Francine welcome to the pulse. Live from bloombergs European Headquarters. And francine lacqua. Manus and i am manus cranny. We are joined by ubs senior economic adviser, George Magnus. Francine frances secondbiggest bank has posted its second its second its biggest profit since 2007. Manus she spoke exclusively to the banks ceo. This performance driven by trading. The capital is building as well. Investors like the story of the decision this morning. The shares are opening 9 . They like they say it they like the story of cost saving. Nextillion euros for the two years. Of capitalhe raising targets. Their ratio came out for the second quarter. From 10. 1 last quarter. They are planning to raise this target to 11 by the end of 2016. I sat down exclusively with the ceo and asked 10 how he could explain his performance in the second quarter. We actually have a strong set of results across the board. Close to 9 organically. We also have lower cost of risk. Underlying profitability of 10. 3
With a cyberattack waiting on sentiment as well. European markets edging lower. S p 100. Capra went on a third of a percent. In asia, declines across the board. Hang seng index down two thirds of 1 . Health care reform on hold. Senate Majority Leader Mitch Mcconnell joining the vote until after the july 4th recess. President trump met with the white house yesterday. He called on them to come up with a solution. We have really no choice but to solve the situation. Obama carries a total disaster. It is melting down as we speak. Maria we look at the implications for the rest of the agenda this morning. A sheriffs deputy shot in the face that the suspect now in custody. A couple stocks to watch on earnings news. Those results ahead of the open this morning. Revenue expected to decline a year ago. Investors watching General Mills today. Sales missed expectations for three state quarters. General mills down 1 . Blue apron gearing up for an ipo. It will start training tomorrow facing headwind
Ahead of us. I would focus on Pound Movement and what that means for exporters. Tom i like the sterling idea. We will do that in a data check. There was a video out over the weekend of a boeing 787 flying like a little plane. It was one of their japanese airlines. I wish i could go on a junket with boeing flying around like this. Is lead story for me negative Interest Rates and curve flattening. None of that has let up from friday. Look at thisnow we almost on a daily basis, but when you look at u. S. Treasuries , they are not following the economy anymore. Lets get to the first word news. In japan, Prime Minister shinzo abbe has won a big victory in Prime Ministerial elections. His liberal Democratic Party won 56 of the 121 seats in contention. A Junior Coalition party won 14 more. He said he would take brought, bold measures to expand japans economy. George osborne heads to wall street today to try to shore up Investor Confidence in the wake of the u. K. Vote to leave the european un
Recalibration of where Economic Growth is heading. Guy and more evidence of what we have been talking about, low Economic Growth coming out of germany right now. This is Investor Expectations Going Forward and it is the expectations line that really catches my eye. The survey, 51. 8. The expectations, 6. 8. A significant miss Going Forward in investment expectations. Tom one of the big mysteries is euro over the next months and we will be looking at the bombshell Morgan Stanley report as one of our themes this morning. Right now to our first word news on germany. police shot and killed a man who attacked passengers on a train with an ax and a knife. The attacker was described as a 17yearold room afghanistan who applied for asylum. The president of turkey says he narrowly escaped death in the coup attempt. He left the seaside resort just minutes before the coup stormed in. He also said renegade soldiers took over the istanbul airport hours before loyalists maintained control. Theresa ma
Conducts more air strikes putting pressure on donetsk. Youre watching Worldwide Exchange. Bringing you Business News from around the globe. A warm welcome to Worldwide Exchange. Heres whats coming up on todays show, a gold rush to cut costs. This is australias second biggest gold mine in the country. Also, could a political crisis in bulgaria be putting the trouble of ktb in doubt . And as investors await michael kors earnings, we learn what could be killing the handbag brand . Portugal unveiled a rescue plan protecting taxpayers to leave junior bondholders carrying the can. The countrys biggest lender will be split into a good bank and a bad box holding the toxic assets linked to the business empire. The bs shares are currently suspended after a record 3. 6 billion euro loss was posted last week. The European Mission says the bailout is in line with the eu state rules. To shares in pierre, we are looking at the beginning of the session this morning with Portugal Telecom shares under w