ubs is one you like.lk about what you think the buy case is there and what about this bank looks a tttractive to you with the inn -- integration by credit suisse? >> in europe, we have mainly tier-ii traders. that's reflected. when we come to private banking, it is controlled in the top layers of the situation. ubs generates 60% of the profits. from asia, we are the fastest structure growth area for the private banking sector. we expect the cost synergies and business that ubs to continue relating for the stocks that trades at tangible book. morgan stanley trades at two times the book. we believe it will re-rate to the share of 30 swiss francs. >> i interviewed mr. amoti a couple eof months ago. one decision is to maintain ownership of the swiss domestic bank. do you think that was the right decision in the sense it is going to be revenue added to the combined entity despite the overlays and overlaps with the swiss bank? >> we think it is the right decision. the swiss bank make around 11% return on equity

gerry fowler, head of ubs equity strategy.f you are a european equity strategist and looking at the data coming out of the united states, how do you answer the question about u.s. having no landing and the european economy may be having a landing? what does that -- how does that manifest itself in your world? gerry: there has definitely been some divergence. has been a surprise how weak the european economy has been, both in terms of the economic surprise through the second quarter, some of the retail sales data we have seen with the august data coming out and surprising to the downside, but also very much in the surveys. we are not just talking about the headline pmi's. probably the most interesting thing at the moment is that the backlog of work, particularly in industrial sectors, seems to be deteriorating rapidly in europe. it surprising that europe is looking week in contrast to -- i wouldn't necessarily say acceleration in the u.s., the resilience we are seeing in the u.s. is a marked contrast. alix: hsbc early in the we

ubs declined to comment.hington and brussels have yet you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? have we piqued your interest? you can get two unlimited lines for just $30 each a month. there are no term contracts or line activation fees. and you can bring your own device. oh, and all on the most reliable 5g mobile network nationwide. wireless that works for you. it's not just possible. when people come, they say they've tried lots of diets, nothing's worked it's happening. or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it of

karen robbins is senior vice president for wealth management at ubs.l us about the value you see emerging. i guess, that risk premium question when it comes to ems given we don't have signs of sustained recovery out of china and the risk of dollar strength is always there too. karen: we are fascinated by what is going on with china. we hope for a better growth market there. we believe there stimulus will improve the gdp growth out of china. we have shifted and we still believe that for many reasons, the emerging market space is still attractive, particularly, india, and to a secondary degree indonesia. india it is the population story. as their demographic grows they will grow to be -- we are expecting fits in gdp growth in not too long, a couple years or a decade at least that they will be the third largest economy and that growth is substantial. we think that is opportunity for investors to look outside the u.s. into other areas, outside of european markets, find some multiples and some valuations that can be attractive. haidi: karen, do the bond mar

the moves are help -- meant to help ubs become a top competitor in north american equities research.erseas bank's third-quarter profit expanded on higher lending and strong fee income from wealth and credit cards. that income excluding one-off items rose 5% to just over $1 billion from a year ago. you obese ceo warned the recent geopolitical tensions have added to market volatility but expect southeast asia to remain resilient. of course we have earnings season here in the u.s. as well. now to the latest on that after the bell result from meta-. it shares reversed an earlier rally after reporting revenue that beat the street and a rebound in its core advertising business. shares turned negative once investors heard the outlook. su keenan joins us now with the latest, what was the issue? su: there is nothing like using the word uncertainty and volatility in your outlook and big spending ahead to throw cold water on a rally based on eight third-quarter beat but that is what happened here. metas cfo killed hopes of long-term recovery saying quote we are subject to volatility in the macr

ubs has been working to clear a number of legal issues at credit suisse since it bought its rival insix months ago, and will not pay any cash under the settlement. let us return to the us. as we mentioned earlier, the presidentjoe biden has said his country will continue to provide support for ukraine. this after further military funding was excluded from a last—minute congressional budget deal. the temporary measure, pushed through to avert a government shutdown, did not include $6 billion in military aid for kyiv, which is a top priority for the white house. saturday's temporary budget agreement, which will fund the us federal government for 45 days, stripped out continued military funding for the time being. let's discuss this with parker roy, strategist and chief revenue officer at axxes capital. how long will federal departments operate before this happens again? give us your take on this deal that was reached at the last minute before a government shutdown was due to kick in. who are the winners and losers here? ,., ., who are the winners and losers here? , ., ., ., who are the

rishaad: ubs wealth management. let's have a look at what is happening.oldman sachs sues malaysia in arbitration court in london over the 1mdb fund scandal. it got a task force looking at this and responding to the lawsuit. they view goldman's actions as premature and they will take action to ensure the interests of malaysians are safeguarded so that is the latest. breaking on toshiba. yvonne: we followed this for years, the toshiba story. they will be delisting from the tokyo stock exchange on december 20, so about two months from now, they will hold a shareholders meeting on november 22, cancel 543,000 or more shares on the 21st of december but that is the latest on toshiba. rishaad: coming up tcs earnings short and they concerning economy that could curtail tech spending. for joined by the coo later on. yvonne: israeli defense minister is bowing to wipe hamas off the face of the earth. the possible ground offensive in gaza next, this is bloomberg. ♪ my sister has told me so much about you. that's why it's more than advice worth listening to. it's advic

>> the banks in investment grade, ubs ten year, you're getting almost 7%. right now high yield we did hertz yielding over 17%. we like allied systems. we like medical, 9% to 10% type yields. value has been restored to fixed income. you have to be investing. >> so you must not be uber negative then on the economy or thinking rates will push dramatically much higher from here if you're even talking about high yield. >> that's a great point. i think those are one-off names we like but our bias up in quality of yield. plenty of liquidity and if things move in our way we can go and start buying. if we want to end the market bonds are a good value across the curve. treasury rates haven't been this attractive. high yield at 920. emerging markets, it's all good value. >> the fed done? >> i would say the fed -- we'll have to wait and see the data. >> i would say one more increase but then we'll have to wait and see. we'll have to wait and see. >> short end versus long end. what do you like better? >> yielding over 7 and long rates, if the fed has to cut sooner, you'

jonathan: day-to-day business for psych ubs and what this means after the weekend's events covering ubs middle east. i find it interesting, not just as well, but this includes qatar. lisa: what point does this escalate? why would a company put people in the potential of harms way? and you have to imagine that there are people who are canceling. -- we have already seen a whole host of airlines canceled flights to israel in particular. but if you are that region, there is probably some hesitance. jonathan: next hour -- ppi data, 24 hours later, cpi data in america. write a, bank earnings. at the moment, equities higher by 0.3%. nine basis points on yields on a 10 year. >> the market picks out the human factor and looks at this in a much more coldhearted waving. >> the much bifurcation beneath the market. >> it is a generationally levered system. higher for longer is not good. >> this is bloomberg surveillance with tom, jonathan ferro, and lisa abramowicz. jonathan: he is a favorite. good morning. this is bloomberg surveillance. alongside lisa abramowicz, i am jonathan ferro. s&p 500 posit

equity strategist at ubs management.n you are not necessarily expecting another rate hike from the fed? guest: we don't think so. we cannot rule it out, but we think the fed is done hiking. we been watching the tighter financial conditions and we think that is doing some of the work for the fed. we heard governor daily echo that. we think the fed continues to see the need to proceed. if conditions remain at these levels, they will dampen aggregate demand. it should be no surprise that the fed wants to maintain the flexibility and optionality around an additional rate hike given the fact that inflation could stall out at a higher level. it's much easier to tilt hawkish in an environment where economic growth is strong. you can dollar back. shery: -- what is the outlook when it comes to treasury yields and how much pressure that will put on the stock markets? guest: we think that bond yields will decline. it's possible that the 10 year yield could hang out in the 4%-four .5% range. we think you will get that by the end of

ubs saying it sees wmgm a long-term secular trend in music.sic up 2%. >>> key bankraising the price target on nvidia. speaking of a.i., hiking it from $670 to $750 a share. shares of nvidia right now up .30%. >>> time now for the global briefing. we begin with news in china. evergrande surging 42% before paring the gains for the chinese property developer resuming in hong kong. they were suspended last thu thursday. >>> australia central bank keeping rates on hold for the fourth straight month. rba says further tightening may be needed. the asx 200 closing at the six-month low. >>> check out the russian ruble pushing to the $100 against the dollar. coming closer to the all-time low. it has been weakening since last month when russia central bank had to step in to stabilize the currency and hiking the key interest rate to 12%. >>> sticking with the global picture. we continue to watch the price of oil. the benchmark brent falling from the recent highs s and coming o the recent highs with the fear of energy demand. let's get to dan murphy in abu

the bond structure by goldman sachs and jb morgan and ubs built on ethereum.nd technologies, these private controlled environments look attractive at the beginning like the internet did in the early days but over time, it's the public decentralized platforms that wind if you look at that where the major institutions are building out, they are building on things like ethereum and investors can invest in that in an etf. caroline: what are the limiting factors? there is the idea you wouldn't have to have some much energy consumption. there was a complaint of gas fees and ultimately this is still pretty cumbersome. >> there is still a lot of gaps. the user interface needs to improve in the gas fees have come way down. that problem is at least 50% solved but it needs to be 100% solved. the thing that will cause a step function is regulatory or legislative clarity. i am optimistic. we have recently seen a number of bipartisan bills introduced, bipartisan letters coming out pushing to approve a spot etf. there is little -- real political momentum in washington and th

rbc out with a significant upgrade of ubs. signal coming from rbc, it has greater visibility, greater understanding of the potential value creation we will see from the combination of ubs and credit suisse. we have seen that stock go out with a 30 price target. 22.47 is where we are trading today. quick look at some of the 52-week highs. we have talked about some of these names. shell. polish assets in the insurance and banking sectors. the close is coming up next. more details to follow. this is bloomberg. ♪ guy: european equities are higher and green out there but you see the steno story is the polish market. certainly the market is pricing in a rosier outlook into financial stocks, into the insurance sector, more broadly the market, so an area of significant bright green in eastern europe. elsewhere, a more muted story. we are seeing all stocks having a good day and retail having a good day as well, but there is a lot of different forces coming into work this week. we still don't understand what impact they will have to get

mark haefele of ubs. european equity markets are about finished for the day. trading around 440. volume is good. the action in the bond market you could argue today but many ways it looks like it is the equities. you see big names rolling over today. nestle, roche, all of these big names coming under pressure. alix: that is a micro story. we are wondering early in the week will be the micro versus the macro. it feels like we're getting more of managing the top and bottom line. guy: these are big names missing on the top line and the market is punishing them. but you are in a world where if that happens, your going to be under significant pressure. you do wonder whether the supporting season is going to be a turning point. the top line will be slowing down and would cost so tough, that will be bad for margins. the close is coming up next. we will deal with the details. this is bloomberg. ♪ avalarahhh ahhh ahhh ahhh it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personali

kevin zhao at ubs asset management.on't miss steve liesman's interview with raphael bostic coming up at 13:30 cet. >> if you want to get involved with the conversation over powell's speech, follow us on x or tweet us. we are @cnbcjulianna and i am @cnbcjou. >>> and we will take a closer look at the market action after the break. that's coming up on "street signs." you deserve better than that. i'm hungry, i'm in a hurry, i don't have time to make anything healthy. you could if you had a blendjet. blendjet? it's the portable blender that makes the healthy choice the most convenient choice. i don't know. it seems like a hassle. hahaha! wrong. just pour in some milk, add some frozen fruit, and bam! you've got a nutritious and delicious smoothie. mmm! that is good. you're welcome, sad office guy. get yours today at blendjet.com are we in in an ad? we sure are. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i wa

ube's condition for the purchase of united's unhappy winger. song reports juve has a lot of motivation to recruit jadon sancho, the unhappy united winger on loan, who does not participate in the team's training due to a dispute with tenenha . bayan connery has announced that he will only go ahead to recruit these players on the condition that they pay half of his hand to manchester. since then, united has also announced that they are willing to transfer. it should be included in his contract at the end of the season. homers, the new record of dortmund club, matt homers, the defender of brosiand , reached the record of 207 wins with the uniform of the bees with the victory of this team yesterday against union berlin, and michael tesor exceeded the quorum. the former barzan of this team, who worked as the technical manager of the club for a period, passed. la ruperica has claimed that roma manager thiago pinto, after jalousi's defeat against genoa , has made inquiries to start working with igor tudor, the head coach of crobat and the former olymp

. >>> also we even got ubs hiking its rating.tock's near-term risk/reward looks balanced while there are still questions on chuy's buying power. shares are up 2% right now. >>> one of the stories this morning, we're talking microsoft, raising its earnings to 415 dll per share, b.o.a. saying it could drive an upside. alphabet shares up 3.5%. >>> time now for your global briefing we start with china's country garden. the report cited a notice of notice of lender citicorp. country garden said it would not be able to meet all of its offshore payment obligations. >> shares of lg energysolutions dropping 8% in south korea. it expects weaker demand for electric vehicles. general motors, which is lg's joint venture partner at a plant in ohio is slowing the launch of select ev models to cut costs. >>> deutsche bank beats projected higher annual revenue. it's on the back of higher interest rates. deutsche's projecting its highest annual revenue in seven years. >>> coming up on "worldwide exchange," we have the unwith word that every invest

ubs did not lower -- sorry, did lower its price target from $26 to 24.9 and change now, up 5.33%. is and unity software, the ceo announced his retirement effective immediately. this is a bit of a surprise. the stock first popped higher, new it's still up about half a percent but way off the highs at $29.87. the video game software company has appointed james whitehurst as interim ceo. now, whitehurst formerly served as a red hat ceo and ibm president. the change in leadership happening shortly after unity implemented changes to the fees that it charges developers. and when we say implement, we mean raised. in response, a number of developers threatened to stop using unity's products, that was not good. john r are igatello stepping down. >>> republican presidential candidate vivek ramaswamy has laid out a u.s. strategy to support israel amidst its war with hamas. he is here, you see him right now in studio. he's going to join us next with details. >>> and in this weak's podcast, we talk about a -- week with's podcast, we talk about a war elsewhere in the

he joins us from ubs's disruptive tech summit in hong kong. minister vowing to wipe hamas -- the israeli defense minister vowing to wipe hamas off the face of the earth. this is bloomberg. ♪ what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. >> the real side of the economy seems to be doing well. the nominal side is going in that direction. we are in this position where we kind of watch and see what happens. >> in my view, this transition to a more patient approach, taking the time to holistically assess incoming information was warranted for a number of reasons. in particular, it reflects t

vanguard intermediate fund which is the largest fund and there are other ways including etf like the m ubll. jack: one important thing is where you live if you're new york or california resident were taxes are very high you probably want to state specific municipal bond fund so you actually get the tax advantage on both of your state and city taxes. let's say, i'm not worried about taxes i just want to be greedy, you can get mine% in the high-yield market, do i go there. >> it is tempting 9% sounds great. her taking on some risks. when you're looking at junk bonds, one thing to keep in mind, corporate bankruptcies are going up about 30% year-over-year. some may be based on when the economy was healthier a year ago but keep in mind, not exactly a place that you want to be. if you still want to get some of the yield, one fund would be to look at the strategic income fund not yielding 9% you're getting seven-point to percent yield, holding some clued companies like american airlines, goodyear tire, maybe safer bets, that's good been actively managed bond fund that might not fit for everyone'

un reporte realizado por ubs economics muestra que en california una latina en promedio gana 42 centavosue equivale que en un período de 40 años las latinas pierdan cerca. de 1.800.000■!a$o unos 46.600■!a$ cada año. >> es un problema del sistema. entonces hablar con sus compañeras, hablar con sus colegas, preguntar sobre su salario, compartir la información, pero organizarnos e ir a nuestros políticos a nivel local, estatal, regional, para decirles que necesitamos que actúen y hagan algo. >> nos dicen que esto afecta a trabajadoras en diversos campos laborales, desde la tecnología hasta restaurantes y muchos otros gremios. >> esta diferencia pasa muy simplemente por discrimina nación y algo que dicen no se debe de tolerar y le piden a las mujeres nunca olvidar esto. nosotros somos las jefas jefas en nuestras casas de nuestros hijos, en nuestras familias, pero también somos las que estamos creando empresas. >> flavio lacayo noticiero telemundo 48 hablando del tema laboral, la huelga de tres días de los empleados de kaiser permanente se terminó esta mañana, pero las negociaciones están ape

now, we've seen figures from the investment bank ubs showing that the us, the uk and china are the threebut of course we know they're on very different economic trajectories right now. so in your experience, where are the actual buyers coming from? we definitely see the art world, especially as a very global audience. we had bidding from 134 countries last year. that said, we've definitely seen strength and relative strength in the us amongst both buyers and sellers where perhaps there's a bit more conviction about interest rates starting to stabilise. that's been a positive for us, but a lot of the new buyers and a lot of the growth activity does come from asia. which parts of asia in particular? 0bviously china is the massive economy in the region. we've seen increased activity and interest coming out of southeast asia, out of korea. japan has been an important market for a long time and continues to be so. it's notjust a china story, that's for sure. i should have mentioned taiwan as well. now we've been looking at your most recent uk accounts and they report a big fall in art being i

let's bring in the financial advisor and it -- at ubs. i want to get some of your views on what jamie dimon was saying, about the potential risks and possibility that rates of 7% could happen. we have the fed on the other hand suggesting they are close to done. where do you see rates moving from here? >> we see rates are going to go up higher. the fed is very adamant about keeping inflation under control. that has been the story this whole year and last year. as long as we are still far that target, the fed is going to keep rates high and we are expecting higher rates for longer. that could be good for the u.s. dollar but more caution on the equity markets, and also looking into may be if you have a lot of cash on the side, treasuries, maybe higher rate bonds. paul: we did see bond selling off. it was a rough day for stocks, after a. rough month devaluations for equities look stretched, do think there could be more declines to come. >> certainly. there is that possibility. usually in a good year like this where we had significant returns

>> reporter: we know the ub security council meeting has been set focusing on the latest flare sxwrup of violence. we heard from a spokesperson for the u.n. secretary-general who has condemned the violence and calling for deescalation. that is echoed in europe and even the european commission president and eu foreign affairs chief both reiterating, reaffirming the european union's unequivocal and unwavering support for israel in solidarity with israeli people in the face of this latest attack. and that is echoed here. take a listen. >> the uk completely condemns the terrorist acts against israel and we support israel's right to self-defense. and of course we'll be working closely with the israeli government. we're in contact with them and we'll continue to do so both to protect british nationals in israel and to try to bring peace as quickly as possible. they should follow the advice of the defense force if they are already in israel. >> reporter: despite the fact there has been tension in the path few -- past few months particularly over the supply of weapon, we've heard message of c

what is coming to market in terms of the size and scope, we were speaking earlier on with cicc and ubs and they had different takes. i think we have the soundbite, a group completed for reports -- >> it's not a bazooka, but we think it is definitely very positive. it is already clear. half of them will be issued in the first quarter and hopefully can also use some regular first quarter. for the major spending, it will be next year. that will lift gdp growth, actually it is like 0.4% to 0.8%. so we think next year -- working consensus is around 0.5% -- i think it will lift you up to at least 5%. that means the polemic stability will be next year. >> the reason i wanted to emphasize that policy is because we have to understand the challenges facing china right now. right now it's not about easing equity, it's about weaker expectations that block the channel of money into the credit expansion cycle, or to put in other words, into the real economy. we have to think about what helped to revive this. david: david hsu from bloomberg economics is here with us for his specific take. you've writ

we are seeing ubs signaling that that price point may be too high for consumers.rands are affected in the same way. the not super high end stuff, maybe a level below, as the consumer starts to weaken, it weakens from the bottom up but gradually reaches into that upper east lawn but not top end consumer. burberry may be a victim of that. alix: you look at watches. i wonder if the story is telling the same narrative. rolex prices dropped last month. but the entry-level watches are -- their prices fell just .8%. what does that tell us? the super super high end is getting hit a bit, but the aspirational not as bad? or is it just saying that everyone is feeling the pinch and all different places? guy: i am not 100% sure that the secondary watch marketplace by the same rules. some of the high end rolexes went up to such an extraordinary degree during lockdown. maybe some of the steam is coming out of that market event. the cartier's aredng a bit better. we will go into this in more detail next. ♪ ♪ is it possible to fall in love with your home... ...before you even step

vonnie: thank you very much, hartmut issel, head of apac equities and credit at ubs wealth management at those stocks. annabelle: the big move coming across in brent crude this morning even how investors are digesting the latest headlines coming out of the israel hamas work. over the weekend, we know israel announced the second stage of the war against hamas. this is a ground offensive but so far it does appear to be being taken day by day by the israelis. of course front and center, that's the human toll. from a markets perspective, it is the focus on oil coming through. tel aviv does seem to take a more cautious approach. you are seeing brent crude pullback below $90 a barrel level. we are seeing some reaction coming through in energy linked stocks and mostly declining in tandem with the oil insole. throughout the course of the war, there has been investor reaction into safe haven assets, and goal has been the one to note, up more than 10% since the start of the war, holding around the $2000 per ounce level. it is that reaction into the gold linked stocks and you can see the ones mo

ubs last month valued the mine at $800 million. the black water mine is pretty old. opened in 1967.. . it is about 80 kilometers long. it is one of the longest coal mines in the southern hemisphere. not coal being a key ingredient in steelmaking. the hp saying it is planning to keep its metallurgical mines in queensland. haidi: we have also got quarterly output numbers from bhp this morning. how do they look? >> a bit of a mixed bag. we will start with iron ore. output for the quarter falling 4% to 69.4 million tons. the hp retaining its forecast of 282 to 294 tons metallurgical coal the other key ingredient in steelmaking was down 16%. guidance unchanged. copper production up 11% for bhp. it did acquire oz minerals at a price of 9.6 million. production to former 75,000 tons. production, their guidance unchanged. we did get an update on the potash project in saskatchewan. stage one of the. about one third complete. haidi:haidi: call ellen in sydney with the latest. . other story we are following, unions have halted plans to strike at chevron's lng facilities in australia. that puts

today those trucks were egyptian trucks that drove through the rafah border crossing and ub loaded that aid with food, water, medicine. palestinian trucks drove it through to the gaza side. now there's a meeting today of arab leaders here in cairo. it's called a conference of peace. the egyptian president spoke in the last hour or so. he said this is a welcome sign, but it's not enough. we need to build on this and establish a sustained humanitarian corridor. we need a humanitarian cease-fire as well. and beyond that, we need to work on establishing some kind of a peace process, a two-state solution. so quite a long list of things that need to happen. right now, there seems to be consensus, at least on that first step, of trying to establish a more continuous or sustained humanitarian corridor, but there are conditionalties on all sides. that's what's making it difficult. as you mentioned, the israelis have been reluctant to allow fuel in. fuel is needed to power generators, generators are needed to keep the hospitals going. the hospitals at this stage are barely functioning. the fuel s

bernstein says ibm should see more revenue from a -- ibm acquired the business in but ubs points outexpected to decelerate they lowered their software estimates, expect additional commentary lastly, consulting competitor accenture was cautious in the recent earnings report, warnings of slower decision making. morgan stanley says the same amount of damage could hit ibm so will ibm stick with the full-year growth of 3% to 5% free cash flow of $10.5 billion? scott? >>> all right. we'll see you in o.t. >>> a julia boorstin, and then there is meta. i'm wondering how many times we'll hear efficiency out of mark zuckerberg. that's been a winning strategy for him in that stock, hasn't it >> it has indeed meta shares are down about 4% today going into the close, but the stock is up nearly 150% in the past 12 months this is because analyst investors expect acceleration of growth this will be the fastest rate in two years. meta is expected to benefit from a.i., targeting and measurement, better monetization of reels, tapping into the opportunity, and plus an overall stabilizing, now growing ad

lauren: ubs initiates a price target of 275, demand for aircraft strong, separate the boeing is expediting delivery of 10002 israel. stuart: pulte homes. lauren: each stock is up one. 5%. despite high rates, earnings growth would be strong for both of these. stuart: stellantis. lauren: a joint venture with samsung, stock is up 4%. this is $3.2 billion plant but it complicates the labor strikes. battery jobs are crucial to their existence and are in the middle of labor talks. stuart: the fly in the ointment settled right there. americans are pleading with the administration to get them out of the war-torn country. gaza hero market guist got 84 americans out of bethlehem monday. israeli defense forces showing hamas targets in a massive counterattack. mike tobin is on the ground with the latest report. after this. ♪ hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles.

it's still a buy at ubs. you own that, too, right? >> the call may be too late. we brought it up to a 5% position. i've owned it for ten years. it's an incredible dividend grower. if the target is right at 310, we'll be super happy. >> josh, what do you think about mcdonald's? shake shack is the way you primarily play. i think it may be the only restaurant stock you have, correct me if i'm wrong. >> yeah, i'm not a big fan of individually owning these restaurant stocks. i own tost, this bigger trend of people eating out more, casual, high end, good service. i like tost, stuck in the high teens for a while. any given quarter any of these companies can screw up or have an execution issue or miss the mark with their advertising. tost over pretty much any individual name. >> shannon, how do you view any of these in the space? >> i think it's what happens to middle income consumers. do you see the trade down from a chili's or applebee's to mcdonald's. driving sales without price promotion, if there's loyalty or an app, mcdonald's has been executing well on that, or a

. >> morgan stanley downgraded at ubs to neutral.ce target -- let's show the stock again, if you would for me, please. price target to 84. 79. cut to 84 from 110. not much upside here. and they cut earnings estimates. >> i don't know why you would do it now, down 17%. >> trying to get ahead of the report. >> you know what, i think -- is it going to be great, the earnings? it will be mixed, as i mentioned. expect ations are so low. they have a lot of wiggle room in terms of the efficiency ratio. they plan on getting that down below 70%. that's what will be key on the conference call. they have to reiterate that and i think they will. >> okay. let's get to the headlines with silvana henao. >>> hey, scott. the state department reported -- sorry about that, we are just getting an updated death toll from the state department of american citizens lost in the israel/hamas war. at least 22 americans have been confirmed dead so far. yesterday president biden said that 14 americans had been killed. >>> a bipartisan group of senators asked the

equities derivative strategist at ubs.at that you sit in, but it leads to a very simple conclusion which is? >> yeah, look. home builders are a consumer discretionary industry at the end of the day. you know, we've seen since evidence of the u.s. consumer starting to crack. you've seen that in the most recent consumer confidence data. household net worths starting to wayne and delinquency rates and debt starting to increase and labor market data under the hood deteriorating when you strip out areas like health care and education. adding to that, you know, higher oil prices, resumption of student loan payments. the confluence of those are more headwinds for the consumer. as a publication home builders were up 17% versus mortgage rates up 13%. home affordability is the lowest on record, right? >> yeah. so it's interesting to me to hear it from your point of view because we've heard the fundamental case. you know, we've talked to some economists and even some analysts who kind of see these problems. talk to me about what -- w

. >>> the ub .n. says food could n out in a few days and there are risks of water born illnesses. doctors without borders says the main hospital has enough fuel to run generators for just another 24 hours. >> and let's bring in peter lerner. thank you for joining us. you can give us a sense of when the border with egypt might be open for that aid? >> no, i heard your report and that is what we're weighing on at this time. indeed we understand there are preparations being made to have truckload of supplies coming into gaza. of course our concern is where those supplies actually end up. i heard the comment about the hospital not having fuel for more than another 24 hours. i would say the fuel that hamas commandeered a few days ago would be more than enough to keep the hospital up and running. >> and the u.n. says that they need 100 trucks a day, not just this 20 trucks. that is one thing. but i know your concern is making sure that the trucks are checked properly because you don't want any military equipment for example going to hamas. is that one of the delays from your point of vi

critical to building an economy, from the middle out and the bottom—up. the middle out and the bottom-ubcontracts put up cot cost for— bottom-up. new contracts put up cot cost for the _ bottom-up. new contracts put up cot cost for the carmakers - cot cost for the carmakers while they are trying to invest more in electric vehicle technology, fought estimated the new contract could add to $100 in labour costs to each new vehicle, the worry is that the big three unionised american carmakers might struggle to remain competitive after the strike. let's get some of the day's other news now. the bank ofjapan have announced further adjustments to its yield curve control policy allowing 10—year government bond yields to increase above 1%. this follows the falling value of the yen and is significant as the central bank is seemingly taking steps towards ending its massive stimulus programme. at the end of the two—day meeting, the bank ofjapan kept its negative short—term interest rates at minus 0.1%. us presidentjoe biden has signed a far—reaching executive order on artificial intelligence, requiri

whistleblowers adding to record filling in puzzle showing biden crime family is corruption obvious ubso me since 2020 will never be obvious number for media to cover it honestly that is a problem my guess jim jordan, james comer going to continue to investigation no reason why are they shouldn't. >> i know what you are saying, about you know the media, and clearly the media is not covering, any of this, but what about the democrats? okay? your colleagues, are defending joe biden, and saying that there is no evidence. so what about that? you say the evidence is in plain sight even working on this for so many years with chuck grassley opened this can of worms exposed so much, but now what how come your democrat colleagues don't see it your way. never held accountable by biased media the bias mainstream media part and parcel to democrat party democrats can get in front of camera be completely hypocritical lie bald-faced never accountable i want free press a immediate unbiased holds both sides equally accountable we don't have that the biden family, commodity american president we have cor

that was ubs's art cashin the first week of september.ad now when we're back in a couple minutes. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. >>> welcome back. i'm silvana henao with your cnbc news update. donald trump stopped to speak to reporters at a new york court this morning as a $250 million fraud trial against the former president began. prosecutors accused trump, his company, and two of his adult sons of over valuing and under valuing his assets to benefit his business empire. trump once again denied wrongdoing on his way into court and called the trial a witch hunt. >>> meanwhile, a massive search effort is under way for the 9-year-old girl believed to be in imminent danger after she vanished from an upstate new york camp ground. authorities fear charlotte sena was abducted while on a bike ride saturday evening. they have deployed dogs, drones, boats and dozens of law enforcement personnel to look for charlotte. >>> and two scientists whose crucial wo

joining us as ubs global cohead of the alternative capital group. >> i did want to get your sense becauset how the ipo pipeline has come down and there is this existential question of how much pain will be felt in the private equity's beer -- private equity sphere, they are facing the biggest test of their career, why? >> they are operating under an environment now with high interest rates, high inflation, incredibly -- incredible geopolitical uncertainty. and they need to work harder to create value. in the last five years they've lived in an environment where there buying businesses, benefiting from multiple expansion, in the private and public market and making a lot of money in the process. lisa: are you surprised we haven't seen more bankruptcies or consolidations in the private equity sphere. >> bankruptcy not so much. very hard to kill and establish. but consolidation will see more for sure. if we think about them today we have more than 10,000 and investors are very much focusing on the specialized one, on the best-performing one. so not everyone will be able to raise funds. >> th

probably worked with steve cummings who ran both hollowell and was a senior guy at wachovia and ran ubs. he is virginia's secretary of finance. when i called in the first time and he said glenn, i really think about government and it don't live in virginia. i said perfect. move here. and he's been awesome. our secretary of education came from minnesota and yet we were still able to recruit folks from an virginia are secretary of the commerce is one name k and xi just stepped down after first 20 much. xi promised me xi would stay for your and half and xi stayed for 20 months. we just had a great people come to the administration. >> do you enjoy the job as much as you appear to be enjoying it? >> i do. >> say don't miss private equity? >> not at all. >> okay. so today we would use it if you look back today what would you say you're most proud of having achieved in your 20 months or so? >> david there are two things. first is that when we started in this just tremendous privilege to go to work every day for 8.7 point people. and had to say from a lot of them everyday, we saw virginia that

mark anderson, the cohead of global asset at ubs is going to be joining us. stocks in this market? should you be picking stocks in this market? look at the volatility. we will talk about it next. this is bloomberg. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. (aidyl) hi, i'm aidyl, and i lost 90 pounds on golo. it's possible. i struggled with weight loss and weight gain my entire life. with all the yo-yo dieting i did in the past, i would lose 20, 30, 50 pounds just to gain them over and over again. in one year, i've lost five sizes, and i'm on my way to lose another three. with golo, i can do it. (announcer) change your life at golo.com. that's golo.com. guy: wednesday, the 11th of october. index levels tell you absolutely nothing. stocks go sideways. we will discuss that shortly. the countdow

then you have lebanon and syria and to the south egypt says we don't want any part of this, don't send ub anybody, palestinians or nobody. israel on its own except for us issue president, you better not blow it. when you say don't, you better mean it. eisenhower is joining the gerald ford battleship with brigade. it can't just look strong, be strong. >> brian: they used to have countries go at them and now militias go at them. >> so much more to come, including this, hamas terror attack raising security concern here and across the globe in belgium, authorities raised terror alert after gunman claiming to be inspired by islamist state shot dead after killing two people. france is on highest state of alert after a teacher was stabbed to death and two wounded in an attack on school being declared islamic terrorism. lone wolf attack come as fbi director christopher wray warned of sharp uptick since the attack on israel. u.s. customs and border protection confirm four iranians on terror watch list apprehended at our southern border since beginning of the month. agents fear many more may have a

. >>> still to come, ubs's chief economist joins us with more on where he sees rates and yield ahead.th of that with the dow off of the opening lows. stay with us. >> both of my parents were born in cuba and migrated to the u.s. for political reasons. growing up in miami the cultural melting pot that it is, was always a comforting feeling because i always felt like i was surrounded by folks that understood my heritage and understood the dynamics of my culture. and now that i'm able to raise my own kids here in miami, it's really nice because we're able to really keep a lot of our own cultural heritage alive. . >>> welcome back. i'm silvana henao and here's your cnbc news update at this hour. the biden administration is clearing the way to build more walls along the southern border with mexico. the white house announced today it waived 26 federals through permit the construction in a reversal from the president's promise not to build another foot of wall under his administration. >>> japan's fukushima nuclear power plant began releasing a second batch of treated radioactive water in th

in the united states and the fallout of the credit suisse debacle in ubs takeover, there's a lot of marketstment banking space, specifically wall street for sand had air -- four santander to make their mark. santander is looking to double the size of corporate investment banking in the u.s.. how is that going? josÉ: corporate investment banking is more corporate than investment banking. we have been growing in a very consistent and profitable manner over the last few years basically with a very customer centric strategy playing to our strength which is our physical presence in north america, europe, and south america. as a result, we have developed a very profitable, efficient, investment banking business, probably the most efficient around the world with the cost of 40%. with these processes, we have been attracting talent in all places, europe, south america, north america. today we announced we are going to strengthen our presence in the u.k. and the u.s.. we believe these will allow us to continue with the strategy of profitable and consistent growth. kriti: jose, you say it is profita

. >> i may be catching you off guard, but earlier this year ubs took over credit suisse.ne two huge global investment banks they do a lot of same things. you're going to see high, high double digit job cuts to make the whole thing work. >> what about the mid-size or regional banks, are they doing the same thing? >> yeah. they're about to report. we're still seeing those figures come out whereas the big six reported. i would suspect their employment levels will edge down and the analysts i spoke to have the thesis which is you know, credit has been really good. you're going to see corporate and consumer loans start to fail next year and when they do, folks have to reign in the expenses and the one way they can do that is to cut jobs. >> takes me back to a couple years ago, the famousness that jpm had when on higher expenses and like peak inflation, peak salary pressure in that kind of thing and we're in a different environment today and shouldn't be missed. it does tell you there's been something very different taking place in the economy from whatever that was 18 months a

money that way bought long term treasurys two years ago lost 50% money i think a lot of people as from ubsed out eager to buy bonds as soon as rates fall have capital gain plus treasurer buying pressure when yields finally crack but not on news like today. >> i think other consideration here is the fact we heard throughout the show a lot of investors are sitting in cash when you have core savings 5 to 5 1/2% you have that 3 month treasury yield at 20-year highs, a really, the point is background is shifting we may not be close to peak funds fed funds rate yet but we are getting closer so we have to think about what our next move now is, not when we start to see the climbing rates, frankly that is not going o to be quash it is going to be fixed income potentially, selectively equities, i encourage even though numbers today be twlofl about what allocation looks like next part of the cycle. >> you mentioned foreign policy issues if having that is going to escalate, israel had a unit of government war cabinet if escalates flight to safety against fed because going to be lowering rates in u.s.,