Surveillance, im Francine Lacqua in london. She targeted bloomberg, but she said about this appointment . Have they been for it or have a lot of the focus who know the had punches for pete and for amy. They had questions . Axel first, you can see the markets will be no the banks. Surveillance. But the question is, bloomberg was surging and biden was a joining as now, Ebrahim Rahbari. Reaction of the stock has been on the markets will be in positive. Distressed candidate. I ways think it is very does this shift the narrative, important when there are some polling . The banks. Conventional wisdom tells you changes, the market has the debates do not tend to move stocks down some 0. 2 . First reaction which was in voters opinions, but this one general positive. Clients have questions around was very fractious, very we did have corporate warnings. The process but i have not passionate. Tom what is so important here, what does wiki yen indicate to received feedback that was we are looking at that angle. Outright negative. We repeat a caucus like in iowa. Yen week yen weak we have gotten a lot of encouraging feedback i caucus,view the iowa investors. By investors. Up next, our exclusive, indicate to your global system . New hampshire normal. Wideranging conversation with now we have another caucus in ebrahim that is one of the big many detailed questions that you the votto. Chief executive carlos mussina, what is the importance for these cannot answer on the day of the topics in fx and the weakness bloomberg . X announcement of a transition focusing on the consolidation has three factors. That would basically take almost the entire year. It is a reflection of broader one thing i can promise you, we and what he wants to do with ubi. Dollar strength so it is not we will also talk about ubss will make this an orderly just against the yen. Process that basically will work we continue to see a big grab new chief executive with the out for the better of our clients and the bank. The congressional for yields out of japan, chairman, and that is coming up a little bit later on. That is what i am committed to. Francine thank you so much, the japanese investors trying to lets get straight to the bloomberg first word news with we dotee in nevada, ship money abroad because Viviana Hurtado. Interest rates are so low. Ubs chair axel weber speaking to viviana we are going to go back we have seen some impact from not have clear polling around what is going to happen. Us after the announcement of a to the top story. Right now sanders is the 21 the latest developments on the new ceo. Japanese economy that adds to the weakness of the consumption new ceo. G a lead on biden. We will have plenty more on the people are talking about how side last year. Banking sector and a couple of he will succeed the ceo from this could be a state that plays foreignexchange checks with very well for warren, but we there are some japanese factors at the heart of yen weakness. November 1. Could be in for more surprises Ebrahim Rahbari of citi. Tom how does the medical he has had a nearly three decade on saturday yet again. Tom this is incredibly career at ing. Virall edgy medical he is poised for a big raise. Important in that you dont have good polling in nevada, do you . The dutch lender paid him about no. Ay 2 million a year. Got 14the former ceo it is really who shop shows up e ology affect the flows of million in 2018. Money into safe haven dynamics . The u. S. Federal reserve looks ebrahim we tend to see two firmly on hold. Day really who shows up on the day. Comes amid concerns about a dynamics. They may not have a candidate in persistent under shoot of the Central Banks inflation goal the lead, and then they shift to rates markets and commodities warren. Markets have responded strongly we have a lack of clarity telling us what could happen on so it has reinforced lower for and they coronavirus outbreak is saturday. Longer. Francine you are right on one not helping. Prices are likely to stay commodities prices have point, just looking at the retreated significantly. Subdued as Global Demand democrats and the fact that they weakens. Are going at each other in this at the same time, investors have south korea reported its first sort of way does the been willing to bet on a fatality from the coronavirus, vshaped recovery so they think Democratic Party, whoever the amid a surge of cases. Two people from a quarantined the effect will be transitory. Candidate is, does he or she as a broader level impact, it cruise ship in japan has died. Stand a chance against donald trump . Lindsay there is a very real has not shaken risk impact and the total death toll has risen risk that the Democratic Party to more than 2100. Is facing a delayed start in has a little impact on global more than 75,000 people are now effect. Their general election, and francine are they wrong about infected worldwide. In the latest democratic debate, trump is ready. We know that. It . Is there a complacency about it he has historic numbers turn out for him in iowa and new because we have never seen this former new york mayor michael hampshire, primaries that does before . Bloomberg coming under sustained 2003 sars we had a much attack. Not really matter because he was going to windows p he has a the focus deflecting some of the different chinese economy. Bigger warchest than obama had heat senator Bernie Sanders ebrahim we are sympathetic to might have otherwise faced as the current front runner. Mr. Bloombergs recent rise in the idea that the markets are for his reelection in 2012. Mildly excessively sanguine about the risk the market poses the polls have shaken up the democratic race. Flags for the of course, Michael Bloomberg is virus poses, because the Democratic Party, that they will the founder and majority owner need to address and face as he of bloomberg lp, the parent goes into the general in supply chain risks are hard to company of bloomberg news. November. Francine who do you think will the white house denying it offered Julian Assange a pardon. Assess and we do not know how be the democratic candidate . Could it be someone not on the the virus will play out. Debate stage yesterday . Spokespersonial lindsay i think it will be we do think we saw a bit of a saying it is a total lie. Turn for the better for saidn assanges attorney someone on the debate stage. Inflection point in global i dont think it will be stier growth around the turn of the or gabbard. Year, and we think markets are told a french court that they will leave quickly. Fed up in a way with the global President Trump offered him there is a high likelihood that it will be a brokered search for yield, wanting to buy clemency if he play ball. Convention, which is remarkable. Francine eric has been not the dip, that is a persistent played ball. And powerful phenomenon. This is bloomberg. Agreeing. I want to hear what you think. We do not think it will be i am wondering who of these vulnerable to small shocks. Francine what does this mean francine . Didates would be the most francine thank you so much. For renminbi . Ebrahim at one level, we think lets get straight to our i think it is bloomberg. Exclusive interview since his appointment back in 2013, carlow the Economic Impact on china will be quite significant and in protectionist. Mussina has overseen a steadily general we think that should would you agree with that . Weigh on Exchange Rates in the rising share price at italys region. Biggest bank. But this weeks 4. 9 billion euro certainly bloomberg is we still think the renminbi is not a good policy tool, not a offer took markets by surprise. The ideations deal would be probusiness, as a centrist. Viable instrument for china to it is important to keep in mind use. One of the biggest that some of them are untested its sentiment is poor. A weaker renminbi pushes money on these issues, so we do not know what a Pete Buttigieg consolidations. Out of china and we are still presidency would look like for im pleased to be joined by the business. We have a better sense of biden chief executive of intense us talking with the u. S. About and his moderate lane, thatat ws trade issues and currency issues and follow carlo messina. So we do not think it will do much to the renminbi. Tom what does it do to your or warren. I know it is very busy days for but again, it is an unknown economics . You. One of the great things, you what have investors told you quantity that we are dealing with. You mentioned early on the about the move austin mark what guys are fungible across do they like and what do they left,the extreme question . Carlo so, good morning. Equities, bonds, currencies, middleoftheroad. Commodities, you and deutsche investors like the move. You do not activate the middle bank are in that group. Democrats. The designing of the move. Is there also the possibility of in, fx is a litmus paper supervisor that the a middle candidate but you dont end up for this kind of global slowdown want the European Bank to be lindsay it is distantly we are having. Ebrahim even when it comes to francine this is bloomberg voters doat sanders consolidated. Our forecast, the one that Catherine Mann overseas, clearly surveillance. We are back with not want to show up for biden or Ebrahim Rahbari of citi. We are ratcheting down global i want to talk about pound the points in the transaction is bridges. There is a real risk there. Growth forecast. Tom she nailed this. Francine we got the because there has been a lot going on. Conversation started. Continue. Ebrahim the temporary shock fell, datad and then that it is creative. They all stay with us. Pointing to more inflation and we can create value for both. Michael bloomberg is the founder delays what we think is the slightly stronger retail sales. And majority owner of bloomberg gradual stabilization of growth. We are expecting extra stimulus lp and the Parent Company of we do not think it derails it. From the new chancellor. It is absolutely positive from tom if the shock were our side. Francine when you talk about where do you see the pound bloomberg news. Lets from the going . Ebrahim the pound is probably regulators, can you tell us if coronavirus. Transitory, define it. The victims were described as ebrahim the assumption is this you think the ecb is 100 behind japanese citizens in their 80s. The most interesting currency in will be perhaps the length of a the g10 space and we remain the move . South korea also reported its francine,is clear, few months so sometime toward sterling bulls. First totality. China says the death toll from the first half of the year we the virus is now more than 2100. Assets,ation of u. K. The total number of confirmed should start see the that it is impossible for a bank preexisting trend. Like us, one of the strongest cases of the disease is equities and real estate are cyclern in the inventory approaching 75,000 people. Anks in europe, to make now to germany, shootings that attractive and global managers to reestablish itself. Are underexposed to the u. K. Killed 11 people. Tom Ebrahim Rahbari with us the most interesting story is transaction without any positive from citigroup. Whether we can see a major implications from the they are being treated as a supervisor. Terror attack. A gunman was among those found policy change in the u. K. Around the watch for the budget and maybe see them transaction is completely dead in a town outside follow in the footsteps of the frankfurt. The suspect left behind a video various century european leaders in brussels. U. S. In 2016, a major, growth in line with the supervisor. And a letter, referring to the we have axel weber coming up at friendly policy. The bottom of the hour and we neede end, i think what we extermination of certain people. Have mr. So really mr. We think the chances are pretty the paper says some of the good. Is to create european champions victims were kurdish. It may take some time to play bt we end with president donald vegas. Coming up in las that can create with the players trump. He will appoint the current that are based in the usa and ambassador to germany to be the few months as the europeans are china and our move is the first director of national this is bloomberg. Intelligence. Ave in europe that can create he tangled with officials on a preoccupied, but sales could be number of occasions. Catalyzing in the sterling has demanded that german stream. Francine what does that mean stronger champion. In my expectation, other companies leave iran, also warning them on leading a longerterm . Transactions can follow in the if you have a trump style next month. Russian gas pipeline. Stimulus on the u. K. Economy, you were talking highestranking you see inflation come up. Instead of a cut people are about more transactions in the next month, would it be gay official in the trump talking about, we could see an something that intesa would be administration. Interest rate raise when we are global news 24 hours a day, on doing or do you expect it to be air and at quicktake by bloomberg, powered by more than the catalyst for more 2700 journalists and analysts in consolidation austin mark more than 120 countries, im Viviana Hurtado. Negotiating and possibly going this is bloomberg. Tom thank you so much. To wto rules. Ebrahim despite being german, i consolidation . Carlo carlo i think we can the fireworks last night in las vegas very evident, some of that do not worry much about the be the catalyst. Upside risks of inflation. Touching on the history of the for aal driver different nominees. In south mr. Buttigieg the u. K. Is still relatively open. The exchange will play a role in consolidation that can create bend on who is a democrat. Synergies. Not seeamericans do that inflation. To create synergies, you have to where they fit, between a the pound will be relatively concentrate on an area where it is possible to create synergies. Socialist who thinks capitalism fiscal even that is the root of all evil and a stimulus would not be associated with much of a pickup, and the democrat who thinks money should bank of england can be you can announce your profitability through cost be the root of all power. Reduction. Relatively relaxed about those lets go to somebody who lives prospects. And works in a middleclass movepectation is that this neighbor would neighborhood. We will see a change of leadership of the bank of england and my expectation is can also add some positive lets vote to her actually a democrat. They will work more closely with impact for other players in europe. The Prime Minister than previous will not makeo leadership. Francine thank you so much, other moves in europe because Ebrahim Rahbari of citi. The real driver is the creation of synergies. Leveraging, it is something of the Business Model. With this possible acquisition from 960 billion , 1. 1 trillion euros. We are now and can become a clear leader in europe also by Wealth Management protection. It is the key driver of success for Intesa Sanpaolo. Francine have you spoken to investors of ubi or are there dangers that they will block it . Carlo i dont want to speak with investors of ubi, specifically those investors, because this is a market transaction. I dont want to enter into discussion with single investors. In talking with my investors. Probably, there could be a combination of investors. My point is that it is a completely market related transaction. That is my point of these transactions. That is the evidence of leadership in any case. Demonstrated we can be a leader in europe, also in creating transactions that could surprise europe and italy probably for the first time in the last years is now a star in europe and the Banking Sector. Demonstrating that in our the abilitycan have to take responsibility to try to propose transactions. Francine is this why you went hostile . , this definition if you are president , the first thing you do the first day is rejoined the paris agreement. Is singular from the perception this is just ridiculous. This is bloomberg soon americas responsibility is of the outside. To be the leader in the world, i was responsible to make an and if we dont, we are going to acquisition in a different way. Surveillance, tom and francine if you make a merger, you can get hurt as much as anybody from london and new york. Talk about hostile or friendly. We found out ubs was naming an else. That is why i dont want us to andou make an acquisition outsider, ralph hammers, from cut off all relationships with china because you will never ing. We talked to hundreds of solve this problem without this was, to put it mildly, a investors, how it is impossible china, india, western europe, there are a lot of and america. Getting hisloomberg surprise, and he will succeed the ceo of ubs. Implications. Bearings after a really difficult start, particularly with senator warren of a lot are wondering if this the only way to make an massachusetts. Means a change in strategy. Acquisition is to make a proposal and then to discuss in i should mention that michael he surprised analysts because of bloomberg is our founder and the a positive or negative way on his limited experience and the target. Principle of bloomberg and investmentnt television and radio. Our founders today are lindsay newman, found a political theory ubi is a Wealth Management for us with chatham house. Banking. Erik nielsen with unicredit. Company. Question the into a Good Management team. Im ready to have the people let me go to you. Strategy at ubs Going Forward . We ignore you last block. Sonali it sure does. Working as part of our family, let me cut to the chase. Giving them opportunity and if i was an investment banker your world is the litmus paper supple world and i across the globe, i would be making them part of it. Afraid for my job. I have a couple of would suggest the political a lot of global banks have seen alix the bad news everything world of las vegas and other more questions. Charleston in a week as well. Retail and Corporate Banking executives rise up the ranks. Ra