big dave earnings, ubs -- big dave earnings, ubs -- ceo ralph hamers spoke to manus cranny about the banks outflow. >> you see patterns where you see transaction income down from a year ago. however you see generating assets also positive in asia. more money coming into mandates there. then you see in emea and switzerland you say pickup in terms of demand and investment, and also the u.s. indeed one region may be still muted from a transaction income perspective, however money flowing in even in that region. manus: you say it is an extraordinary quarter and you name a lot of reasons, in your view, what is the biggest threat to the rest of the year? ralph: just to come back to this quarter, the current circumstances have both challenges and opportunities. that's what you saw this quarter. at the challenges are what is going to change tomorrow? the opportunity is how are we going to help our clients, with liquidity, execution, that's how we delivered our best quarter ever in global markets. that's the opportunity. the threat is, ok is transaction of revenues going down on the wealth ma

ubs's traders are delivering. they are obviously having to see an impact elsewhere in the business in terms of the volatility, which is dampening down private clients. but the treating story is looking good. ubs is the outlier in terms of the numbers today, flat on the session as we come through the clues. kailey: we heard from the man himself earlier, the ceo of ubs telling bloomberg that the big e-cig around affects of the war will be on commodities and inflation. >> the big e-cig around -- bi ggest second round affects will be the impact on commodity prices, with and inflationary pressure and it will cause a further need for central banks to curb that inflation in order to manage stagnation or possibly even a recession. kailey: of course, that was ralph hamers speaking with manus cranny in europe, up before the sun, still working with us. talking about the inflation impact and the impact of the war has had all volatility, it did not help with wealth management. what happened? manus: it was not supposed to be th

in just the past hour we had hsbc, ubs and santander. tom, i know over the past 15 minutes you have been poring through results. what have we learned? tom: ubs and hsbc comfortably eat -- beat expectations bid there was a big beat on net profit but also the provisions hsbc makes for loans. pretty comfortable and that was driving results. dani: thank you very much, tom metcalf. in about 30 minutes we will have a conversation with the cfo of santander. onto the big story, twitter and elon musk, agreeing to buy the company for $44 billion. it would be one of the biggest leveraged buyout deals in history, taking the 16-year-old social networking platform private. joining us as a laura wright, who i am sure has not slept in 24 hours. laura: the deal represents $52.24 a share for shareholders, a 30 8% premium from the social media platform's closing price on april 1, which was the last session before we learned elon musk had become the platform's largest shareholder. twitter's board had to sit up and listen when it became clear last thursday t

caroline simmons, ubs u.k. cio, stays with us. coming up, goldman sachs managing director jari stehn. we will get his thoughts on the ecb decision. this is bloomberg. ♪ tom: welcome back to the open. let's check in on the stocks in the move is in the first minutes of trading. ericsson, it was mid of the first quarter results for the telecom company. they have an additional fine over a corruption scandal. we know the department of justice stateside is looking into that so pressure on that stock. a major equipment maker within the telecom space. hermes, the first quarter earnings coming in stolid -- solid. this is demand from europe and the u.s. and france. they closed three stores out of 25 than china and they are building out additional factories in france to make the demand that they continue to see . 23 points up on hermes, following what we saw on lvmh. we had a solid handover from asia and mainland china had additional support from the pboc and wall street closing higher as was the nasdaq as you see move in the bond yields.

jack: a bold call by ubs. inflation, come tuesday we will get an 8% inflation number for the month of march and then they think inflation will slow, lots of people do, to under 2% by the beginning of next year. slowing inflation is disinflation but it could be a new thing, whiplash inflation setting off economic airbags. jack: that would be fascinating is great news if it happens. you've got an actionable idea? ben: our star reporter andrew bary was looking at municipal bonds, some have the same yields as treasury even though they are tax-free. that's free money. a lot of advice on how to play. jack: for somebody not so pathetic about inflation is ubs, you have an idea too. carleton: the investor funds recommended by the media, does provide an inflation hedge and they are being short-term inflation for margin improvement, both sides of the coin there. jack: check out this week's addition of barron's.com. we will see you next week on "barron's roundtable".

jack: a bold call by ubs. inflation, come tuesday we will get an 8% inflation number for the month of march and then they think inflation will slow, lots of people do, to under 2% by the beginning of next year. slowing inflation is disinflation but it could be a new thing, whiplash inflation setting off economic airbags. jack: that would be fascinating is great news if it happens. you've got an actionable idea? ben: our star reporter andrew bary was looking at municipal bonds, some have the same yields as treasury even though they are tax-free. that's free money. a lot of advice on how to play. jack: for somebody not so pathetic about inflation is ubs, you have an idea too. carleton: the investor funds recommended by the media, does provide an inflation hedge and they are being short-term inflation for margin improvement, both sides of the coin there. jack: check out this week's this week too happy we get into the program analyzes for the week ahead and i am maria bartiromo. >> the biden administration ending

ube. i do like ube cookies. drew: sieze the yay? reggie: brown and pink is what it was when i was a kid. drew: i like it. is that that millennial pink that no one likes? reggie: why don't we like it? drew: i think it is overused. it looks good there. 31 flavors. one a day every month. kumasi: i want a cookie now. reggie: have you had ube ice cream? it is truly delicious. kate? -- ube cake. drew: i like. all that stuff on my ice cream you do not. i love ice cream. you get into the season where you want it more in the summer time. kumasi: not this week. it is cold. drew: i'm sorry. we have a gorgeous sunrise now. kumasi: i take back what i said. drew: you notice on the bay waters it is choppy. we have the breeze picking up. we are starting out cold this morning. a chance of showers tomorrow into thursday and more chances in the seven-day forecast. we are a lot colder out there in the north this morning. take the winter jacket with you. the numbers in the coldest spot starting out in the 30's. we are dry today. winds will be gusting at

jack: a bold call by ubs. inflation, come tuesday we will get an 8% inflation number for the month of march and then they think inflation will slow, lots of people do, to under 2% by the beginning of next year. slowing inflation is disinflation but it could be a new thing, whiplash inflation setting off economic airbags. jack: that would be fascinating is great news if it happens. you've got an actionable idea? ben: our star reporter andrew bary was looking at municipal bonds, some have the same yields as treasury even though they are tax-free. that's free money. a lot of advice on how to play. jack: for somebody not so pathetic about inflation is ubs, you have an idea too. carleton: the investor funds recommended by the media, does provide an inflation hedge and they are being short-term inflation for margin improvement, both sides of the coin there. coin there. jack: check out this week's ... male announcer: the following is a leading the way special presentation. female announcer: welcome to leading the way

jack: a bold call by ubs. inflation, come tuesday we will get an 8% inflation number for the month of march and then they think inflation will slow, lots of people do, to under 2% by the beginning of next year. slowing inflation is disinflation but it could be a new thing, whiplash inflation setting off economic airbags. jack: that would be fascinating is great news if it happens. you've got an actionable idea? ben: our star reporter andrew bary was looking at municipal bonds, some have the same yields as treasury even though they are tax-free. that's free money. a lot of advice on how to play. jack: for somebody not so pathetic about inflation is ubs, you have an idea too. carleton: the investor funds recommended by the media, does provide an inflation hedge and they are being short-term inflation for margin improvement, both sides of the coin there. coin there. jack: check out this week's (announcer) the following is a paid presentation furnished by rare collectibles tv, llc. (announcer) the biggest numismat

david: you went to ubs, but then you left to work at a nonprofit in harlem. why did you do that? darren: it was never about piling up money. it was ultimately about service. david: you did that for a number of years then you joined the rockefeller foundation and he arose up to be in charge of various international programs. then you were recruited to go to the ford foundation. darren: it is about three times the size of rockefeller. it was a lateral move but a bigger remit. david: you went into the interview and said " i'm going to change this completely, if i get the job. i'm going to make everything dealing with social inequality are focus." i said -- darren: i said the foundation was too disparately organized. we had lost our focus. we needed a single northstar for our work. david: when you got the position, all of a sudden ford announced " we will focus on inequality." the tip -- what dids the typical recipients of your aid say -- what did the typical recipients of your aid say? darren: part of our mission as established by henry for the second -- henry ford ii was to strengt

evan brown, head of multi-asset strategy at ubs joining us. if people are paying more for things they did not expect to pay more for, can they still afford, let's say, netflix? we are watching netflix earnings very closely after the bell. some interesting data from cantor about the u.k. market on how many people were signing up for on-demand services in the first quarter. they were still signing up but at a lesser degree, and when it came to cancel subscriptions, something that netflix always has to expect -- and we are talking the broader market -- but of the 1.5 million subscriptions canceled more than half a million were tied to money-saving moves. whether we see that reflected in the netflix numbers we will see, but it seems consumers are having to make decisions these days. kriti: it is a really big part of the conversation, not just the inflation, but what does that do to wages and how much people are making? i think we have a terminal chart very handily made by our producer which shows the real wages year-over-year have been mirroring t

david: alright, so you made some money at cleary gottlieb and then you went to ubs. you're in the financial services world, as it's now called. but then you left to work at a nonprofit in harlem. why did you do that? darren: because for me, it was never about piling up money. for me, it was ultimately about service. david: you did that for a number of years, then you joined the rockefeller organization. then you were recruited to go to the ford foundation. darren: i went to ford as a vice president. ford was a much larger foundation. it's about three times the size of rockefeller. so it was a lateral move, but i had a bigger remit. david: so ford was looking for a new president and you were one of the candidates. and as i understand it, you went into the interview and said i'm going to change this completely if i get this job. i'm going to focus on social inequality and make everything dealing with social inequality our focus. is that right? darren: yeah, so what i said was the foundation have lost our focus and that we needed a single northstar for our work, which w

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

david: alright, so you made some money at cleary gottlieb and then you went to ubs. you're in the financial services world, as it's now called. but then you left to work at a nonprofit in harlem. why did you do that? darren: because for me, it was never about piling up money. for me, it was ultimately about service. david: you did that for a number of years, then you joined the rockefeller organization. then you were recruited to go to the ford foundation. darren: i went to ford as a vice president. ford was a much larger foundation. it's about three times the size of rockefeller. so it was a lateral move, but i had a bigger remit. david: so ford was looking for a new president and you were one of the candidates. and as i understand it, you went into the interview and said i'm going to change this completely if i get this job. i'm going to focus on social inequality and make everything dealing with social inequality our focus. is that right? darren: yeah, so what i said was the foundation had lost our focus and that we needed a single northstar for our work, which we

before the nominee was announced,ub president biden gae a troubling hand. he said whomever he nominated to the court would have to, quote, have an expansive view of the constitution. acknowledge writes that the founding documents and guarantee specific outcomes in certain categories of cases. the president promised he would only nominate a judicial activist for the job. so i can only support judge jackson if her record and testimony suggested president biden made a mistake, that he accidentally chose a nominee that wasn't the kind of liberal activist that he promised. but unfortunately, judge jackson's record and testimony suggests she is exactly the kind of liberal activist the president promised. when the standards or guidelines go j one direction, judge jacksn sent them aside for a different outcome. the nominee heard the case of a liberal activist group challenging the government's authority to deport illegal immigrants. the statute in question gave the department of homeland security, quote, soul and unreviewable discretion,," to enforce the policy. bu

and claudia panseri, head of equity strategy at ubs. claudia, let's bring you back in at this point. she is also saying it is her base case that the u.s. avoids a recession, essentially that the fed can engineer a soft landing. does that time with you? >> yeah, this is our base case as well. we see inflation coming in the second part of the year. of two possibilities. we expect the fed rising 50 basis points even at its meeting, but we are not expecting the economy turning to recession this year or next year. tom: are the markets underpricing the china risk? >> i think we already have priced a lot of risk in china last year. china was performing pretty well and now it is getting more normalized. the markets will probably underestimate because it is difficult to estimate supply chain disruption out of china. what does it mean for first and second quarter results for the company? for the time being, expectations were pretty low. both in the u.s. and the eurozone. probably the market will react quite well if supply chain disruptions are no

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onto the ubs and credit suisse results. if you look at global risk this morning, is squarely around the risk of protracted shutdowns in china. you are looking at three standard deviation moves on steel and aluminum. if the growth numbers do implode in china, what will that mean for basic resource stocks? also a currency under pressure. if you look at the renminbi, continuing to climb by nearly 1%. a real focus on yield this week with both of the yuan and yen under pressure. the lowest this year. you are looking at pd security sing a lack of intervention is going on. elon musk and twitter executives are said to be meeting as the social media turns more receptive to its $43 million -- 43 billion-dollar takeover. has a the million and the intention. katrina, it seems there are more open discussions. katrina: the company is more receptive to this $43 billion takeover. we heard that musk has met privately with several shareholders to pitch his proposal and he has told others he won't be adjusting his share offer for the company.

ubs recommends exposure to private markets and direct real estate for long-term investors. haidi: take a look at what we are seeing across australia and new zealand, both of those sovereigns taking a tumble across every part of the curve pretty much yesterday as we saw asian bonds trying to play catch-up with treasuries overnight. and after the four-day weekend as well. a bit of downside when it comes to the three year and 10 year yield down by just over 2.5%. we are watching the aussie dollar as well, just under $.74. there has been volatility in the currency. if you look at the support trendline, it looks like that level at $.73 could give some momentum, an indication that we are seeing overselling. take a look at the equities side. it has been a robust string of sessions when it comes to trading for australian sock -- stocks. the a sx -- asx trading the highest since the start of january. we expect a pretty strong session today given the futures are indicating an upside of .6% on the back of the s&p rebounding. investors still continuing to look at the inflation outlook

still with us as the chief strategist at ubs. what do you see china doing? will it work in the face of persistent covid-zero policy? >> i don't know if zero-covid policy will be implemented as discussed or husband in the last few weeks and months -- has been in the last weeks and months. there has been news of other cities going into lockdown. it may go to other places if it is as contagious as omicron. the actual numbers are coming down. the peak of china coronavirus numbers was april 16. since then, numbers have been coming down. whether that is because they are going easy on testing or numbers are coming down, we don't know. the direction of travel is positive. we had the politburo meeting this morning. they did say they are looking for stronger growth. i think some of your guests are right. i think the change in china's reaction function this year has been phenomenal in terms of moving the focus from maximizing gdp to minimizing the volatility. that is the longer-term story. in every long-term story, there are short-term deviations. today could be a time

evan brown joins us now with ubs . yes, multi-asset strategy, but far more trumpeting the remain robust tone of the union bank of switzerland. i am absolutely thrilled, buried in your note is one big on the gloom -- one big yeah but on the gloom that is out there. how do you position yourself? evan: we went quickly from exuberance on growth to now gloom. isaac the story is somewhat in the middle. we are seeing some of the growth indicators moderate. housing, which you would expect in a higher rate environment, cooling off. cooling-off does not mean falling off a cliff. so we have jumped very far from talking about growth to recession. it is ok if we have a little bit slow down without a recession here. that is the base case for us. lisa: you talk about timing. this is important, to look at yield curve as perhaps an indicator, but not that forward. you can't get too carried away with what it might be saying down the line. there will be a recession at some point, but if it happens two years from now, it is not necessaril

and everybody here at this meeting does to now, before that meeting started germany at ubs to supply ukraine with anti aircraft tax . that's a bit of a surprise, isn't it? well, that's a slight of understatement if i may say, so go ahead. this is a massive announcement by germany today. the german defense minister announced this morning that germany yesterday approved the delivery of anti aircraft tanks of the get parts type to ukraine. it's a major shift in policy for weeks now, germany has been reluctant to send heavy weapons to ukraine directly. they came up with all sorts of different measures. they would supply all the sort of weapons they would do. ring exchanges with other countries, so not to get involved directly, and now they've changed that policy massively. so this is a clear indication that pressure had been growing on the german government, and it is a clear indication as well that gemini didn't want to come to this important meeting today. empty handed, our political course on amino acid that thank you nina and ukraine itself. volunteers are working to evacuate thousan

reinhard cluse, ubs ag economist for europe and emea. coming up, we are going to focus back on british politics. force johnson says he has paid a fine for breaching the coronavirus lockdown rules. the chancellor offering an unreserved apology. you're going to look at potential fallout from what has been called a party gate next. this is bloomberg. ♪ >> it did not occur to me that this might have been a breach of the rules. but, of course, the police have found otherwise, and i fully respect the outcome of their investigation. i paid the fine and once again offer a full apology. it is my job to get on and to deliver for the people of this country, and that is what i'm going to do. guy: the british prime minister very much on script, reading from notes as he delivers an apology to the fine that has been issued to the metropolitan police into the investigation that parties that the lights at 10 downing street. question everybody is trying to figure out his, what next? are there more fines? what will the gray report? what happens in the lo

ubs upgrading the u.s. tech vector to overweight. the strong forward earnings and sales growth relative to the broader gauge. the software services with semiconductor services ametek hardware -- valuation and higher rates are overhangs, but growth and cycle matter more to bs. -- to ubs. and we are still awaiting the press conference from the new york police department. this left steam people injured include -- 16 people injured including 10 shot. we will be hearing from new york city mayor eric adams and the police commissioner. mayor adams might be beaming into the press conference through a live video feed given he is isolating after a positive covid test. you are looking at live pictures in brooklyn and you can see police officers right now, there is a lot of -- mayor adams has said the police are doubling uniformed personnel given the concerns over the shooter who remains at large at this point. we have not been able to confirm details about the weapon he used. we know when first responders went into the 36th street station, they

ubs global wealth management cio. let's get to vonnie quinn with the first word headlines. vonnie: russia will reportedly hold bond options for the remainder of 2022. according to local media, moscow is holding local and foreign bond sales for the year, calling borrowing costs cosmic. less wick -- last week, there was a 99% chance of default. china says it's covid policy is effective. they urged americans to reconsider traveling to the country after they called an arbitrary enforcement of restrictions. the city of shanghai has been lockdown for more than a week. pakistani lawmakers are set to vote for the next prime minister after the current prime minister was ousted in a no-confidence vote. the four year run ended when the votes were gathered to remove him from office. parliament will pick a replacement on monday, with opposition -- the opposition leader the front runner. talks are being held with sri lanka to overcome an economic crisis that spiraled into political turmoil, and calls for the president to quit. the central bank raised interest rates by an unprecedented 70

tom: thank you so much, nadia lovell with ubs. we have a little window where lisa and i can set up our reading on this important day of the international monetary fund. i think it is something that we will see addressed at the ecb with christine lagarde at the bottom of the hour, maybe even addressed in the conversation with john williams that michael mckee will have. that is inflation, not the idea of gas inflation or airline inflation. it is food in america where we are blessed, but food in the rest of the world where it can be 60, 70% of your income. lisa: economies don't have the same resources that they would have had three years ago, thanks to the pandemic, to offset some of the increases in bread and fuel. you are seeing that across the world. subsidies can only go so far. which is where the imf comes into play. how far can money get at a time when these are real goods? tom: i would even take it to the ecb, much more affluent than what we are talking about that here in the imf, those domestic stability controls. indonesia i

joining us is dominic schnider, global wealth manager of ubs. you don't believe these stricter tech releases will have structural rebalancing effects? dominic: absolutely not. obviously, it will help in the short run to make sure the front-end doesn't rally away. it is a little bit of attempting effect, but it doesn't really change, investment is down a bit, 30%, that is one factor. if you look at the demand side and look at air travel, that remains robust. we think the demand-side can hold up quite well and you have governments who have basically ensured that the pain of the consumer is not that high. we haven't really solved supply challenges at this point. that means the new york price needs to stay at $105 to $125 depending on how much we lose from russia and there could potentially even be higher sanctions. haidi: when you look at the fact that oil markets are starting to see spreads significantly, what does that tell you about leveling out in the markets in terms of volatility? dominic: two things. clearly within increase of such magnitude

quite a bit, saying software underperformed the s&p 500 index by 10% over the last six months you know, ubs believes software can outperform going forward because of sales growth, more than anything else. >> yeah. they're looking at a lot of things we've talked about over the last year. labor issues, d., supporting productively, related i.t. spending also, assuming that rates consolidate in line with their baseline, that is going to be the bigger if, maybe. >> you have to be selective, too. we heard from jeffrey gundlach, repeating the call the nasdaq is going to underperform. the amount of volatility this year $1 trillion from the nasdaq disappears frompeak to trough every month this year. certainly, earnings is going to be key that revs up this week with the tech companies coming over the next few weeks. >> yeah. let's talk about this with our friend, founding partner at kindred ventures thank you for starting off the hour so many cross-currents you have rates and the trajectory of rates. what's going to happen there there seems to be missed tech at the consumer end others argue it'll be

. >> thank you >>> we'll keep an eye on microsoft today as well, under pressure after ubs said office 365 growth could start decelerating shares down almost 10% over a week, little more than 3.5% today. plus, wall to wall, mark wahlberg is next "techcheck" back in just a moment ♪ >>> got to watch bitcoin hitting the lowest level since march 21 this morning now down about 5%. lower double digits on the year. and that move comes as the ten-year treasury yield did hit a three-year high overnight. we have the 276, some other digital currencies also taking a hit this morning as investors continue to assess the risks of rising rates and a more aggressive fed. >>> we're back in just a moment. (vo) verizon is going ultra! and now, you can too with the offer you just can't miss. for a limited time, get a 5g phone on us! (mom) delightful. (vo) with no trade-in required. (dad) i love it. (vo) what's not to love! verizon is going ultra, so you can get more. - in the last two years, we quadrupled our team and the pace we're growing, i couldn't keep up without ziprecruiter. they do the legwork an

let's get more analysis, i want to bring in their regional cio at ubs global wealth management. always great to have you with us. a lot of headwinds when it comes to china at the moment, a lot of concerns about whether they will reach around 5.5% gdp target. you are looking at this as an opportunity. >> i think if you look at the longer term, the valuation for the chinese market is very attractive at the moment. we need to get covid-19 cases consolidated and meet the property markets recovered from the sales before we think that the market can rebound in the second half of this year. we do think that the government will use more given the situation there unless they ease more, the economic growth is nowhere near the target that they are looking at. we are probably talking about 4.2% right now. haidi: we saw a recovery in chinese tech. do you see that being extended to hong kong and mainland or are there fundamental concerns that will be driving for a while? >> i think it will drag for a wild. a couple weeks before that the reglet tory crackdown in the chinese sector was more or

haidi: the ubs ceo. japan's largest brokerage earned about $242 million after selling its think tank. the results capped one of their most challenging years dealing with a fallout and legal bills. one analyst called those results lackluster. disappointing earnings are adding to concerns the demand for semiconductors has peaked. the company says sales will be between two point billion dollars -- below estimates. india has slashed the size of his biggest ipo by 60%. according to sources, the government will sell to 21 million shares. as far lower than the earlier target of 6.5 billion. mattel surged. the wall street journal says discussions including -- these may not result in a deal. shery: stephen: thousand -- shanghai reporting 48 deaths for tuesday. the number declining slightly this is as we -- 20 were to come. this is bloomberg. ♪ haidi: china says it will enhance infrastructure projects, the latest pledge to bolster the economy. according to bloomberg intelligence, oil demand could fall 19% in may

makes hybrid work, work better. >>> ubs upgrading tech today saying the sector is supported by improving relative momentum, higher quality, and lower cost exposures. mike santoli taking a closer look at the group for the dashboard today, which looked like a good call this morning. >> it really did it responded at least in part to calls like this. it gets to a key debate in the markets which is talking about a later cycle backdrop and a lot of indicators of that, tech is part of the quality trade that should be performing relatively well, where you have good earnings reliability however, tech was up so much in the prior two years, the nasdaq 100 was the leader and now it's given up some of the valuation premium. this shows any quality screen, this is the quality index, but any one of these filters you run is going to get you loaded up with tech. that one in particular, 35% or 40% tech and internet. you see the lines really in the last year have moved right together along with the nasdaq 100. the other components of quality, however, the overweights are health care and staples. and you see

if you order an ub nr san francisco, you might just end up with a taxi. uber and taxiys are teaming up. "today in the bay's" cheryl hurd has more on the partnership. >> when uber came on the scene, tax drivers were feeling out of sorts. now, some way with gas prices soaring and trying to recover from the pandemic, it makes sense for them to work together. >> the taxi industry went down almost to the ground and we're trying, as the owner, as the workers, to lift it up a little bit. >> reporter: that lift came when the city's transportation agency board voted to allow taxis to accept flat up-front fares just like uber. on august 5th when you get on your phone and click on a soon to be developed app for a ride, you may get an uber or you may get a taxi. some taxi drivers don't like the idea. >> uber is a company with a terrible track record when it comes to their behavior. >> reporter: mark gruber has been a taxi driver in san francisco since the early '80s. he says his bottom line has not been the same since ridesharing apps entered the picture. >> we would

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

he's been posting reports on social media, which he said, have the bunk key ubs claims about was recently been happening on the grounds. we was ukraine's president recently went on the records threatening anyone who refuses to remain loyal to care if we just because of it, i want to address those who aren't shying away from talking with the occupancy. if any of you are tempted by their proposals, you are signing your own sentence to go the same way is more than 12000 invaders who just because of the art is equally strong. that explains why gonzalo, near i could have attracted the attention of kiev security forces. lira was exposing corruption and institutionalized naziism right from the lions den in the country that officially band all a position media along with anyone else from speaking ill of the regime. the journalists had early raise the alarm over some shady figures loitering around his house. i don't know who exactly, but i know that convicts were released from prison. i hear from many people that the criminals were released by this lensky regime, so that none of the civilians coul

will look in a caption is very difficult to make assessment as to why or why not additional subway ubs were not close on what i can tell you was this does, it is a search or grip perimeter search that's occurring at that area. when this person exited, the subway system. you got to bear in mind, new york city has the largest subway system in the united states. so for you to in essence shut down, the system in this entirety would be catastrophic for the comings and goings for the 8 and a half 1000000 residents that reside in new york. therefore, we want to localize a search will grid pattern to ensure that we can do if we have to expand it, we will. but the police that it will, i should say, the boots on the ground that are at the location had a better have a better understanding as to what the level of flight or what the flight was of the sale. that of imposing his defending what he calls a noval warn ukraine president says he, the no doubt that his forces will achieve their goals. his comments. com, a head of an anticipated offensive in the east. much of the fighting is expected in the

and i, we have come to a stage of kind of reusing the endotracheal to ubs for ventilating a new baby, which is how you, me, and acceptable. and i hate to do it, but there's more adoption. many doctors are reluctant to speak on the record at some union members are speaking out. there may be a situation if this continues. when a paper, a person come with the road traffic accident wont be able to get the surgical services. i can't exactly say when it is going to happen, but if nothing less curable thing happens, we may have to see one that they're like that. the private sector is also facing shortages of hot medication, pediatric and other drugs and consumables. patients already there panic panic, now they are getting some multi they rite aid wing miles socks. are going out to start to near julie we had last year around because on this one thought age and dave. oh brother. oh no, no. we are going to continue this whole future. the government is facing an acute shortage of foreign currency that's affecting its ability to pay for imports. the ministry of health, as it is now located $14000

we can break down the region, even if we look at the swiss banks, very different if you are a ubs or credit suisse. who will benefit the most from this environment going forward? >> i have to say that the banks trade is all about future strength versus credit cycle, different regions are going to react differently. the regions -- slowly we are getting those results. our spain, particularly domestically, the u.k., swiss banks, wealth managers -- global wealth managers are going to benefit quite significantly from u.s. rates. we are slowly starting to get increased target from the perspective of messaging, in the second half of the year, for them as well. >>, also benefited, this is been reinforced from what we saw from barclays today and deutsche bank earlier, from a pickup in trading, do you see that sustaining through the rest of the year? >> yes. good point. particularly within the income trade, that macro effect commodities as well. i have to say, the numbers, out of barclays, georgia work strong in this work -- barclays and deutsche bank work strong in this regard. had to say, we

ubs, cut to neutral. new price target, 355. tom: i missed this over the break. netflix down to a 251 level moments ago. this is a set of lower lows. we will see in the opening. diane swonk watches netflix nonstop when she is not looking at the american economy. she joins us this morning. i was taken by the outlook yesterday the united states of america, a fairly constructive pretty good economic with inflation, pretty snappy nominal gdp. are we overglooming on the american economy? diane: i don't like to be the debbie downer here but i am worried what we will see in terms of the economy in the second half of the year as rates go. we have seen the yield pretty steeply and or goodreads have come up dramatically. the housing market will be the canary in the coal mine. i think we will see some pretty big declines in terms of activity. then question is what happened to home alleys by the end of the year. some of the hottest markets are already plateauing. tom: just a few years ago, the world stopped when swonk published on the american housing market and a few cycles

major headlines the day he launched from ubs over to jeffrey's. i want to talk about silicon valley arrogance. you are really good at this. how do you feel about the feeling that we are only in this for our consumers, we are not going to harm our consumers, the inflation is something that we will deal with separate. are they forgetting their shareholders because they are thinking only of their consumers and they need to input inflation fighting increases right now? brent: i think they have protected us in the pandemic. they went from 20% growth to 40% growth overnight. you cannot automate the delivery of toothpaste via a drone and some software. they had to build this capacity out. now we are starting to go back from clicks into bricks. wandering into walmart, target, our convenience stores to pick up goods, we are locking back into physical stores. the world is returning to normal and they cannot just automatically snap their fingers and go back to normal. it will take time to unwind his. -- this. they have overcapacity now. it takes time. tom: i

we know what ubs is view is. he thinks it' fallacy that the current policy is good. 150 basis point hike. what is the risk of multiple sequential 50 basis points? fast fed. dani: that's what yesterday's market reaction to a core cpi that didn't get as hot as expected was. yields come off a bit but that's not what the fed is going to be doing. they aren't going to say, the fire is burning less bright. this is part of the reason why. every single survey is so negative. yesterday, a survey of small businesses. i have the chart for us. economic optimism is at an all-time low with prices at an all-time high. here is what inflation is doing to small business sentiment. the fed has to get this picture under control. manus: think about spending. americans set to cut their spending. putin says the talks are at an end as biden accuses russia of genocide. you have this movement in the oil market. down by 2/10 of 1%. above $100. that's the important alpha in the story. quite a big move in the oil market yesterday. gold conti

look, the reason here is ubs says they are down 44% in past 52 weeks. this is a new starting point, they are starting to deliver more and newer models, so it's like a refresh if you will. stuart: roku, came down badly when the pandemic ended. lauren: because demand was pulled forward but now they have extended a multi-year distribution agreement with amazon, so it's the amazon touch sending the stock up just about 7% so their customers can access prime video and tv apps on their roku devices for longer now. stuart: if your stock is in the same sentence as amazon it probably goes up. lauren: yup about right. stuart: all right, yuma, arizona knows well. it has seen a 579% spike in border crossings compared to last year. that number could get even higher once title 42 ends we've got that full story for you. the white house says climate change could cost us $2 trillion by the end of the century. we'll breakdown the numbers. the president of ukraine accusing russia of genocide after women and children are found dead in the street. we have that report from uk

global chief economist at ubs out front on the microeconomic foundations of this unique moment we are living. if you get 5% mortgage rates, lisa, i think you got some form happy demand destruction. lisa: i don't know if i would use the word "happy." people would use other adjectives. people theoretically looking for apartments in new york city, cannot find the inventory, which is why prices have not gone down. tom: welcome all of you on radio and television. 45 minutes from an historic inflation report. in the equity market, kriti gupta went large on the amazon deal. she does equities this morning. >> we will build on the point that if you are seeing demand destruction, you are changing consumer behavior. what do companies do with that? jp morgan kicks off tomorrow. the question is with the amount of cash on these balance sheet, where does the cash go if you are expecting inflation? the answer has been buybacks. you are seeing record buybacks as companies are flush with cash. this chart shows a huge steepness when it comes to those buybacks. look this up when you get a chance. this is

. >> people want ub stance and cash >> all right, still ahead, unusualtivity, we'll tell you about the etfs that you need t h as well. we're back after this. you need to hire. i need indeed. indeed you do. you need to hire. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ ♪ matchingnice suits, youiption. guys blend right in. the world needs you back. i'm retired greg, you know this. people are taking financial advice from memes. [baby spits out milk] i'll get my onesies®. ♪ “baby one more time” by britney spears ♪ e*trade now from morgan stanley. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create caution. vehicle electri

jonathan: i member sitting down with ubs and talking about the average age of the trading floor and the fact so many of them had not seen a rate hiking cycle before. for many people they have not seen a rate hiking cycle like the one we are about to see. tom: i think really are the only ones in media loving -- talking about a bond bear market. how may people have seen a -8% drop in bond prices? jonathan: you mentioned paul volcker and i think the quote of the week on paul volcker came from lael brainard who said "40 years ago paul volcker noted the dual mandate is not an either or proposition and runaway inflation would be the greatest threat to the continuing growth of the economy and ultimately to employment." that is the situation the doves find themselves in. it is not an either or. lisa: one of the unspoken questions a lot of people have is if consumers show resilience, then why not allow inflation to run hotter? if it is not crimping growth than why not go past the 2% threshold the fed has clung to for so long. jonathan: they've been beyond 2% for a long time. coming up on the por

all of that we are going to discuss next with the chief strategist at ubs. that conversation, next. this is bloomberg. ♪ guy: friday, april 29, european stocks are higher. the countdown to the close starts right now. announcer: the countdown is on in europe. this is " bloomberg markets: european close" with guy johnson and alix steel. guy: 30 minutes to the european close. stocks are higher. 450 on the stoxx 600, up 1%. we are in the middle of the earnings season. lots of stocks to talk about. the macro news continues to dominate. european inflation up, growth down. is a july hike from the ecb nail on? euro/dollar recapturing the $1.05 level today. the other stock want to

paul donovan, global chief economist at ubs. now let's get the first word news. >> the mayor of mariupol says more than 10,000 civilians have died in the city since the russian invasion. the countries finance minister said destruction to infrastructure across ukraine now totaled some $270 billion. in talks between president biden and prime minister narendra modi, the white house said it made it clear that the u.s. stands ready to help india diversify energy imports away from russia. pakistan's new prime minister has laid out his vision for the country in his first policy speech. sharif said he wants to turn pakistan into a paradise for investment but he also unveiled a range of populist measures including an increase to the minimum wage. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. manus: shanghai's lockdown at its economic and human cost. we break it down on bloomberg. ♪ manus: this is "bloomberg daybreak: europe." breaking ne

tom: ubs plans to double the amount of share repurchase for this year. give me the cash update. >> we had a record year last year. we were set up for that but you seen some companies start to back off of that whether it's the optics or some sort of political pressure. the company like ups is certainly a bellwether especially in this kind of market environment. maybe that suggests there are more productive uses for the cash from a longer-term capital spending standpoint. tom: what's important to understand is that lisanne sonders is the bellwether to listen to him radio because she has read the 400 pages on led zeppelin. jonathan: good day to you. the only way to minimize the economic financial and societal damage of long inflation is to err on the side of doing too much. tom: the wheelhouse not mentioned is the study of currency dynamics. currency has moved in the worry direction but we are not there yet you really wonder how currency folds into what you just stated with deutsche bank. jonathan: the dollar index is just south of 102 and dollar-yen is not

chk"s ckn stec iba iju a moment ♪ ♪ on news of warren buffett's 11% stake today got a downgrade at ubs. shares giving about 2.5%, 2.25% back, d, concerns about weakness in the low end pc market over there, and also, you know, concerns that they might slow their stock repurchases next year after doing all of this acquiring. >> yeah. that demand also hitting some of the chipmakers one more thing, that is a signal for semiconductor investors and another one, taiwan semi crushing expectation and the chipmaker reporting $17 billion in revenue and that's a 36% jump year over year, beating analyst expectations by a wide margin. tsmc has been able to keep up chip production despite recent lockdowns and benefiting from high demand. the average wait time for semidelivery stretching to nearly 27 weeks in march so, jon, this data point, no indication of a declining demand and not the same elsewhere in the industry. >> it doesn't look like the stock chart of a company that just crushed it on earnings, though, does it? i guess it makes you wonder just how much of the excitement has gone out of certa

kailey: ubs and hsbc and santander and alphabet will be reporting. we will get some u.s. new home sales, durable goods, and consumer board -- consumer confidence data as well as the hungarian rate decision. coming up on u.s. tv and radio, richard haass, u.s. counsel foreign relations president be joining "balance of power" with david westin while a guy will be back on the cable on london dav digital radio -- on london dab digital radio. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." with the secretary of defense and the secretary of state traveling in kyiv over the weekend, it was a very important gesture. was it more than a gesture? the answer return to annmarie hordern. give us your sense of what came out of this visit. annmarie: it is a good point because it was very symbolic. leading up to this visit we had president zelenskyy thank you not show up empty-handed. in t