they bake up ube-infused treats. >> i can't believe we have a cafe just focusing on ube.presents part of their heritage taking root. >> maybe to others it's a fad. but it's not going to go away like your normal fad. we a i'm jimmy dean and uh, isn't that sunrise somthin'? i honestly feel that way about jimmy dean sausage. get yourself a large chunk of that good morning feeling. boy, that smells good. mmm. one role of a lifetime... one sore throat. but she had enough. she took mucinex instasoothe sore throat lozenges. show your sore throat who's boss. mucinex instasoothe. works in seconds, lasts for hours. ♪ ♪ this year take the time to melt into your holiday moments with lindor. ♪ ♪ irresistibly smooth chocolate. from the lindt master chocolatier. when do you spray febreze air? after every flush. in my kitchen, febreze tackles my toughest odors. after vacuuming, because fresh means clean. i spray every chance i get. starts working instantly to freshen any room. febreze air. ♪ >> reporter: once upon a time, all watermelons were big, heavy and full of seeds. by the early 19

is this about a temporary movement of funds to ubs or is this a longer-term shift?e.: certainly the message that credit suisse is sending, they say that we are not expecting these to move to their opponent and we expect them to reverse. the challenge is if you are a wealthy client, credit suisse is not looking attractive right now and i think the challenge for them is how they can stem that and at some point reverse it. if you are a wealth management business, you are rolling your hands at the prospect of money coming from credit suisse. tom: indeed. what about shareholders? how are some of the major shareholders in credit suisse reacting to this? tom me.: we have seen the shares fall this week, down 6% yesterday, 2% on wednesday, so the shares are down 60% this year. all of the eyes are on the next set of quarterly results coming through early next year. what we are seeing is the outflows slow down since the early weeks of october and that is what people will be focused on. we might have more updates from credit suisse's the coming weeks , or more likely the q4 res

head of the capital group at ubs.onderful to have you with us. my colleague, arabile, was talking about the difficult macroeconomics view we are in. when it comes to m&a it is challenging. >> it is cais challenging there was a steady stream from europe, but q3 has been quiet. we expect q4 to be quiet as well >> you are here at the conference you work at ubs. i believe you are hosting a panel called private equity. is this the beginning or the end? can you give us a summary? >> without revealing too much because my panel well know much of the content it is challenging and we are dealing with the political costs. for private market, the story is different compared to public market this should be a good area both can buy companies at valuation that are contained we know what bad looks like. by the time january comes, we will have three or four months of interest rates. i think the investment will be done in the next 12 months will be interesting >> is it done? that is the key question we know there is a devaluation that

tom: ok, claudia is going to stay with us from ubs. gina martin adams for bloomberg intelligence, thank you for walking us through some of the key themes this morning with a focus on what is happening in china. let's check in on socgen. shares rising a little over 5% currently in the session on the back of a beat around results. socgen posting a very strong quarter has results top testaments. fixed income unit has jumped 34%. it has come off some of the highs, but still gaining almost 5%. earlier, we did speak to the lender's ceo about the inflation outlook. take a listen. >> our central scenario, if i may say with a certain level of probability, is the normalization of the inflation with the slower development of the economy and then rates going down from the end of 2023, beginning of 2024 because central banks will feel comfortable with the evolution of the inflation. tom: coming up, the boe pushes back against the markets' rate hike expectations after its biggest rate hike and 33 years. their interview with governor andrew bailey is

ubs, preferring u.k. and european credit in the front half of 2023. you didn't switch in the back half, focusing on the united states. we are going to speak to the strategist who led that call next. looking forward to that. this is bloomberg. ♪ >> everyone is now starting to look at an environment where central banks are -- i'm not going to use the word pivot, but may be looking at pausing. at least slowing down the pace of hikes. have seen a good inflation print, although still very high. a good direction last week out of the u.s.. now people are thinking given this repricing, is it start -- is a time to start buying back into bonds? 2023 is a good opportunity to be earning fixed income. guy: i'm not quite sure why they were lowering the blinds during that process, but it was not distracting at all. he was bullish on the outlook for fixed income. joining us now, matthew mish, head of credit strategy research at ubs. matthew, great to have you on the show. i read your note this morning with real interest. you have a really interesting lie of the land

let's talk more about this with mark haefele with ubs. mark, the comments from the st. louis fed had immediate market effects. we saw them in interest rates and commodity prices is this a game changer or is he telling us what we already know that this is higher for longer >> i think he is telling us what with we already know, but some of us don't want to hear that is the fed is committed to getting inflation under control. histo historically, that has meant raising rates up to the level of inflation. we don't think that will be the case this time, but we have to be respectful of what it has taken in the past. >> so, mark, with that in mind, we are showing a panel worth of economic data. inflation related. cpi, ppi, what not maybe a growing consensus. a growing one that inflation may have peaked or be in the process of peaking if that is the case, what does that mean for the prospects for the economy going forward? are we doomed to recession >> well, it has gotten more difficult to ensure a soft landing. that's clear for a couple of reasons. i think the resilience of the

swiss banks ubs made an interesting forecast for next year.which rum expectations forecast is more than reassuring, especially with regard to emerging markets? i’ll tell you more about this a little later, but for now, here’s what the russian market is about shares in the evening trading, the decline intensified against the backdrop of exacerbation of gio political risks. the sales began after reports of a missile crash in poland and a stoppage of ukrainian oil pumping through the southern branch of the druzhba oil pipeline in the direction of hungary. the exchange index at the moment exceeded 5%, some of them managed to win back the closure and cons. as a result, it was less than three percent. negative. however, it swept through all the world's sites in america, for example, indices. we went down sharply. true, they still managed to complete positive day. emerging markets will soon be on the rise, swiss bank ubs made a forecast for next year. there, the pressure from high rates will weaken and the indices, as well as applications, will confi

david: all right, so, you made some money at cleary gottlieb and then you went to ubs.e in the financial services world, as it's now called, but then you left to go work in a nonprofit in harlem. why did you do that? darren: because for me, it was never about piling up money. for me, it was ultimately about service. david: all right, so, you did that for a number of years and then you joined the rockefeller foundation. then you rose up to be in charge of various international programs. then you were recruited to go to the ford foundation. darren: i went to ford as a vice president. ford was a much larger foundation. it's about 3 times the size of rockefeller. so, it was a lateral move but i had a bigger remit. david: ok, so, ford was looking for a new president and you were one of the candidates, and as i understand it, you went into the interview and said, "i'm gonna change this completely if i get this job. "i'm gonna focus on social inequality and make everything dealing with social inequality our focus." is that right? darren: yes, but what i said was e foundation w

want to bring in ubs wealth managing director, alli mccartney.ing it is too soon for us to have a pivot party, right? put away the hats and balloons right now. but what about this? don't you find it intriguing from the second quarter to the third that is pretty big drop from 200 companies to 179. every industry saying they don't feel as much recession they did three months earlier outside of health care? >> look, i think part of it is probably optimism, planning for the worst, hoping for the best. part of them is visibility a lot of these companies had to what we all agree are lagging. the question did how lagging are the effects moving up 4% or 400 basis points in just under eight months? then maybe it is also more of an abstract thing to talk about, it is easier to mention the "r" word when you actually are planning for it which is pretty much a foregone conclusion on wall street at this point. charles: i started to show, saying james bullard was selling wolf tickets, an opened '60s, saying that they won't follow through on it. the street spike

haidi: up next, we are talking about strategy with the ubs. find out what they think about how the u.k. and the euro soon is doing and ask the euro zone is doing and if they are heading for a recession. this is bloomberg. ♪ shery: let's take a look at the week ahead. we will be getting inflation prints across asia and europe. the u.k.'s on wednesday before the budget release and japan's number on friday. on tuesday we get the monthly data dump. we are also waiting on key figures from the u.s. with producer price index coming out on tuesday followed by the initial jobless on thursday. also on thursday rate decisions from indonesia and the philippines and the philippine central bank already flagging a 75 basis point hike to match the fed. haidi: and we are covering the big events and plenty of them. president biden meeting with china's xi jinping in bali on monday on the sidelines of the g20 summit. the first face-to-face meeting of the late -- of the leaders. biden also sees the opening -- later in the week bangkok hosting the apec summit. all

so let me tell you what football really means to them, and why ubs deserve this. what's called a test lab. it's gonna come in with an officer id love for caught up in a lab with the forgot alicia on those with him. and then also blah, blah, blah, blah, cause in the market i used in my home lamphier to football is the central part of life. i grew up here in damascus next to the biggest football stadium in the capitol, which is not in use anymore. this stadium was moon during the war in studio fans used to fit this place like so many other stadiums and they out of board a funds have a great passion for football, not only for local football clubs, but put a range of international leaks and teams. i personally grew up watching the italian league with my cousins who passed their last you rentals all to me from when i was a kid. why it was you ventless for me, for others is 30 on the breed liverpool all by on the one on the love with a family. oh, because i'm ago i'm on for a long month going through the i'll sub lina and then i ask the leather ammonia how long it, beca

so let me tell you what football really means to them, and why ubs deserve this. what's called a test lab. it's got on the left for so he'd love for caught up in the lab at the forgot last year. yeah, the other gotcha mendoza and then also. busy buswell double crossed and the market i used in my homeland fia to football is the central part of life. i grew up here in the mascot next to the biggest football stadium in the capitol, which is not in use anymore. the stadium was moving during the war in syria pounds used to fin this place like so many other stadiums, and they out a board i the funds have a great passion for football, not only for local football clubs, but put a range of international leaks and teams i personally grew up watching the italian league with my cousins who passed their love for you rentals on to me from when i was a kid. why it was you rentals for me for others is 3 on the breed. liverpool are buyer. i don't, i don't know all of danny. okay, lemme go along for a long month going through to you. i'll selina. and then i ask the lever a mom in y

so let me tell you what football really means to them, and why ubs deserve this worth calling. a test lab, it's got to come in with the left facility id love, forgot in the lab with the forgot alicia, when and those with okay. and then also, well bus will doll closed in the market. i used in my homeland celia to football is a central part of life. i grew up here in damascus next to the biggest football stadium in the capitol, which is not in use anymore. this please even was when, during the war in syria, fans used to fin this place like so many other stadiums and they out of board i the funds have a great passion for football. not only for local football clubs but put a range of international leaks and teams. i personally grew up watching the italian league with my cousins who passed their law for you went on to me from when i was a kid. why it was you have rentals for me for others is 3. i'm a breed. never food or buyer. i don't. i don't know of a fanny. ok. rental alarm, and for a long lunch going for you. i'll selina. and then i ask the lever will own mom in your house long

so let me tell you what football really means to them, and why ubs deserve this. what's called a test lab. it's got a bomb, even with an officer. he'd love for caught up in a lab with the forgot. hello. sure. the other guy share those with him. and then all football buswell dot across america in my home lamphier to football is the central part of life. i grew up here in damascus next to the biggest football stadium in the capitol, which is not in use anymore. this stadium was moving during the war in syria. bands used to fit this place, like so many other stadiums in the outer board. i the funds have a great passion for football, not only for local football clubs, but put a range of international leaks and teams. i personally grew up watching the italian league with my cousins who passed their love for you rentals on to me. from when i was a kid, one it was you rentals for me, for others is free on the breed. never who are buyer? i don't know the law with a donnie. okay. lemme to alarm for a long, long time for you. i'll selina and ask the lever a mom in your hous

so let me tell you what football really means to them, and why ubs deserve this forthcoming. amanda sharing a test lab at globalcom with an officer of a local, colorado, and he lab with the forgot allajay the other. gotcha. when on those with him. and then alpha, god bless well doll caused the mark and i used in my homeland fia to football is a central part of life. i grew up here in damascus next. so the biggest football stadium and the capital which has not been used anymore, this stadium was ruined during the war in c panel. we used to fin this place like so many other stadiums, and they out a boy. i the funds have a great passion for football, not only for local football clubs, but put a range of international leaks and teams. i personally grew up watching the italian league with my cousins who passed their love for you rentals on to me. from when i was a kid, why it was you have rentals for me, for others is 30 on the breed. never who are by on their own. i don't know all the funny. oh cuz i'm little along and for a long month going through to you. i'll possibly not now,

today, in the german branches of the swiss bank ubs in frankfurt and munich, searches were carried outv in germany, a businessman is suspected of tax evasion and money laundering, spiegel ubs writes about this. officially confirmed the fact of the searches, but did not specify the reason according to spiegel ubs. previously, he sent reports to the authorities about suspicious transactions, including the withdrawal of large amounts of cash. this was interpreted by investigators as a likely attempt to hide the actual ownership of assets and evade taxes in germany in september, bloomberg and reuters reported that searches were going on for willy usmanov in germany. today, a businessman’s representative said that the accusations from the german authorities are unfounded and false, and usmanov himself is a conscientious taxpayer in russia, the eu included usmanov in the sanctions list on february 28 , it became later. it is known that the businessman decided to appeal these sanctions to the innovation space, the new owner of clothing brands, which used to be called reserve and crop in russi

let's bring in jason katz from ubs. good to have you in the new york studio.ou talk about bonds and we have seen the space firmly focused on the potential west recession. where do you find the opportunities in this environment? jason: bonds have not served as ballast in a portfolio and in the last few months we have had cash alternatives with the two-year at 4%. we have been able to build the bond portfolios on the corporate side getting close to 5% not to mention the discount. now is a good time to get the ballast in your portfolio. sheri: is at the same narrative of why you are cautious about big tech? jason: people are creatures of habit. investors in particular. what has brought us to the party as investors in the last decade has been big tech but the issue is that 60% of their earnings come from overseas. perhaps the dollar stabilizes here but it could strengthen and regardless we have weakening consumer business spending and add spending and it is tethered to the tech group. we think will see profits and earnings come from other parts of the markets. don

they are talking to ubs. now. it is a relationship game.ow credit suisse is obviously not doing a great job of that. if you're a wealthy client, you're looking at your options and will be a bit nervous about credit suisse. manus: from an experience of seeing client money in and client money out, when client money leaves it is hard to get it all the way back. during the interview, i said did you have a big credit suisse moment, did you see a monster inflow? he didn't say the money had been bolstered by that. it is going to be hard to carry that conversation. we have a rights issue within the credit suisse family at the moment. >> more bad news. yest shares dropped about 2%. 6% wednesday. waiting for them to open now in switzerland and see how they do. yeah, big picture is obviously if you're a credit suisse shareholder you're not having a great year. manus: definitely not. if you're an employee, the equity you have built up over the long-term incentive program. worth less every day. that makes your ability to get a new job a lot harder. deut

so let me tell you what football really means to them, and why ubs deserve this. what's called a test lab. it's got with godaddy. you know what the left was wrong. he'd love for caught up in a lab of the forgot last year. yeah, the other gotcha. when analytics him and then all football basketball crossed in the market, i used in my homeland celia to football is a central part of life. i grew up here in damascus next to the biggest football stadium in the capitol, which is not in use anymore. this stadium was when, during the war in syria bands used to fin this place, like so many other stadiums in the outer boys. i the funds have a great passion for football, not only for local football clubs, but put a range of international leaks and teens. i personally grew up watching the italian league with my cousins who passed their love for you, went on to me from when i was a kid. why it was you have rentals for me, for others is 3 on the 3. never who are by on their own. a lot of danny. oh cuz i'm a little along and for a long, long time for you, i'll selina. and then i

let's bring in kelvin tay, cio at ubs wealth management. asia-pacific in november. you have to wonder if gains can continue given uncertainties remain. kelvin: one of the key reasons they have had a great month is because of the weakening of the dollar. this month as you pointed out, we have had tremendous klein in the dollar index. the current level is above 110. another reason, the market is taking recent measures by china, the covid measures announced. after last week, we have not seen enforced the shanghai-style lockdowns. the markets are taking it positively. haslinda: going into 2023 we have a higher rate economy. what does it mean for the market and how much has been priced in? kelvin: it will be tricky. when we look at what is happening in the u.s., valuation is high, trading at close to 18 times earnings. historically, the most was 15 times. the rate we had this year, the full impact will be reflected in the first quarter of next year. that will have an impact on sentiment as well. haslinda: you said asia benefited from the weekend

hundreds of wealthy customers have sought to place their funds with ubs and a key growth region. the bank is said to reallocate staff to handle these expanding accounts. coming up, look at the controversy surrounding world cup. it we have human rights watch joining us. this is bloomberg. ♪ >> a finance ceo has told us more about his plan to backstop the crypto industry that has been shaken by the collapse of ftx. he said he has pledged at least $1 billion for buying distressed assets. >> i see a little bit of contagion when a trading platform goes down, there are other people with money on the platform. we have seen genesis. there are probably one or two more probably a couple others i don't know how many but each time there's cascading effect. overall, the industry is fine. there will be some, probably. >> you tweeted then deleted a tweet suggesting perhaps liquidity issues the likes of coinbase as well as grayscale. is there reason to worry about that? >> i don't think i tweeted about grain scale -- grayscale. i was just referring to two articles. one side coinbase says the gra

ubs backtracking on surveying a broader segment of the wealthy and the u.s.ss bank will shift to targeting the country's very richest clients after ubs walked away from a deal to acquire another firm. it is one of the few corners of sam bankman-fried's crypto empire that remains solvent. bloomberg learns ledger x will make $175 million available for ftx's bankruptcy proceedings. that could be made available to investors scrambling to recoup losses. alix: thank you. crackin, which is a crypto exchange, reducing its workforce by 30%. let's get more on this with bilal hafeez of macro hive. . what is your take on the crypto market now? where does the bottom stop? bilal: that's a good question and i am not sure where it stops now. one of the ironies is i think that crypto, or bitcoin at least, was created in the aftermath of the global financial crisis because people were worried about traditional finance, banks, failing. the first financial system to fail after the gse is the crypto financial system. ftx, which in essence was a broker-dealer/exchange, has failed,

ubs -- ubs evidence lab has done its annual global smartphone consumer survey. 7000 respondents and peopleyed across key markets, u.s., u.k., germany, china, japan, and the u.s. and china, the number of respondents that said they will buy an iphone at some point in the next 12 months is down a percentage point from the same period last year. in other markets like the u.k., japan and germany, the number of respondents saying yes affirmatively, i will buy an iphone at some point in the next 12 months is up. it is interesting to look at the consumer behavior. especially the installed base age. that is a smart way of saying how long but consumers are holding onto their smartphones. it crept up in the most recent survey to around 20 months. imagine holding on to your smartphone for 20 months. the reasons why are more informative. why do people upgrade their iphones? because the battery is broken or the battery life is drained, because it is slow, or simply because it is damaged. they don't seem to be motivated by upgrading to the latest handset because of the tech. really interesting product to

ube latte. i want that. have you had ube pancakes? the brunch rankings on the total volume of review and nine other restaurants are on the list. i have never had a thai brunch. kumasi: shall we go? do we make reservations or get comfortable in line? reggie: are we every comfortable -- ever comfortable in line? kumasi: a nice drink. reggie: i am always looking for the fast past -- fast past, and i am not finding it. let us talk about snacking. kumasi: it is a part of life and one black bear in tennessee went on the hunt for some food. >> o lord, he got them popcorn's. look at them. he just wanted some food. girl he got the popcorn, and got out. reggie: this is so good. kumasi: that is the best part. the video shows the bear opening the door of the condo. reggie: like a human. kumasi: they really go -- they really do. >> please don't. oh lord, he up in the car. reggie: who is this? who is she? she is a star. >> oh lord, he got them popcorns . look at him. he just wanted some food. reggie: she gets it. that is -- you know what, kudos to

crisis and advance energy and security at home and around the world, the united states will meet, the ubs will meet -- united states will meet our targets under the paris agreement. we are going to keep working with our partners to support the most vulnerable countries in building resilience to climate impacts and to align global ambition with the 1.5 degrees cellous goal. while supercharger our clean energy transition. at the u.s. summit, i laid out a commitment to working with our partners in indo-pacific to ensure a future that is vital to this region. that's free and open and prosperous as well as secure. i met with our allies from australia, japan, and the republic of korea, undercoring our -- underscoring our commitment, and strengthening cooperation among our alleys to meet shared threats to our own security and to their security. including the dprk. let me -- i just met in person with mr. jinping on the people's republic of china. we had an open and candid conversation about our intentions and our priorities. it was clear, he was clear and i was clear, that we'll defend american i

by ubs i seen similar notes to other banks. many investors seem burned what we've had with the u.s. markets inflation, they're looking where do i make money in 2023? this is my retirement, my kids education. i need to start focusing on where the profit is. is it overseas? >> cheryl, i'm not redding to get into ems in the short term, we're under 5.4 interest rates, inventory infection and inventory, those basically are not bearing well for ems given where the dollar is. the dollar will come back, but will investors invest in ems given the uncertain at this. that is the issue. china locked down helps offshore, inventories, reshoring supply chains but the real challenge is investor confidence in markets you see that with dollar to yen. people are putting money back into the u.s., dfi for us as opposed to other investments. i think the u.s. is the stronger market. in the midterm dollar will come down, inventories come back but we'll see growth as china opens, if you're thinking short term, not ems for the next 12 months. cheryl: interesting, a little dissent in the ranks, ray. jonathan,

joining me ubs private wealth management director alli mccartney. let's take a look.stocks red. high yield corps, red, treasury, gold. only thing that kind of worked is cash. no one invests to be in cash, right? what do you say to someone when you see this, i'm thinking about a but? >> okay. i think that is a great place and everybody should be quite frankly be relevel setting at this point in time. first of all there are a couple of things that aren't on here. alternative invests, private investments, some thematic invests. around sew what the, the important thing to understand here is that we are talking about less than 2% of historical 12 month periods. less than 2% -- charles: this is rarity? >> this is such a rarity. for some people that makes you feel worse. for some people, for me, makes me think okay we'll go back to normalcy, we'll go back to the 98% where many things are working at the same time and we're not in a 20% where a market where you're stuck in bond portfolios down 20%. charles: right, right. this is what we're looking at for you, sort of where you

clients are fleeing credit suisse to ubs. the bank is said to be planning to reallocate staff to handle the expanding accounts. malaysia's new prime minister will test lawmaker support for his leadership with confidence vote december 19. he seeks to prove that he does command the parliamentary majority. he was sworn in by the malaysian king cobbling together a unity government with the coalition. the monarch intervened after no alliance secured a majority in the election. >> we will have more from what's next for malaysia under the new prime minister. we have a guest joining us live with his views but up next, market strategy with representative from tribeca investment partners. why she is more positive when it comes to chinese equities. this is bloomberg. ♪ >> the first mandatory is price stability. as well as inflation is above 5%, we may need to continue. if the fed pauses and exchange rates stabilize, then probably are inflation rate may go down then we might have that option also. >> that was the bank of korea governor s

ubs is now planning to reallocate staff to mandel these expanding -- handle these expanding accounts.shopping online, identity thieves and scammers are looking to cash in on your information. we've got some tips to help protect yourself. >>> soccer star christian knowlial doe just made history at the world cup. the highlights from qatar the ahead of the big match with u.s. versus england today. that's next. ♪ all i do is no matter what. ♪ have money on my mind, i can never get must have. ♪ and every time i step up in the field, everybody's hands go up -- ♪ and they stay there, and they stay will ♪ thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪ there's no going back. the first-ever all-electric chevy

the totes pitch f, e r not be dish law would be a full movie chasers, logic or dine lice, douglas of ubs, the british law status for what's on the pizza. i'll switch immigration towards my she wouldn't. it doesn't much thought laurine of my from no one from us on the music, got an important component, a new mala, columbia drinker chested with miller wash, and girl a peaceful to william with . oh, look forward to talking to you all. that technology should work for people. a robot must obey the orders given by human beings except where such order that conflict with the 1st law show your identification. we should be very careful about artificial intelligence at that point. obviously is to great trust, rather than fear a various job with artificial intelligence, real summoning with bob most protective phone existence with ah, this, i was top headlines, zonati international as moscow demands an international investigation into an alleged massacre of russian soldiers who were being held captive by ukrainian forces, it's off the chilling footage, suggesting a mass execution emerged online. also

cheryl: looking at all market moves you were talking be emerging markets ubs talking merger market growthaying 8 to 13% jump for merging markets berkshire hathaway, taiwan semiconductor where is money going to be made where does money needed to go for 2023 ubs pointing to overseas emerging market story very interesting we've addendum to new york federal manufacturing survey short-term outlook is negativeing. a nice 307 today from data read that is another reason markets took off between that and ppi want to add short term outlook for new york area for manufacturing, the short term outlook is somewhat negative that data may twitch on us networks month. >> you talk emerging markets sometime have you soured on fortune given the issues we are talking about, all the time, with regard to bad behavior on the global stage? >> from ccp. >> yes, we are big in taiwan, but generally speaking worried about china because of the fed supply line general environment, you just -- we may have another on our hands you never get money out a real issue i know many people are o going to agree with me you got to

joining me ubs private wealth management advisor sara ponzak.s it is starting to move, broadening internals, breadth looking better, we're nearing that 200-day moving average, how do you feel about it this particular move? >> it is nice to see but you mentioned the word trust, charles. trust is a very, very strong word. i still say there is reason to be keptable here because if we dissect why we've seen this move higher, really for much of the fourth quarter, it has been due to cooler than expected inflation data and renewed hopes as jim and you were discussing of a federal reserve pivot. the reality is we've seen cooler than expected ppi and cpi data but at the end of the day inflation is still high, federal reserve is raising interest rates, recession risk is still on the table. to go all-in here, it is difficult to really have at it with so many conviction. so you still got to be wary because there are some risks that are still lingering out there. charles: let's assess this market, the economy for next year. because you mentioned the "r" wor

driven by extreme volatility in the bond market at this point what we're suggesting is if you take the ubsand that's 2.65%, and you layer on the average spread, assuming a normalization of 172 basis points, that gets you to 4.4%. is it possible sure, are there a lot of head winds in the way absolutely >> and this would, if this happens, obviously there would be more people who could afford houses and this would be a good thing for home builders who would benefit first and most >> it's a good question. i think that the home builders across the board would benefit however, i think the entry level first time focused home builders are best positioned. they're need based, willing to pull levers to buy a home, moving away from the city center, borrowing money from mom and dad or moving into a smaller footprint. you look at someone who owns a home and has a three handle on their mortgage, maybe a little bit more reluctant to move that first time buyer is where we think the action is going to be the biggest builder by volume, by a large margin of about 30%, focus on entry level, so we favor that >

how he quit ube.n’t look into his pocket since the usb didn’t plant, so there were no complaints against him. maybe it wasn't. maybe agreed. and where he worked lately in some kind of security service. i did not question him in detail with the head of the security service of the company. hold on, come on. be careful out there. who is the body discovered? i called to our duty room neighbor heard a shot in the house. i was not sent to investigate, and this vigilant neighbor near the house did not see anyone suspicious. no, he heard how he shot right away from the window and away from the window. let's call the police. well, nikolaevich has a video surveillance system. what are you? let's see? where is this door? caution but i say, carefully, carefully, well done. nothing is visible at all. victor will be cold. actually, i didn’t sweat anyway, what is heard, in short, they are not there, guys. they say that 2 hours ago they were a palette of beer, drank and washed off. maybe not, but i still won't. and y

ama: ube latte and more. i'm so cultured.l volume and ratings of reviews. nine other restaurants from san francisco made the list. dan: i have to get that list. pretty good stuff. the 49ers played mexico on monday night. what are they doing in colorado? ama: larry beil is here with sports. larry: you ever hear the phrase, your attitude determines your altitude? the 49ers are at altitude trying to get ready for elevation. that's ne ♪music playing♪ ♪♪ ♪♪ ♪♪ ♪♪ nothing brings the pack together like a trip to great wolf lodge. now open in northern california. last week i stepped in a bear trap. like a trip to great wolf lodge. i should really get rid of it. but... i'll make do. just like i make do without home internet. besides, my phone gets the job done. sometimes. it's not that bad. it is that bad. don't settle. get xfinity home internet for just $24.99 a month for 2 years with no annual contract and a free streaming box. [narrator] everyone needs quality health insurance, even if you're healthy and active. covered california

uralsib for business prospects where you are economy news masha swiss bank ubs made an interesting forecastfor the next year. what expectations the robot forecast is more than encouraging, especially with regard to emerging markets. i'll tell you more about this a little later, but for now, that 's what the russian stock market is about in the evening trading. the decline intensified against the backdrop of exacerbation of geopolitical risks. sales began after the message about the fall of rockets in poland and at a stop ukraine pumping oil through the southern branch of the druzhba pipeline in the direction of hungary was lost. indexes. mosbirzhi at the moment exceeded 5%, some of them managed to win back the loss by the close. as a result, it was less than three percent. negative. however , it swept through all the world's sites in america , for example, indices. we went down sharply. true, they still managed to finish the day in the black. emerging markets will soon be on the rise, such a forecast for next year will make the swiss bank ups there confident pressure from high rates will we

ama: ube latte and more. i'm so cultured. ratings of reviews. nine other restaurants from san francisco made the list. dan: i have to get that list. pretty good stuff. the 49ers played mexico on monday night. what are they doing in colorado? ama: larry beil is here with sports. larry: you ever hear the phrase, your attitude determines your altitude? the 49ers are at altitude trying to get ready for elevation. one bounty versus two of the leading ordinary brand one sheet of bounty absorbs more than two sheets of theirs and the winner is... bounty. one and done. bounty. the quicker picker upper. one prilosec otc each morning blocks heartburn all day and all night. prilosec otc reduces excess acid for 24 hours, blocking heartburn before it starts. one pill a day. 24 hours. zero heartburn. larry: the 49ers getting acclimated to high altitude as they prepare for their monday night game against arizona. what they didn't count on was snow. the niners practicing in colorado springs, temps in the 20's. they will play in mexico city mo

a lot of reporting suggests maybe ubs and morgan stanley get some of that, get some of that share ort least that interest. >> yeah, the question is where it's gone. another question, though, is even if the worst were to occur here, there is nobody who believes the swiss government is going to let this thing go bad they're going to force it somehow to -- they'll bail it out, force it into ubs, who knows. again, that's conjecture at this point, i want to make that clear, but it does go to the question as to why you would be worried about your assets being housed there if in fact almost everybody agrees they won't let this thing go. >> all right for more on markets more broadly, we are joined by oppenheimer asset management chief investment strategist john great to have you on this black friday let's start a little bit, kind of a middling day for the major averages as to be expected on this holiday shortened trading day. in general, your thought on where we are when you have the s&p closing earlier this week for several straight sessions above 4,000 again. >> thanks for having me on, mo

been a decision right from the beginning from, let's say the early ninety's onwards. warnesha ham, ubs the column, the father. emerson is the father of the current and he had set out to secure got us visibility and security are included, of course, in the prime security guarantor, the united states whom they gave this huge airbase a loaded airbus. so they became very useful for the us who want one. they want to talk to iran, very useful to the u. s. also. and they wanted to some place to connect to send messages to have ultimately global stations with the taliban. so cut out and responds and says fine, they can come and set up an office here, and you guys could meet each other. each week men flocked to the national ground mosque for friday prayers. the amy are also praise here, accessing the building via his own underground entrance. most categories are well hobbies, followers of a particularly conservative form of his law. both private groups and government organizations have provided lavished donations to promote conservative islam in other countries. also in europe, which has caused

, mostly from cuba,ub col and the dominican republic. and you see themre juspublict wg this single file line, willing to give themselves up and surrender to border patrolae . they're doing that because they know once they step foot in the united states under nited statted states under the administration's policies, they are likely just going, to be released int theyo the united t states rather than removed from had the country. and we had a chanc ahance to tak to a lot of these migrants a as they were walking up for processing. and we asked theskthem am a sim question in spanish. do you believe the borde rr is open or is it closed? and everybody who talked to us laughed and smiled and they said, orvieto, abierta it's open. it's open. no, migrants ever tell us they believe that border as close as they are crossing it illegally,s open. and we see gh like this every single day outee here p in the eagle pass area.d just to put it in perspective for you, we had a group therest, in the same spot yesterday and yesterday in a one hourd moe span.

we are looking at a bank that wanted to become a wealth manager and is following the same path as ubse financial crisis where they are downsizing the investment bank significantly read we have this spinoff and revival of the petite, sale of certain parts of the businesses to apollo and in wealth they wanted to be fed up. the key difference is, for them, they do not have what ubs can rely on, they have to focus on asia and other emerging markets which can be more volatile and in particular that is what we are seeing with reaction of all of the asset out those. so hopefully that is what they want, they want to be a strong wealth manager for -- manager and look like a strong private bank with a couple trillion dollars of assets. right now, they are having a hard time reaching the one chilean dollar level. lisa: meanwhile one of the big investors have come in to rescue them is the saudi national bank area how much controversy is there around some of the investments and where they come from as they try to raise money? marion: credit suisse always had strong investors coming from the middle

course live now to neil based investment, my, the image fair seen they plan to look for joiners here at ubs, eat out the u. s. driver. this rush of so called non market economy, in layman's terms, holds this really mean him. how will it affect global economies? hello, this is just another form of sanction. and it's of punishment from the united states, and it's also a diversion. i mean, we're in a period of time where this is a globalist qu of 2022. i mean, look at all the nonsense that's happened. it's the covey crisis. it's the credit crisis. it's a new crisis. the climate crisis, every crisis, cost of living crisis. so the cost of living crisis, let's talk about that. what do we have in the, in the united states, in europe, we've got 20 percent, a real rate of inflation at 20 percent. we've got government, they're lying about it in the united states. government is trying to push price caps and russian oil, which is the most ridiculous, bizarre thing i've ever heard of in my life. janet yell under the treasury secretary, it's her brainchild. now if you think about miss yelman's track reco

me some one who is a fan, he has, he's not traveling to tato, but is quite an enthusiast. become in ubs to tell us why is this a wise top specialist for you to be special in this woke up, this is the last relevant for this job i love. so i am very excited that even bring that up in to cut up. there are reports that some of the fines in, ah got that. who are indian are fig. finds that paid fans? what is your response to that? i didn't think so because i own many friends in the good communication and it never it except affordable care. they're gonna get programs in every day and got them on etc. okay, there you have it. football fever is a girl as getting up for the work up a few hours a from opening match. many been so taking place to the final fans would be out supporting their favorite teams and favorite players, probably mid. i'll live in color code in carola in india. many thanks did to pop me an aircraft featuring images of the auction to the football star. diego madonna has landed here in cattle, is part of the many tributes have paid to the man who led argentina to the 1986. well

alix: thank you so much, gareth from ubs. it is reported that the ftx lent billions of dollars for risky bets. we will have more on that next. this is bloomberg. ♪ guy: currency showing some signs of stabilization after plunging after the ftx saga the cpi numbers giving everything a boost. let's get some analysis on what the wider picture looks like. eddie, there are some comparisons being made to 2000 name. does it feel like a lehman moment? eddie: that is exactly right, it is a systemic problem inside the cryptocurrency space but it is not systemic outside. you will not see financial institutions go down but there are institutions inside the crypto market that have exposure. therefore we could see further dominoes fall within the space. that's important because what we have already seen is that while it will not affect the market as a whole yesterday was the first time i saw cryptocurrencies affect sentiment in the wider market and moving the nasdaq because cryptocurrencies were moving. alix: what'd you make of the headline

joining us at post 9, ubs private wealth management ally mccartney and timer.or coming in ppi, big topic of discussion today. after cpi. are we believers at this point or do we need -- what is the path of clear and convincing >> we'll take it we're not going to fade it just like we're not going to fade the fed, but i think it's a little too early for a pivot party. we have the beginning of some really exciting data we have some comps that should be terribly beatable what we haven't dealt with is, a, slowing growth. b, geopolitical tensions that continue to escalate despite some of the things we see. and we haven't necessarily seen any of this work its way through the market from an interest rate perspective. one of the things i saw that i've been focusing on is, and i have to read this, the fed senior loan office opinion survey that came out last week this has proven for many, many cycling to be a leading indicator. what they're asking is they're asking bank senior loan officers, are they tightening credit almost 40% are tightening industrial and commercial cre

ubs down the road. that is one of the risks they face.n if there is nothing wrong, the image credit suisse has started to portray is leading people to put their money elsewhere. that is a very bad situation for them to be in. tom: you don't think this is going to stop anytime soon, but what is the prescription for executives at credit suisse as we look ahead to the you tm to try to address that concern? the confidence crisis in this bank. >> well, they are looking to raise a bit of an unusual vote. once for existing shareholders and another time for new shareholders. a two-tier approach. but there is no other alternative on the table. it is basically take it or leave it. dilute you, raise extra capital, restructure the bank. what they are saying they are going to do is restructure the banking, spin out a few things, try to reinforce the core franchise in the swiss banking business and the private banking wealth management. do they need that much money to do that? they are erring on the side of caution. they should be able to spend that in

like wave roller which hopes to power entire coastal communities using natural ocean energy and ub cube diapers to plaplastic. bacar with an acti plan to cities because local leaders can help unleash and scale countless innovations. >> if i come to the united states and i say there is a lot of interesting ideas for the future. the guy is going to tell me come back in the future. i want to come to the head of state and executives and big corporations and say look at this today. >> while bacar -- he's also a lic licensed scientist. >> your only way to steer the balloon is to change your altitude to take another wind layer that has another direction. it is exactly what we have to do. first, you drop the balance of your paradigm and your beliefs so you can change altitude in your mind then you take a new narrative and new direction. protection of the environment is something exciting and creating jobs, doubling the economy because it is profitable. you replace what's polluting by what's protecting the environment. complete change. if you do that, you will have much more people supporting yo

we have ubs's chairman. as we wait for. . the panel to get going it's find out what is going on in mark ran fields world -- market cranfield's world. what is going on at the four seasons here? mark: everyone is waiting for some guidance from the fed of that would really keep the rally going in equities that we have seen and the risk on told that is been building up over the past couple of weeks. what they want to hear from jerome powell is that he is confident the fed has done most of its work and that it is getting close to a peak, neutral terminal rate in the fed funds. he sees the recession risks have become high enough that he is willing to take his foot off the brakes a bit and try to ease things a bit. hopefully this curve washes on the treasury bill yields. it's turning into an inversion, the yield curve in the u.s.. he watches this one closely. that tells him that the recession risks are much higher. maybe that is a good reason for him to move off of rates. rishaad: hold that thought. we are going to get to this panel