ubs shares reacted.doj is looking at communications and business with russian executives and wealthy individuals, that could be in violation of sanctions rules, they are looking at ubs and other banks. this is early. you're seeing this overhang. with ubs, into the summer, they already settled a number of investigations regarding credits weise -- credit suisse. you have them moving quickly to clean up legal matters but this is a new issue. alix: they set aside money for reserves. sonali: that's the greatest question. it's unclear where the new investigation will fall, especially because it's early. it's unclear whether this will amount to anything or how significant it would be. these investigations take time, which is why they have uncertainty, which they will look to clear up as soon as they can. dani: what is the next step? sonali: ubs, containing the scope. the deal came together quickly. think about this issue, they are probably looking to see the scope, like the doj. the doj went to executives about

. >>> the ubs ceo says he plans to stay at helm of the swiss lender through 2026.e told the economic club of new york he intends to finish off job of integrating ubs with the collapsed rival credit suisse. he felt compelled to help the bank when he got the call. he spoke to cnbc and said ubs is focused on fixing the failed business model. >> the backstop was only for part of the balance sheet and assets. not the entire bank. it is different than saying what is the underlining business model. >>> it is now 15 years since the lehman brothers collapse of 2008 and showing bankers leaving their desks for the final time. the financial crisis would torch trillions of dollars of wealth according to the san francisco fed. mohamed danir joins us now to mark this moment. mohamed, were you trading the market back in 2008? i'm curious when you look back and the turmoil we have seen in the banking sector starting with the u.s. and moving to switzerland and whether you think this was reminiscent of what we saw back then? >> things have changed and haven't changed in a way. when y

joining us now is sarah ponczek from ubs. move from 20% to 50% may not sound like much, but it could be enough to go to a soft landing. where does ubs fold in this? >> you laid out to opposite sides of the spectrum. jeremy grantham is brilliant and we respect his views deeply. more so on the bears side. and you cited goldman sachs on the opposite side who has brought down their expectations and calls for a recession. i would say ubs as of now more so lies with goldman sachs. our economists are calling it a soft-ish. there could be some bumps in the road. when we look at the economic data, a has been surprisingly resilient. you look at labor data, inflation data and so far the economic data does support the soft landing scenario. so we do believe the risks of a recession have receded and we are calling right now for this type of lending. >> if that is the case, what will happen with inflation? will consumers continue to hold up? we know excess savings has been dipping maybe to a concern in extent. cracks in the housing market

luke kawa of ubs.king first derivative, second derivative and the second derivative, the accelerated force is in place on this wednesday. jonathan: at some point, this treasury selloff market becomes self inflicting. lisa: chris said we might have to get a 520 on the 10 year. in other words, we might not be that close simply because the bulls have been burned so badly they are not stepping in. what i find interesting is where the bias in markets is right now. i think you rightly started with are we seeing a dash of cold water on the goldilocks theory. yesterday, the market moved on the survey that came out disappointing. this shows maybe people are getting nervous around their positioning. jonathan: consumer confidence lower, house prices higher. doesn't that speak to the moment we are in? lisa: people are getting nervous by how expensive things are getting and yet they keep buying. this is the problem people are grappling with. some of these anecdotal surveys are not reflecting the people doing. jonat

. >> she does. , berg has learned that ubs is weighing their options on part of a deal credit suissee with apollo management. that story is next. this is bloomberg. ♪ >> welcome back to "bloomberg daybreak: europe." bloomberg has learned that ubs executives are weighing their options on renegotiating parts of the deal. bloomberg's adam haigh joins us with more. talk to us specifically about what the reps are concerned about with this deal. >> you have to remember when the deal was done. this was what credit suisse was trying to do to reinvigorate their struggling business. this is a securitized business that they sold a lot of parts two. what is happening now with the reintegration is that ubs executives are going through this deal and finding out that there is a lot in here that is not of to their standards in terms of what they would've wanted out of the deal. some of the fees that will have to be paid to apollo. i think what shows you is, even though we have this big integration in combination -- integration and combination of these two giants, there are parts of the deal that may

bear in mind, ubs did have about 850 private bankers in the region it your end.suisse had 580. if you put those two together, it is a behemoth of more than 1400 people at the same area, more than their rivals combined. they were going all out in the region but of course with slowing china growth and muted activity as we have seen over the last several months, those plans have clearly changed. >> have we seen anything more specific when it comes to the layoffs, what they would be concentrated on? >> hong kong and singapore for the most part is what we are hearing. one source says those in india and australia are safe, at least for now. the pity of it all is that the chief global wealth officer had thrown a big celebratory engagement back in june after the merger happened to try to rile up the troops and sort of go after that big, big market across asia, not just and hong kong but singapore and right around the area -- in hong kong but singapore and right around the area. to interrupt the revenue piece by piece. but now obviously those plans have changed and some o

that is not to say the credit suisse or ubs is guilty or going to plead guilty but there is precedentor massive fines from the doj. kriti: hugo miller with that update from geneva, joining us this morning. thank you for joining the program. i want to stick with the theme of regulatory crackdowns, the u.s. sec reported to be finalizing settlements to resolve probes into lapses in record-keeping when it comes to wall street firms. according to reuters the settlements are with investment advisors and broker-dealers at about two dozen companies. the latest action in a two-year crackdown on the use of whatsapp as well as other messaging apps. fines i have already talked about $2.5 billion. coming up on the program meta is rolling out chatgpt like artificial intelligence features to its apps. we are going to bring you everything you need to know on that front next, stick with us. this is bloomberg. ♪ kriti: meta platforms is introducing artificial intelligence features to its app that it claims will give its companies 3 billion users and experience akin to chatgpt. mark zuckerberg says the

and we speak with leslie at ubs wealth management next.nd we speak to -- john williams who spoke to michael mckee on u.s. monetary policy. john: i think things are moving in the right direction and we have policy in the right place but we will continue to be data-dependent to watch the development and ss -- assess what we need to do. this is bloomberg. ♪ (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ >> cpi next week does seem to change a little bit, not september, but it can change the next rate hike at the end of october beginning of november this is a complicated time for the fed. markets cannot jump to two -- conclusions easily of what will happen beyond september. that was bloomberg economist mohammed. that brings us to the russian of a day has the narrative changed again -- alix: that was bloomberg economist mohammed. that brings us to the question of the day. as the narrative changed

since ubs acquired a small arrival in june.ooking into a possible compliance failures at ubs itself. next, wes bush securities tells us while they are still bullish on micron. more on the outlook is next. this is bloomberg. and when your teams are spread out, that's not always easy. our experts can help by implementing poly audio and video solutions to keep you connected. from headsets to collaboration tools, poly solutions offer simple setup and eliminate distracting background noise, so the people you're talking to only hear you. to collaborate with quality, trust poly and it orchestration by cdw. people who get it. explore endless design possibilities. find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. ♪ garfield: taking -- heidi: taking a look at how we are seeing micron after hours. disappointment stoking concern the investor optimism over at the recovery across the broader chip sector may have been a little premature. i grin continuing to slide by just light of

that is wayne gordon from ubs. we have more to discuss with him. coming up we got singapore lenders drawn into a billion-dollar money laundering scandal as the bank tells him to review their dealings with dozens of individuals including 10 who have been arrested. we have details on that we are looking at the weather in hong kong. we have the rain, the biggest rainfall on record since 1884 only last saw anything like this. there we go. that is the scene in hong kong and those are some of the pictures of the city itself. this is bloomberg. ♪ wake up, achievers. you're making the most of every hour of your life. except the hours that you're sleeping. so why do we leave so much untapped potential on the table? this is a next level bed, for a next level you. my circadian rhythm is kicking your circadian rhythms butt! it's not a competition. i know, but i'm still winning! so, it is a competition. save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add an adjustable base. shop now only at sleep number. rishaad: rishaa

let's bring in the head of ubs strategy.e haven't really seen materialized -- but anything about how high real rates are. how high jerome powell would like them to stay high and for how long, could we see a pickup? guest: it is been really interesting. tactically, we've gotten a little more -- less bearish. we have seen stability in the key metrics that we think are the leading edge of default. three i would highlight. one is bankruptcy filings it seemed to stabilize albeit at high levels. credit default moderated .3%. leverage loans has been an area of focus for us and reviewers. you've seen ratings migration stabilize in august then september to date. i think really it's a question of time horizon. we are feeling a little bit more surprised candidly at the resilience of some of the default and stress metrics. longer-term as you allude to come at the biggest risk certainly after the fed is the potential for no landing, higher for longer. certainly or concern when you go to 2024 about the potential scenarios for default rate

autos down, renaud getting the downgrade from ubs. even tesla cutting prices in china. shares falling almost 6%. the online retailer gaining 6%. they are upping the stake by 10%. the company putting out positive words. those shares rallying at the same time. that is set for its best week since last november. we were just talking about this one with shares falling 6% after reports of fraud for the copper producer. let me show you what is in the week ahead. monday, we will get turkish cpi as well as a meeting between president erdogan and president putin. tuesday, the european pmi. we got a peek at manufacturing today. that was weak. how will services look for places like france? wednesday, we will hear from andrew bailey. will he reflect some of the dovishness we heard from the chief economist? thursday, switzerland unemployment report. over the weekend, we will have the g20 summit that we learned president xi would no longer be attending. alix: there is a lot of data. francine lacqua spoke with him on working with the e.u. to bring down inflation. >> we have been taking

some did come to ubs. what does this bank look like in five years, in terms of the businesses it's in? >> i think what we're taking on is complementary to our business in terms of capabilities, in the investment banking, in asset management, and wealth management, in southwest asia, the u.s., the americas and brazil is a fantastic franchise, latin america. we manage today 5.5 trillion of assets, by the way, 1.7 in the u.s. we employ as many people as we employ in switzerland in the u.s., 20,000 plus people. i see us as being a dominant force in wealth management and in global banking. >> we have been watching a whole number of banks that have been challenged, most recently just yesterday, citigroup announcing a big layoff plan. i'm curious how you see a lot of the other banks as they're competing with you right now? >> of course we always look at the competitive space. every firm is going through its own moments. i watch with sympathy, and you know, i think there is no shot to see competitors going through

haidi: ubs ceo sergio ermotti, speaking exclusively to bloomberg's jean-luc.re watching when it comes to trading in austria and new zealand. we are seeing following the trend we have seen across treasuries overnight, the australia 10-year yield rising 11 basis points following a similar move that we saw in treasuries. the 10-year yield in the u.s. climbing by the same amount, above the 4.5 four level, that is a level have not seen since 2007. we also saw a renewed strength when it comes to the dollar, the bloomberg bella index rising for a fourth day, rising to its highest level since december. interesting implications when it comes to the start of trading in asia, including potentially being on intervention watch for the yen as the japanese currency nears 152 the dollar. that is just about it for "daybreak: australia," as we counter to the start of trading in an hour or so across the major markets in asia. this is bloomberg. ♪ (aidyl) hi, i'm aidyl, and i lost 90 pounds on golo. i struggled with weight loss and weight gain my entire life. with all the yo-yo d

this is my first trip to asia since taking on, getting my role that ubs -- at ubs. chinese stakeholders and reiterate our commitment to china. updating them on the integration. >> in your second quarter results, it mentions specifically client confidence, sentiment, and activity in asia was muted. are you still finding that is the case into the third quarter? >> well, i think that we saw in general a pickup across the globe in terms of client activity. the most important topic for us was to see the returns of assets that left credit suisse in q4, q1 of this year, we started to see assets coming back towards the end of the second quarter, we see also very good momentum in q3, that is the most important issue. also in general, it is fair to say that investors are more constructive than they have been recently. >> so, on momentum, you talked about q3, there was a new net money and flow, 16 billion u.s. dollars in 2q, you said at the time you expected that to continue, what is it looking like in q3? what does a good momentum mean? >> we are pursuing things -- we will no

another retail call on our radar, the soft line slump from ubs.m says it expects a slowdown in the sector to play out over the next six to twelve months joining us this morning, ubs managing director, senior retail skpeshlty soft lines analyst, jay soul great to have you back fascinating note which we talked about yesterday, you've done some survey work, basically looking at holiday spending intentions and i wonder if you think we're getting to a point now where the consumer is starting to make some tougher choices >> well, carl, thanks for having me on the show you're absolutely right. the consumer in our sur vey work is telling us that they feel a lot more optimistic about how much they want to spend in this holiday season in july, they were relatively positive, in september, that positive attitude went away and people are getting really cautious about spending. overall, not just on holiday, but over the next three months >> talk to us about spread about the respondents who say they're going to spend more versus less? >> one of the questions we

caroline simmons, ubs u.k. people investment officer. as we hear more, you have the swiss national bank surprising with a right. here is the president on the choice. >> inflation pressure can lead to long-term flag longer than a few months ago. the horizon is not below 2%. the other factor is monitored killed -- monetary condition is likely tighter than a few months ago. below 2% at the moment gave us the comfort could not change monetary policy at the moment but eep licy conditions unchanged. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. >> for 10 years, debt was priced way too cheap and you we

ubs falling 3%. great scoop from the banking team.king at ubs and credit suisse about interactions with russian clients, whether or not they helped them to evade sanctions. early stages of the probe might not result in settlements. the dutch insurer fell 18.3%, this is off government action. a dutch court ruling against them when it comes to transparency issues. for a couple products, they didn't give enough info. some of the cost structures were questioned. h&m earnings out, a gain of 3.4%. a good story of inventories. this has plagued h&m post-pandemic. they finally have been able to eat into that. they still exist but they are better. h&m announcing cost cuts helping them. that's what we've seen in the day. here's what's ahead. in berlin tomorrow, the global berlin dialogue conference. we will hear from some big people including larry fink of black rock. we will see italian data and economic sentiment. the budget today and higher rates. we will get some other data including eurozone confidence and cpi out of spain and germany. alix

if they are not making money ubs is also going to be making less money.now when if not already these cuts are about to begin? >> what we have hard is that some cuts have already happened and they will continue throughout november. these are in the context of broader cuts that ubs which already set it will cut 3000 in switzerland and multiples of that elsewhere in the world. david: great stuff, thank you so much. let's pivot back to markets. it is quiet apart from this little group of commodities. it is one pocket of the market we do not watch very closely. some of the contracts on the various metal exchanges in china . as you can see, continuing to rally today. chinese property, country garden breaking news this hour. yvonne: it has turned around some of the stocks. two of the notes, the voting has been delayed. writers saying -- six of the yen bonds have actually gone through , will extend by three years. the market certainly liking that. rishaad: gina rinehart wants a massive sake in another lithium producer. we have more coming up. ♪ hey david. connect

i'm happy to say the chief strategist from ubs is joining us at an ththe table.hank you for being with us. over the last several weeks, it has become clear the economic picture is deteriorating. pmi has been weak. inflation data is surprising to the upside. valuation wise, european equities still look good on the relative basis. how do you think about them as a relative play here? >> relative is the key point. on the relative point, i would prefer european equities to u.s. equities. no doubt about that. i think equities are expensive in general. chinese equities are an exception. if you look at equities in general, compared to bonds, they are expensive. the equity risk premium is too low. in europe, it is much too low. i think europe, in absolute terms, should be coming off here. in relative terms, relative to u.s. equities where tech rebounded aggressively through q2 and now you see the momentum falter, i think relative to the u.s., europe is in a better position. when you look at growth surprises, u.s. is at one extreme which is high. europe is at the other ext

because of border patrol can't keep ub, they are now releasing them. that is right, instead of returning them across the border, they are releasing themel into u.s. streets every day. and it is unclear really, who these individuals are or how they are being released. how many of these migrant are asylum seekers who have completed a credible screening and how many are parolesnt into country. told appear at i.c.e. office, how many are given a date to appear before an immigration judge and how far away is that court date, i read in new york an immigration court date could be as far as 10 years off. we don't have answers to these t wees because biden administration has not been candid about what is happening they hope nobody is not ising. -- nobody is not ising what is going on and governor in massachusetts, mayor of new york city of chicago and washington, d.c., they are noticing, the migrants once they pass the border region they go somewhere. the biden administration keeps swipes it under the rug. last week, agents released 100 to 200 migrants a day nea

we know domestically in the united states and europe ubs has said it is getting rid of at least 3000of those are jobs that are the same job. the so-called synergies we look for when two of the same titans in an industry. haidi: vonnie quinn with the latest. we are tracking other corporate stories including oracle for those shares have slumped in senate trading after a slowdown in quarterly cloud sales growth. it was down from the previous quarter 54% search. oracle is focused on expanding infrastructure service to more forcefully compete with amazon, microsoft and alphabet. tesla shares jumped over 10% after morgan stanley upgraded its rating for the ev maker. it is the highest on wall street. morgan stanley believes tesla supercomputer for its automated driving systems could add $500 billion to its enterprise value. charter communications is said to offer disney's flagship streaming service at no additional cost to its cable providers. sources say charter will pay disney a wholesale price for the service. instacart and backers have set the stage for an ipo that may value the grocery

ubs thinks the default rates will peak in the private market. that tells you there is a significant amount of stress there. that 10% might not break the bank. but if you get through that 10% default rate, how much money do you really lose? estimate question. guy: so his conviction call about the restructuring of the market. how big is the opportunity, how selectively you have to be? he sees that as his conviction call. how claire: is it working? claire:i hear a lot of fear in that space. there's not a lot of conviction on where we go from here, return to office. guy: are you surprised this is his conviction call? claire: coming from apollo, they are looking for ways to step in. but we see a big uptake in distress. if you have someone like apollo there are lots of opportunities right now. alix: we really appreciate it. there is more from the credit forum as well. thank you so much for helping us breaking it down. abigail doolittle is tracking some moves for us. abigail: the s&p 500 down .9%. nasdaq is down even more. the goldman short nonprofit a

we have another initiation at ubs with duolingo.th the language learning space taking a look at shares which are up over .50% >>> time for the global briefing we begin with the massive week long slide of evergrande suspended again in hong kong the chinese property developer has been reeling from the headwinds in recent days and the chairman under police surveillance and failing to make good on the debt restructuring agre agreement. >>> hsbc reported to acquire the health management business which is responsible for $1 billion of assets it would see hsbc taking over a few citi's staff shares of hsbc moving higher citigroup is moving lower. >>> financial times with the deal with open a.i. and jony ive. open a.i. is tapping the former apple executive to build the iphone of artificial intelligence with funding help from softbank's masa son this would be chatgpt's first consumer device focused on a.i >>> coming up on "worldwide exchange," the one word every investor needs to know today and why september is a month that investors don'wa t

>> one of the ub nseen things i the audience itself. there was a big audience in milwaukee. they were cheering for trump and when christie went against him, they were booing chris christie. this debate is not expected to be a big audience. so the potential to make a contrast and not get booed is a significant thing. whether any candidates will take advantage is an open question. >> especially sips there's one candidate openly aggressively going after trump on the stage. that's chris christie, because asa hutchinson, the former governor of arkansas, didn't make the stage. >> i would point out that the very first debater to take a swipe at trump last time was nikki haley. and she did it not based on the constitutional argument against him, the defense of democracy, she did it based on deficits and debts and republicans' bad record on the economy and the massive debt deficits. she had a great debate. she grcated a contrast between herself and vermont donald trump and the other candidates. but this is ron desantis' debate to either solidify himself as the runner up to trump or n

the local ub pub can mean for a community. the local pub is — pub can mean for a community.so _ pub can mean for a community. tue: local pub is so important, pub can mean for a community. tte: local pub is so important, socially, and economically. often it's the last business that standing in a village, a small town or rural location. it can provide the health of people to go and socialise safely with friends. it also provides vital community services, it hosts meetings, community events, it a grass roots music event or, in the event. supplies food, a supply chain for local farmers. event. supplies food, a supply chain for localfarmers. it's a harbour around for which a lot of life in the uk evolves. and therefore, also, it is also a job generator and an income generatorfor the it is also a job generator and an income generator for the local community. these are really important cultural asset and unfortunately what we're seeing recently is because of the pressures of the economic environment, the geopolitical situation is that people are seeing that are driving those cost p

i am certain in the first block on monday, we have kawa of ubs. he said ideal volatility is now in first and second derivatives across all the asset classes. that is why you see some tension. you see dani burger with laurence fink. a bit of tension. there is a lot of tension around. jonathan: oliver chen of cala -- of kawa. tom: what to buy that will not shrink? jonathan: i will do that again. some. uaw later this morning. government shutdown looming. what is your focus on uaw or washington dc? lisa a: i am focused on uaw because it always -- it seems there will be a role certainty on a government shutdown. i think you how entrenched our wage pressures and how much for companies keep passing to workers versus taking for themselves? this is something broadening and we are seeing pressure build. larry fink mentioned this. he said corporate executives and officials have not done a good job explaining how entrenched inflation is becoming in the economy. jonathan: based on us, it comes from 40% down to 36% and then down to 30%. we are positive by 0.4%

ubs.ported they want to try to renegotiate some of the terms of their asset management agreement that was struck when credit suisse was a standalone bank. they have the opportunity to renegotiate those terms? john: so has been documented i think we close on the transaction in february, all the employees have transferred over, so several hundred employees, we have 280 relationships with originators in the asset-backed space, 100% consent from all originators that transferred over. the business is closed, it is transferred, and we run the business to make sure as we grow the business that we are facilitating the clients in a way that is as seamless as possible. in the first six months a disclosing, we have done a great -- the team has done a great job of facilitating them. sonali: before i let you go, safety, safety, safety, we have heard that now if you times. what is the market missing? you have to wonder with a flush of money into private credit or even just how sanguine you are seeing yi

asset measurement staff will remain at the existing ubs office in midtown new york.t was my first apartment, also a nice area. u.s. passenger airline shares sink by the most since july after american airlines and discount carriers warned that higher costs are hurting their bottom lines. american airlines/is the recorder earnings outlook on a jump -- third-quarter earnings outlook retroactive salary under new contract for pilots. discount carriers raise red flags about waning demand for domestic air travel. over to union stories. the president of the united are workers june -- united auto workers union says carmakers are falling apart the new labor contract. threatening straight action -- strike action and work stoppage could be avoided with the two sites are approaching a deadline thursday. as collation to include stoppages at the big detroit three, ford, gm and stellantis would make it the first of its kind. tech news. google reported to come -- cut back on roles in recruiting adding to layoffs the tech sector. it told market watch it continues to invest in top engi

into the city of london to the ubs offices that are just around the corner from here.r company that is moving stuff out of the wharf, and i think this is an ongoing theme. the difference is quite stark. you work in the city of london, it has its quirks. some would argue maybe a little more soulless, harder to get to. certainly for places like waterloo, it is an ongoing process. it seems to have turned from a trickle into a wave and i'm wondering what happens. alix: aren't there really nice shopping centers? but that was before the pandemic. guy: it doesn't have the five that the city of london has. it doesn't have the same social element, doesn't have the same quirkiness that the city of london has. it just doesn't have the same feeling. and despite all the trade lines, it is for many people still a stretch to get out there as well. i understand you've got a train line issue. i've got a train line issue on a regular basis. we have a train line issue in new york city that makes the front page of the bloomberg. alix: we want to talk about sports but you're making me go t

. >>> up next, what the ubs ceo told me about his succession plan. has been a big winner so far this year on the back of absorbing credit suisse next. every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. the one thing we can never get more of is time. or...can we? this is watsonx orchestrate: ai designed to multiply productivity by automating tasks. when you watsonx your business, you can build digital skills to help human resources spend less time generating offer letters, writing job reqs, and managing schedules... and spend more time on humans. let's create more time for your business ...with watsonx orchestrate. ibm. l

ubs raising its price target on fedex, regardless, from $312 to $323.m $200 to $20 the 5. shares right now up 4.75%. >>> kb home slipping about 3% after announcing quarterly results that fell year-over-year. the home builder said high mortgage rates along with still strong home prices is are cut into housing affordability, pushing some buyers out of the market. ubs retained the company as a buy after raising its price target to $86 -- 68, right now kb's at 46 and change. still keeping with the home builder theme, the number of previously-owned homes in the u.s. plummeted 15% year-over-year as mortgage rates leap higher. but home builder taylor morrison home has surged 42% this year. is so we thought, get the company's ceo in. we'll talk to her about building a business in the face of price is city loans. and and guess -- pricey loans. and guess who else is building a business? tiktok star charlie d'amelio along with her sister dixie and her parents. they're morphing their millions of followers into an entire brand. charlie d'amelio was the one who dance

what do they -- i guess ubs likes them.the stock is now up 5.5% at 5 and change, and ubs says they're going to $9. and that means cha -- that charge point's stock can rally. david: let's talk about sirius xm. lauren: liberty media is suggesting that they merge, the liberty media shares with the siriusxm shares, and they formed a special committee to do so. i think investors are cautious about this, that's why the stock is up one cent right now. david all right, very good. lauren, thank you very much. lauren: you're welcome. david: we see green on the screen but not as much in premarket activity. the dow is up now only 38 points. let's take a look at the dow winners, if we can switch over to that. we have am a general, chevron, dow, caterpillar, salesforce all doing nicely but, again, they've come off their initial highs. and the s&p winners? generic, occidental peak, steel dynamics and new corp.. again, those also are not as high as they were right at the open. nasdaq winners, you can see there, dexcom, lumina, warner broth

ubs says it looks like the end of the rate hiking cycle. so, it was a surprise.s one the market would welcome normally but it's interesting that everything's lower because they're teeing off the fed. as far as bank of england is concerned, look, they saw a dip in inflation yesterday. that was good news. if you look at core, what central banks are targeting, it takes out food and energy. 6.2% is still a very elevated level away from a 2% target. yes, it's better than the 6.9% they saw in july to get 6.2% in august but it's still high. it's not fully clear the central banks are done or that they're going to be in cutting mode any time soon. >> what's the phrase, sufficiently restrictive for sufficiently long. >> we know it when we see it, is what powell said. they don't know if they're there. >>> let's get a news update this morning. kristina partsinevelos once again. hi, kristina. >>> the federal government is responding to desperate pleas from new york officials to help with the city's migrant crisis. the biden administration said late last night it will allow ne

credit suisse's securities research for the investment bank will also be integrated with ubs'.re are some of the indices we will be watching one trade opens in korea, japan and australia shortly. you can see we have stocks here on the watch as well with woodside energy down about .6%. those strikes are set going to be in focus in the next couple of days. we also have futures on the dow up. futures on the s&p are lower. the market opens in sydney, seoul, and tokyo next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for more stability, and a wide door for ea

we've got hayden briscoe head of management at ubs asset management. what do you make of these comments? >> boj does not do anything unless it is scripted and it's clear that the yen was under a lot of pressure. he has said he's not going to do anything until next year, the yen will come under more pressure. traders will lean into that. it is very targeted. he surprised the market, that's with the boj likes to do. slow down the depreciation. a great time to have a ski holiday. rishaad: some people talked about 170. >> if traders can really push this, they are a powerful central bank with a lot of firepower but i would not be surprised and wages are going up. what i was surprised to find out is those subsidies, fuel and energy. that is called fiscal spending essentially. and inflation. they're putting a bit of a late on this so it could pop at any stage and i would not be surprised to see 170. it's 150, they've been explicit about that. they want to slow that down. let's not wait for manufacturers. hugely important for them to have stability in the yen

automakers as they are going to transition to electric vehicles and beyond competing with tesla, you have ubsith suggestions that china's delete players will put pressure on the western firms as well. matt: all of these issues from the past few days we have had the international motor show in munich, take a listen to this, the executives from the event. >> we have to avoid entering a price battle in the short term. we have discounts and stuff like this, it is a good investment for the consumer. >> pushing volume, we are careful about how we go to market. our market strategy. as you see from our results, the has been working quite well. >> let us embrace the competition and try to have a fair, and competition to build better products for our customers. >> we have good performers in china, it is our strategic market. we want to try, we want to connect with the customer here. that is the opportunity and to have this conversation. >> it is about electrification and conductivity. autonomous driving. i think most of our group are going up. matt: those were the overseas carmakers but it is interesti

there's ubs in the premarket.ere. >> look, when the yield curve is inverted it's not good for banks. the idea is you borrow overnight and invest long. right. so when short-term rates are higher than long-term rates, it becomes very, very difficult for traditional banks, for investment banks to make money and so in this difficult trading environment, you not only have a hard time trading but when that presses equity valuations, companies aren't trying to go public and be a cheap i've vestment. they're -- investment. they try to get the max numb valuation they can. when those are depressed it depresses underwriting fees from that as well as mergers and acquisitions. who wants to sell their company on a downturn? it's everything kind of these businesses are highly correlated to the overall economy and to see goldman take a step back from their consumer finance business is a bit surprising, given how they basically have been successful in every other venture they've ever taken on so it just goes to show you that being

marta, high quality debt, we've had rick rick reider talk about that, jason katz over at ubs. is that starts to look more attractive than treasuries? are treasuries still going to be effective as a hedge against the equity the volatility and risk that's really out there? >> yeah, that's a great question. so, you know, most of us are multi-asset investors. we have our equity stake, our fixed income stake, is and we're looking to that fixed income stake in many ways to be a hedge, sometimes a source of income, but certainly a hedge against volatility. now, there's anyone's guess on whether we really are in an era of higher for longer, but if we are, if we're in a period what higher for longer -- where higher for longer is kind of the normalized environment that we're operating in, our perspective is that long-dated debt is less effective as a hedge at least historically in that variant than people have been used to over the past decade. and short-dated debt is actually a decent place to be. so when we're thinking about short-dated debt, we are still thinking about treasuries, bu

contamino antes que son pequeÑo, entonces, pueden filtrar por mÁs eficaz, estas partÍculas las que ubnto como los otros. >>> por Último doctora quÉ recomendaciones le da a quienes tienen niÑos, y estÉn preocupados por esta contaminaciÓn? >>> aunque los niÑos son muy por lo mayor parte de los niÑos tienen muy buena salud, tambiÉn es muy importante educarlos, que tengan por ejemplo cuidado ellos tambiÉn si estÁn en la escuela deben de estar adentro, y como lociÓn adultos, porque tambiÉn tienen riesgo y ademÁs todavÍa estÁn desarrollando sus cuerpos y sus Órganos y es muy importante protegerlos. >>> gracias por la informaciÓn a la doctora ivonne maldonado, y para mÁs informaciÓn puede visitar telemundo 48.com. >>> por su parte la oficina de educaciÓn de condado santa clara lanzÓ un llamado a las escuelas para tomar precauciones con respecto a la calidad del aire que va a continuar hasta el jueves por siga indicaciones salud para mantener cerradas puertas y veb tantas y reducir actividad fÍsica y el uso de cubrebocas los trabajadores de la construcciÓn del centro de salud de santa clara c

hyundais are popular targets because of a flaw that allows people to start the vehicle with a simple ubs cable. >> if you're a kia or hyundai owner, make sure you have safety measures in place to prevent vehicle theft. >> both automakers have created a free fix for this issue. owners have to contact the dealer to get that fix done. >>> a major disruption at airports across the country today. united airlines temporarily stopped all flights nationwide because of a tech issue. that ground stop has since been lifted, but the backups are ongoing at sfo right now with at least 55 united flights delayed today. the faa confirmed to news news that the airline asked for the ground stop. united said in a statement it experienced a systemwide technology issue. flights that were already in the air were allowed to continue to their destinations. the ground stop was lifted after 30 minutes. united is working with the impacted customers. >>> in the nevada desert, the mass exodus from burning man is still under way. this is video from earlier this morning. you can see the long lines of cars, campers, try

what grade a's fans give the ub

and 2010 to 2021 kias, they have an ignition flaw that allows anyone to start the cars with a simple ubs cable. >> if you're a kia or hyundai owner make sure you have mechanisms in place to prevent vehicle theft. >> reporter: police say both automakers have created a free fix for the flaw. they hope to prevent more smoke shops and car owners from falling victim to the latest burglary trend. damian trujillo, nbc bay area news. >>> the new york state attorney general is asking the state's high court to sanction and fine mr. trump and his two oldest sons. a.g. latisha james made the request accusing the trumps of continually raising previously rejected arguments in their court motions. james says the judge has the ability to impose sanctions over, quote, frivolous content and asked her to fine them $20,000. say the trial is scheduled to begin next month. >>> today the trial started for one of trump's former advisories, facing two counts of contempt of congress for refusing to testify during the january 6th investigation. peter navarro served on the white house covid task force has pleaded g

consists of 80 vendors offering an array of asian foods ranging from boba tea to beef noodle soup and ube pies. this is video of the preparations that were earlier today. mayor breed and celebrity chef martin yan are scheduled to attend. the event also includes a dance zone with live music and djs as well as a fun zone for children. this night market is about creating joy. >> we're celebrating the fun things in life food, art, music . night markets bring people together. they make streets safer. they give a boost to small businesses. all the things san francisco needs right now. >> sounds fun, too, right? festivities are free. the sunset night market runs from now until 10:00. >> it's going to be a really good time there. we have a lot more news ahead. >> let's get to abc7 news anchor karina nova for a look at the stories coming up at 530. karina thanks, julian. >> tonight we're going to have a discussion with i-team. reporter dan noyes about the rise of violent crime in oakland. dan shares his investigation and a new report from the oakland police department. plus, it's been 12 years sin

and and i hope you can differentiate because ubs meters, one of the best because you've been around this all your life. don't like this guy. deep respect reverence for joe biden as a person, his characters, decency and his capacity to do great things. that's why i'm not worthy of that conversation. this guy deserves it. and we as as members party deserve to have his back. newsom is going to be in new york city tomorrow to address the united nations climate ambition summit. >> hosted by the un secretary general. take a look at the damage. its extensive thieves smashed through the front doors of this lululemon store on 4th street in berkeley happened early this morning. not clear if anything was taken. but again, a lot of damage. berkeley police have been investigating at last check. no suspects have been identified. local groups in san francisco continue to demand action after 4 year-old girl was hit by a car and killed at an intersection last month. today the group called walk san francisco took its safety plea directly to the sfmta. one of the demands get more safety measures at that in

kias and hyundais are popular because of a flaw that can allow people to start the vehicle just with a ubs cable. >> especially if you're a kia owner or hyundai owner, make sure you have safety mechanisms in place to prevent vehicle thefts. >> both automakers have created a free fix for the issue. owners have to contact the dealer and actually take the car in to get the issue fixed. >>> serious accusations that could impact victims of wildfires. consumer watch dog is asking california's attorney general to investigate insurance company. they say the insurance companies orchestrated a massive pullback from covering homes in california this past year, and they're doing it to pressure state officials into loosening regulations and allowing higher rates. the watch dog group says that would be a violation of antitrust laws. the president of the personal insurance federation of california which represents insurance industries' interests in sacramento told "the mercury news" the allegations are irresponsible and untrue. >>> san francisco leaders came together to celebrate the expected rebirth of

nadia will be here with us in moments from ubs.greifeld here. futures are up 15 and the equity market advances. katie: i don't know what changed in august, maybe just summer training. we will see if the momentum really gets into the meat. i don't know how many people will stick around after 8:35. tom: you will convince them. jeffrey rosenberg will help us get out strong. he will do uninterrupted coverage to give you a brief into september. i want to go to the data check. across equities, bonds and commodities. commodities are front and center. i have $87.89 on brent crude. katie: it has been a pretty incredible move. for a well, it felt like one thing to go. we do have important meetings and decisions out of opec when it comes to extending supply cuts. going to make a big splash. tom: a real tight market and demand has been effervescent. 7:10 wall street time this morning, $88.02 on brent crude. the story from september have some legs. on a currency space, we have a turning dollar. 103.67 earnings why. no one expected this days ago

reports mochi donut shop will have a stall as well as wooly pig sf hole in the wall pizza sobo foods and ube pies, among many others. the event will be held next friday. parts of irving street will be closed from 5 to 10 p.m. a mountain lion making its way through several yards in oakland. see the video and hear from the neighbors coming up at pga awards. 22 bay area students scholarship. how much money the utilities giving away. and in bay area weather, it looks like a bit of a warming trend as we head into the weekend. and we could have some humid conditions as well. we'll have the forecas upda c of 6.8 men, women and children gathered in the streets in fear of aftershocks. moroccan officials say at least 296 people are dead. more than 150 wounded. many homes and buildings collapsed, leaving residents without shelter and electricity. we well, barry, weather temperatures, we have been warming up over the past few days and that trend will continue as we head into the weekend. take a look at the highs from this afternoon. some lower 60s out toward the coast, 70s and 80s around the bay and the

information on this scheme commission web demo. pricey has finally trial over now to a local reporter timothy ubs, who he's got a few more details, so you can share a my tourist presidential election tribunal when states a pallet. ball attainable is election for more than 12 hours. the 5 member panel read out judgments rejecting challenges by main rivals, tikwa booker, of, of people's democratic party, and peter o. b of the liberal party. both man and they all parties had approached the court to invalidate february's presidential election in which suitable emerged winter. a legend irregularities and accusing the electoral commission of freedom to follow its guidelines. the electoral buddy, i'm a cub promised to transmit thoughts electronically. but for tribunals said the petitions by the opposition locks substantial evidence to back for the claims of the regularities and about the petition as engaged in a wild goose chase. the court said isaac is not constitutionally mandated to transmit results, electronically. deluxe and try few. and i'll also struck count, since untenable was alleged criminal

irving street andrs offer an array of asn foods ranging from bobaea to beef od soup to ube pies. the event will also include a dance zone witli music and djs and a fun zone that will be for the kids. the sunset night market wi hpen between 20 30th and 23rd avenues and run from five until 10 p.m. also tomorrow. >> it is the start of national, hispanic and latin american heritage month, which runs through mid-october. so tonight we are beginning to celebrate the culture and contribution to our communities in the bay area and in san jose, a group is celebrating a tradition and their modern identities using dance. >> abc7 news south bay reporter lauren martinez shows us their personal stories of expression in their number modern medical library. >> folklorico is a traditional form of mexican dance and members from this bay area group are expressing more than just their roots with a lot of respect, with a lot of respect to our tradition, to our widura we always say we're not here to change the traditions. >> we're not here to change the story, which is here to our stories and folklori