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Last quote about UBS

Beat Wittmann
They've cut costs and exploration programs. They've digested and readjusted balance sheets and quite frankly that investment case does not so much depend on if the oil price is at $50 or $60. They just look through that.feedback
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Aug 16 2017
You can find on this page a variety of quotes, by one or many people, on what they said about UBS. 215 people are quoted and you can read 506 citations of them about UBS. Art Cashin, Julian Emmanuel and Steven Milunovich, are those who have spoken the most about this topic. Art Cashin said: “You always got to be prepared to know when to get out if you need to. So far no rush, but caution, I think is in the air. I would say 'postponed'. We have only a handful of B-2 bombers on Guam. They haven't added anything to them. They have not changed personnel. They have not called back unessential personnel.”.
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All quotes about UBS

Neha Khoda

I think people were feeling a little concerned about valuations in high yield. You could say they were a little bit concerned, but I think the direction has certainly changed in the last two days. … Having said that, the only caveat I would make here is ETFs are usually the first to react in any sort of uncertainty. Whether the change is good or bad, ETFs are the first to react.feedback

Julian Emanuel - UBS

To us that would be a point where you want to think about increasing your exposure. We don't think this is a bear market. We don't think this is the start of a bear market because we don't see a recession on the horizon, but … at this time of year it's very typical for typical for the market to get wobbly and liquidity at this time of year is not great because quite simply there are so man y out of office emails when we try to contact our clients. People would prefer to the be on the beach than looking at their portfolios. That can create vacuums like we've seen today.feedback

Julian Emanuel - UBS

Five percent gets you to 2375. The logical support point is the 200-day moving average, which we last touched on Election Day.feedback

Dimitris Lois - Coca-Cola HBC

We are on track for broad-based revenue and margin growth for the full year with the organisation energised by the progress we are making towards our 2020 financial targets.feedback

Douglas A. Cifu

With volatility measures globally at historic lows, challenging conditions for market makers persisted in the second quarter. We're hiring physicists, we're not hiring Ivy League athletes.feedback

Oliver Bussmann

ICO as a new business model leveraging blockchain technology will sustain as the digital way, combining crowdfunding and (a) new hybrid asset class of equity ownership and currency.feedback

John Cryan - Deutsche Bank

Despite the significant improvement, this level of profitability falls short of our longer term aspirations.feedback

Steven Milunovich

We doubt the OLED model will be available, but our sources suggest a quick ramp in the Dec period.feedback

Tim Cook - Apple

The noise or rapport, some rumors and so forth, are at a different frequency and volume than we've ever had before. And it's clear because I'm getting comments from different people that there is a pause. But despite that, I feel great about how we did.feedback

Steven Milunovich

A guide below $49bn likely means a late release of the LCD models or a price cut.feedback

Steven Milunovich

We expect a bulge of buying in F18 followed by some growth in F19. As the iPhone matures, investors should start to better appreciate the size of the installed base, which promotes hardware and services gains.feedback

George Tharenou - UBS

Despite weaker activity, house prices just keep booming with still strong growth of 10% y/y in June. However, this is unsustainably 4-5 times faster than income. Looking ahead, we still see price growth slowing to 7% y/y in 2017 and 0-3% in 2018, amid record supply & poor affordability.feedback

George Tharenou - UBS

Hence, we now see commencements 'correcting' sharply from a record high in coming years, with a ~? peak-to-trough drop in this cycle, albeit only to a 'normal' level. With the historical trigger for a housing downturn being RBA hikes, we still see rates on hold in the coming year, amid macroprudential tightening on credit growth and interest only loans.feedback

Jack Ringquist - Deloitte Consulting

Private labels have a tremendous opportunity, and maybe an even stronger one in the digital world.feedback

Michael Lasser - UBS

Private label in the past was low quality. It was viewed as an opening price point. What's happened is retailers and those pushing private label have come to realize it can be very effective to offer private label products, they but have to be like-quality to name brands.feedback

Karen Short - Barclays

It's not the same as shopping for clothes. You have a shopping list. You aren't browsing. You are a little, but not really.feedback

Jac Ross

We see regional differences, as you would expect in different parts of the country, and maybe demographic differences, but I don't think you see anything particularly different with either less or more items.feedback

Reinhard Cluse - UBS

We think it's a program that will take six to nine months, so by the summer or late-summer of 2018 that tapering program will be complete. We think interest rate hikes will come as of 2019 but proceed very gradually and in a data-dependent fashion. In the meantime we think the ECB will keep liquidity conditions very easy.feedback

Eric Sheridan - UBS

Such upside could be driven by: 1) better than expected sales stemming from Prime subscriber growth; 2) success in new geographies and new product verticals within its eCommerce competency; 3) better than expected overall retail sales; and/or 4) little to no long-term headwinds stemming from hardware/software/service sales from competitors such as Apple and Google.feedback

Eric Sheridan - UBS

Amazon's acquisition of Whole Foods is one of the most recent examples underlining the company's ambitions to drive greater wallet share among current Prime members. Based on our last UBS Evidence Lab survey among 2,500 US consumers, 75% of respondents stated that they had never shopped for groceries on Amazon before, followed by household products (65%), personal care products (52%) and pet supplies (51%).feedback

Art Cashin

Finding a health-care bill that was not dead on arrival gave them the feeling not so much about health care but that maybe tax reform might have some life if these guys can get close to agreeing on health care.feedback

John Manley

She's aware of the inflation risks, she's aware of the deflation risk, she's aware of the asset bubble risk.feedback

Art Cashin

We started out with a bounce in the morning hoping that Yellen would bring another box of candy to the game. When she failed to do that, the market pulled back.feedback

Ethan Harris - Bank of America Merrill Lynch

The story here is we've had this big slowdown in the auto industry, which I think is legitimate. The auto industry has been driving sales aggressively with subprime lending and leasing agreements. They've pulled sales forward. I think the sector is peaking. It's the only major cyclical part of the economy that's cooled off. I don't think it's a sign of a broader weakening in the economy. I think it's specific to autos.feedback

Art Cashin

It's going to be important with the Fed sitting on their hands. How are the banks doing, without help from the yield curve?feedback

Art Cashin

People are discussing it. That gave people hope. The mere fact it wasn't dead on arrival gave some people hope for tax reform.feedback

Suki Cooper - Standard Chartered

Initial anecdotes reaffirm our view that demand is likely to be weak at first as challenges over invoicing and inventory are resolved, but thereafter to recover.feedback

Adrian Ash - BullionVault

Gold tends to do well when other assets do badly, but it does best of all when people lose faith in central bankers. Gold and silver are highly likely to rise sharply if the sudden consensus that the ECB (European Central Bank) and even the Bank of England might join the Fed in cutting back stimulus evaporates just as quickly when they disappoint.feedback

Joni Teves - UBS

We maintain our view that gold should recover from this latest pullback as the move higher in real rates is unlikely to be sustained and we see longer-term value around these levels.feedback

Nitesh Shah

We believe that inflation in the U.S. will remain elevated and will rise above 2 percent. And therefore the real interest rate in the U.S., despite interest rates increasing, will remain quite subdued.feedback

Suki Cooper - Standard Chartered

Gold prices closing in on $1,200 per ounce offers attractive opportunities to buy.feedback

Suki Cooper - Standard Chartered

Media reports say that demand fell by 50 to 75 percent on the first trading day in July and foot traffic was lower.feedback

Nitesh Shah

Gold still remains a very good hedge towards event risks and with key events like the escalation of tensions in the Middle East, or the sabre rattling between the U.S. and North Korea, we think that gold has potential to spike upwards should any of these tail events come to the fore.feedback

Joni Teves - UBS

The pullback in gold has coincided with the rise in U.S. real yields to the year's highs as well as the sharp increase in real yields in Europe to the highest levels in more than a year. It is likely to become increasingly challenging to put on sizeable positions considering that gold has already fallen considerably, unless there's strong conviction for a move towards $1,100, which we don't think is the case. We maintain our view that gold should recover from this latest pullback as the move higher in real rates is unlikely to be sustained and we see longer-term value around these levels.feedback

Sergio Ermotti

I think that was a wrong decision to allow this (the bail-in rules) to happen a few years ago. So it was almost inevitable, but politically speaking, and socially speaking (it) was not acceptable in my point of view to have retail bondholders to be bailed in.feedback

Sergio Ermotti

It's very important to be very careful in this process when you place the bonds to be sure that people understand the risks they are taking and, in my point of view, those kind of instruments should never be placed with retail investors.feedback

Sergio Ermotti

No, it (the state bailout) should not happen that way but it was almost inevitable considering the fact that bail-in-able bonds, so highly risky bonds ... were placed with retail investors.feedback

Sergio Ermotti

The geopolitical front is quite worrying in respect to what's going on almost every day. Investors are really fundamentally touched by all those dynamics and they need to see a very prolonged and stable pattern going forward.feedback

Sergio Ermotti

I do see a little bit more constructive attitude towards taking a risk … Usually you measure appetite of investors by their ability or willingness to take a bit of leverage on their positions. We've seen a little bit of pick up there.feedback

Simon Smiles

The interest in impact investing and these kind of opportunities among the clients we speak to actually far exceeds the supply of the available opportunities.feedback

Robert Buckland - Citi

We expect all the major markets to report healthy EPS growth in 2017. That's the first synchronized upturn since 2010. That's a big change compared to recent years, when we had various regions and countries moving in and out of EPS recessions. This eight-year global bull market may be old, but we don't think it is finished.feedback

Claus Vistesen - Pantheon Macroeconomics

What often happens is that the PMI increases, which the market reacts to. Production growth then increases, but part of this response comes via upward revisions to previous data. This is of little help to markets which tend to look forward, but it shows that the PMIs are a useful short leading/real time indicator.feedback

Paul Donovan - Ubs

We do not have 3.5 or 4 percent growth in Europe. We are not going to get 3.5 or 4 percent growth in Europe. That's what the PMI numbers have been technically implying. What we are seeing is a correction in a rather dubious indicator, frankly. It's a sentiment indicator, it's not a real-world indicator, and it's coming back down. We know people don't fill in these surveys properly. We can prove they don't fill them in properly looking at the export numbers.feedback

Lothar Mentel

I think I'd be watching less the central banks, because as we said not that much has changed, I'm watching more what's going on in the real economy. What's going on about earnings momentum, is that earnings momentum that we had in the first half of the year going to stay up or is it going to flatten?feedback

Paul Donovan - Ubs

I think there's a realization that policy-makers are accepting we've got more normal economic growth, we've got more normal inflation, and they're going to tighten policy and that's filtering through to the bond markets. If you get the wrong person leading the Fed then there is a problem. So what I think the Fed is doing is locking itself into a long-term strategy and then even if we get Ivanka Trump as head of the Fed next year, they've got a long-term quantitative policy exit strategy, which would be really difficult to overturn.feedback

Lothar Mentel

What's news for the markets is to have these hawkish tones when actually the economy globally isn't going quite…as synchronized as it was before. That nervousness of the markets is exactly why we've gone 5 percent equity underweight because we see them just overreacting to any piece of news that comes out because they feel highly valued.feedback

Art Cashin

The threat of deflation is gone and reflationary forces are at play.feedback

Eugene Qian - UBS

Chinese companies, in order to satisfy this area of customer demand are needing to continue to search for the right acquisitions.feedback

Eugene Qian - UBS

Over the period of high growth, the Chinese economy and in particular the corporate sector has accumulated a large amount of debt. However, I think the way the Chinese are tackling this, both the government and I think the corporate sector, is 'let's look at the ways to rationalize'. Everyone seems to realize that you cannot grow purely on the back of the debt or debt burden increase.feedback

Eugene Qian - UBS

You will no longer find $10 billion to $20 billion kind of headline-grabbing deals. But we have come across is a couple of billion dollar type of deals which really support the Chinese economic focus.feedback

Antony Jenkins - Barclays Capital

This is just in the footprints of what's going to happen here. As these technologies season and develop, we can imagine total transformation of the banking system, using blockchain for example, in a world where banks don't really exist anymore.feedback

Antony Jenkins - Barclays Capital

We're really at the end of the beginning of what we see as a revolution driven by technology with financial services and fintech is really a too narrow categorization of what's going on here. As the technologies develop and season, they're going to create a totally different way of doing banking and financial services.feedback

John Wraith

The credit conditions survey … clearly shows that in the latest quarter credit scoring criteria were loosened significantly, the proportion of loan requests being approved shot up, and the average credit quality went down. That is the sort of toxic mix that the [FPC] won't like the look of at all.feedback

John Wraith

It is not simple for the FPC, if they are uncomfortable at the pace with which it is growing. It is because that is growing that the consumer has been able to perform as well as they have – if you choke it off too aggressively, you can have knock-on consequences which give you a much bigger headache than the one which you're trying to cure. You don't want to stop the consumer in its tracks.feedback

Simon Smiles

It is critical that institutions adapt to the needs of these new guardians of capital. A first step in making changes would be to understand millennial tastes and behaviors, comparing those to other age groups in order to establish any observable differences.feedback

Mark Haefele - UBS Wealth Management

Looking ahead, this generation looks set to benefit from one of the largest intergenerational wealth transfers ever, carried out over a comparatively short timeframe.feedback

Anthony Milewski

We're a pure play on cobalt and a thematic play on electric vehicles. Our cobalt can be traced back to the producer. It hasn't been produced by child labour.feedback

Isaac Meng - Pimco

The [People's Bank of China] has clearly tightened monetary conditions, pressuring banks to curb corporate and mortgage lending while passing through higher lending rates to borrowers… On the margin, China's monetary tightening and financial deleveraging will be a headwind to a rebound in global manufacturing and reflation in commodities. A persistent wholesale funding squeeze and yield-curve inversion in a relatively opaque and interconnected financial system are signals of strain; they should be taken seriously by both policymakers and investors.feedback

Geoff Dennis - UBS

MSCI admits they are doing good things (lifting capital controls; abolishing FX restrictions) but not for long enough to 'be deemed irreversible'. However, we think the long-term picture in the country still looks good and we would look to buy any decent-sized dip in the market over the next few weeks.feedback

Charles Schwab

Survey respondents say it's an average of $2.4 million, or nearly 30 times the actual median net worth of U.S. households, according to the U.S. Census Bureau.feedback

Rishi Khanna

Customers are taking baby steps. It is a bit frustrating.feedback

Rohit Arora - Biz2Credit

Businesses were expecting health care reform and tax reform to come in. Expectations ran ahead of reality.feedback

Stephen Caprio - UBS

Businesses are just wanting clarity before putting these investments to work.feedback

Hayden Briscoe - UBS

China is a net creditor nation and until somebody calls you on your capital – it's just like the Japanese situation, we've been waiting 20 – 30 years for them to implode. Once you run out of capital, then someone can call you on it and then you're in big trouble but until then they can kick the can down the road a bit further.feedback

Hayden Briscoe - UBS

But the prices have to come off as they're not socially responsible especially in Tier 1 cities where you have more like 20 – 25 percent house price appreciation.feedback

Julian Emanuel - UBS

There was no real catalyst; I just think there has been a psychological change. Even though the long-term earnings picture with these stocks is favourable, there is discomfort with the disproportionate gains in these stocks.feedback

Phil Bentley

This has been a challenging year. We have reported a loss as a result of the one-off accounting adjustments arising from the accounting review.feedback

Seth Carpenter - UBS

A softer-than-expected inflation report could put the September rate hike at risk and potentially change the tone of the Fed's statement.feedback

Julian Emanuel - UBS

When you have a move of this magnitude, the one thing we know is volatility is now heightened, and volatility can work in both directions. We will just have to see how deep the psychological change is with investors, having two days to think about it. It doesn't interrupt our long-term view … but too much of a good thing can be too much of a good thing. That's what the market is telling us.feedback

Peter Boockvar - The Lindsey Group

We went parabolic. This is what happens when you go parabolic. The real test is what happens after the bounce. You know there will be dip buyers. If we fail and have a lower high, from a technical perspective, that tells you it could be something deeper than this.feedback

Mark Cabana - Bank of America Merrill Lynch

I think that the market actually took this released testimony to indicate that there wasn't a clear smoking gun. There wasn't much we didn't already know, so I think there was a little bit of relief after that largely because there wasn't another shoe to drop. While the testimony made for interesting theater, I don't think it really gave the market a tremendous amount of direction.feedback

Mark Cabana - Bank of America Merrill Lynch

We actually think it will be tough for them to be more dovish than what the market is pricing.feedback

Julian Emanuel - UBS

What we'll have to see is whether that loss of momentum will bleed over into other sectors, and, to that respect, what the Fed says and how their body language is becomes even more important. We will want to see reassurance that the economy is on track. It's a change in sentiment that in the near-term, at a minimum, stops the momentum. We have to see if there's downside follow-through in the next week.feedback

Julian Emanuel - UBS

We will have to see how the next several weeks unfold before we can figure that out. What we want to see is a renewed discussion on elements of tax reform.feedback

Julian Emanuel - UBS

The Fed is coming and for us the Fed holds the potential to catalyze a reversion trade that we started to see in the last couple of days, with the financials trading as strong as they have been. It could well be if the Fed is perceived to be less dovish – or more hawkish – than the market thinks then you could get what we think was, in the last two days, the start of a rotation back into the financials and that could move out into other cyclical areas.feedback

Julian Emanuel - UBS

The Comey testimony has come and gone and the market is yawning, as it's yawning with everything else. … The market's reaction tells you that investors dismissed it completely.feedback

Aaron Kohli - BMO Capital Markets

It seems to me this is not going away, and as long as you don't have a focus on legislative priorities, it's difficult to make a case that this resolves anything.feedback

Andreas Venditti - Vontobel

For the Swiss banks, it was always important to be in London, not least to be close to your wealthy customers. With Brexit, London has certainly lost some significance. For Credit Suisse, which was under pressure to cut costs anyway, as well as UBS, the timing is fortunate. Brexit is a good opportunity.feedback

Tom Naratil - UBS

If nothing changed year over year (the adviser would) be paid exactly the same in terms of dollars and cents. Whatever decision he and the client make, it doesn't impact his rate of pay.feedback

Michael Zinn - UBS

There's a possibility that as extremely overbought, as shockingly overbought as some of these big names in tech are, they may actually be undervalued, because it's very hard to find double-digit, organic sales growth that you can reasonably think you are going to see for the next 5 to 7 years in virtually any other sector.feedback

Jeremy Zirin - UBS Wealth Management Americas

One interesting trade that we've implemented as of last week is that we've gone value over growth large cap U.S. equities. Valuation is now more attractive given the fact that value has underperformed and earnings actually were better in the first quarter for value than for growth. We're likely to see between 2.5 and 3 percent GDP growth on a quarter-over-quarter basis over the course of the rest of the year. That should also provide a tailwind for value.feedback

Jeremy Zirin - UBS Wealth Management Americas

What's been left behind in this market has largely been energy and financials. Energy and financials make up almost 40 percent of the value index, and we think the risk reward around those two sectors look quite attractive.feedback

Brennan Hawken - UBS

Lawsuits stemming from the 2010 DOL rule that increased transparency into 401(k) fees have accelerated in recent years and now there are signs that the trial bar is widening its targets to include smaller plans, which comprise the core of TROW's retirement offering.feedback

Brennan Hawken - UBS

While TROW is negatively impacted by the DOL [Department of Labor] fiduciary rule, we view the 2010 DOL rule that increased transparency into 401k fees as the underappreciated threat. TROW has a solid domestic franchise with strong investment performance but we see these positives as more than offset by the overhang from the DOL rule, headwinds from corporate 401k lawsuits, and shift towards passive.feedback

Joseph R. Swedish - Anthem Inc.

We would prefer not to extract ourselves if we can get the math to work.feedback

Alejandro Velez - UBS

This transaction will allow UBS to accelerate its expansion in Brazil and demonstrates our longstanding commitment to growing our wealth management business in this key market.feedback

Zsolt Papp

This will be perceived as a key thermometer of market stress.feedback

Ross Teverson

While these moves may be supportive in the very near term, if the political environment remains unsettled for longer (and no signal of eventual improvement in fiscal accounts) we may see further depreciation of Brazilian assets.feedback

Ross Teverson

Questionable governance has held Brazil back for a number of years and, while the ongoing corruption investigations create short-term uncertainty, there is a much greater longer-term payoff for Brazil if the new reality is that politicians and companies can no longer break the law with impunity. The National Treasury can also join the effort to calm markets and buy back bonds (as was done in 2015).feedback

Tan Teck Leng - UBS Wealth Management

I think we will get a lot more...headlines in coming weeks and months, especially as the investigations takes place. It will be a hit sentiment for the dollar.feedback

Satoshi Okagawa - Sumitomo Mitsui Banking

It hasn't gone away...and so the market will be swayed by any related headlines.feedback

Steven Barrow

Elections have been reasonably predictable over the last 20 years, with the exception of 2010 perhaps, and this one more than ever.feedback

Jordan Rochester

This is not a tight election. It's probably going to be more like the New Labour re-elections of 2001 or 2005. Sterling has a slightly thicker skin, and 'hard Brexit' seems to be in the price somewhat.feedback

Steven Barrow

We could see a similar reaction in sterling this time - 'buy the rumour, sell the fact' - not only because May is expected to win, but also because we go straight into Brexit negotiations.feedback

Caroline Simmons - UBS Wealth Management

Over time, things become clearer and the market tends to recover. But we've got the added outcome of Brexit this time around.feedback

Hartmut Issel

Singapore millionaires stand out by a few percentage points (in) each category by being more willing to embrace technology and think big data could be helpful to make sense of this uncertainty.feedback

Hartmut Issel

Property is usually a key focus point in the region and it seems that Singapore is turning more positive whereas in Hong Kong, the authorities are still trying ensure better affordability. (The) property market can often swing the picture. I think there's work to be done for wealth managers in Singapore to at least put the context that while cash is always safe, it is also important to know that you have opportunity costs and inflation so it is not quite as safe as perceived.feedback

Hartmut Issel

In terms of policies, their main concern is around trade. This correlates as Singapore is a very wealthy and open economy so if something happens on the trade side, historically it will affect the most open economies.feedback

Lim Chow Kiat

Conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS strategy and business. It makes sense now for GIC to reduce its ownership of UBS and to redeploy these resources elsewhere.feedback

Themis Themistocleous - UBS

It is easy to be very negative when you look at Europe [but]... it is possible that these leaders recognise the challenges Europe faces and their own countries face, so they get on with reforms at the national and European level. That is the dream.feedback

Themis Themistocleous - UBS

If the reforms do not take place, then we will most probably go back to the Japanification of Europe with no growth.feedback

Julian Emanuel - UBS

The potential for continued buybacks (and resulting EPS uplift) from repatriation reinforces our overweight call on Tech and Health Care, which together hold over 80% of the offshore cash.feedback

Bruno Verstraete - Lakefield Partners

Finally and almost two years after some have been calling European equity 'overweight', the hope of earnings growth acceleration seems to happen. It is still early on, but with reduced geopolitical risks the consumer and companies might start to put cash at work and bring earnings and sales growth into a positive spiral.feedback

Alexander Gunz

In general terms, European equity valuations also continue to look attractive, particularly relative to the US.feedback

Nick Nelson - UBS

The macro (-economic outlook) in Europe is improving and top line growth is finally arriving and allowing firms some operational flexibility. Profit margins are still depressed, so there is still headroom for profits to improve further in Europe.feedback

Alexander Gunz

This has been one of the strongest earnings seasons in Europe for some time. Results have mostly surprised on the upside. Looking ahead we see good reasons for further strength, aided by a combination of improving macro trends and operating leverage at a corporate level.feedback

Steven Milunovich

We think Apple is likely to only make an acquisition that results in a better product and customer experience, not to protect financial results.feedback

Sherrod Brown

He will be sitting on the sidelines of potential enforcement actions against some of the biggest Wall Street banks - Goldman Sachs, Deutsche Bank, Royal Bank of Canada, and UBS.feedback

Steve Chiavarone - Federated Investors

You're not seeing a slowdown in demand ahead of a major upgrade year, and there's a potential for higher costs and margins with the new model.feedback

Todd Rosenbluth

Active fund managers as a whole continue to underperform their benchmarks and are not going to want to leave a lot of performance on the table if they continue to see this company rally.feedback

Chris Grundberg

We believe that Just Eat will lose share of the overall food delivery market, but that the whole market is growing fast enough that Just Eat's absolute growth prospects remain very healthy.feedback

Erica Chase - UBS

While we are disappointed in this decision, we continue to believe that the claims have no merit and we will continue to vigorously defend the case.feedback

Axel A. Weber - UBS

That's a problem that is not resolved – it's off everyone's radar screen. Even if growth rebounds, it's not a strong upswing. There's some upside to it but there's no real swing in it.feedback

Axel A. Weber - UBS

Europe really needs to turn the corner and put serious structural measures on the table and implement them. Only that will allow the ECB to retreat from the current strong support it provides to the European economy at large.feedback

Steven Milunovich

Most investors are focused on F18, which means the next few reports should be less important than usual. We are slightly below consensus for the quarter and this year but above for F18.feedback

Dominic Schnider - UBS Wealth Management

At the same time, we do think some of the Asian currencies could still go a little bit given that on the cyclical side, we do look much better. . Higher rates per se do not always translate into a stronger currency. The starting point is very important. The dollar was massively overvalued. We're just going to see some correction of that overvaluation.feedback

Dominic Schnider - UBS Wealth Management

The starting point for the dollar into 2017 was just very, very rich in terms of valuation. As we see more disappointment, from Trump's policies and at the same time, the world outside the U.S. looks better, I think we're still going to see that continuation of dollar weakness. It's not going to be a weak currency, but the dollar continues to slide on a trade-weighted basis. We do think the euro is heavily undervalued, with a chance that actually the ECB might taper in the second half of the year, then the euro/dollar should see a decent recovery.feedback

Nick Nelson - UBS

European has been the poor cousin in terms of ETF flows over the recent year with a large gap opening up between the two.feedback

Nick Nelson - UBS

There are little signs of the specific impact of politics on the market relative to other European countries.feedback

John Cryan - Deutsche Bank

Our goal is to strengthen our position as a leading European bank with global reach, supported by our strong position in our home market, Germany. A solid capital base is essential if we are to succeed in our future strategy and capture growth opportunities for Deutsche Bank. Thanks to a stronger balance sheet, we have the ability to increase business. Prudent growth should be our byword going forward.feedback

Sundeep Gantori - UBS

By 2025, we think that the talent in India and China together will exceed what we'll have in the U.S. At the same time, the region generates a lot of data, which is very handy in AI.feedback

Carla Dearing

The point is to learn to be mindful of where your money is going. This allows you to prioritize and make targeted changes to your spending.feedback

Jamie Novak

It's tempting to run to the store when we need something. Instead, shop at home. There's a really good chance you already own what you need.feedback

Jonathan Murray - UBS

Credit cards can be the instrument of the devil because you're unaware of how much you're spending.feedback

Jonathan Murray - UBS

Cable companies are sneaky. They'll raise your rates without telling you.feedback

Andrea Woroch

Now that the weather is beginning to get warmer outside and the days are longer, you have more opportunity to work out outdoors before it gets too hot. Duct leaks, dirty filters and broken window seals all contribute to wasted energy and money.feedback

Jonathan Murray - UBS

Come armed with your goals for the year and make a professional argument about how you're exceeding them.feedback

Jonathan Murray - UBS

If you can pack your lunch at night and eat dinner at home, you can save hundreds a month.feedback

Jamie Novak

Dig out that picnic basket you received as a wedding gift 10 years ago.feedback

George Galliers

Third parties have flagged that auto delinquencies are at or close to record levels. Similarly, outsiders have noted an uptick in credit losses. However, it needs to be recognized that delinquencies are high in absolute terms because lending is at an elevated level. Delinquency rates do not look concerning and, in fact, remain at very low levels.feedback

Joni Teves - UBS

Gold's failure to break convincingly beyond key psychological and technical levels for now is likely acting as a challenge to sentiment, especially considering how reflation hopes and U.S. fiscal optimism recently came under some pressure. Despite an underlying positive bias towards gold, the hesitation and lack of urgency to build positions at this point was evident in recent changes in Comex positioning.feedback

Andrew Brenner

Fed speakers are pretty much irrelevant right now.feedback

Art Cashin

They declare their divorce. It's something you want to be alert to. I think this was a turnaround Tuesday and we'll wait and see. The market wants it to look like [Washington] is getting something done. People are pushing for [Trump] to get off taxes and do infrastructure. It looks like everybody's got an opinion on taxes. I don't think he hurt. He was just in the chorus helping out.feedback

Andrew Brenner

Window dressing for our quarter end will probably happen more towards Thursday.feedback

Andrew Brenner

One, can they get the deficit approved so they don't have to shut down the government? And two, will they get a tax plan that will be meaningful? There's a lot of people that don't believe Trump can get it through. I'm not one of those people. If equities get sloppy, sell in May is not far away.feedback

Andrew Brenner

I'll be watching Brexit but I don't think it's going to have much effect. I think the negotiations will be going on for two years.feedback

Steven Milunovich

We also assume buybacks are on the aggressive side relative to the last few years.feedback

Wayne Gordon - UBS

In the short term, the French elections make a bit of a mess of the European story. So all of a sudden you get this Goldilocks scenarios for Europe where the data is better, the macro looks better, the risk has come off because you no longer have this challenge of a potential very important election in France. And so then that's when see really the euro-dollar getting some traction there.feedback

Wayne Gordon - UBS

Everyone's concerned about, well what if she gets elected? But if our base case transcends and we have anyone else but her elected…then the risk will come on for Europe.feedback

Liam Bailey - Knight Frank

In a European context, London is without doubt the dominant city for the wealthy. London is just more accessible for more wealthy people, it is more convenient, more connected and more open than other cities. London attracts talent from around the world, and it will continue to do so.feedback

Ryan Detrick - LPL Financial

We went 109 days without a 1 percent close lower on the S&P, which was the longest since 1995. When you have these long stretches without a 1 percent drop, the returns going out six to 12 months are actually very strong. It's kind of opposite of what you might think.feedback

Ryan Detrick - LPL Financial

We're still modestly off the all-time highs, and our general opinion is this could come in a couple more percent or so, but when you look at the economic backdrop, which is positive, it doesn't signal a major correction and it could signal a buying opportunity. Small caps continue to break down. That's obviously a warning sign. Crude and small caps are the two big ones. Both of these were cracking before today. Those are the harbingers we're watching. If those continue to weaken that could be a sign there's a little bit of a sign that more weakness could be coming into equity markets.feedback

Ari Wald - Oppenheimer Holdings

If you were to break below 2.3 percent, I would worry. I generally view that the direction is equally important as the level.feedback

Julian Emanuel - UBS

We've been saying that we expect a 5 to 10 percent correction. We've been saying that for weeks now. What happened was the market began to question whether it was a policy error … so for us there is unexplained softness in consumption that may or may not correct itself once the tax refunds get into peoples' hands, but there's no signs that's going to be the case.feedback

Julian Emanuel - UBS

It's pretty easy to see this as almost a risk reset. That's what we've been looking for and we think you are in the midst of it. To us the most important things going forward are two things: Can confidence figures be maintained where they are now, and will the public continue to be the incremental buyer? If either one of those degrades at all, that opens up the case for more downside.feedback

Gabriela Santos - JPMorgan Asset Management

Looking forward, the shift in tone is important but you also have to see the implementation of change.feedback

Gabriela Santos - JPMorgan Asset Management

There are very many different models and in Latin America specifically, Brazil is learning from the countries Mexico, Colombia and Chile.feedback

Alejo Czerwonko - UBS Wealth Management

As a result of many years of a wary attitude to trade, the comments you hear from Brazilian officials today have a different flavor, a more open flavor. The new rhetoric toward more trade openness in Brazil is important. You cannot really make a straight comparison between what happened in Brazil under the Brazilian Workers' Party and what could happen in the U.S. One of the reasons the Brazilian recession was so deep was this corruption scandal that erupted. It looks like the U.S. has a different level of institutional development that should prevent such widespread practices.feedback

Nitesh Shah

We expect gold to rise to US$1300/oz by mid-year (over 5% gain), before declining back to current levels by year-end. A dovish Fed will be met by inflation surprises over the coming quarter, which will lead to further decline in real interest rates. Although we agree with consensus that the Fed will deliver only two further rate hikes this year, Fed members may be forced to talk tougher in the second half of the year, which could tighten yields and lead to a stronger US dollar. For now a dovish Fed is likely to support gold.feedback

Henrique Meirelles

We had adopted during the last years some protectionist measures for some sectors of the economy and the net result was not positive. At the end of the day the products became more expensive and Brazil...became less competitive, In Brazil, we are moving towards a more open trade policy.feedback

Eric Sheridan - UBS

In our view, these fears place an undue emphasis on the role of advertising impression growth for core Facebook and ignore the key drivers of new ad products, better measurement/attribution tools & sustained levels of engagement across the Facebook ecosystem.feedback

Hakan Enver

Brexit has pushed institutions into two camps. On one side, we've got the 'business as usual' team, and, on the other, we have the institutions that are tired of the government's hemming and hawing and have already begun to move jobs to other EU countries. It's the latter group that's contributed to the quarter drop in jobs available. Large institutions…are currently using up incredible institutional resources to project years out and plan for a future that changes from one day to the next. For many, it's simply proving easier to get ahead of the worst-case scenario and get out of London now.feedback

Colin Langan - UBS

This is at the low end of the $1-2bn we expected and could imply another raise later if the Model 3 is delayed. If the launch is delayed (note the Model 3 beta prototype is not yet approved by the board), cash burn would be worse, putting them close to the $1bn cushion they need. Liquidity and cash burn remain key near-term risks, and investors may grow weary of continued raises as this is the second capital raise in a year.feedback

Alastair Newton

In short, although I think that we are seeing something of a pushback against populism in Europe today and that we should feel some relief at the Dutch outcome, populism is far from dead, including in the Netherlands, and we should treat the French election on its own merits.feedback

Vinay Pande - UBS Wealth Management

Investors are, I think, severely under-invested: Cash balances are very high, and as central banks make progress towards their inflation targets, if you're sitting in Europe or Japan with zero- or negative-yielding money markets, inflation is like termites eating your house. Perceptions matter just as much as – or sometimes more than – reality.feedback

Vinay Pande - UBS Wealth Management

We have under performed and under grown for the last several years, so that's a bad reason. But good reasons include that there have not been the excesses that we saw pre-crisis – for example in credit spreads. Because you have not had excesses, the sort of short-circuiting of the growth cycle becomes less likely.feedback

Vinay Pande - UBS Wealth Management

I think that there are clear signs that this administration is looking to cut corporate taxes, if not this year, then later in the year, or early next year. Every 5 percentage points net cut in the corporate tax rate translates into 4 percentage point increases in earnings per share growth. These are very big numbers, gigantic numbers.feedback

Brennan Hawken - UBS

ETFC's new management team has implemented a plan to improve operating metrics or seek a buyer for the franchise, which should help to limit downside in ETFC shares, in our view.feedback

Sadiq Khan

There is growing concern in the business community about the unnecessary uncertainty caused by a real lack of clarity on the government's negotiating position. Some businesses including HSBC, UBS and JP Morgan are already beginning to move small numbers of staff from London to other European and world cities, and many more have announced contingency plans to do so over the coming months. London and Britain's global competitiveness and influence in the world have been built on our nation's historic openness, rich culture, progressive values and flair for innovation.feedback

David Lefkowitz - UBS Wealth Management

Bull markets typically don't die of old age. They typically die because there's a downturn in the economy. The key question is how quickly does inflation continue to rise from here and how aggressive does the Fed need to get.feedback

Doug Mitchelson - UBS

Netflix is certainly well-liked and not inexpensive, but we do see the potential for Netflix to exceed Street subscriber growth expectations and believe that concerns regarding competition and content costs are misplaced. We expect Netflix's original content ramp to continue to drive accelerating international net additions, especially as [Netflix] increases investment in local content overseas and adds more movies and nonfiction genre content.feedback

Art Cashin

Initially, futures looked like they were going to sell off and then they shot around and spiked higher, suggesting that the hesitation was tied to the lack of policy details in Trump's wide-ranging address. That left a feeling in some of the guys who were trading that some of the initial buying may have come out of Europe, and that they were perfectly willing, since the speech was much more presidential and somewhat conciliatory, to buy into that.feedback

Art Cashin

That's an interesting way to look at it, that if he didn't give you detail, that nobody can stand up and rail against it. And so the absence of opposition may encourage some people. It's a bit of a stretch, but I can understand it.feedback

Art Cashin

To get a positive reaction, you need the president to say just the right things, to give enough detail, hope and timing that the market picks up on it. Then you need Congress, both the Democrats and Republicans, to sound like they might be able to work along with it and get it passed. Now, if either of those don't happen, that would raise the possibility of a logical, negative reaction from the market.feedback

Steven Milunovich

Apple appears more interested in AR [augmented reality], which connects people, than VR [virtual reality], which potentially isolates experiences. Apple may be well equipped to lead given its core competencies in hardware design and software/hardware integration as well as its large base of affluent iPhone and iPad owners.feedback

Steven Milunovich

According to some industry sources, the company may have over 1,000 engineers working on a project in Israel that could be related to AR [augmented reality]. Our work suggests that AR could be the next major innovation from Apple and that its competencies could make the company a winner ... Augmented reality is an area where Apple could leapfrog competition in providing a superior user experience. This could result in sustained iPhone retention rates and more switchers.feedback

Art Cashin

Well, we're significantly overbought now. I mean, I think we're really vulnerable in the sense that things like the advanced decline indicator is not keeping up with the rate of the rally. We're above, 8 percent above the 200-day moving average, getting very close to 10 percent above in the S&P. That's usually a warning signal.feedback

Javier Lodeiro

It makes no sense for UBS to tie up resources in this business. Even so, Monday's transaction has neither the dimensions nor the strategic significance to have an impact on UBS shares.feedback

Kirt Gardner - UBS

We expect Wealth Management's net new money growth rate to remain around the lower end of our 3 per cent to 5 per cent target range for 2017.feedback

Colin Langan - UBS

We struggle to understand the run-up, particular as Q4 deliveries missed, though positive spin on the Musk-Trump relationship, reconfirmed Model 3 launch timing, and expectations of new reveals (including more autonomous features) are likely factors. We remain cautious with expected accelerated cash burn ahead of the Model 3 launch … [and] negative earnings revisions with the inclusion of SCTY.feedback

Art Cashin

It's not a very broad rally as it had been a couple weeks ago. So when it begins to narrow, you do worry about that. The volume was nothing to write home to mother about. So you look at those things and say, How much of this is an illusion and how much of it's real? If they punch through there, they could possibly get a tailwind and ... kind of another minor breakout.feedback

Axel A. Weber - UBS

(Tax reduction and infrastructure spending are) going to happen slowly and what we are seeing at the moment is whilst those medium to long-term prospects are good, the tailwinds that we were getting from that are going to materialize at the end of this year. The headwinds that are coming from some of the trade policy are likely to set in earlier, so we could face some period of volatility until actually most of the government is in place, appointments have been confirmed in the hearings.feedback

Alex Weber - UBS

Political uncertainty is now the name of the game, almost in every country.feedback

Axel A. Weber - UBS

In Britain we've seen that over the last summer. I'm pretty sure Marine Le Pen will be one of these candidates (in the final round) but I don't think she will be the winner of the race.feedback

Jim Cramer

I still continue to think it's undervalued. This is the first time that I felt that Apple has something that would make it so we really could be surprised by what it is.feedback

Steven Milunovich

We consider the installed base and retention rate the primary drivers of device and services value. … If Apple services were valued similarly to PayPal, the stock would be at least 10% higher.feedback

Dominic Schnider - UBS Wealth Management

The economy is expected to accelerate a bit this year versus last year but there's not going to be an awful lot of acceleration taking place. You can argue Trump is going to able to bring a huge fiscal stimulus and that's why growth is going to accelerate 4 percentage points. We think that is unlikely to happen; we have yet to see it's going to pass (the U.S.) Congress.feedback

Dominic Schnider - UBS Wealth Management

There's a lot of uncertainty here. For the Fed, in the current environment, this means: 'yes guys, we are going to normalize rates but it's going to be slow moving. Give us a little bit of time, let us assess the situation.feedback

Matthew Mish - UBS

You are lending increasingly to the type of person that has cash flow pressures.feedback

Jeremy Zirin - UBS Wealth Management Americas

Dividend paying stocks should benefit from demographics as aging Baby Boomers seek income growth in a low interest rate environment. Strong balance sheets, solid free cash flow generation, and low dividend payout ratios support corporations' ability to fund continued dividend growth.feedback

Eric Sheridan - UBS

No one thinks that's the best solution here but the opposite – making another change – also doesn't seem like good solution. Facebook and Google are going to continue to grow at very fast rates and continue to innovate and I think that would leave Twitter far behind at this point.feedback

Wayne Gordon - UBS

If you have a weaker currency, things that are more exogenous to just the politics of exchange rates begin to work a bit more in favour of (certain outcomes), for example capital flows out of China, which is really what's putting a lot of pressure on the yuan over the last year or so.feedback

Boris Rjavinski - Wells Fargo Securities

What will keep getting attention is what's coming from the new administration. Politics, as opposed to central banks, have become the primary driver of yields in the near term, and the main source of volatility. …It does seem to make a difference when a certain account tweets more or tweets less.feedback

Art Hogan

We would have prioritized what the president did in the first two weeks with the things that please us most. Building walls, changing immigration laws on the fly, starting trade wars … all that has the market saying, Wait a minute, you ran on tax cuts.' Whether it's done by reconciliation or done by legislation, it's going to take time. The shift back to focus on fundamentals, it's not going to take us substantially higher. It's taking us back to where we were two weeks ago.feedback

Scott Redler

This could keep the Dow above 20,000 this time. Earnings have been pretty good with 72 percent of companies beating.feedback

Julian Emmanuel - UBS

We continue to think they will converge to our number, which is 5.9 percent, because the legislative process is a long and complex thing. It's clear there are other things higher on the agenda than tax reform. Literally every issue with regard to tax reform is open for negotiation.feedback

Julian Emmanuel - UBS

The question is, have investors fully factored in this whole idea that the legislative and policy agenda is full enough such that tax reform is going to be very late 2017 or 2018 issue? And for us the most interesting thing sort of below the surface is that earnings estimates which we have believed for months are too high, actually have come down over the last week pretty dramatically.feedback

Dan Suzuki - Bank of America Merrill Lynch

Our perspective has been that in the very near term, while there's no more 'central bank put,' it's been replaced with a 'Trump put.' The 'Trump put' is reliant on not getting much detail on the eventual policies we're getting, in the near term, which keeps the hope trade alive.feedback

Dan Suzuki - Bank of America Merrill Lynch

Predicting Donald Trump's tweets is bordering on the impossible. Next week is the last major week of earnings season so that's going to be ongoing, but I think with all the political news, the earnings have taken a back seat. I don't anticipate there being any change. The bottom line for the earnings season is things are pretty good.feedback

Art Hogan

My guess is we're kind of running out of tape bombs that come out of the White House, for the short term. It feels as though my guess is we get any glimmer of a shift back to the fundamentals, the market finds a path higher.feedback

Dan Suzuki - Bank of America Merrill Lynch

The market is beginning to focus on some of the negatives that fall within the policy options. Right now the negatives of border adjustment, losing interest deductions and concern about trade friction … and overall social unrest. People are talking more about that stuff because we're not getting much clarity.feedback

Steven Milunovich

It's a great revenue line... and helps offset the fact margins are coming down on the iPhone. Given we don't know what Trump policies will be it's very difficult to model. We're sticking with iPhone price and modeling from there.feedback

Art Cashin

That thousand point move from 19,000 to 20,000 was accomplished in 42 days. And, that's very fast. That's the second fastest thousand point move in the history of the Dow. Most of the traders here think you may get a little bit of a pause or a slowdown. That's happened before. They think we may see a bit of a pullback in February, . That's rather consistent with a first time president, and the pattern that follows him. I think then you can get another leg to the upside that may be multi-month and then you will have a longer correction after that.feedback

Art Cashin

Will there be a test from North Korea? Will there a be a test from Russia? You can't get too, too comfortable.feedback

Tomasz Grzelak

Considering that the ... negatives are to be seen as phasing out in 2017, the results support our buy rating.feedback

Neil Wilson - ETX Capital

Tesco shares soared after it announced plans to merge with Booker Group, a major strategic play for the UK's largest retailer at a crucial moment for the industry and in its turnaround process. At first glance Tesco's merger with Booker makes perfect sense. Tie up the end-to-end wholesale/retail business and make savings in the process.feedback

Martin Blessing - Commerzbank

We must also see that we still earn decent money. That will certainly be the biggest challenge in 2017.feedback

Koen Straetmans

Increased geopolitical risk or an increase in protectionism could just as easily lead to commodity supply disruption, sending prices higher in the near term despite negatively impacting commodity demand, too. Over longer periods, correlation between broad commodity prices and policy uncertainty is low to slightly negative. Exceptions include precious metals with a more pronounced positive correlation, and a strong negative correlation with the energy segment.feedback

Tan Teck Leng - UBS Wealth Management

I think there is a big mispricing on the euro-dollar right now because the market is actually happily still using the euro as a funding currency for now because Draghi is extremely dovish. By the middle of this year, once the medium-term inflation expectation touches its target of 2 percent, we actually can expect a strong hint that he can reduce the program a lot more. There is a political premium right now on the euro and in fact, we don't think there will be big accident out of those events. So right now the price on the euro, you are getting a good discount.feedback

Jon Rigby - UBS
William Featherston - UBS
Joseph Head - UBS

Incorporating the IEA's (International Energy Agency) baseline demand revisions would, all else equal, bring forward our projected rebalancing from 2Q17 to 1Q17.feedback

William Featherston - UBS

We estimate XOM is now trading at 12.4x and 11.6x our 2017 and 2018 DACF [debt-adjusted cash flow] estimates, respectively, well above its historical average of 8.2x and the global integrated average of 7.2x and 6.4x.feedback

Cemil Ertem

The central bank could also use the rate tool, it's also on the table. The central bank's hands are not tied.feedback

Julian Emmanuel - UBS

The wall of worry which has supported stocks for 8 years has given way to a deep sense of hope and optimism. Such optimism is often seen near the end of bull moves/beginning of corrections rather than at the early or mid-stages.feedback

Julian Emmanuel - UBS

The laggards will lead in the new year, and there's a lot to choose from, particularly in the beaten-down areas of health care, certain consumer discretionary and software stocks.feedback

Eric Sheridan - UBS

Continued issues with user verification, bots and negative social behavior by users could cause any momentum to dampen.feedback

Eric Sheridan - UBS

We believe Twitter's ad revenue will likely be pressured (and grow below industry levels of mid-teens CAGR [compound annual growth rate] the next three years) given lackluster advertiser demand (among heightened competition), executive turnovers and challenged ad execution.feedback

Sergio Ermotti

We are happy to see that post-elections (in the U.S), we see both people that supported (President-elect Donald) Trump and people that were supporting (Hillary) Clinton becoming more positive about the economic outlook and being willing to consider investments going forward. Now, we need to see them translating that desire into reality.feedback

Sergio Ermotti

But it is starting to affect savings, most pension fund systems, insurance companies and the confidence of people who have been saving money thinking that they can leave a little bit out of their income to continue to prosper. It is creating this sense of inequality that goes on in Europe.feedback

Sergio Ermotti

I think if the collateral damage of low (interest) rates or negative rates would only affect banks, it would be okay.feedback

Sergio Ermotti

We need a higher degree of certainty in order to take action, it will be extremely expensive otherwise.feedback

Sergio Ermotti

We have a Frankfurt base where we house our wealth management operations and not just that... We have a framework in place and infrastructure that can be expanded if needed.feedback

Brendan Dillon - UBS

In terms of the LBO space, I think there's going to be a ton of activity.feedback

Mark Okada

That's going to be very bullish for risk assets. It's going to take a long time for all this to materialize, but it does change the way someone like me looks at the world.feedback

Mark Okada

This handoff from monetary to fiscal is a very powerful change in the way capital is being allocated and earned.feedback

Brendan Dillon - UBS

I think that the big difference between the last administration and now is that there will be a major shifting of priorities, including certain sectors falling out of favor and others becoming more attractive; and that makes for increased activity and repositioning which fit very well with the sponsored finance universe.feedback

Recep Tayyip Erdogan

Nobody has enough power to topple this country with economics, terror, unrest or cruelty.feedback

Orhan Ökmen

To protect the lira's resistance against the U.S. dollar, investors' perception that the central bank will be unable to raise interest rates must be shattered as soon as possible.feedback

William Jackson - Capital Economics

An outright rate hike is the only way the central bank can take action and assure markets it will not let the lira plunge. The longer they go without doing it, the more aggressive action will be needed.feedback

Manik Narain - UBS

The longer you wait, the more inflation expectations and confidence get contaminated and the harder the problem becomes to arrest. They will need to move at least by 50 bps and indicate more tightening is ahead.feedback

Geoffrey Yu - UBS

You want to be somewhat defensive heading into March. We haven't had any event risk in sterling for quite a while now and we do think that triggering Article 50 is probably the next somewhat binary event risk.feedback

Geoffrey Yu - UBS

I still think there is a dollar component there if you compare to a relatively robust reaction to Friday's numbers but on the back of the prime minister's comments. The latest reading on the labor market provided evidence of strong wage growth and revived expectations of higher inflation, providing support to the greenback's well-established bullish trajectory.feedback

Geoffrey Yu - UBS

If we get it right probably we could see actually a structural upward move but if we do get it wrong then a downward move but again those would be areas given the valuations where we look at getting back into long sterling again.feedback

Russ Mould

The big upward revision to November and a 2.9 percent increase in average hourly wages are going to be enough to let markets keep their faith in the Trump reflation trade, and the U.S. Federal Reserve plans further interest rate increases.feedback

Brennan Hawken - UBS

We believe we are entering a period where earnings power may inflect for bulge bracket investment banks due to lesser regulatory constraints.feedback

Dennis Geiger

Shares appear to largely reflect improved fundamentals and refranchising benefits. Despite confidence in the long-term outlook, we're lowering our rating ... we'll likely wait for greater conviction into traffic and sales acceleration and more upside to consensus estimates before revisiting our recommendation.feedback

Brendan Dillon - UBS

First quarter 2017 will be one of our best quarters ever at UBS for leveraged finance.feedback

Daniel Major

Despite the uncertain gold price backdrop, looking into 2017 the European gold miners are in good shape from a cost and balance sheet perspective.feedback

Henry Croft - Accendo Markets

Today's focus will be the afternoon's U.S. jobs report, not so much for the notorious volatility-inducing non-farm Payrolls but for accompanying metrics. The unemployment rate is seen ticking up from December's 9-year low, while wage growth accelerates, something which could imply rising inflationary pressures that force the Fed to hike (interest rates) more quickly in 2017.feedback

Ian Lyngen

The response to Trump provided the Fed enough cover to move forward with the process of normalization. There are clear worries about the secondary impact of what a tighter monetary policy is going to do.feedback

Julian Emmanuel - UBS

A lot of the fixation is clearly on Dow 20,000, and how that reacts, but the idea is that with those numbers, you get roundaphobia. … I just think there's some natural hesitation around this round number. By virtue of the concept of a watched pot seldom boils, if it does boil, there's going to be information on whether crossing 20,000 is met with a buy or a sell. Our inclination is I think it could be met with some resistance.feedback

Julian Emmanuel - UBS

In our view, at 19-time earnings, we think it's fully priced in now. We think it could be deeper than the conventional wisdom is because of this newfound optimism and belief that [the Trump program's are] generating growth that is going to cushion the downside. Is a test of the 200-day moving average possible in the next couple of weeks? Absolutely. Is it a buying opportunity? Absolutely.feedback

Thomas Simons - Jefferies

…Prices are starting to go up. That's had an impact going up the chain. I think that was the message we go from that today.feedback

Art Cashin

It was mostly oil, but some of it was the Ford Motor Co acquiescing, and that had people worried about global trade. The transports went negative as soon as that came out. But then you got bailed out at the end because there was big market on close buyers.feedback

Thomas Simons - Jefferies

Janet Yellen said some members built fiscal stimulus into their forecasts. She didn't say how many there were and what it means. How do they look at 2017? How do they view the risks given the new administration and what does that mean for policy response? That was the biggest question I had coming out of the last meeting.feedback

Greg Valliere

The 'sugar high' stock market rally after the election was entirely warranted because there's a good prospect of stronger GDP growth in the next two years – stimulated by tax reform and reduced regulations. But the legislative process is often glacial: This will not be a 1,000-mile sprint, it will be one step at a time, starting at noon today.feedback

Steven Milunovich

Last year Apple initially provided the supply chain with high numbers only to cut numbers later. Given last year's misread on demand, its clear visibility beyond one quarter is limited causing Apple to play it safe for now. Apple could keep inventory lean through Dec in order to support what could be a difficult Mar.feedback

Brendan Dillon - UBS

In the LBO space, 2017 will be, if not a record year, a top two or three year. There's a lot of pent-up dealflow.feedback

Adam Brown

It would be great to see new issuers come to market - true new-money, new issuance that could soak up some of that cash that's on the sidelines.feedback

Adam Brown

We're not making major portfolio changes based on assumptions about what the new administration will actually be able to get done.feedback

Pat Keon - Thomson Reuters

Theoretically, less rules should make it easier and more profitable to lend money out.feedback

Brendan Dillon - UBS

It's a combination of record dry powder from financial sponsors, very healthy inflows, and strong 2016 performance from leveraged loan and high yield accounts.feedback

Adam Brown

Whether the Affordable Care Act is repealed or reformed, there will be changes and our view is that any changes to that act will be negative for hospitals.feedback

Manik Narain - UBS

The likelihood is rising that the central bank will consider some FX intervention. It won't be very aggressive but you would expect, given the loss in the reserve funds, that they would look to use the opportunity to lean against this strength in the currency. So you are probably talking of modest intervention rather than a sea change.feedback

Paul Donovan - Ubs

Both countries have banks in problems but if you see what is going on in Germany, banks are still lending. As an economist that's what I care about. As individual banks, do what you like, but what I am interested about is do we have credit going into economy? Is this supporting normal activity? Whatever is going on with the German banking system, they are still supporting the economy. Italy is rather depressing to look at.feedback

Jean-Frederic de Leusse

With this transaction, UBS France strengthens its roots and its ambitions in France.feedback

Adrian Zuercher - Agricultural Policy Advisory Committee for Trade

That could be an additional boost for Asia once the U.S. dollar strength starts to roll over. That should be a boost for corporates, bringing back earnings power. Return on equity should go up and we think Asia will have double-digit earnings growth next year. [It] should be around 11 percent.feedback

Adrian Zuercher - Agricultural Policy Advisory Committee for Trade

We think European companies will have solid earnings growth next year. If you look at valuation on European high-yield spreads, I think they're attractive.feedback

Adrian Zuercher - Agricultural Policy Advisory Committee for Trade

There's still 60 billion euros out that will start to buy corporate bonds, particularly the investment grade side. That should basically also lead to more purchases form market participants in the high yield space.feedback

Adrian Zuercher - Agricultural Policy Advisory Committee for Trade

We actually think the U.S. dollar is highly overvalued at this stage and particularly over the past couple of weeks. The rally is unjustified. We also think inflation in Europe will go up, inflation in Japan will go up and they will start to reduce quantitative easing, which should be positive for these two currencies.feedback

Adrian Zuercher - Agricultural Policy Advisory Committee for Trade

If Mr. Trump wants to spend more, he has to finance it, so fiscal deficits should become more negative. That's historically not something positive for a currency, also not for the U.S. dollar, and I think this will also start to weigh on the currency.feedback

Julian Emmanuel - UBS

The difference between this year and last year is that people are much more comfortable owning stocks with prospects of higher growth out there this year than they were last year.feedback

Scott Redler

The postelection move has been very technical. The market would break above barriers or records, extend and then pullback and the retest would hold. This has been healthy, as those who missed the first, second or third move had some time to position on the slight pullbacks.feedback

Scott Redler

Oil might be the sector that brings the Dow over 20,000. It was a broad-based rally that got us over 19,000. It's been a lot of rotation and the same stuff that got us up to 20,000.feedback

Julian Emmanuel - UBS

The temptation is to say that correlation correlates inversely to equity market direction, and I will say in down markets, correlation tends to rise.feedback

Julian Emmanuel - UBS

But just because dispersion in the market is as great as it is right now, doesn't imminently say we're due for a pause. In our view, what argues for a potential pause in the market is the fact that we're trading 19.2 times 2016 earnings and consensus expects 2017 earnings to grow by 12.4 percent, so there is a very hopeful case priced into the equities market right now.feedback

Scott Redler

We started out the week trying to figure out if the market would hold higher, to have Santa take it to 20,000. The small caps held higher. The techs that broke out last week retested the breakout level. The banks, which everyone says are overbought, haven't pulled in, and oil broke $51/$52, retested it and held.feedback

Julian Emmanuel - UBS

You're going to see a continued rotation but towards the laggards. You see a lot of them in tech and health care and some of those have lagged since the election in particular. It's probably a less discrete rotation away from the winners and more of a distinct rotation into the laggards.feedback

Art Cashin

I think what you're really seeing here is that Trump was, to some degree an unknown quantity. What would he do, shoot from the hip?feedback

Art Cashin

He has high expectations and he wants it done and I think the market believes that too.feedback

Art Cashin

But the people that he's putting in or nominating for these roles are highly professional. You may not agree with what their status is, but each one is very, very capable, and that has reassured the market in many ways.feedback

Manik Narain - UBS

There is some relief there has not been an escalation of tensions, unlike what we saw last year with the downing of the Russian plane.feedback

Manik Narain - UBS

In the medium term it could introduce some downside to expectations of a rebound in Russian tourism next year but for now markets see the risks as contained.feedback

Manik Narain - UBS

It's not entirely clear they perceive a need to tighten. The central bank has not been incrementally tightening liquidity in recent weeks as the lira has weakened so there is a risk they don't come up with a more hawkish intent.feedback

Steve Sawyer

I'm not concerned for refineries. Diesel for passenger cars is just one part of the demand pool.feedback

Art Cashin

I'm of the mind that I think the post-election rally will modify somewhat, but I don't think the correction we'll see go straight down because of all those people who want to buy the dip. You know, the market got away from me, but if I could only get a small selloff, I'll get myself back in.feedback

Michael Hewson - CMC Markets

It's also been a good week for oil and gas producers ... on the back of further gains for oil prices this week, while the weakness of sterling in the last couple of days is also helping.feedback

Art Cashin

I think it's good because this is the sign as we call them, buy the dippers. The people who said, My goodness, the rally started without me. I can't get in. I need a pullback.' And this was their first sign of a pullback.feedback

Art Cashin

Recall that it was the emerging markets that dragged us down after last December's hike. That will be a danger.feedback

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