ubs is the big story of the morning.lking to throughout the morning to get a handle on what's happening with the global economy. you bf over delivering. guy: the analyst -- tom: the analysts pointed to the wealth analyst business and returning capital to shareholders. they are expected to see higher capital requirements. it seems that ubs is more than meeting expectations. they will return to -- caster show -- shareholders. $27 billion in net new assets in the second quarter in terms of wealth management. guy: the numbers are outstanding. feels like softness creeping into the second half of the year. we will see exactly what's happening there. we need to hear from the man himself. the person who has delivered all of this. francine spoke to him. what was the most proud of in these numbers? >> i'm proud that we made good progress in the integration. we significantly reduce the risk of the integration itself. we did that while staying close to clients.

how much of a problem is that for ubs? do you think they're in a position to, you know, be okay with an additional requirement on capital? >> the bank has already prepared. that's a good thing for clients and investors. it's only the speed of implementing that that's going to influence the profitn't of t the bank. not having any clarity is clearly a component that makes bankers nervous. it's relevant for switzerland. this bank is almost too big to save. one wants to make sure there's a buffer there in case the weather turns sour. >> it was quite positive that they had started their share repurchase program. however, when you think about the upcoming shares and they've guided for strong share buybacks in the future, is there a risk they might not be able to deliver on that front, given the potential new capital requirements? >> it could be. at the same time if there's less shares being brought back and it's compensated by better capital ratios because of the buffer, i think that shouldn't have too much of an influence. it s

the process of integration continues, ubs says it's now entering the next phase of realising furthernd tax benefits. so, how challenging and how profitable has the integration been? a question forjohann scholz, a banking analyst at morningstar in amsterdam. i think one should be careful not to focus too much on the bottom line number. there's quite a lot of counting noise in the results, but i think it's fair to say the best way to probably look at it would be to go into the operating divisions. and it's fair to say that the investment banking business definitely exceeded expectations quite a bit. so i think in line with what we've seen from the other investment banks, both, both sides of the, of the atlantic, where we've really seen investment banks benefiting from increased volatility in markets which tend to lead to wider spreads and also more client activity. and then the other two big business units, the global wealth management business also actually performed in line with expectations. we're starting to see the impact of lower, potentially lower interest rates starting to feed

ubs says it's now entering the next phase of realising further cost, capital and tax benefits.ing analyst at morningstar and joins me now from amsterdam. thank you for being with us today. that figure, much higher than some observers had expected. what do you think that says about how challenging the integration has been, or even how profitable it has been, or even how profitable it has been so far? i been, or even how profitable it has been so far?— been so far? i think one should be careful not — been so far? i think one should be careful not to _ been so far? i think one should be careful not to focus _ been so far? i think one should be careful not to focus too _ been so far? i think one should be careful not to focus too much - been so far? i think one should be careful not to focus too much on l been so far? i think one should be l careful not to focus too much on the bottom line number. there is quite a lot of accounting noise in the results but the best way to look at it would be to go into the operating divisions. it is fair to say the investment banking business defin

scarlet: that was the ubs ceos speaking with francine lacqua. a poached a ceo to help in turnaround efforts. victoria's secret has been struggling for years thanks to falling demand and increasing competition. mary ross gilbert has more on this. it is clear that investors like the news, the stock is up 13%. what can you tell us about what she has accomplished? >> thank you for that question. with savage xfinity, she was there for over a year. we don't really have insight on how much revenues have grown. it's a small business. the beauty business is much larger. from what we could find on the monterey business, savage x fenty, that's very small, under 100 billion in revenues, but she was at the helm of the anthropology brand under urban outfitters. when she was there it was under 1.6 billion and has worked at american eagle outfitters, she was responsible for -- she was an executive and not the home. tremendous experience. the largest in monterey with a 20% market share. has been making great progress on their turnaround and now we can get it bac

about multi-apartment buildings, it is also interesting there: on the one hand, loans are granted to ubs, as well as a 579 benefit for such lending, on the other hand, the energy efficiency fund reimburses up to 70% of the cost of such panels specifically for such ubs, so there is also a mechanism here , but you can say what to do communities, water utilities, hospitals, kindergartens, schools, there is also an answer here, on the one hand, the same. channels can follow programs 5 79 and get credit, on the other hand, hospitals cannot and the question arises, how can you quickly get approval for credit, and this is a decision of the session and so on, there are certain barriers, so there is a mechanism that we you know very well, it has been in operation for eight years, it is an energy service mechanism, it is private funds, when we say the following: dear hospital, you want a 50 by 100 kv solar power plant, whether please, vodokanal half a megawatt, please, we will solve your question, and private investors in... invest, they calculate, design, complete, invest, and the calculation is

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tech strategist sundeep gantori from ubs explained what the latest report cards have been telling ush sector and ai momentum. it has been a mixed quarterly season, so we had two great quarters injanuary and april, so expectations have gone up, so clearly companies have issued mixed guidance, or in some cases, companies have some issues, in terms of this debate. so, overall, i think it has to do with where expectations were. i don't think it is a bad quarter. but i think it is more to do with valuations. in the first half of the year, we saw tech stocks going up on the back of expectations from al on the boost we were anticipating, but in the second quarter earnings, do you think there is a worry ai is not getting the kind of return of investment? to be fair, i don't think we're at that stage where investments in al are actually generating a lot of money today. i think we need to take a medium to longer—term approach. having said that, we had some anecdotal evidence during the results, where companies are either seeing a increase in cloud revenues growth. in fact, we see the big tech

words he began to deny his involvement in the crime, personally, personally i have no relation to ubes-krug, this has always, in my opinion, been obvious, and they do not know. life-man stated that mikhail krug was friends with tver wolves, often came to visit their leader alexander kostenko, friends vacationed in russia and abroad, well, they went, as if after that, i think in 2000 or at the end of 2001, they went together to ukraine, to kiev, that is, a lot of people went there and iosipov sr. went and there and there, but why? well, just to relax, well , by the way, his circle recognized him, because well , ivanovich said that they were constantly approached there for an autograph. at first, i didn’t even know that she was his wife, i met her somewhere in 2002, well, after already the death of the circle, but then the investigation found out that the cheese circle we knew before that, so how could she identify me if she knows me very well, and accordingly, immediately all this is a lock, then as far as i know, she pointed to dmitry from the photograph, said that this is 1% him, but then,

what was interesting is we saw ubs adding assets of $20 million.t is certainly continuing to attract new money, and investors are taking that in stride. back over to you. >> dan murphy in london. thank you very much. >>> meanwhile shares of alphabet are lower on reports that the justice department is weighing the possible report of the barackup of google. weighing. the landmark case found that they were monopolizing the online search market. other options being considered by the doj forcing google to share more data with competitors and steps to prevent it from gaining an unfair advantage in artificial intelligence products. if the doj were to go the breakup route, it would mark the government's first attempt to break up monopoly powers since the unsuccessful attempt to break up microsoft two decades also. also the ftc asked the court to break up its power over the epic games fight against the practices relating to competition and payments in its play store. it's a lot to unwrap. for more let's bring in sarah kuntz. we turn to you off on the get a

tech strategist sundeep gantori from ubs explained what the latest report cards have been telling ushe tech sector and ai momentum. it has been a mixed quarterly season, so we had two great quarters injanuary season, so we had two great quarters in january and season, so we had two great quarters injanuary and april, so expectations have gone up, so expectations have gone up, so clearly companies have issued mixed guidance or in some cases companies have some issues in terms of this debate. so overall i think it has to do with where expectations were. i don't think it is a bad quarter. but i think it is more to do with valuations. in quarter. but i think it is more to do with valuations.- to do with valuations. in the first half _ to do with valuations. in the first half of _ to do with valuations. in the first half of the _ to do with valuations. in the first half of the year, - to do with valuations. in the first half of the year, we - to do with valuations. in the | first half of the year, we saw tech stocks going up on the back of expectations from al on the boot we were anticipa

ubs is down 3.7%. ubs reporting next week. we will bring you those numbers as well.hen it comes to oil and gas, it is one of the sectors under pressure this morning. looking at some of the names at this stage in the session, we have bp down by 3%. more pronounced moves by shell down 3.5. when it comes to the trading in spain, down 3.5% as well. as i mentioned earlier in the show, it is not just about the considerations of the u.s. recession, too, this morning, we are tracking what is happening with oil prices moving lower as well because investors are considering potentially looking at that potential u.s. recession and offsetting some of those concerns that we are seeing in the middle east. of course, then we will have an update. back to you. >> thank you. >>> still ahead, japan's nikkei just posted a bigger point drop since black monday and erased all of the gains for the year. we will take you through all of the numbers on the other side. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul

ubs is writing back in mid-july that they expect demand to remain resilient. since that call and we'll dig into that trade next. by the way, an all-new cnbc original podcast series is out now. it's called the crimes of putin's trader. it's a real-life spy thriller hosted by our own eamon javers a young russian oligarch who is a part of this historic prisoner swap and scan the qr code on your screen to follow and listen onwhev you get your podcasts. "the exchange" is back after this.the la but the choice won't be easy with exceptional offers on the e-class sedan, c-class sedan, cle cabriolet and cle coupe. hurry, these dream offers won't last forever. come in now through september 3rd. nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing. >>> welcome back to the exchange. toll brothers is set to report results after the closing bell tomorrow. those shares are up more than 70% over the past year. our next guest sees 16% more

regiment of the 98th kostroma division, flew in on an all-weather supersonic interceptor fighter su-27 ub, which landed at the airfield of the northern chechen capital." on the helicopter to dohankala, where putin presented two gold stars of the heroes of russia, to the commander of the 331st parachute regiment, colonel mayorov and lieutenant paratrooper shitnev, in total the paratroopers were awarded 112 combat orders and medals. colonel mayorov nikolai petrovich and the commander scout, shchetnev roman nikolaevich, by decree of the president of the russian federation for courage and heroism. shown in the liquidation of illegal armed formations in the north caucasus region, were awarded and they were awarded the title of hero of russia. since then, grozny has changed dramatically. putin's motorcade is racing along putin avenue. the new microdistrict will also be named in honor of the president. putin was shown model, on an area of ​​200 hectares they will build 130 multi-storey buildings, parks, mosques, sports grounds. once i choked. remembered what was here, once, yes, and here there w

. >> what should we do with the trump tax cuts, key parts of those expired next year and ubs is werek for $50 trillion on debt in a decade and they say if we extend the trump tax cut you cannot another 5 trillion on top of that. on one hand we can afford them and on the other hand if they go away do we take a hit to the economy maybe we can afford to not extend them, how do you handle that. >> you have to think about what you want to do trump is saying we have to keep the rates from going up. here is is proposing huge tax increases on the idea that the way to redistribute wealth and the differential between the two candidates is huge on the think you have to factor that into your expected growth of the economy. if you tax more you get less and that's very true for small businesses they are really laboring under the tax rates are in place and workers don't even see it in their paycheck the money never comes to them the business this is the tax wedge with the business faces a lot more cost because after turning over to the government this is one of the things is blocking employment gro

abu ubed said the death of the israeli captive was the result of the regime's violation of all humanitarian rules and its brutal genocide against the people of gaza. the spokesman added that the resistance fighter who killed the israeli captive acted in a retaliatory manner after receiving the news of the martidum of his two children an israeli massacker. abu ubaida said the... palestinian god acted against hamas's instructions and the incident does not represent the movement's moral and religious norms for dealing with prisoners. hamas had previously said that many israeli captives have been killed in the intense bombing campaigns by the regime in the besieged territory. we asked political commentator paul larudi about the reason behind the killing of the israeli captive by a hamas god. here's how we responded. let's again. it's it's also true that the the captive was killed and the other two injured um in let's say as a somewhat indirect but also direct consequence of the actions that the israelis are taking which are beyond the the the ability of normal people. to tolerate the what they'

smolnaya has already visited ube in the port of govanye. it will stay in venezuela until august 9. the crew will replenish water, fuel, food supplies and conduct a technical inspection of the ship. and the baltic sailors and cadets will hold sports competitions with venezuelan sailors. a large-scale operation has unfolded in the magadan port. within the framework of the federal project general cleaning there will have to be disposed of. dragging with it to the bottom several barges. details in the report by lyudmila shcherbakova. on the one hand, the floating base neva is being cut into pieces, on the other, it is being poured with water, thus washing away the silt and sand that add to its weight. the object is very heavy, more than 2.0 tons, and this is the main problem. the contractors have developed a whole strategy for lifting the vessel. they started to lighten the neva, sawing off pieces from it about a year ago, they have already taken out about 300 tons of metal, all so that it would be easier to drag the floating base to the shore. they are going to drag the floating base

joining me is the head of credit strategy at ubs and the high-grade debt syndicate at wells fargo.hank you for being with us. maureen, i have described this week as being pernicious and there was a pernicious repricing of bonds, of risk. there was a visceral reaction in the spreads. we popped. we didn't blow. we were disrupted, but nothing broke to me. how did it look to you? maureen: investors were ready and waiting for this correction. if you think about sentiment through the first half of the year, we were near two-year tights and spreads. no one really saw value. the overarching sentiment was that spreads were underpricing the risk in the over arcing economy. investors spoke in a big way and the primary calendar. we only shut down for one day on monday and had a $54 billion week of supply. we have come back quickly, spreads have recovered maybe three quarters of the widening we have seen.i'm not sure were heading back to two-year tights, but we are in a place where investors see a more advantageous entry point. manus: we are at a moment of repricing, realization that perhaps th

remember, the national vote doesn't decide the presidency, it is the battleground states and if you ubimates in each of the battlegrounds, what you see is close race after close race. that is because after kamala harris became the likely nominee, we saw a boost in democratic enthusiasm. nor democrats saying they were going to show up to vote. that boosts the poll numbers and that continues to this day. we see democrats matching republicans on that express likelihood to turn out. so when you watch the convention, look for them to try to keep that enthusiasm up. that is number one. number two, on your question about defining kamala harris, so you see, a third of voters say they still don't know exactly what she stands for. >> interesting. >> interesting. but maybe not surprising because this is all so new, this re-set race. well, that is part of defining the space in which the contest within the contest to define her is going to be fought. and the other part i think, on that is, how similar is she to joe biden. because joe biden was trailing in this race, right, but democrats still like

and see situation indeed, well the the news is coming through uh we can't confirm it yet uh mohammed ubed about the targets that were the main targets aside from the 11 military bases that were targeted and um it concerns what i'm looking at over here to be masad shabak and the aman headquarters in tel aviv, this is not confirmed uh again i'm saying this is not confirmed but news is... indicating that those were the intended uh main targets of hezbollah we have to wait and say uh as the news comes in, i'm sure mariam sol will be the first one to tell us that, but when you when you take a look at uh this phase at this point for the initial first phase to be to be over, are we are we looking any impact that this is going to have when it comes to either the ceasefire talks or the genocidal war that's being executed on the ground there in the gaza strip or they is this separate matter all together because his has said this retaliation was due to the targeted assassination of the military commander sugar? well, even if it was over for hizbullah, it's not over for the israelis, because don't fo

i force myself, and i kumi, i come back ube, and maybe the night is not rushed, repeat, oh-oh-oh, thereno europe, you appear from nowhere, oh-oh-oh, how could you, but why are you smiling, everything that is happening in me now, then... kalinan belek is a place where time stops. immerse yourself in sophistication and luxury, forgetting about time on the shores of the mediterranean sea. discover true perfection, making dreams come true. kalinanbelek hotel, where life turns into a fairy tale. old barrel cognac - a product of steller group. welcome to rixsas premium magavish sudes & villas in hurghada. where luxury rooms and villas are combined with a golden sandy beach, 1 km long. impeccable service, exquisite cuisine will make your holiday unforgettable. holidays, which are in italy. here is pechora, a product of stellar group. titanic deluxe golf belek hotel, where every moment is exclusive. wrap yourself in comfort by our pools, relax in the spa salon and enjoy exquisite dishes of the best restaurants. here , every room. this is a journey into coziness and comfort, your holiday - your

ubs maintaining the buy rating on toll brothers. like in the homebuilders latest earnings report noting that in up early revised forecast should overshadow a miss on orders as toll brothers continued demand. the stock is up 1%. john, thank you for joining us. i want to dive in and talk about the bigger theme around the homebuilders for the last year or two. how they have done so well. how they have thrived in a high interest-rate environment. the factors behind all of that. john: jonathan, thank you for having me. it is an interesting dynamic for the homebuilding industry and public homebuilders specifically. a lot of folks are reluctant to sell their homes because they have a 3.5% mortgage, or whatever the case may be. public builders have been able to very effectively buy down mortgage rates and offer incentives that make the affordability work for a broad range of buyers. they have been able to step in and fill the void where there has been no existing home inventory. the underlying demand has to go somewhere and it is going towa

they want to be the leading provider for the ultrarich, overtaking ubs, the market leader, trying to to areas of core business where they think it will maximize investor return. kriti: we thank you so much for walking us through the story, we will keep her eyes on. other stories making news, keir starmer is in germany for a meeting with olaf scholz to advance talks on a cooperation deal covering security, technology and clean energy. negotiations are unlikely before next year but an agreement is expected in the next few months. micro shares closed lower after hindenburg research disclosed a short position and accused them of red flags and sanctions failures. a spokesperson says the company does not comment on rumors. revenue at klarna jumped with adjusted profit. there one of the most anticipated up-and-coming ipos when it comes to ai replacing jobs. bots are conducting two thirds of all interaction equaling 700 full-time agents. you can buy zepbound for half-price through lily's all hands on deck effort to ramp up supply, setting the tone with competitors like novo nordisk. on your

how are you doing as a ub restaurant owner? over past three years under this current administration? >> cost of everything has gone up. cost of delivery service, cost of fuel, cost of protein and produce, labor cost. it is very hard to struggle through that. we're a small pc, a small fish in a small pond. we set this new restaurant up two years ago, revitalized it, redid our menu, c cage cajun and creole. we had to shut it down. every restaurant is one catastrophic failure from having to close down. you save for a rainy day, during the heat end of june and july, we had a catastrophic restaurant failure. cost of fixing that three weeks before the hvac companies could come was 40,000, that is substantial and we could not survive and had to shut down. >> carley: inflation impacts foot traffic when it comes if people want to come into a restaurant. tourism, crime in the area, hom homelessness, how are things on that end? >> we work close, talking about we, business districts work close with the city, the police department, fire dep

ubs out with a note talking about the quote/unquote whisper number. estimates have revenue at about 31.5 billion and the whisper number is 33, 34 billion. does nvidia have to get to that number or is sky high expectations good enough? >> i think we're at the point where meeting expectations is probably not enough. we've quarter after quarter of blow out growth, the big tech stocks have had an aggressive move on the back of the a.i. sentiment on the back of this year and a half, two years. i think to keep the move higher, especially to reignite a rotation into tech stocks and out of the trade built on the soft landing and low rates. you have to beat expectations, come out with aggressive guidance and speak on an earnings call about this optimism and counter the updates we've heard from other big tech and conglomerates. i think the guidance is important because people are getting skeptical about the near-term applications. >> i want to talk about the broader markets before we let you go, ross. yesterday, 93 i believe it was, s&p 500 stocks hitting 52 we

stayed, well, in short, this person from the tender committee turned out to be their employee, well, ubcan you imagine, that is, the following situation, yeah, they wanted to set me up. that is, my competitors wrote a statement to the ubp that i was looking for a meeting with someone from the tender committee in order to give a bribe, yeah, well , they arranged this random meeting with my classmate misha, you know, i can’t believe it, and they were sure that this bait would work, that is, if... i decided to give a bribe, i wrote a statement, yes, then i i wouldn't be sitting here with you, well everything worked out, everything, you know, the funniest thing is that i, i think, i'll take a risk, i'll give a bribe, because the project is good, you know, prospects. but mishka, yeah , yeah, to the ship, are you sleeping? no, i'm not sleeping. oh , look, rinat yusupov, born in 1968, place of birth yakutia, city of mirny, was a witness in the case of the murder of tserinov, director of almaz-trade. that 's it, i think we've found him. yusupov is not a witness, but... he's most likely the kill

. >> steve: the thing about tom cruz, he is 62 years old, he does his own ub stuntses and people go,believable what he does. >> it is pretty cool, not that cool, he could have done more like a flip or something. >> steve: he could have done more. i remember brian, ainsley and lawrence, i remember him jumping out of airplane, scariest thing in risky business, when he danced in his underwear, that is terrifying. >> brian: ask them if they would do it. >> steve: we have run out of time. >> ainsley: would you do it? >> brian: i would probably do it. >> lawrence: i wouldn't. remember last time you tried to jump off something. >> brian: true, don't go with a harness around your pelvis, main thing, be smart about that. >> ainsley: one tiktoker changes the life of one veteran, their heart warming story is next. >> brian: check in with dana perino. >> ainsley: would you jump off? >> dana: only if tyrus does it first, i'm issuing the challenge. >> brian: maybe tandem. >> dana: the thing about the pelvis, i kind of remember in my mind. >> brian: i don't remember in my mind. >> dana: great to be

as we speak, we have a military ub unit, navy ships moving into iran.efire, he is not leisurely walking through the white house, he is taking aksz to deal with issues affecting the american people. we know on his schedule, he has an event to talk about the cost of living. a vice president is running for president of the united states. >> dana: he did an interview with cbs and says it was clear nancy pelosi thought i was going to crash the democratic party so i decided to get out. it became obvious to everybody when we saw the debate. is it reasonable for people to wonder about biden's capability to do this in next six months? >> it is completely reasonable for us to be concerned. just because president biden chose not to seek reelection, does not mean concern about mental fitness and cognitive ability go away. he is same man he was six months ago, you had democrats and republicans equally sharing concerns. question becomes who knew about his cognitive decline and for how long? how did they cover it up? vice president harris had a front-row seat and cont

joumanna: talk about this private analysts, ubs cut his work as for china gdp growth to 4.6% and next year to have four -- and next year to 4%. it is a busy day and not all about nvidia. important inflation figures coming through. at 8:00 a.m. u.k. time spanish inflation figures expecting to show someone of a moderation, a tale down on a year on year basis. the same for german inflation figures. germany what do you get our state figures first. later a run at 1:00 p.m. u.k. time you get the harmonized number. it is expected to show a drop from 2.6% to 2.2%. all of this important data as we head into the next ecb meeting. u.s. jobless claims, the market has been watching them closely given the focus on the u.s. labor market, and later on a pretty time u.k. time -- 8:30 u.k. time raphael bostic is speaking again. early on this week he said that he would actually need to see more data to confirm the need to cut rates next month, so perhaps one of the members of the fomc chairman powell will need to convince devote for that kind at the september meeting. it will be interesting to see what

ubs raising the target from 345 to 355. barclays going from 350 to 370. jpmorgan going to 387.u. bernstein raising palo alto network price target from 364 to 399. daiwa downgrades jpmorgan. upside in the stock appears to narrow the performance by jpm shares over the past two years. >>> let's get to the global briefing. sweden's central bank is cutting the key interest rate for the second time this year. the bank signals it will lower borrowing costs again as the struggling economy threatens the inflation below the bank target. >>> secretary of state antony blinken is in egypt after announcing israel accepted a bridging proposal on the cease-fire. blinken is set to hold talks with the foreign minister after calling on hamas to agree to the terms of this particular proposal. >>> and china's youth unemployment rate hit a new milestone in july crossing 17% threshold for the first time since the record keeping launch late last year. that is a jump from a little more than 13% in june and adds to concerns about china's overall economy. >>> ahead, the one word every investor needs to k

>> this is the right time at this point in the freight cycle to make the acquisition of coyote from ubsa fair purchase price for coyote. it models our strong results. it promises even more. customers will have access to more capacity. there was very little overlap on customers and very little overlap on carriers. we are excited to get this closed before the midpoint of the forth quarter. >> fourth quarter. >> we mentioned ford and dow and ulta. a cross section of industries. a lot of recession concerns here in the u.s. obviously, earlier this week, we saw the markets react to that. what are these companies saying to you? >> our volumes are down a little bit. if you look at the overall what's going on in the market for the second quarter, the cast freight trucking index was down 5%. our's was up 4% on a year on year basis. we expected them to decline in the third quarter. they would be up sequentially. for us, volumes are down a little bit. we focused on making sure we've got ourselves ready for the market to inflect. if you look at the industry, there is far too much capacity out there.

thanks in focus with ubs earnings coming out wednesday. we have inflation data out of the u.k.into the boe story. big week in terms of inflation data. the u.k. print wednesday. thursday, earnings from walmart, alibaba. narendra modi will give his first speech of his third term. friday, the university of michigan consider senate -- consumer sentiment survey and retail sales. from questions fed independence, saying presence should have some say on monetary policy. more details next. this is bloomberg. ♪ why do couples choose a sleep number smart bed? can it keep me warm when i'm cold? wait, no, i'm always hot. sleep number does that. during our biggest sale of the year, save 50% on the sleep number® limited edition smart bed. shop now at a sleep number store near you. tom: welcome back. republican presidential nominee donald trump told reporters the president should have some say over u.s. interest rates and monetary policy. such a move would go against the practice of keeping the fed independent from political actors. trump has repeatedly complained about the issue and criticize

let's look at ubs. lauren: reported net profit of one. one billion dollars, double the consensus.y see stronger client influence and the first full results after they got a large with credit suisse in may. home depot, we talked about this yesterday after earnings report but news this morning the mortgage bankers association that mortgage applications surged 6. 8% last% last week and refi up 35% in one week. more people refinancing because mortgage rates are moving down and have been for two straight weeks. victoria's secret, hillary came from rhianna's company and before that urban outfitters. the company said sales fall this quarter but not as much as first thought. the runway show coming back after a 5-year hiatus. stock is up 18. ashley: i don't think victoria has any secrets left. stock is up 17%. lauren: i dig a runway show. it's a goal. ashley: i am not going to get into that. ice has arrested a haitian migrant accused of raping a 15-year-old girl after was originally set free on $500 bail. bill, the big question is how was he allowed to be released in the first place? >> it

we begin with ubs raising the price target on berkshire hathaway to 506 on class b shares.t continues to believe berkshire shares are an attractive play. rbc upgrading lockheed martin. it believes sentiment is im improving as lockheed has res resumption of f-35 deliveries. morgan stanley says there are enough data points to not take a cautious view of the disney parks business in 2025. >>> coming up, bond prices sky rocket and mortgage rates plunge for 2024. that's coming up right after th bak isre. energy fuels, a leading american uranium producer, is ramping up production to supply expanding nuclear markets and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. energy fuels. >>> welcome back to "worldwide exchange." we are watching the global markets. ftse mib is down 4%. not very far behind is the german dax. germany is the biggest economy in europe. the overall market down 2.3%. we are looking at the asian markets with japan coming off the worst day since october of 1987 closing down more than 12%. hang seng down 1.5%.

family offices. 78% of family offices plans to invest in the next two years according to a survey from ubsfor more on how they're investing, you can sign up for my inside wealth newsletter at cnbc.com/insidewealth. that's cnbc.com/insidewealth. frank? >> really good story, robert. a couple of things i thought. he's investing in two french ai companies. i though it that was interesting. you don't hear a lot about european ai. overall, how big of an impact could they have when investing specifically in startups? >> yeah. you're exactly right on the startup front. you know, ai, if you divide it into two broad categories, we had the massive mega tech companies investing tens of millions of dollars a year, and all of these startups working on applications of ai to certain categories, that's the area that the private companies that family offices have become some of the top fund razers for. family offices as a whole contribute $6 trillion in wealth. and the numbers of family offices have tripled since the pandemic. so it's a massive amount of funding, and all of them right now -- i talked to a l

and ubs in the note says these off price retailers will gain market share because shoppers are sick ofg high prices and they're prioritizing value. stuart: arch resources and that's a c coal miner. lauren: yeah, they're up and merging all stock deal to form a 5.2 billion coal mining giant if this is approved. stuart: okay, thanks, lauren. coming up, washington post editorial board is calling out biden's inner circle for covering up the president's mental decline. what a reversal. we have the story. rfk jr. reportedly weighing a decision to either stay in the race or drop out and endorse trump. would his endorsement matter? i'll ask kennedy who's next on the program today. ♪ did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com ♪ ♪ stuart: rfk jr. running mate said her team may drop out of the race and join forces with donald trump. mark meredith joins me. how trump responded, mark? >> the former president is interested to see what kennedy's political future

there is a lot to talk through, so let's bring in our next guest, apac macro strategist at ubs wealthanagement. we have kamala. we have powell. we have ueda. let's start with the boj governor. what was your take away from what he had to say today? >> thanks. i think as you mentioned, it was almost a feeling of interest and i think he is doing the right thing. i think it is perfectly sensible for him to lay out the fact that there is more tightening to come, but i think, obviously, he is unable to ignore the fact that the market did not actually take it very well. that he surprised the market on the hawkish side, so as much as he lays the path forward that normalization is part of the way forward, i do think they are cautious by nature. the fact that they are likely to hike by 35 basis points may be at the end of this year followed by another one next year, i don't think that is a big deal to the extent that it is but expected by the markets right now. apple: he himself is underscoring the fact that they are below the neutral rate, so it gives you the sense that they can tolerate whate

ubs expects prices to hit $2700 mid 2025.d shifts and demands for portfolio hedges. that is your brief. jonathan: thank you so much. up next on the program, the day ahead and kailey leinz from chicago. from new york, this is bloomberg tv. ebsites plus marketing, you can quickly create a website, and ai will customize it for you. get your business out there and get more customers in here. no sweat... for you anyway. create a beautiful website in minutes with godaddy. wealth-changing question -- are you keeping as much of your investment gains as possible? high taxes can erode returns quickly, so you need a tax-optimized portfolio. at creative planning, our money managers and specialists work together to make sure your portfolio and wealth are managed in a tax-efficient manner. it's what you keep that really matters. why not give your wealth a second look? book your free meeting today at creativeplanning.com. creative planning -- a richer way to wealth. jonathan: the opening bell 38 minutes away. equities just about unchanged o

and tom mcloughlin of ubs assessing the impact of financial recession on markets. stocks steady with the focus squarely on jackson hole as the fed's annual get together kicks off. steve chiavarone writing the following. while we remain overweight stocks and expect only a modest slowing of the economy, we do note some warning signs. steve joins us now for more. as time we spoke you use this word, confined. -- fine. that was the start of summer. is everything still just fine? steve: i think it is still fine. again, we expect growth to slow a bit. not a ton. and we expect the fed to start rate cuts at a measured pace. when we think about rate cuts we are thinking one quarter for eight quarters, not one meeting. that is different than what the market is pricing in. but the warning signs are, forget about the labor revisions yesterday. the unemployment rate is up .9% from its cycle alone. historically when that has happened you are in a recession. a lot of that has to do with this big surge in labor force. a lot of that has to do with border crossings and the number of

but i think at the same time, if you saw me eating alone inside of a mcdonald's, ub lie, she seems prettyuple therapy. yeah, that's the only therapy i do. i do couples therapy because individual therapy is very expensive. so now i have a boyfriend. and i make him pay. it's kind of a life hack. if anyone here needs therapy but you can't afford it, all you have to do is find a partner, create a problem. if they love you, they'll pay. the only problem is this. sometimes my boyfriend will talk during the session. i'm like, shut up. i'm also doing these things called gratitude lists. [applause] okay, one sad girl. yay! if you don't know what a gratitude list is, you're stupid. it's pretty obvious. it's in the name. it's just a list where you write down what you're grateful for. that's all it is. you don't start these when you're doing well. [laughter] typically a gratitude list is started when you're in a very dark place. but they do work, i think, because i've been doing them a long time and i just looked back at one of the first ever gratitude lists i wrote and all i put was "i'm grateful i

on the earnings front, ubs is a big one.er that in terms of the details around integrating credit suites, the prospects for that swiss lender. and we will get u.s. and u.k. inflation data as well on wednesday. those are the big prints. the fed and boe on wednesday. there is walmart and alibaba and jd.com. meanwhile, indian prime minister narendra modi will give his first speech of his third term, having to share some of that power after a less successful election outcome that many of his team would have hoped. that is on friday. we get university of michigan august consumer sentiment and u.s. housing starts, details on friday. narendra modi's speech thursday, details on the survey on friday. former treasury secretary larry summers says an emergency rate cut from the fed would be unwarranted. he spoke on bloomberg television's "wall street week" with david westin after a week of market volatility. larry: on current facts, given that there has been some recovery, given the volatility has come way down, we are not out of the wo

cpi and inflation data in the uk and france and key earnings from ubs and kacarlsbe.k wraps up the week on friday. we're back now with richard kelly, head of global strategy at td. when it comes to trading in the markets, what are you telling investors? we spoke about whether or not you felt we can rally through the volatility off the lows. where to from here? >> i think overall rates will be lower by the year end. u.s. treasuries sitting at 4% now. that's probably closer to 3.40% by the year end. i don't think you are necessarily buying in this second. are y you are looking for the opportunities. the curve is the steepening trade. are you are in the re ggime where t fed will ease. the risk in the u.s. is you go to the election and it is two paths diverging in the woods. i think there really is a trade between now and november and january and the trade past that. you just have a real black box past january until you know who wins the election. that is the difficulty in trading. >> fascinating. what are the scenarios your team is working with rewith regard wh the tradi

ed perks is here, ubs senior managing director, senior portfolio manager jason katz. compared to yesterday. does it keep going, what will keep that sort of motion going? >> i think you hit it on the head really. earnings has to deliver. first of all, after the significance of the decline we just had thursday, friday, monday, it is pretty typical for tuesday to see some kind of bounce and recovery but ultimately really what drove this market, those challenges still exist. we ultimately need companies to deliver on earnings and for the market to be comfortable with the overall macro outlook. that may take some time. liz: jason when you have the phone ringing and your wealth management clients aing oh, the dow is dropping 1000 points, do you say wait until tomorrow, what is your response and how have they fared with the choices you made for them? >> volume of calls and emails is probably three, four times than normal especially stewing over the weekend, right, so what i have said to them is the world that different of a place today versus wednesday. you can ask yourself

cheryl: time for the word on wall street, top investors watching your money, ubs wealth management seniorenda o'connor want us along with me here in studio mark tepper. mark let's start with you. we have nvidia this is the big one of the week they are expected reported earnings "after the bell", cells set to double after the quarter, you said we could see a correction overall if they don't meet the estimates in the expectation. >> without a doubt. if you look at nvidia. it's been the poster child of the a.i. rally and if something goes wrong in the bar has been set incredibly high because investors are at the point that you sold me on hope, you sold me on the vision we all bought bought in now it's time for results is good to be important for nvidia to deliver and provide us with good strong guidance and also commentary surrounded the blackwell chip which had production delays in investors are going to want to know that will be back on track without adult. nvidia is a company in my opinion, the number one company as it relates to artificial intelligence. it's a company that you have to be

lauren: a downgrade at a ubs to neutral, price target is 50, but it was the at 70.lieve the recovery in macau is more protract thed from here. china slowing down their economy. stuart: coming up, a migrant who was accused of beating two new york police officers was set free without bail. surprise, surprise, he immediately committed another crime. we have the full story for you. >>> at least five secret service agents have been put on leave as part of the investigation into the attempted assassination of donald trump. this is a story we're following. >>> kamala harris has a laid out a vague vision for her foreign policy goals. can we expect the same weak foreign policy that president biden delivered? i'll put that question to retired lieutenant colonel james carafano. he's next. ♪ ♪ starting a business is never easy, but starting it eight months pregnant, that's a different story. with the chase ink card, we got up and running in no time. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card from chase for business. stuart: all ri

on the other half of that, ubs was out with a note saying these recession fears are overblown and thenbig winner because look at the fundamentals and the earnings growth of these companies and the free cash flow of these companies. these are the really strong winners that win in any environment. stuart: we shall see. thanks, taylor. the national transportation safety board is holding a two-day hearing. they want to know why a door plug flew over a boeing 737 max jet in mid-air. kelly saberi, give us the latest from the hearing. reporter: stuart right now they are going over the little details that make up the process of putting these planes together, so they've talked about how there's some 18,000 parts that go into it, and it's just these really small bits so far. so we haven't gotten any real big details yet but just to remind you what happened in january. shirts were ripped off people's bodies, phones flying around and parents had to hold on to their kids. this of course prompting the federal investigations that include this one by the national transportation safety board and that's