welcome to street signs. these are your headlines chinese equity markets close in the red after the pboc's attempts to sure up the currencies are overshadowed by a ramping up of trade tensions with the u.s hsbc trades lower in london despite forecasts as rising costs and settlement provisions spook investors. concession pressure. concerns over the firms there may have to divest more assets

to secure u. s. approval for their merger and president trump holds a meeting between his eldest son and russian lawyer completely legal saying they were held to gain information on hillary clinton. >> happy monday, everybody before we get on with the show let's check in on markets. we did have a decent close for u.s. equities after that payroll print number came up on friday but a weaker session for asian he equities overnight. chinese equities leading the decline with the shanghai down more than 1% on further trade exe rhetoric but an extra $60 billion worth of tariffs so that set the tone in trading overnight

one hour into the session already. but i should tell you that as far as earnings are concerned about 70% of companies in europe reported so far and they're showing growth of 5% and an eps level up from 0% and from here onwards we have other stories at driving some of the performance but you see the big declining this morning with germany down 24% or so. about 50 points. that is the major underperforming index. it's been hit by the corporate earnings that are coming up. switching to sectors to see where leadership is coming from and you can see today we have oil and gas leading the charge up about .25% and it's continuing to rebound after softening of tone. tariffs between the u.s. and eu not being in the picture anymore. so we have seen a balance in that sector the last couple of trading sessions and on the down

side we have chemicals struggling down 1% already and thanks as well that is hsbc which reported a beef on earnings with first half pretax profits coming in at $10.7 billion. that's up 4.6% the bank also reported rising provisions for tax related investigations setting aside $632 million after receiving information. now hsbc will also pay $765 million civil penalty to settle a u.s. mortgage secured case >> hsbc reporting interim earnings in line with their own expectations and they're taking firm steps to deliver the strategy outlined earlier this

year for the interim pretax profit up about 5% on year 10.7 billion and earnings per share of 36 cents. revenue of 23 billion up 4% on year the company declared a dividend of 10 cents per share. 14.2% and that is back from the 14.5% at the end of december it was commercial banking that was the most profitable generating $4.1 billion on year. making up about 87% of pretax profits. $9.4 million earned. up 23% on year the middle east and north africa 836 million and getting smaller. the european market which only makes 1% of pretax profits now, 110 million. that was up 80% on year. as far as the share buy backs announced so far this year, $2 billion. $1 billion of shares bought back

so far this year and have been cancelled. back to you. >> speaking with banking news, posting weaker than expected earnings the first half of the year cited loan loss provisions that were greater than forecast it's been a busy couple of weeks. starting with hsbc, what i find ironic is its the biggest bank in europe and only 1% of their profits come from europe now your take on hsbc numbers today. >> yeah, you're right. especially in the u.k. and france and my take on it is that a little bit of a transition

since it was announced in june and in the market you can see some evidence of them growing along and i think it's $26 billion of recent attacks and because of that we were worse than most people anticipated. >> of course some people are flagging the expenditures, the operating costs as well but they are the beginning of a transformation plan. >> they need 10% it's one of the largest markets. >> so let's broaden this out and talk about u.k. banks. specifically we had three of the big ones report last week. it looks like the worst is over as far as they're concerned. lloyds also beat as well

they have less provision barclay's showing good numbers on investment banking. do you think the time has come >> that's a question because of all the uncertainty around events and the possibility of now being that standard. of course there's many people. two different messages actual debate and you have to think in terms of unsecured trade and you would see some pressur pressures. the only way

but this is because they have less and seeing that once, it's the doj settlement. >> so in a sense you want to be an internationally focused bank. >> we like banco and also we like it before we'll compare it and both banks are going to be effected. >> let's talk about asset quality in the context of italian banks and low performing loans there. bpm numbers we were just talking about now and the provisioning for loans actually came higher than expectations.

that's bucking the trend i thought the whole trend for italian banks was downward sloping. what's going on there. >> the rates are going down but you know, you need to have the provision and i think as they upgrade, they say instead of 5 or 7, 10 million euro. and either you eat up your capital and that's not great and i think that's case in point. they're taking more to be able to increase their exposure i think practically it makes sense even though the market is going to be disappointed

by the end of the year. >> broadening this out for this sector as a whole, despite the major banks, i have been covering some of the banks as well, they have all beaten relative to consensus, most of them have. and yet financials are still down 10% on the year do you think that this is going to be a turning point for investors and they're seeing these earnings and saying okay maybe the return on investment and rush equity isn't as attractive as what we'll get for u.s. banks but it doesn't quite justify a 10% underperformance versus u.s. counterparts this year >> no, it's essentially about rates. or yeah, that of course and

prefer there would be more demand so it's quite pedestrian. we see the bank of england of course as well, 25 basis points. it's not great but it's potentially a beginning. very clear not before september 19th so i think there were people at the beginning of the year which were still effecting a more bullish outlook on european rates and then of course being disappointed. >> whatever i do it always comes back to interest rates. >> yes. >> correct. >> thank you very much for joining us this morning. that's the senior credit analyst from investment management. >> deutsche bank is planning to expand it's wealth management unit the ceo has given him a man date to quote, grow, fwroe, grow the business champion says he plans to expand

the team of managers by 25% this year in other corporate news linde may be forced to sell more assets than expected in order to gain approval for its merger with praxair the u.s. federal trade commission expect further come mittments and -- commitments before it can go ahead both remain in a constructive dialogue with the u.s. regulator. iwg ended takeover talks with it's three potential buyers. the service office provider said it has informed starwood, terra firma and tdr capital that it didn't believe they could recommend a price for shareholders they had a 33% drop in the first half and announced a share buy back program the dutch postal company has seen it's q2 operating income

slide to 10 million euros. that's down from a year ago. they slow down and had possible changes in the dutch postal market are causing head winds. the company says 44% of its revenue year to date was generated from e-commerce now. no surprise there. right. so that is the first part of our show if you want to get in tough with us you can also see us directly and if you have earnings we want to hear from you. elsewhere coming up on the show, china slams trump's quote blackmail tariff tactics as authorities outline new plans for retaliation. more after this break. can be relentless.

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show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. welcome back to the show, missed expectations in july when the unemployment rate moved to the lowest rate in 50 years. the u. s. added 157,000 jobs in july well under analyst forecasts 190,000. meanwhile the unemployment rate fell to 3.9% pointing to a

tightening labor market and cnbc spoke with the st. louis federal reserve and asked him whether an inversion in the yield curve could signal a recession. >> yield curve inversion has a tremendous track record in the u.s. of predicting recessions. there's only been one false signal in the post war era it was in the mid 60s and even then the economy slowed down and didn't turn into a recession you have to respect the signaling aspect of the yield curve. >> he also added that president trump's remarks on monetary policy won't influence the fomc. >> i don't think it will have impact on the committee. the committee has mandate to keep inflation low and get the best employment outcomes that we can and we'll just continue to do that and senators and

congressmen comment. the most recent white house administrations have not but previous to that you did have more coming from the white house so it's not unprecedented. >> and the yuan strengthened after beijing stepped in it will keep reserves equivalent to the foreign exchange position that's after the chinese yuan hit a 15 month low on friday chinese equities are weaker on escalating u.s. trade texs after beijing announced $60 billion on friday it targets over 5,000 goods and range from 5 to 25%. the e-commerce minute tistry sa depends on the plan to stop tariffs on china

it's counter to the bullying tactics but president trump tweets that tariffs are working better than anyone anticipated china market dropped 27% in the last four months and they are talking to us. our market is stronger than ever and will go you dramatically when the horrible trade deals are successfully renegotiated. >> beijing's message is keep waiting. china is threatening to ill pose tariffs on a majority of american products if trump carries out his proposed duties on chinese goods chinese tariffs would cover $60 billion on american products and range from 5% to 25% in response, white house economic adviser larry kudlow described china's threat as weak and president trump tweeted the

u.s. is in a better position than china to win the trade fight, say china, which is for the first time doing poorly against us is spending a fortune on ads and pr trying to convince and scare politicians to fight me on tariffs because they're really hurting their economy china state media has been capturing that the white house shouldn't underestimate china's will to endure pain to win a protrapr trade war. still they indicated their concern about growth having recently introduced more measures to prop up the economy. the weaker un also raised speculation that the officials here have been purposefully devaluing the currency in order to make it cheaper for chinese exports. however starting today the central bank is reimposing requirements to make it more expensive to bet the yuan will continue to fall they don't want to restart the

capital flight problem they saw in 2015 and also probably want to quite talk that china could be using the currency as a weapon in this trade fight >> let's switch and talk about airlines shares in norwegian air are flying higher after a surprise increase in july revenues for passengers norwegian facing takeover from aig has been looking to expand it's long hold operation as well and i'm happy to say that the senior research analyst at bernstein research joins us to discuss more about the airlines industry let's start with norweigian air >> our view is in the medium turn we don't think an acquisition will happen.

it was great revenues but overall the company faces substantial issues. >> so broadening this out and the reason i'm bringing this up is i know that norwegian air are exposed when it comes to this. fuel costs on average they're about 60% higher than a year ago norwegian air potentially one of the carries that's going to be exposed. who are the most vulnerable? >> they increase about 3 million. most exposed are low cost airlines so they're definitely facing more head winds into next financial year but also air france and slightly less they're actually good. we think they have seen the majority of fuel costs so that

will be a positive in the future >> can it not be translated one for one? >> no, it cannot that's the step people do too quickly. airlines want to raise prices but prices remain a function of capacity and demand in the market in a time where we're still growing 8% year on year which is about 4.5 to 4 times gdp airlines won't have the aim ability to raise prices. >> what are you expecting it to do over the next few months or so it doesn't look that pretty? so we're seeing a lot of the positives right now.

it will depend on more or less capacity we have 7.5 to 8% next year. if they keep doing that yields will continue to come down if they reduce slightly, they may be able to offset that and i wager that all european headlines will be intently reviewing their capacity. >> let's talk about air france specifical specifically the numbers are better but they're still searching for a new ceo. how do you see that playing out and also how is it impacting the valuation of the stock because, i mean, yes the numbers are coming in well but nobody know what is the strategy is because there is no ceo. >> we need to solve the union issues in france

so in the longer term we still they have a great base and they need to get their strategy up. in the shorter term, though, this is a stock with very low and we're seeing positive demand environment. and air france is not traded as a significant discount to others so with air france, i'd say we're all late cycle multiple and that's fine. and we'll see positive eps move. >> this morning you actually raised air france to neutral quick word on ryan air because of the on going strikes and demonstrations that's never ending it would appear, but at some point, will they nod yield

to the demands of the pilots. >> we talked about this on the show before. we were one of the early bears on ryan air. they will have higher staff costs overtime but even if you add percentage points to that it doesn't change the fact that they will remain the lowest cost operator in europe. >> effectively given it's only a small percentage of overall revenues it would bean easy wi if they yielded to those demands. >> thank you for joining the show now at least 91 people have been killed after the powerful earthquake hit the indian these y -- indonesian island of lombok.

thousands of buildings have collapsed. it was hit by another strong earthquake a week agatha killed 17 people. >> firefighters are battling massive wildfires in california with one in the north declared the fifth largest in the state's history. the fire ripped through 68 houses and forced thousands to leave their homes. u.s. president donald trump declared a major disaster ordering federal funding to be made available for the recovery efforts. a heat wave has seen temperatures climb to near record highs and elsewhere coming up on the show, protests erupt in iran as u.s. sanctions are set to return more on that just after this break. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists,

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>> it's a big committee. you have a lot of different people on it he does a great job of getting a consensus. the market pretty much understands where the middle of the committee is and that's what determines expectations. >> hsbc trades lower in london despite beating first half earnings forecasts as rising costs and settlement provisions spook investors. concession pressure, concerns over the german firm may have to die ve divest more assets to secure u.s. approval for their erger.

it's the only one above the flat line about 2 points higher aided by the weaker currency. we'll get to that shortly but the picture for germany, france, italy is all negative at about .4% lower and again we're mostly through the earnings season we're about 70% through now with good numbers coming out. eps growth exhibiting a decent rebound from q-1 but the picture is overshadowed by action we have seen in asia overnight. it's obviously insersversley ree to cable that seems to be on back of some

of the remarks by the international trade over the weekend. fox suggesting a 60% chance of a no deal brexit so that's been weighing on the currency here. yes they did announce these measures on friday that lead to a stabilization in the currency friday evening look at the reaction now seeing a weakening trend so .2% hasn't helped and still trading a 15 month low so we'll have to see and keep a close eye on how that currency is able given the measures that the pboc took elsewhere, switching to u.s. futures, the mood is pretty mixed but slightly weaker as far as the dollar is concerned about 18 points softer nasdaq about 3 points higher as well today in materials of data there isn't that much to watch out for but in the u.s. inflation data toward the end of the week and

we want to keep an eye on that. >> now protests broke out in several iranian cities over the weekend as the country braces for the return of u.s. sanctions. hundreds rally to demonstrate high inflation the white house is set to restore sanctions later today after president trump pulled out of the nuclear deal last may meanwhile, secretary of state mike pompeo says the u.s. will, quote, fully enforce sanctions against iran he added the white house will detail the implementation of the new sanctions here today i'm happy to say that jared and former state department coordinator for the iran nuclear implementation joins us on the line good morning to you, sir it's very, very early for you. before we get into some of the repercussions of imposing and reinstating the sanctions, what type of sanctions should we be

expecting? >> so the sanctions that are going to come back into place this week are the less important sanctions that were under the jcpoa. the most important would be the automotive sector. some sanctions against gold and pressure -- precious medals. the key sales don't snap back into place until november. >> but already been quite destabilizing for iran how do you see that playing out domestically >> that's right and probably a reason to not expect anything dramatic this week a lot of the expectations of the sai sa sanctions have been priced in since may. more dramatic changes when we get to november sanctions.

i think the macroeconomic effects are certain to be lesser than the sanctions prior to the jcpoa because we're not implementing them in partnership with allies and trading partners like china so the question is really is iran less politically resilient today than they were in 2012, 2013, 2014 when they survive. >> what do you think of the end game here? when we look at the comments that came out of the administration and the president a couple of months ago he illeld to the fact that there could be a change in leadership and that could be one desired out tps co - outcome but he also seemed open to meeting with his iranian counter pa count counterpart when asked about it

at a press conference. what do you think the u.s. want to achieve >> it's a mistake to assume that the trump administration has a single strategic goal in mind. there's clearly people in the administration that are serious hawks. they'd like to increase the pressure on iran and aim for a regime change. that's a naive and unrealistic expectation from sanctions pressure and then you have president trump who i think on iran and north korea over and over again he wants to put himself into the room and it's not just the statements that he made last week, he goes all the way back to last fall when president trump sought a meeting with president rohani in september. what does he want to achieve in that meeting if we look at the north korean example probably not that much he wants to have the meeting and walk away saying he somehow fundamentally altered the course of policy. >> potentially but with the u.s. now some what pulling out of this deal, do you think that creates a vacuum for others to

get more involved and more present in iran? and here i'm talking about the likes of china and russia specifically >> that's almost certainly correct. it's not the u.s. pulling out of trade with iran. but by threatening their companies not to engage with iran it opens the playing field for china which is already iran's key trading partner. >> what do you think this means for the u.s. relation with the eu we heard the comments that the g-7 summit were quite acromonious and of course this pulling out of the iran deal also set them at odd with their european counterparts.

what do you think it means because there's still plenty of companies that want to engage in business with iran. >> well, from an economic perspective, iran is fairly trivial to europe. i never believed europe wants this deal or wants to sustain this teal because this deal because of commercial incentives iran is too small from that perspective. i do think what i hear from european friends and colleagues is they're receiving a general disregard of their interests from washington. whether it's their concerns about iran's nuclear program or concerns about the aluminum market or concerns about trade and nato and they're needing to approach the united states not as a solid ally and partner but as a really arbitrary and worrisome actor. i think that the jcpoa is just one part of that overall

picture. i don't know if that's going to succeed in time but looking in the near term and the long-term the intellectual effort that's gone into how to think about u. s. sanctions is going to weaken sanctions and weaken the role of new york and the banking sector. >> thank you very much for your thoughts this morning. that was the senior fellow now u.k. trade secretary says a no deal brexit is is now the most likely out tps cocome he put the chance at failing to reach an agreement with the eu at 60% and also lashed out saying that brussels needs to decide whether to act in the best interests of its people

u.k. chancellor phillip hammonds warned of a french-led attempt to try to bind them in red tape after the brexit he urged businesses to find ways to compensate for any loss of business with europe and in corporate news, softbank has reported a 50 fold increase in first quarter net profit largely due to revenue earned through it's saudi backed $100 billion investment funds >> softbank sales were up by 4% and operating profits soared nearly 50% to $6.4 billion net profit increased to $2.8 billion soft bank ceo said while all fields of business were steadily growing, it was investments through the near $100 billion fund backed by saudi arabia that brought about the sharp increase the firm has been busy investing

$30 billion in some during the past year including uber technologies co-working firm and chinese online medical service operator as of march this year it's investments in yield stood at 10% which is in comparison with other global leading funds repeatedly used the phrase beyond carrier in his speech after the announcement of his report stressing his aim was to shift softbank's main business into something more than telecommunications and would become the main engine in heading toward that goal they finished up 2% before the earnings were announced. >> thank you for that. berkshire hathaway posted a 67% surge easily beating forecasts they were boosted by results at several businesses

particularly where underrising profit rose more than 5 fold but they attributed part of the profit jump which requires the company to report unrealized investment gains with earnings. >> rusal reported a second quarter profit of $440 million despite sanctions imposed by the u.s. recurring net profit at the company rose 75% from a year ago listed by higher prices for metal but it was down 17% on a quarter on quarter basis sanctions were imposed in early april. coming up on the show, connor mcgregor says he's heading back to the octagon find out who his next opponent will be, when we come back you might take something for your heart... or joints.

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>> welcome back to the show, the turkish lira a low against the

dollar as it raised alarm bells among investors. washington slapped sanctions on two. turkey promised to respond by freezing the assets of two senior u.s. officials. the lira has lost more than 25% of its value this year and let's also not forget that the central bank also played their part in some of this weakening because the expectation was for the central bank to hike 100 basis points they didn't hike and we see a further depreciation of the currency at an all time low now. the venezuelan president says he is a victim of an attempted assassination after an explosion was heard while he was speaking over the weekend drones laidened with explosives were launched over the rally and six people have now been detained lucy cavanaugh reports

>> venezuelan officials say this was the moment an assassination attempt unfolded on live television venezuelan president addressing a military parade along side his wife interrupted by a loud bang mid speech body guards rushed forward with ballistic blankets to protect him from what venezuelan officials say were explosives allegedly dropped from drones. his soldiers scattered for cover. several were injured he later said this was an attempt to kill me i have no doubt that everything points to the right. >> venezuelan officials said they detained six terrorists this unverified video showing the moments one of the drones explodes experts say drones could be a new tool in the terrorists arsenal. >> the big change now is that terrorists can use drones to la leap over defenses on the green. >> but firefighters said it was a gas explosion in a nearby

apartment building and not a drone. >> this local resident said everybody had doubts nobody knew what happened. he suggested that u.s.-based opponents helped finance the attack a claim national security adviser john bolton denies. >> there's no u.s. government involvement in this at all. >> his deeply unpopular government has been rocked by violent protests the economy crippled by soaring inflation. with opponents painting him as a ruthless strong man, some are worried his regime will use the incident as an excuse for a political crack down nbc news. >> president trump seems to have changed his rational behind a now infamous meeting between his son and a russian lawyer in 2016 kelly o'donnell filed this report. >> feeling the heat. >> even though it's 110 degrees in this crazy room. >> saturday night a sweltering

ohio rally, the president raised alarms over on going election interference. >> we have to stop meddling, we have to stop everybody from attacking us but there are a lot. russia's there, china's there. >> but by this morning he was running a fever on twitter denying a news report as a complete fabrication that i am concerned about the meeting my wonderful son donald had in trump tower. that june 2016 meeting included a kremlin linked russian lawyer and lobbyist along with the president's son and son-in-law and paul manafort. but today the president changed his story dropping the early claim that russian adoption policy had been the focus. this was a meeting to get information on an opponent totally legal. he adds i did not know about it. for 16 months the special counsel has been examining russia interference and whether the trump campaign had any

improper involvement this new tweet may draw further scrutiny but today a lawyer for the president questioned whether the trump junior meeting crossed any red line. >> the question is what law, statute or rule or regulation has been violated. nobody pointed to one. >> they pointed to several including conspiracy to defraud the united states. >> defending his eldest son and name sake and himself. he made this claim about the media. they can also cause war. they are very dangerous and sick top adviser kellyanne conway offered this explanation. >> he said it refers to those not always telling the truth and are giving emotion over information. >> president trump as well has been creating new headlines with respect to other information as well just bringing up the latest there. he also took aim at basketball

star lebron james in respond to statements made by james in an interview on cnn, the president then tweeted that the l.a. lakers player was, quote, made to look smart, which isn't easy to do. james criticized trump for using sports to divide public opinion. >> the controversial former ufc world champion connor mcgregor officially announced when he'll be returning to the octagon and who his next opponent will be. adam joins us on set so first i need to clarify this. ufc is not boxing. it's boxing with kicking. >> mixed martial arts is what we're talking about. you mention about dividing public opinion very different scenario with president trump and he brlebrons

but connor mcgregor divides public opinion he's back to ufc a chance of redemption for him in las vegas he's going to be coming up against a hugely tough competitor the most dangerous man in ufc arguably since connor mcgregor's absence. he's now the lightweight champion a title that connor mcgregor held he's back fighting again since we last saw him fighting in the ufc we have seen him take on a career as a boxer fighting floyd mayweather some of the preview material we just saw there last year he walked away with around about $100 million imagine what he would have got if he would have won. >> he made $100 million to lose the fight, just to show up there and mayweather made like $300 million. is there still a genuine

incentive to win or is it about the money at this point? >> the incentive seems to be there. people question his mentality and whether or not he still fancies the challenge of being a ufc world champion because he's had other things going on in his life you can see there, career earnings, a huge amount of money. why wouldn't he want to go put his body through what he has done but this fight seems to be too good to turn down and dana white has been building up the fight already. he thinks that it could break ufc records in terms of pay-per-view sales and be the first to go through the $2 million barrier but that would still be less than half of what mcgregor and mayweather did just a year ago and they went on a world tour promoting that fight as well. and he wants to see something similar happen before this fight was even made. nurmagomedov was saying in april if they could get this fight he wants to go all around the world and telling people how good it's

going to be. >> we have to fight. like make world tour, everywhere, like tokyo, moscow, dublin, los angeles, like real big world tour, promote this fight and fight in the biggest arena in the world. >> the unbeaten russian there and nurmagomedov talking about the idea of fighting connor mcgregor and we were talking about his money before he's number 4 on the forbes highest paid athletes rich list at the moment. he has so many other interests going on but his impressive fight record he does have three losses on his card but 18 of his wins come by knockout and tko so he's an exciting fight tore watch and does have a lot of distractions going on in his life just last month he pleaded guilty to charges brought against him back in april when he threw a hand truck at a bus full of ufc fighters

he has pleaded guilty. he's going to be taking anger management classes but going to put that to one side when he comes back into the octagon october 6th. >> maybe he can channel that anger. >> that's where it should be channelled. >> ufc, not just boxing, boxing with kicking sterling this morning after some of liam fox's comments drove down cable a third of a percentage point also keep an eye it continues to weaken but that is it for today. worldwide exchange is coming up next

china blasting president trump this morning trade tensions heating up again. one of the world's biggest banks making a big time come back. the death toll continues to rise in indonesia nearly 100 are taed. one of app aelle's biggest supps hit with a massive computer virus. we'll tell you more about the monster quarter on this monday august 6th as worldwide exchange begins right now