joining us will be the ubs wealth management regional cio also. he says it is under very specific circumstances that we see the impact of rising bond yields really causing another tantrum in stock markets. he says it's not a reason to get out of the market. he is still overweight global equities and the largest portion of that is u.s. equities. php reporting also. glencore as well. martina and -- mark keenan joining us in particular to talk about positioning and oil. ramy: thank you very much. that is it from "daybreak asia." our markets coverage continues with haidi lun, next. stand by for "bloomberg markets." this is bloomberg. ♪ ♪ ,aidi: it's 9:00 in hong kong and 12:00 in sydney. this is "bloomberg markets: asia." ♪ asia-pacific markets are on the slide. preparing to deliver the last result. nobles adrift on a sea of troubles.

vonnie: our thanks to eric sheridan from ubs. mark: great stuff. why hehe blasts bitcoin, says the fundamental value of the cryptocurrency is zero. this is bloomberg. ♪ ♪ vonnie: live from new york, i am vonnie quinn. mark: live from london, i am mark barton with the european close seven or so minutes away. nouriel roubini says today's fall in the value of bitcoin is the latest proof the cryptocurrency is the biggest bubble in history. the economics professor from nyu correctly predicted the 2008 crisis and his calls on oil in the s&p 500 the next year or wrong. he spoke with tom keene earlier today. >> it is the mother of all bubbles and the biggest bubble in human history. to compare it to the mississippi bubble or the tax bubble. to tulips?te bitcoin it crashed in comparison, 30% last week at 10% today. all the way down to zero. the fundamental value of bitcoin to===. >> a bloomberg summation of this culture, the money question today is, the crypto people say they can separate the crypto industry, blockchain, the rest of it, everything we sa

. ♪ emily: ubs could require in place to get approval before trading cryptocurrencies in the personal accounts. the bank confirmed it is considering additional rules and requirements for some staff. chairman axel weber warned of a "massive drop in bitcoins value and does not trader offer it to retail clients." stay with bitcoin. it hit a low for the year after setting an all-time high of $19 by december 18. and has fallen by as much as 60%. it has been hit from expectations of government oversight, fears of price manipulation, and lingering concerns that it is another asset bubble. joining us from new york is the managing partner of future early ventures, focusing on big data and blockchain's. also, cory johnson. walk us through the moves of the last weekend put into context for the selloff that has been happening over the last month. cory: it has enormous volatility in the history of cryptocurrency tradings. i think we have also seen the currency is being tied together as if it is all the same. those that are merely a stored value. the store was open and there was not much value for

agree, you would agree, and wayne would agree there is no reason somebody who is mentally unstable, ub stai unsts this guy was, should ever have access to a gun. this say mul multi-prong approa, we have it talk about mental illness, and school savety and the fbi. >> are right, the left likes to talk about gun violence, this is say term that not act rate, they want to talk about the laws around guns. they fail to talk about people who are increasely reaching to violence, i think with this pro cliffty to violence -- pro cliffty to violence, this there is not a law we can pass, this is say problem of soul. we have people that just do evil and bad and destructive things, i don't think that government can pass laws to change that. all of us as americans, need to continue to make sure that we're good neighbors. we're aware in our community, when people are doing things, that raise alarms, we have to take the step, we have to call the authorities, and authorities they need to have the ability. trish: to respond. >> right. >> and take concrete steps. trish: this is a failure on so many levels,

for more on the markets i want to bring into the conversation, ubs portfolio wealth manager. jim, what do you think here? it has been a wild run. >> it has been a wild run. we should expect a wild run. january was up 7%. that is a gigantic move in one month. the angle of ascent is straight up. you expect the market to pullback, given we haven't had five% pullback in 19 months. we had second longest run ever for a 3% pull back. the market was due for a pullback. a lot of money flying into the market in january. this is probably panicking buying and now we're probably seeing some panicky selling. brac to the economy, we're in pretty good shape. ism number was 10-year new high. new order at new high. manufacturing orders, three-year highs, not only in the u.s. but around the world. japan had good purchasing manage ires index numbers, so is china. we're seeing strong global economy. very strong u.s. economy. we expect gdp to be somewhere between 2.7 to 3% this year. trish: jamie, you're light on that. jamie dimon is saying 4%. fed is saying 5.4% in first three months of the year

. >>> ubs, the stock is way down. they spent $125 million trying to get all the packages delivered on time for the holidays. -- ups. that is extra 125 million, they will invest several billion more on new planes. the stock is down 6 1/2%. >>> chipotle used to follow them very, very closely. well, they have a sell recommendation from ubs. that bank says, sell that thing. apparently people are. it is down 12 bucks at 312. do we have breaking news, liz? liz: tax cut bonuses to hourly workers, 260,000 at lowe's. up to 1000 in bonuses to 260,000 hourly workers. they're going to add new benefits. paid maternity leave. paid parental leave. adoption assistance. number of companies doing this, giving back tax cuts is 287. stuart: lowe's, 260,000 employees. liz: hourly workers. stuart: they get a bonus up to 1000. liz: that's correct. stuart: added benefits. liz: that's correct. new benefits. stuart: the stock is up but not much. >>> the classified memo could be made public today. the news expect to come from the white house. t

charles: another bullish call and this is ubs, the risk of recession, they are bearish, risk of recession is rising, jack, wall street chiming in like that, i don't know. i doubt that they have done actually in any trade to go reflect the new cautionary stance. >> i can tell you that recession is coming, the question is is it going to happen soon and how much am i going to make between now and then. what's going to cause investors turning away from stock is having something better to buy with money. 2.9% 10-year treasury yield is not going to do. if that were average levels right now we would be over 5%. you have a long way to go to get back to average and between now and then rising interest rates are actually a good sign for the economy, means we are getting out of the intensive care unit and getting back to normal. charles: one thing i really love, the consumer has come to life big time and that, in fact, seems like it's having con tablous effect on a lot particularly small businesses and jpmorgan out saying this morning that american small businesses are super bullish and seem to be f