that's it from zurich. over to germany with silvia. >> what we've got in germany is more from friday. we decide the bottle is half full, this time the bottle is half hospital. a follow-through from friday. the u.s. closed. in asia, an ample excuse to take money off the table. boy did they take money off the table again for volkswagen. a virtual collapse of the share on friday. a follow-through from that, 8%. we were down in the volkswagen share almost from the get-go. really the old story. now we're more than 10% down. the old story, we need a capital increase for volkswagen around 4 billion.n. the only good news in the whole porsche merger was that the options would not hit the market. the greater part of that would go over. we're still let loose with a capital increase of the details with which we'll be told. but it will largely be in the preference share rather than the ordinary share. a whole chunk of capital coming on to the market and a whole bunch in the preference. and not really sure whether that r

we are speaking to carolin, from zurich. in fact, we're going to speak with mannis cranny now to tell us what he thinks is going on on the ftse 100 today. it opened lower, but it seems we have gained a bit of ground now. >> it did, indeed, becky. the china story is clients are a little hesitant. we have an options expiring at 10 past 10 in london, 10 past 11 in europe and there is that skew to keep the miners back nudging into positive territory. there seems to be a relative discounting of the threat from the chinese to actually tighten up. rio tinto making good noises in terms of china. alcoa, likewise with bhp. hsbc trades a little firmer this morning as goldman sachs upgrades the stock with their price target in hong kong. up 22% and triple the earnings estimates up to almost three times the current level. they had an upgrade the other day. astrazeneca a little firmer as jpmorgan raises their price target from 28.5 pounds up to 30 pounds. and our object session, of course, with property right move up almost 10% today as t

but really, in line with the rest of the financials here in zurich.are expecting the tax bill to be signed in the u.s. later on today. we may get more details especially on that settlement especially on how many client names will be handed over to u.s. authorities and when the swiss government will exit the stakes in that country. while the u.s. has said they're preparing criminal investigations into 1r50 clients in the u.s. and the wall street journal is reporting that 10 swiss and european banks have been identified in the ubs tax probe. that doesn't necessarily mean that they were involved in the tax evasion practices. now to adam in singapore. >> thank you very much, carolin. as we saw the shanghai composite plummet in the afternoon trading session, it took the rest of the asian markets with it into losses across the board here. take a look at the session in north asia. we didn't touch what in the first hour of "worldwide exchange." the nikkei 225 closing do down 0.8%. the topix closing down by 0.7% and kospi closing down in inti 0.3%. we saw fair

the stock in zurich is down almost 5% but as you said, it's mainly profit taking here in zurich as well. ubs reported a net loss of 1.3 billion dollars for the quarter was actually worse than expected but the focus was on its wealth management division outflows where a lot of investors pinned their hopes on. in that front, that's where the numbers disappointed. wealth management america's division alone outglows reached the $6 billion mark. this is where the tax dispute with the u.s. is taking its toll. let's look at the outlook, equally bleak. ubs does not seen a return to the new money flow, overall the bank is very cautious for the coming quarters. so silver lining maybe in this one. a strong tier 1 capital ratio. that is expected to stay strong because judging by some press reports in zurich, ubs may not have to pay a huge fine in that settlement with the u.s. authorities. back over to mark and erin. >> all right. thank you. up next, the faber report. the brands -- the brain has pepsi on his noggin. then the word front street, plus art laffer is going to throw us a curve. >> or a we

services expertise of switzerland, how many are americans who live abroad, of course, in geneva or zurich have a swiss bank account. this is irs fishing expedition, tilting the play iing field to e irs. this is america with a bad tax system exporting that bad tax system around the world, using our power to bully switzerland and dismantling or weakening their stronger human rights policy on financial privacy. that's a shame. we have the bad system and they have the good system and we are using our power to force them to change. >> you're coming back, joe. but that was quite a mouthful. i want you to give me a brief response as only you can. >> simple. the swiss are part of a big world. if they want to play in that big world and do international transactions, they have to play by everybody's big rules. the united states is asking for information. they may find there's no tax evasion, if that's the case, everybody's happy and goes home. >> we're asking the ubs to snitch on people. that can't be right, that's twi swiss tradition. >> to hell with swiss tradition, they can respond, we will not

and into zurich at this fake hong kong account. >> you're actually looking at the note. is this the indictment you're looking at right here? >> that's correct. >> oh, my goodness, look at this. robert, can you pick this up? mind if i -- i don't want to be grabby on you, but it's the document. that's the indictment that was handed down. it has two of the names that we're talking about. the part that makes most people angry is that it's americans hiding money from americans. i mean, that's money that could be used for my kid's school, for my grandma's health care, for a lot of things in this country. that's -- take me through that. >> the thinking, i think, was pitched -- and there are some defenselers that will pitch the idea that the swiss were proposing this as legitimate transactions. you could argue the americans that used it probably had some inkling, but they were so complex that some may not have grasped how illegitimate they were. >> but they knew it wasn't -- i mean, the person who does this -- >> the guilty plea so far just since april of people who have basical

that is it from zurich. >> thank you very much, carolin. the volumes are very low today.he french mngt is bouncing back after a flat session yesterday. total, the largest french oil producer, is up 2.3%. oil services, they are doing well on the back of increasing oil prices yesterday. also in good shape today, almost % higher, the dugmaker is boosted by a decision in the u.s. to soon start two trials on its a-flu vaccine on kids. the announcement was made late yesterday. a test will be performed on a 6-month-old baby and the second one on a child of 17 years old to check to see if that vaccine is efficient on human beings. sanotis is trading higher. also trading a bit lower despite the confirmation that the ceo of the company is still the most influential french woman. the second one is christine lagarde, the finance minister would is 17th in this ranking. that's the story in paris today. now over to saijal i believe in singapore. >> that's right, stephane. nice rally here in asia. a lot of it had to do with that surge on the shanghai composite up 4.5%, bouncing back from

lance perry is a senior risk engineer for zurich financial services.did a study that suggests that companies willing to accommodate their aging workforce will be more productive. >> oh, there's no doubt about it. thank you for having me, by the way. we know that these folks are going to be there longer. we're living longer. our average age right now is 78, life expectancy, as opposed to 70 years back in 1970. we're getting to 65 and saying, you know, we still have a lot to offer, why should i retire, i'm still good, i've still got my brains and all my experience. so why should i have to quit now? so we are living the economic times of last year is forcing us to reevaluate our retirement plans. we are staying. 2 out of 5 people have reported that they're going to work longer if given the opportunity to do so. >> but lance, you make the point that companies should not be afraid, i mean, they should embrace these people because really the conventional wisdom is that younger people are more productive. but in fact younger people are sitting at their desks

we're going to bring you the latest live from zurich.he royal bank of scotland posts interim results tomorrow. will we see yet more writedowns from the uk's taxpayer-funded bank? the problems certainly have been big. will they get bigger, and can we expect a second quarter recovery from allianz? find out when we break the numbers. 7:30 a.m. tune in to cnbc world to catch all the action overseas at cnbc's global headquarters. i'm guy johnson, going global with your money. >>> so tomorrow we get the most important data point of the month. it is the monthly employment report. we all wait for it. it's like our super bowl every month. and it's really important right now, considering the state of the economy. we get three great guests today. charles biderman is ceo of trimtabs investment research. got a lot of interesting ideas about what's going to happen with employment over the next couple months. we're also joined by john herrmann president of herrmann forecasting. and ron insana, portfolio manager at thestreet.com money movers. john, let

joining us more for those numbers from zurich, dir kb, i have a bee in my bonnet about this. ubs b, it cut back on investment banking activities at exactly the time when a lot of its peers were expanding or holding steady with those activities and as such, it hasn't had the investment banking profits like of goldman, hsbc have had to get them out of this mess. ubs, by downgrading its investment bank, hasn't made advantage of the upturn. >> wrae. the problem for ubs is they completely mixed up their fixed income and they need to rebuild it at a space where the market is rebuilding and that is going to be difficult. they need to hire people for the activities which they want to continue doing and this will take a considerable a time of time and the management was talking about 6 to 12 months this morning & assume it might take much more than that. so they will not join the rally of the other investment bax for quite a while. >> it is true that the other banks have been benefiting from their government investment arm. why is it that ubs hasn't taken advantage of that? >> it has

in the meantime, watchmaker switch says it sees signs of a recovery sending shares higher in zurich.it's a friday. we would love to hear from you. do you think the market rally vung out of steam? e-mail us. >>> let's take a check on our equity markets now. simon, it looks like the property companies, the real estate companies here in the uk really are getting a big boost here today. >> yes, a nice bit of interest from the world members of the world community and the big boys are coming in and taking a slight slice of the pie. >> simon, we're seeing a gain in the basic resources stocks, as well, all the usual suspects in the basic resources space are pretty strong today. can we expect to see that strength continuing? >> it does depend, on obviously, the gdp numbers. germany and france are looking like they're coming out of a repossibly, depending on how you read the numbers. obviously, if that happens, then demand will continue to grow. and yet the shares that are involved in that sector should do well. it does depend on the fourth quarter of the year. if we slip back, it might be for

that's it from zurich. now over topoland with blah za. >> thanks. the index was over 14%, and so the number for the whole year, year-to-date return over 29%. the stocks lower today after a very strong rally in august and it is stable at the moment after just touching its highest level since january 2009 against the euro yesterday. of course, we are waiting to this important monetary policy decision here in poland and they are expected widely by the market to keep the rates on hold at an all-time low of 3.5% and they're expected to do so because the numbers from the poll lish economy including retail sales from july are coming at much better than expected. so no decision to cut rates here in poland. maybe a decision to cut rates in september, but this will be determined by publication of q2 gdp numbers from the poll lish economy due on friday. that's all from warsaw. now let's go out to stephane in paris. >> thank you very much, blazej. in paris, it's about banks today. natixis is trading 34% higher after a loss of 883 million euro for the second qua

that's it from zurich.et's go to singapore. >> positive picture in asia with the banking stocks and the auto plays leading the gains there. banks especially strong in japan. mitsubishi, the largest lender up 6%. and then mizuho financial. panasonic posted a smaller than expected quarterly loss, 560 million there. there are reports it could swing into an operating profit in the current quarter. as for south korea, decent days for hyundai. kia sells up 20%. hyundai, 30% on the year. a cash-strapped automaker saying its shares really fell. >> thanks so much. we'll get auto numbers here. it will be a very big week for data with the monthly employment report due out on friday. a lot of folks watching the unemployment number on that. today at 10:00 a.m. new york time, construction data as well. auto sells probably start late in the morning. ford expected to its first gain in two years thanks to the cash for clunkers program which needs a senate vote to be extended. earnings before the bell, we'll be watching insu

but zurich says it's capital investment is strong and it's poised to take advantage of market opportunities. >> we have to be careful that we don't get too optimistic in terms of where we are. realistically, we look at run ups in the capital markets. but it's taking us back to the 2008 year-end levels. so we haven't seen any real growth in the capital markets. we saw a big dip in march. balance sheets have been extending credit relative to what might lie ahead. >> unilever which makes dove soup and ben & jerry's ice cream acknowledge conditions may we main difficult in the second half. the ceo says the economy still has a long way to recover. >> i've always said and i will continue to see we're in for a long recovery. there's a lot of deleveraging to be done in the economy still. for us in our industry, the most important driver is consumer confidence. it's very important still in europe, unemployment is still going up and consumer confidence doesn't show yet significant changes. so we will be closely watching  that. the markets have come down a little bit, but we have 50% in the developin

and that's it from zurich. now over to stephane in paris. >> thank you very much, coralin. the situation has improved on the french markets since the opening today, but the volumes are extremely limited, 320 million euros have been traded since the opening this morning, which is still well below this average we have today. natixis is still trading 9% lower after its main shareholder, bpci says it has no intent to delist natixis. and the shares were up 84% in just 10 sessions. trading lower after a lexington newspaper reported that they're planning to buy gz. the negotiation within however, could fail on a price issue. also in focus today, snyder electric, one of the top gainers on the french market after the company is trying to take advantage of the new credit conditions in europe. reuters is reporting that snyder electric has approached a group of banks to lower its interest margin on a three-year loan. the stock is one of the top gainers. snyder electric up 1% right now. now over to saijal for a wrap on the asian markets this tuesday. hi, saijal. >> hi, stephane. we had

. >> make a lot of money in zurich. >> and skiing. >> and skiing, as well. all these people in the united states, could they go to jail based on -- >> well, 4,500 names right now and 10,000 later, perhaps? >> i think 10,000 title. >> for years, you didn't go to jail for that. can you go to jail? and i'm not asking -- >> the irs can hit you up with massive, massive penalties. if you go in and fess up, it will ka lower penalty. >> you can do time for tax evasion. 4,500, will we know any of these people. >> there's a chance. >> wall streeters. they're the ones that made all the money, right? >> this is an interesting story. >> to pull this back on the swiss bank account, i mean, this is unheard of in 2009. let's get a check on markets on this thursday. as becky and joe mentioned at the top, a lot to come. jobless claims, leading economic indicators and a whole bunch more. china had a pretty good rebound made back when it lost yesterday, the biggest one-day pop since march. nikkei was positive, hang seng, biggest move off that three-day low. repair is being done

host: one last call from lake zurich, illinois. india line. bob.aller: you know david walker former comptroller of the office of government accountability, you heard what he has been saying about the unfunded liability of social security, medicare, medicaid. are you familiar with david walker, the former comptroller of the office of government accountability who has been talking about the unfunded liabilities of social security, medicare, medicaid and the federal pensions? are you familiar with him? guest: i'm familiar but not -- caller: there are approximately $50 trillion to $60 trillion offen funded liability of those and i don't understand how you can expect to put another burden on the federal government if you want to see it in action. look at the post office. it is in dire straits and that is your government. now, one other thing i want to ask about moveon.org. it was very prominent in the anti-war protest when george bush was in office. now obama is in office and we don't hear a peep out of them. tell us about your anti-war position. guest: