UBS shares hit their highest in 17 years after a group of influential Swiss lawmakers proposed watering down the government’s capital demands. They’ve presented recommendations that would allow UBS to use a kind of junior debt known as AT1 bonds, instead of equity, to meet potentially fresh capital requirements envisioned by the Swiss government.
The Nvidia-rival Broadcom has disappointed with a sales outlook that failed to meet expectations. The shares slid about 5% in premarket trading, after unsettling commentary from CEO Hock Tan during a conference call with analysts. Tan declined to give an AI revenue forecast for next year, saying it was hard to pinpoint what 2026 would look like.
Plus President Trump says the US is willing to help Ukraine as part of a security agreement to end the war with Russia. But he continued to express frustration with the pace of talks. Ukraine’s President Volodymyr Zelenskiy has floated the idea of allowing Ukrainians to vote on handing the Donbas region to Russia.
Today’s guests: Luis Oganes, JPMorgan Head of Global Macro Research; Alicia García-Herrero, Natixis Chief APAC Economist; Michael Haigh, SocGen CIB, Head of FIC & Commodities Research; Nike Trost, Financial Conduct Authority Head of Wholesale Buy-Side
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"The Pulse" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 – The Pulse with Francine Lacqua 12/12/2025
00:00:42 – UBS Shares Rise As Swiss Lawmakers Float AT1 Compromise
00:02:59 – Broadcom Shares Slide After AI Sales Outlook
00:04:00 – Trump Says US Would Help Ukraine’s Security in Peace Plan
00:08:00 – EM Local Markets Offer Opportunities in 2026
00:10:02 – China To Impose Export License on Some Steel Products Jan. 1
00:13:53 – Staying Bullish On Emerging Markets
00:16:38 – China’s Export Economy Continues to Grow
00:22:59 – Copper Hits Record High on Supply Fears
00:30:04 – ASML and the AI Arms Race
00:31:55 – Bulgaria Sees Political Turmoil Ahead of Euro Entry
00:34:20 – Microsoft’s AI Head Watching Circular Deals
00:35:42 – Chinese Brands Go Global
00:38:28 – Theresa May on Rise of Populism
00:40:29 – FCA Shakes Up Retail Rules To Boost British Investing
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More on Bloomberg Television and Markets
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