Anna very warm welcome to bloomberg daybreak europe. From here in london. Let us get straight to the numbers in ubs. Profit has increased substantially. Let us talk through how well they have done over the estimates including a rally in equity boosting banks security. You seeof those areas substantial improvements. Increasing profit year on year. To give you an idea of the uplift in profits, fourthquarter pretax profit 848 million swiss franc versus 234 million swiss francs, the same period a year ago. Inus is on the ground switzerland talking to the ceo of ubs at 6 45 a. M. London time. Let us pull up the risk radar. Show you where we are on various metrics. The boj is evident here. Substantial weakness in the japanese currency coming through this morning. To buy is stepping in bonds. Aiming to keep the 10 year yields at 0 . Away, therried Japanese Central bank stepped in to bring that back down. He boj meets next week no changes expected. Cpi data out of japan. We will discuss those
Eva click a. M. Across the emirates, 4 00 a. M. In london. In hong kong, it has just gone midday. Gold Holding Steady after surging in the previous session, japanese yen is coming down from those eyes. How long will this last given that donald trump could to eat anytime . Anytime . Tweet yousef the u. S. Treasuries are up. There is a tone of caution in these asset classes. This tells the story of how the trump euphoria is starting to fade. This is interesting because we have contrasted this with other victories. You can pull this up on your bloomberg. This yellow line is the s p 500 post the trump election victory. The line is blue are after the victory after shinzo abe. We ask how much further this can go. They asked that investors shift to emerging markets and that the honeymoon is pretty much over at this stage. Bonds inybe corporate emerging markets. Look at my bloomberg. Investors are taking the smallest returns since september 2014 to open corporate bonds. Take a look at the seco
Tracy im tracy alloway. Riyadh. You are in that is not your normal place. What are you doing here . Are not here to look for oil barrels. The story here is about the Stock Exchange. They have the biggest Stock Exchange and they are pushing ahead wiith the series of reforms. Part of it is to make it deeper. Part of it is to perhaps repair as well for the delisting of saudi aramco, but also to diversify away from its dependence on oil. The new parallel market they are is arabichere, tracy, for growth. It requires a market value of at riyals. Million saudi and they are offering a percentage of at least 20 . Of course, all of this again part of the broader efforts to try to prepare the market for the emerging market inclusion. It shows regulators are serious with moving ahead with bold, constructive reforms. The realtors have not really bought into the stock market story. Yousef, one reason they are not buying the story may be oil. Take a look at the chart i have prepared for you. I know i
Registering 5. 8 . 2 1 2 year high. The road map begins with President Trump going to congress in his First Official address to the nation. Asking for billions in military spending along with cuts in other programs. Target tumbles after an earnings miss. The retailer sinking more than 13 in the premarket in what would be its biggest decline since it went public in 1972. Could it be lucky number 13 for the dow . The record run for markets continues. The president will address a joint session of congress tonight. The theme will be the renewal of the american spirit, focusing on Public Safety as well as Economic Issues like job training, health care and tax reform. The president expected to call for an increase in military spending by 54 billion. Large cuts in other programs. Heres what he told fox and friends about where that spending money will come from. I think the money is going to come from a revved up economy. I mean, you look at the numbers were doing, we were probably gdp of a li
Into the wholesale customers with the availability of water im available to answer any questions. Commissioners any Public Comment . Okay. Thank you mr. Carolyn and moving on with mr. Richies and talk about demand management and safety the awareness of this issue where were going not discharging water we wanted to make sure you understand our camp yes there is also a memo in your packet and commissioner caen asked about that where were at and prepared the slides to present on the memo it covers all the bay area outside of San Francisco reservoirs we have dams within San Francisco as well so i next slide, please this shows by the blue stars that regulated dams exist and up country and San Mateo County and San Francisco county and this is a chart that shows what the state division of jurisdiction is dam heights on the left Storage Capacity along the bottom those are small numbers so basically the dam is bigger than with 25 feet and has more than 15 feet of water arcs of water a regulated