alexander jekov, fx strategy at bnp paribas.oming up, we will get around of all the top stories this thursday morning. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. manus: it is "bloomberg daybreak: europe." let's get the first word news. juliette saly has the roundup. >> global oil market say the high risk of the supply screeds is here. -- supply squeeze is here. demand is remaining resilient adding that there is slowing consumption in china being exaggerated and pointed to supply issues. >> by think we are running on thin ice. it is becoming scarce. this is an issue. we don't want oil markets to run on without the insurance. >> egypt social think

tom: bnp paribas has an absolutely unique relationship with china. d the honor of meeting with bnp and government officials in beijing. it was a unique meeting. mark howard, does u.s. risk bleeding commerce to europe? is there a place where france can be opportunistic and get a marginal edge in china? mark: my good friend and colleague george sohn is on the ground and watching the flows day-to-day, but i think china is a global player and they have bilateral relationships with all of the leading trading partners, including those who have financial institutions. i'm not sure it is a regional opportunity or risk you friend right now. rather it is market market, product by product. it is in the best interests of global players to support trade even though there are tensions and frictions. the one belt, one road initiative and variants of that create opportunity for european institute since -- european institutions, and african, and that is going to continue to be the case. but certainly their form to be periods where one country or one institution finds

look at the chart for my good friends at bnp paribas. they have gone nowhere in 13 years. jonathan: 75 basis point hike is the expectation for the ecb. if you look at the banks now, you are questioning the exit duchenne and you are questioning the economic back drop. our rates enough to be supportive of stock prices for european banks? lisa: take a look at the capital market activity. you are not getting the revenues from that because there is a massive slowdown. otherwise, whether it's debt issuances or stock offerings on ipo's, it is all stock so what will be the marginal driver? trading? that's sketchy compared to where it has been traditionally because of how unpredictable it is. tom: wasn't it not too long ago that european banks were moving 250 people into asia and now they are moving them out? jonathan: lisa picked up on the right team, you mentioned asia and some of the banks pulling back on deals. this is what the banks have to do is pull back. is it any surprise that goldman and morgan stanley are saying let's go? lisa: it's not a coincidence that it's in tandem

i don't have a crystal ball to tell you what it will be but bnp paribas is in good position >> we are in risk management which is paramount when you are in the uncertain markets our concern is to remain focused on clients and ensure we're helping them navigate markets as well >> let's bring in seb walker it is great to have you on the show looking back on the performance of the bank index in europe, the first six months have been tricky although we are looking at higher interest rates and that is a positive going forward. it feels the hurdle is very high for some of the stocks to receive a bit of investor love what is the take away from the quarter and also where we go from here? >> so, last quarter was good with fixed income trading. banks performing strongly barclays is the standout bang with a super quarter investment those looking to really do well on that fee based income suffered a lot the other standout is highlighted for universal banks like bnp or bank of america were more on the transaction banking. the cinderella with the industry that also performed strongly we have headwi

joining me right now to talk about the macro story and the great performance of his firm is bnp paribas much for having me. maria: so the cost control has been terrific at bnp and you're seeing a capital markets business that is soaring. assess the macro story for us first and then i want to talk further specifics about how you're leading there. >> thank you, maria. the bank obviously has shown some very good second quarter results, revenue growth over 8%. as you mentioned, good cost control, costs remain low and it leads for an income that is actually growing faster than revenues which is a good situation to be in for the bank and the u.s. bank i'm leading here is experiencing the very same situation. in terms of what we see, obviously there are headwinds that we have to navigate through, inflation, more specifically the geopolitical situation that brings volatility and uncertainty but you and i have gone through many cries sees and -- many crises and revisions. there are things i'm not used to seeing, such as the corporate balance sheet in this country are in very good shape, househol

twitter also sought documents from bank of america, barclays, bnp paribas, and citigroup among othersedit suisse has handed out more than $300 million in a single month to retain top anchors after years of scandals, losses, and an ongoing leadership shakeup. more than 60 have competitor -- have defected over the past 18 months, complicating the bank's ability to compete for lucrative merger and acquisition fees. coming up next, hsbc's earnings beat expectations, but the drumbeat to spin off its asia business is growing louder. we will have more on that just ahead. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer