. larry: we will be right back. kevin: i've fought wildfires for twenty years. here's the reality we face every day. this is a crisis. we need more firefighters, more equipment, better forest management to prevent wildfires and reduce toxic smoke. and we need to reduce the tailpipe emissions that are driving changes to our climate. that's why cal fire

he at the chief economist at ubs _ emerging.day cult. so that is— they resemble a doomsday cult. so that is the — they resemble a doomsday cult. so that is the scale ofjust the absolute lack of confidence in this government and in its economic plans~ _ government and in its economic plans. they are a complete bust. nobodv _ plans. they are a complete bust. nobody has any faith in him then. nigel. _ nobody has any faith in him then. nigel. the — nobody has any faith in him then. nigel, the male is looking to pin the blame at the city slicker is betting against a uk plc. what do you make of their headline here? some irony that the daily mail is actually terribly in favour of the free markets, and what is the free market operating the way that it thinks it's meant to. they are blaming short selling. this is the process where broadly used sort of borrow a load of stock from a broker, if you are a traitor, you then sell it and it goes down in price can you buy it at the lower price. —— you are a trader. if the stock back to the trade

lauren: ubs looked at data and it showed uber has a much greater market share, most people know thate they can make more money, because it's more popular, and also, they onboard their drivers quickly, so the reason lyft is down is because with that information, ubs downgraded lyft to neutral and took the price target, which was at 50, all the way down to 16, so it's above where it is now but that was a big cut of the price target. stuart: look how uber has come down since it's very promising ipo. it's only at $27 a share right now. move on. apple. i know that they are building their iphone 14 in india now. is that significant? lauren: well because yeah, because they are shifting manufacturing more out of china so foxconn is their major assembler of the iphone and they have a factory in chenai, making the iphone for years in india, but it's the older iphone. now, india is making the new one , and jpmorgan is forecasting that india will make a quarter of all iphones by 2025. not only is it a blow to china, but this is a way for apple to get more indian consumers into its echosystem and

caterpillar and 3m caterpillar reached an agreement with the irs to resolve a multi-year tax dispute ubsold to sell, hiking its price target to $126 from $118 seema mody covers the sector how significant is the caterpillar lawsuit and the overall strength in the sector >> well, the lawsuit, sara, is significant. there is no penalty payments and that was the fear on wall street the company saying it can avoid the cost and burdens of further disputes with the irs so that's fueling shares of caterpillar up 3% another stock getting some love is 3m after ubs upgraded the stock to neutral the analyst there, chris snyder, has been relatively downbeat on the stock ahead of this report saying that litigation liability tied to the defective ear plug lawsuit is priced in the stock is trading lower after the judge ruled it can't put the specific business into bankruptcy which could have shielded 3m from litigation. the stock is down 16% over the last month it's been a key laggard compared to the industrial sector, which is down about 1% in that same time period, sara. >> down about 10% year to date,

highlights include ube, colada,d colada, seafood fried rice and seafood chowder.n healdsburg, thank you, new guy, that made the list as well. the menu is 100% plant-based and run run by the owners of the popular popular single thread. i just gained 20 pounds by reading the. the story. >> got to kevin: i've fought wildfires for twenty years. here's the reality we face every day. this is a crisis. we need more firefighters, more equipment, better forest management to prevent wildfires and reduce toxic smoke. and we need to reduce the tailpipe emissions that are driving changes to our climate. that's why cal fire firefighters, the american lung association, and the california democratic party support prop 30. prevent fires. cut emissions. and cleaner air. yes on 30. >> duncan: tonight, the new threat of nuclear war. vladimir putin declares he's not bluffing and will do anything to defend russia. anti-war protestors arrested in the streets of russia as putin mobilizes 300,000 more troops. cbs's debora patta is on the ground in ukraine. >> reporter: you have to be quic

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and ubs plans to raise dividend by 10%.to investors after the acquisition of wealth front. 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. this is bloomberg. >> shifted to points from inflation better than expected. inflation has to be an absolute basis lower. the chance for expectations away from 2%. >> coming up, -- steve investment officer. seven tens of 1% on the s&p 500. yields are coming down. once again, what you're witnessing this morning, what you have seen over the last few days, euro-dollar with half of 1%. fruit positive. tom: jon mentioned earlier a monthly inflation data will be available this year and a good 11 minutes as well. conversation of the day or the week on oil. $150 per barrel, there is an outline, the head of energy strategy. yes, the prices cut away, but the underlying fundamentals exist. is it just simply -- flat on the back? >> you have -- in terms of the trajectory of demand. continuing to exacerbate su

joining us, the senior strategist at ubs.ke how you have the courage to take your equity and economic and commodity study up to mid-2023. what does the stock market look like in june of next year? >> we are looking for about -- on the s&p 500 next year. a lot of what is going to drive where the market goes is where monetary policy goes. we have heard from the fed that we are likely to be higher and tighter for longer. that feels like a more range market for longer, we are seeing towards 4002 hundred. earnings estimates need to come down now, the consensus number is much higher, about 4% below consensus numbers. we think the consensus will come towards us, even our 2023 eps numbers are dependent on where the terminal rate goes. jonathan: how mechanically challenged is the s&p given the federal reserve will be higher and tighter for longer? >> is a challenging environment for equities, that is why we have been positioning more defensively. recently upgraded consumer staples as a result of that, that is the joining of the defens

we have two of the best, quill intelligence danielle dimartino booth, ubs private wealth managing director ali mccartney. ladies thank you for coming on the show. let me start with you, ali. we got 75 basis points. what is the initial reaction with the market pulling back like this? was they're something in the summary of economic projections perhaps? >> there sure was. 75 was much baked in in with tiny capacity for 100. basically the numbers went up, projections how high we were going went up, the timing went up and this is really based on three things, how high are we going, when are we going to get there and what's going to make you pivot? all the answers we've gotten so far, hopefully we get more in the commentary and questions were more hawkish than even the hawks were expecting. charles: it is interesting, we were talking in the green room, one thing, powell has got to bother him, how the market was higher. >> come again. charles: this keeps happening right? the market rallies, news come us it goes down. market rallies, cpi goes down. market still doesn't believe. we rallied into the

our single market is one of your ubs, great to success stories. we know the power that lays lies in the single market. so now it is time to make it a success story far ukrainian friends to. and this is why today i am going to give to discuss all this with president zalinski and to show him what the single market is as a potential for ukraine's future to my own remembers. one lesson from this war is we should have listened to those who know, putting to annapolis cost scale and all the russian journalists who exposed the crimes and paid the ultimate price to our friends in ukraine mode of georgia and the opposition in bella homes. we should have listened to the voices inside ours union in poland, in the baltics and all across central and eastern europe. they have been telling us for years that put in would not stop and they act accordingly. our friends in the baltics have worked hard to end. that dependency on russia. they have invested heavily in renewable energy. in l n. g terminals in interconnect. they made the experience. yes, this comes at a c

manus: the bottom line is, they are trying to turn credit suisse into what ubs became and it is juststion whether they can take the pain. but retaining dealmakers gets harder and harder. if you are waiting at your desk for what they decide above, you are not making deals, why would you stay? >> that's the question many employees are asking. not only in the investment banking decision, waiting to hear whether their team mifid cut. but -- might get cut. they are waiting to hear can we extend deals to clients are not. what's our positioning? there is a lot of uncertainty going forward and markets are not necessarily helping either. dani: that's bloomberg's swiss making reporter marion haf termeyer. let's cross into italy now. the leader of the right-wing bloc expected to win italy's general election has criticized the plan to sell state-owned carrier ita airways. for more, we are joined by our milan bureau chief. tommaso, is this deal dead on arrival? >> hi, good morning. it looks like we don't have a deal again on alitalia and its successor ita airways. yesterday morning it looks like

ubs also putting out a note it is trimming the sales further.ng to online travel, expedia's ceo peter kern sharing a rather optimistic outlook on the path for travel, the recovery he is seeing with jim cramer last night. as you can see the stock is down nonetheless over 4% right now as booking holdings worth noting, while the hospitality names among the worst performers today, still up for the week and the month we'll have to see if they can hold on to those gains, carl. >> pretty remarkable commentary coming out of the travel companies specifically the airlines just this week. thank you. we're watching the market. dow down 870 it is going to take you back pretty much to the middle of last thursday's session. stay with us your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire to adapt in a fast changing world, matchin you could hire aption. professional pit crew. go, go, go. sorr

and the problem is they look back at ubs found ops them at a huge sex exploitation scandal. and it's funding was caught effectively by hoff. so for none of these organizations is actually materially in their interest to really do investigations to what happens is things are covered up. and all of the measures that have been announced by the un thus far have largely been reactive measures. so then measures about making sure that everyone has training. the problem is there is no pro active investigative capacity within the task force or within these organizations. just give you in a descent. what they do is that they investigate claims made to them beer, a series of mechanisms that report allegation, claims that like report sexual exploitation allegations. however, many people in coming forwards, many people are worried that will impact on starting a family members who have jobs with these injures. many people are worried that their cases will be dismissed by bodies that are linked to community accident wanna can access or endanger access from the end years. all in 1000000, pe

that's get reaction from our next guest, the usual -- the ubs global head of commodities.inic: i think they could have done a little more. two, they have always been a little preemptive. inflation is only around three or 4% and if you want to keep that low. it is clear and of the fx market, if you don't keep up with the fed, we are going to get punished. when you look at the on appointment surplus, that is all good but it is a little on the disappointing side, hawkishness would've helped. tom: you are seeing the euro up against the swissie, currently by about .7%. a couple of other lines, as nbc's inflation -- snb sees quarterly inflation exceeding 2% through february 2023 and they cannot exclude more rate hikes in the foreseeable future. do you think they are going to need to sell some of their fx holdings and support the franc given concerns about important inflation -- important inflation? dominic: they could s upport the currency. we have less dependency on fossil fuel in switzerland. what supports the resilience is our strength of currency. this could manage the weakn

because of what the labyrinth began to blaze and what are businessmen trying to ube?

hayden briscoe from ubs asset management. let's bring you back to what is going on -- excuse me. we got first word news. reemerging after not being seen in central earlier this month, made revision and beijing on tuesday. it was about china's achievement, decade absence conflicting with china's strict covid protocol which mandate seven days of quarantine followed by three days of total isolation. the bank of england's chief economist says the u.k. governments tax cuts in the market reaction that followed require a significant monetary policy response. physical changes of course and it significant weak pricing of assets. the best time to assess and react to the bank of england's next meeting in november. >> there is a rebalancing of the macro policy environment and in anticipation of new fiscal policy. i think it is hard not to draw the conclusion that all of this will require a significant monetary policy response. rishaad: a dozen u.s. banks have agreed to pay fines for a combined $2 billion for failing to monitor employees communications on unauthorized messaging apps. lenders

alix: joining us now is the cohead of global asset allocation for ubs wealth management.o you understand the move over the last few days? positioning, seachange in ukraine, hawkish talk from the ecb. what's the explanation? there's the 75 basis point hike -- >> there's the 75 basis point hike where over several meetings it began and raised itself up to basically join the fed in the notion that we will have to kill inflation expectations, bring them down to a point where we are going to see kind of inflation expectations moving solidly down, which is helpful with a euro that has stated recovery. we still think that there is a bit more of a scope for the dollar and that the fed will be lifting rates higher than the ecb will manage to do. guy: mark, if we get good news out of europe, how much of a coiled spring are we going to see unwinding? a lot of money flooding back to europe? i keep mixing my metaphors. how much of a hairtrigger are we on? any good news, how much could europe go up by? mark: any indication we are not going to get a recession, that would bring a broad eu

this a level from ubs, calling a december brent forecast on $15 in lockdown. $110 on brent and wti onscreen. brent at $91. down this morning. dani: let's switch focus to the u.k. queen elizabeth's coffin was driven slowly from balmoral edinburgh as the country continues a period of mourning. people lined the streets, taking part in the historic farewell. joining us is lizzy burden, at buckingham palace. what is the plan over the next week? lizzy: crucially for our audience, the bank of england has firmed its decision to mark a mourning period. in the interim, we will still get a raft of economic data. today at 7:00 a.m., gdp figures, expected to show a 0.3% growth in economic output. a bounceback from the technical claim from the bank holiday in june, 0.6% that was. a sad reminder that only three months ago, britans were celebrating the platinum jubilee at a can him palace. -- looking him palace. the funeral is likely to slightly depressed economic output, and deutsche bank says there could be a technical depression as a result. the labor market is still tight and wednesday we will ge

anna: i spoke to a credit analyst at ubs who talked about the transatlantic divergence or.e -- there. he is assuming a quick reaction from the ecb because our companies getting the focus that we think the ecb will be quicker to act because of the liquidity? is that something that factors into your thinking? the ecb could be hiking into extreme weakness in the eurozone economy. emmanuel: it is very prickly -- tricky because they have to focus on price stability. we look at the property market being distressed, and you have this stagflation pressure which is not helping consumer purchasing power. there is a long way to go from the fed. there is room for the ecb to hike and to put the floor on the currency, but we not -- do not think they will go much more. anna: does it run for too long because that is something that we talked about earlier this week, that consumers have to make assumptions about where the euro heads. emmanuel: we have seen that the past few months have been supported by hawkish sentiment. on top of that, given the commercialization of the west, europe with m

ubs has suffered a setback in its quest to make the swiss belt manager more digital.s acquisition of u.s. robo advisor has collapsed. the deal would have been the biggest transaction of the ceo since taking the reins less than two years ago. bed, bath & beyond is confirming it cfo fell to his death from a skyscape are in manhattan. york city police have ruled his death a suicide. last week the company said it would/jobs close 150 stores. -- accused several parties of artificially inflating the company shares. that is the latest business flash. all right, angel. guy: -- ♪ dani: stocks finishing up the trading day in europe and it has been a difficult one. some of these equity indices are off there lows, but it is a market that has been grappling with an energy crisis with the flow from nord stream 1 from russia to the rest of europe closed indefinitely. that was announced late friday had a strong close into the weekend. it is a reassessment. some of where we are seeing stocks settle, some of the worst are germany. some of the energy companies there who have to deal wit

but then this is why it's so confusing, ubs today says our own research shows really strong wait timeshe iphone 14. so which one is it? brian: sounds like a dual. we've got a duel on our hands here. lauren: we'll find out when they report earnings october 27. stu: tell me about lulu lemon. they're an athletic clothing company but didn't know they're getting into the home fitness. lauren: they have that mirror that's a device and it's interactive to work out in front of it. do you know anyone that owns one? stu: you can work out in front of any mirror, does it have to be interactive? what is this? lauren: i agree with you on that one but people like to spend money on interactive workouts. stu: it's a $1500 mirror. lauren: they're cutting the mirror in half because it's not selling well and now to boost sales for $39 a month, you can take all sorts of classes in front of that mirror. they're doubling down on at homework outs. people are going back out to the gym and want to be seen and work out in public. moving on. stu: we're deferentially done with mirrors -- definitely done with mirro

eli lily jumping higher after ubs upgraded the pharma giant from hold to buy.y believe in potential of lily's weight loss therapy as well as research for drugs to combat alzheimers. they're getting a nice 5.25% pop here. robinhood shares. they were higher and now they're down after surging premarket report that the sec would stop short of banning the practice of payment for order flow. regulators may still enact changes to make the process maybe less profitable. payment for order flow, big source of revenue of big electronic payment firms and in turn collect payments from the firms. checking the payment for order flow, stocks are stocks that at least deal with that ali financial and it's a credit card supplier and up 8%. robinhood down 8%. consumer inflation. might have cool aed a tiny bit last month but grocery prices haven't crack add bit. u.s. department of agriculture releasing price outlook for august and food prices rose 13.5% year over year and that's the largest jump since 1979. but it's the cost of eggs. eggs led the report with a 30% jump annually and

raskin, i'm going to talk to you about nike, because you own it they do reiterate their outperform ubs so 124, 156, what do you say >> i like nike we trimmed it earlier lopper, terms, growth in the digit at business, a lot of innovation, we're bold. >>> the price target goes to 260 from 227 i lie third quarter name for the long term. maybe even a couple weeks, there is this looming threat of a strike, which would be very bad for the company. i'm just saying if you're looking to enter, want to do a downtreatment of that issue. >> clearly there's a very bearish tone we're a lop way from resolution there. the bottom line is there's an energy imbalance that will last for many years and support both chevron and exxon. >>> all right. we'll take a quick break and come back to salt. businesses have to find new ways to compete in order to thrive in an ever-changing market. the right relationship with a bank who understands your industry, as well as the local markets where you do business, can help lay a solid foundation for the future. pnc provides the resources of one of the nation's largest b

gets through it and a lot of long term assets cheaper today than at the start cheryl: counter part at ubs talking about the economy and that language gets investors nervous short and long term just to be clear but what's interesting here is as we're looking at a day like today with the s&p retesting getting below 2022 and the dow in bear market territory and that seems to signal that hyper-bowl this is it. it feels like we're hitting that low, low, low level. >> yeah, certainly. the federal reserve is not destroying the economy and they've made a mistake and they learned from their mistake and they will reverse course and there's an upside for long term investors and they'll kill a wage inflation and they'll kill inflation. they'll slow things down and the situation where a year or two from now cutting rates from low levels to stimulate the economy and that if you remember, that's really was a basis or good asset prices throughout the base and we don't need to have a recession and we have one at the end when you go through a few years from now. it's good base for a good stock price. chery

area lawmakers are taking a stand, the mayor will join the advos adeven e ancy pelosi d unit players ub hoe in san fran will be speaking at city hall. > >> transit family housing near hayward park got the green light from the planning commission, the residential building on concord drive will include nearly 200 units with some set e set aside for very low income r. income residents. > >> now let's get a check of the weather. we are in the heart of the heat wave. is there relief in sight? >> the next couple days we will barely feel it but there is. how how did you beat the heat? >> stay inside. >> seriously, for the next couple days you want to stay inside. the heat wave is breaking apart but it is still t still hot today. currently clear clear skies across the board, 64 64 in san francisco, the daytime daytime high average this time of year to 68 so we are almost there. 70 at the east inland his inland hills where highs are breaking triple digits. yesterday breaking records across the board, even san francisco 98 and that was not record-breaking, it is 100 but the huge heat dome is brea

lauren: ubs says they cut the price target by $5 and it will be a tough to balance higher upfront costr subscriptions and fix their problems and limit spending at the same time. very hard to do. this is cloud-based software up 9%, lifting the stock from cell to neutral, the bad news is arnie priced in if you look at on your chart, this company is down 70 one% this year so it is ugly. and finally forward is a winner today up 1.8%, they are easy sales up 300% in the past year and overall august sales rose by 27%. ashley: good news for ford. now this. more than 12.6 million people are set to fly over the labor day weekend, i'm not one of them but madison allworth is at tampa international airport. what should travelers expect? >> reporter: they should expect not a lot of delays, that's what the airlines are hoping, this summer has been marked by delays and cancellations, labor day weekend the unofficial end of summer, hopefully the unofficial end of that period of time. because of all this we have seen airlines make some adjustments, now some are stepping up to the plate and offering comp

solely focused on the fed today they will have their say and possibly dictate the market's next move ubs's spokesperson is here. >>> and one member of biden's economic team is planning her exit those details ahead. >>> plus the imf slamming the new measures laid out by the uk government amid fiscal policy. and now hurricane ian is gaining strength before making landfall. a live report from the gulf coast coming up. it's wednesday, september 28th, 2022 you're watching "worldwide exchange" right here on cnbc ♪ >>> and good wednesday morning i am frank holland in for brian sullivan let's kick off your wednesday morning with a check on u.s. stock futures after a mostly lower day for the major averages with the dow and s&p hitting their lowest level since november of 2020 futures right now as you can see right across the board, the dow looks like it opens at 100 points lower and the nasdaq and s&p as well. want to keep an eye on the bond market hitting multi-year highs the five-year, its highest level since 2007 4.19 also the ten-year, highest level since 2010 you see it this morning at 3.988,

ubs has cut its 20 22 gdp forecast from 3% to 2.7%, as a chinese mega-city exited a two week lockdownmillion people allowed to resume most aspects of life. rachel, what is the significance of the exit from the lockdown? rachel: what has happened here is very much what the chinese communist policy decides his success in the zero covid policy. lockdown, get the spread under control and lift it into weeks so the economic hit is not much. you've got this good news coming out of lockdown, but there was tragic news today of quarantine passengers involved in a crash and 27 people dying. for china's covid zero policy to work, there are so many of these really strict measures, thousands of people in quarantine, ferrying them to isolation. nobody else in the world does this anymore. there is a social and economic toll. people don't die all the time between he seven people is way more than anyone has died of covid in that province. dani: rachel, thank you. alongside that lockdown, there's also local media reports that hong kong might end hotel quarantine and pre-arrival pass. that means oil toda

i was like somewhere ub sentencerly this is seeping in that her mother is.is that like to direct yourself? >> i mean, it's insane. it was insane. because i was also producing the movie. it would be like acting a scene in a bikini-- which makes it weird-- getting up, holding my daughter, running over to the monitor, talking to my d.p. and the other producer telling me about covid shutdowns, which was insanity, sitting down, calling "action," and doing it again. it was wild. >> stephen: was there a particular type of scene you enjoyed. was it the comedy or suspense? there are a few moment there that do make your skin crawl. you're not sure about what's to happen in the scene. >> all of that was so fun. i think my favorite stuff to direct were the action sequences. i love car chases. what i really want to do is "fast and furious 45," or whatever they're on. this is a rig, called the biscuit rig, which is how you shoot high-speed car chases. and it's really fun. it's basically the best disneyland ride you can imagine. and i got to be ripped around as florence wa

vassili serebriakov therefrom ubs. what is the problem?e need to show up at the fomc with a hawk on his shoulder, and instead of taking questions, squeak like a hawk for an hour and a half. [laughter] lisa: i love that. i am hoping he will take that under consideration. jonathan: only a few weeks we had that address in jackson hole, a few people are questioning the results. lisa: could that have been clearer? and then other speakers came out, could not have been cleaver, we are hawkish, we are hawkish, we are hawkish. jonathan: we will look at the data tomorrow. you aren't bored with that, are you? david riley is coming up from hubei asset management. this is "bloomberg surveillance ." ." if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech fr

stocks he said something to the effect of overwhelmingly good now, yes, the flip side of that is what ubs is talking about today, even as they maintain their own view of 100 basis points for the remainder of the year of the further volatility caused by earnings revisions, downgrades and higher than expected default rates over the course of next year. that's a very plausible view for both outcomes. what does that mean then for stocks >> what i think is, and i'm going to try to riff off of what josh said because i think he said it eloquently and very balanced there are many potential scenarios going forward. and anyone who says slamming the table this is the scenario that's going to happen -- >> we need to deal in probabilities. that's what all of you do, in the way that youinvest and the way you design your own market outlooks the higher probability right now is i can see, okay, the fed goes 100 more, 50, 25 and 25. high probability of that there's also a high probability that earnings revisions are going to happen and they're going to come down it's only to the degree that they do. i thin

you saw from ubs, they said higher chance we get to a recession in the u.s.are talking about. tracy: this is the amazing thing about the credit market. high-yield spreads, risk premiums on junk rated bonds are supposed to show concerns about the looming recession first. we are far, far from those levels. i think it is something like 800 basis points on the high-yield index. we are at 450 right up. many people saying, do not look at junk bonds because the junk bond market has changed over the years. it is double be rated debt now, far from what it used to be. look at something like leverage loans, these are the floating rate loans that junk rated companies took out en masse the past five years. they are supposedly risky, there are some people in the market who think they are risky. there's where the first signs of stress could show up. if you look at the s&p average loan index, we are at something like 95 on the cash level now. 85 is generally tom: tom: considered distressed. when you were at the convert of the secret art in tokyo, you use to seek -- sneak int

the white house incredulously try to back track as it is not a political speech outside and nbc, abc, ubs said there a girl in a regular programming is uncovering weather critics calling rehash of a three -year-old divisive attack in order to get of the midterm vote as the president avoided with the voters to - are the real threats out with us tonight senators ron johnson it also covers meant andrew to fox news contributor charlie and joe in also is an oil and gas workers association president matt kobe and former congressional investigator, sam and educations erica and we have a jampacked show for you tonight and look at this center chuck grassley, he is one of the doj, the justice department do not attack and do not censor fbi whistleblowers calling out, politically biased fbi officials, doing things like interfering in the hunter biden probe we have to state ag's and they want that hauling evidence of big tech colluding with white house, to do censorship of social media in california chaos crime and really lock out mornings there and high taxes and more, remember when california govern

from yesterday's big sell-off, long way to go, market's up a little, adjusts including art cashen at ubsontributed to the plunge. but our next guest does not buy it chris murphy , his research is must read at least for me. i went to dinner last night with some wall street friends and colleagues and the term gamma squeeze kept coming up in plain english can you tell our audience what i agama squeeze is and whether or not we had one yesterday. >> sure. the argument for a gamma squeeze on a day like yesterday would be that investors are long aw ton of puts to protect their down side that means that the market makers are short those puts and when the market starts to sell off the market makers have to go out and sell more stock, etf or futures or whatever to stay hedged that will exacerbate the sell-off and the move lower. the options are always a piece of the puzzle. but as you mentioned, we rallied 5% this month into what we expected to be a cooler cpi number we got a higher cpi number that 5% disappeared pretty quickly. and the s&p and the vix are pretty much unchanged compared to the beg

ubs included it as a top pick for 2023 you own it and have been adding it >> yeah.the stock is down 30% year-to-date, trades at 14.4 times. walmart trades at 23 times so there's a big change and difference between the two and i think everybody knows about the $2 billion of inventory they have to write down probably isn't going to be great for the consumer i think your comparisons start to get easier into the end of the year it's probably a 2023 story and i'm willing to be patient. >> would you put new money into this if you didn't own it with these levels and these concerns around the economy >> yes, because they have traffic and ticket growth. still gaining market share so people are going into the stores they just have the wrong stuff the consumer wanted and as long as jobs stay strong and they have been so far, the people are still going to go to target. >> we'll do final trades next. ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prud