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
Everybody on the desk likes visa. Yeah. And with good reason. And you cant fault jim for saying what he did considering what the stocks continue to do. Oh, certainly. I mean, these are two bellwethers really in terms of getting financial exposure you know, we had long talked about, well, how do you get the financial exposure do you look at the Big Five Banks . There were moments when we questioned and were skeptical about that but never did that with visa and mastercard and now youre witnessing specific with visa as it relates to europe, thats really gaining momentum right now. Its an environment where you think about it, scott, just with retail sales kind of suffering, visa and mastercard are still doing well im long visa. A lot of us on the desk are well im staying with it. Carrie, you own visa, up 38 year to date and mastercard up 42 over a year they tracked the same mastercard has outdone visa and in that roughly the same pe. Anything not to the like here . We still like visa . We
It gathered pace when yellin suggested we were in a different kind of mode. Where we are with some of the individual names vodafone had the rating reduced by s p. The debt rating has been cut. Thats the third lowest. 449 for the current offer. Get ready for more. That seems to be the news. They are preparing for a new offer of 500 swiss francs. We are trading below the current did. The market current bid. The market is a little bit unconvinced to do a deal at that price. They got tenants to stay. He is calling the bottom of the euro. It is going to base out around 104. You have quantitative easing. You have to really move on the machinations of greece. It really reinvigorated itself. You had yellin saying to get ready for higher rates. 12 year low. Will it get to 132. You enjoy the weekend. Spanish inflation month on month. The preliminary reading comes in at 0. 5 . 2 . The Inflation Numbers better than expectations. We get the final reading followed by inflation of italy. Bit later gr
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