ub uber's founder took the stand and spoke under oath. >> about the inside story about uber's you culture. travis would say something like the second place loser, and the golden time is over, it's wartime. >> reporter: he said if the trial had proceeded to its conclusion, it's clear uber would have prevailed. waymo says it's pleased with the settlement and is committed to working with uber to make sure that each company develops it's own technology. >>> at 8:17 this morning, we sent out a push alert on the settlement. and you can be the first to know the minute breaking news happens. to get stories like this, make sure you customize our alerts, go to settings, manage notifications, select breaking news, you can also select the cities and topics you want to get the news for you. it's hyper local, you can get urgent news about where you live. >>> before we get to the weather, look at this shot. i mean, the sunshine, you're just radiating with the shot. it's gorgeous, it's stunning, what a week we have had? >> i love your enthusiasm. but yes, it's been amazing. >> sorry, i like things that l

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

art cashin from ubs financial services yesterday going into the close we had some weakness and you flagged the release of the house memo about the fbi as one possible concern citing everything from, you know, what does this mean for the fbi director staying to potential constitutional crisis. do you think now it has been released this is a major contributor to the selloff today? >> it is in the sense not so much that it produced selling but that it inhibited buyers you're going into a weekend in washington you'll have talk show, you may have resignations you don't know so, i think that's why you're seeing in moderate volume what seems to be a short sell simprof. the market is thin the bidders have stepped away. basically look in the mirror and say, hey, why do i need this risk let me sit on my hands and stay another look on monday even if they're up somewhat, they won't be completely out of reach. so, to avoid political risk, the buyers are stepping back there's no question the selling really is coming from concerns about the fed pulling the trigger too fast and the weakness in some of thi

sarah: the chief economist of ubs says no reason for concern among investors unless you were foolish enough to get on the crypto currency. deutsche bank has just enjoyed its third annual loss in a row. we are talking close to half a billion euros. it is making good progress in cutting costs but it will take time to make profits. deutsche, certainly has a major pr problem. u.s. authorities find the bank 80 million euros for market manipulation. the pressure is rising. he took over in 2015. the ideal was to turn the bank's fortune around. he says he just needs more time. there have been reports that the frankfurt-based investors will hike bonuses to a grand total of one billion euros for 2017. the german government responded to the new saying the bank should consider the impact it will have on its image. here's what he had to say about today's worse than expected results. >> yes, it is the third loss in a row. however, it is also our first pretax profit since 2014. without the hit we took as a result of the u.s. tax reform, we would now be reporting a net profit of almost one billion e

, first-ever launch yesterday from florida's kennedy space center before a crowd of thousands of ex-ub ex-ububerant watchers. elon musk said he wasn't sure everything would go smoothly. >> the first thing something exciting has happened in rocket launch for a long time. people came from all around the world to see what will either be a great rocket or the best fireworks display they've ever seen. >> the launch was not the only achievement. spacex also guided two first-stage rocket boosters back to earth. those images of them coming down safely on these landing pads just shared like crazy. it was so cool. a third booster was supposed to land on a sea-faring platform but crashed. trump tweeted, "congrats, this achievement along with nasa's commercial and international partners continues to show american ingenuity at its best." as the rocket heads into space, on board is musk's personal tesla roadster with a dummy. star man behind the wheel. the car will play david bowie's "space oddity"repeat. yes, elon musk just tossed a car toward mars. >> we see "don't panic" on the dash. >>> a stunni

i don't know if the russians are ready to take that kind of swing at the ubs unls yet and interfere in the elections. but this is as close as it comes without flipping a vote. >> you raise something that touches the viewers' lives, social media, facebook and twitter. what should people look out for? how much more skeptical should the viewers be, what can they do? >> go back to, it was edgar allen poe who said believe nothing that you hear and only half of what you see. take with it a grain of salt. social media is not the be all and end all, not the silver bull let of truth. how did we vote in the '50s or '60s? people had discussions, did things. you got to quit relying on social media. we've seen in so many things na to the other attacks, social media has played a disparate role in the influence. and we give it too much influence. >> and also, i got 30 seconds, but did it really have that much impact? i mentioned i had people on social media telling me i voted for donald trump because of the economy, this, had nothing to do with a russian facebook post i voted for hillary clinton i wa

a democrat stood up for a privileged resolution on guns but an ub -- unknown lawmaker booed him and both sides clearly want a solution to the violence. >> it's my sense the ground has moved. >> people saw a lot and said a lot and the cops feel like they couldn't or didn't do anything. i want to address that part of it. >> i think we absolutely need to act to strengthen the background system. >> shannon: chief national correspondent, ed henry, on how the president is trying to forge a consensus. >> it was dana loeshe said they tried to put the blame on law-abiding gun owners yet a fraction has been scrutinizing broward sheriff, scott israel, for the lack of accountability from his department. he was elected as a democrat and had been force to acknowledge his deputy received calls nearly two dozen times to deal with a mentally volatile and gun-obsessed cruz, but law enforcement officials as well as the fbi never took the investigations further. now we're learning not just one but four sheriffs deputies hid behind cars in the parking lot instead offing running in and storming the high schoo

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,

before the tax cuts the s&p corporation had earnings of about $141 they're up to $155 and change and ubs had $157 on it so if you crank that through the models, that could go higher. >> steve, give me a couple ideas before we let you go. >> we threw a log on the fire with large cap growth trying to take advantage of large cap tech companies that we thought were oversold we like accor, it's a play on better european growth through reforms in france. you have a play on the move from products to experiences for millennials and they're going asset light which protects them against the non-traditional competitors so across our international portfolios, we really like that. >> got it, jeff, steve, thanks so much for joining us, much appreciated. >> you bet. >> thank you. >>> the weekly rig counts just came out eric chemi has a report. >> the latest oil rig count numbers are in with drillers adding rigs to the fourth consecutive week rig counts rose to a total of 798 and they're up by 201 from a year ago oil touched lower than just before the numbers came out. you can see on the board up about

points at this how shall, almost 2% of declines, let's get more on the selloff with art cashin from ubs financial services art, this appears to be accelerating into the close. we're seeing there is no safe haven, everything is selling off across the board. >> well, you started out, as you aptly noted earlier, that the pressure -- upward pressure on yields that puts general pressure on the market secondarily there's some vulnerability in the fang stocks, alphabet and apple not coming in as well and then this afternoon we've had the problem with the release of the so-called republican memo. it has served to dissuade buyers people won't know what's going into resignations, thewill therb calldowns? why take the risk? i'll wait until monday to buy. >> we're seeing in the united states that this follows what's going on around the world. do you think there might be questions around this global stock market rise that we've been seeing. >> the great rally of 2018 is suddenly under question and that's another thing that puts a little pressure, people looking, gee, is this an inflection point? it

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

in this case, someone reported ube, the fbi can do so much work but it is in the assessment phase. they could not use legal processes like grand jury topoenas or search warrants get further into identifying who cruz was. host: the washington post says after that tip 2 fbi agents interviewed the caller, mississippi bell bondsman -- bail bondsman bennight. what he made when you can only do so much? guest: there are three levels of investigative steps. in this case, the caller called it in from mississippi. that is an assessment. the fbi can use public databases, fbi databases, law enforcement databases to run the name, the handle, or anything that could hope fully identify was.ruz there have been other reports, similar reports, on a person named cruz. that would give investigators more when doing their investigation. without concrete information, and i have seen this from investigations i have had where ,omeone makes a generic threat "i am going to blow up the tunnels." it doesn't identify what state, what tunnels, when, where, how. the fbi did everything they could do with their doc

in this case, someone reported ube, the fbi can do so much work but it is in the assessment phase. they could not use legal processes like grand jury topoenas or search warrants get further into identifying who cruz was. host: the washington post says after that tip 2 fbi agents interviewed the caller, mississippi bell bondsman -- bail bondsman bennight. what he made when you can only do so much? guest: there are three levels of investigative steps. in this case, the caller called it in from mississippi. that is an assessment. the fbi can use public databases, fbi databases, law enforcement databases to run the name, the handle, or anything that could hope fully identify was.ruz there have been other reports, similar reports, on a person named cruz. that would give investigators more when doing their investigation. without concrete information, and i have seen this from investigations i have had where ,omeone makes a generic threat "i am going to blow up the tunnels." it doesn't identify what state, what tunnels, when, where, how. the fbi did everything they could do with their doc