anna edwards doing her best to give us informed. let's get back to the earnings story. the hsbc ceo is stepping down, he will be replaced from january 1. it comes after the bank posted better-than-expected third-quarter profits as rising interest rates boosted lending margins. let's dive deeper with bloomberg's senior banking analyst. ewen stephenson will stick around until april 2023, is it a surprise that he is leaving? >> he is a steady pair of hands but hsbc is a big group with many years of restructuring. the incoming ceo has background in global markets. am i concerned about that not really, but yes, it is a bit of a surprise. dani: we also have a new chief executive of global banking and markets effective immediately, does this mean there is restructuring taking place? >> if you look at the restructuring that has taken place already, changes in headcounts happen all the time. not really a big shift in direction, but rates and fx are massive businesses with very good momentum. it's not going to be a strong. by definition, i think the environment changes meaning th

dani: let's go to anna edwards, who is life in westminster. as we watch social media celebrating that head of lettuce that lasted longer than liz truss, what happens now? anna: light relief from social media i suppose. good morning from westminster. the conservative party are trying to find their third leader this year, from johnson to truss to let's wait and see. the 1922 committee and those who run the party have been putting the focus on it being quick. this is the key parts of it. here is the chair of the 1922 committee that represents the backbencher mp's. >> we have a threshold that should be achievable by any serious candidate. a threshold of 100 members of parliament nominating a candidate will allow for three candidates potentially to come forward. we have no say or knowledge of who they will be at this point. anna: a maximum of three candidates will get onto the ballot because you need 100 mp's support to even get there. we could have a prime minister by monday if the party manages to decide amongst itself, if the runner-up next down

let's get to anna edwards at westminster. intrigue rises as boris johnson, the theater of him, tracking his flight on friday, to pulling out of the race by the close of business last night. what is the latest? anna: absolutely. the latest is rishi sunak seems to be the front-runner here, the front runner to become the new u.k. prime minister, the leader of the conservative party. penny morden is still in the race. she is still in. one of the key question is where will the support of those who were going to back boris johnson land? some might be happy to switch to rishi sunak but others might be unhappy with that, they might think anyone but rishi sunak, given that he helped to bring down or stops in as prime minister in the first place. it has been weakened of incredible intrigue, watching the tallies and the rate at which these contenders it to 100, you need 100 mps to back you if you want to be in the running at 2:00 today. that is the deadline to watch for. they need 100 mps, penny morden looking to get to the 100, she sti

i'm anna edwards in london and these are the stories that set your agenda.tsche bank, unicredit and santander all opposed better-than-expected earnings fueled by rising rates. tech misses by microsoft and alphabet amid lackluster sales send their shares lower after hours, along with meta, amazon and apple. rishi sunak keeps jeremy hunt as chancellor but is criticized for other cabinet picks. the new chancellor may delay monday's fiscal statements. the futures picture looks to be a little negative, this is coming off strength in yesterday's markets, we saw gains in europe broadly apart from london which was driven maybe by the pound and some of the politics playing out here. we see chinese equity markets are up today after a strong selloff on monday, but saw it on tuesday, positive words from the pboc today. and also the warnings from u.s. tech as we are seeing weakness in the euro stoxx 50 futures. nasdaq futures down 2% as we look at the earnings story out of tech, weighted down by microsoft and alphabet. also texas instruments weighing on the nasdaq. we ar

francine: our anna edwards with some really fantastic previews throughout the day at westminster. let's break down the markets, joining us is ven ram from our mliv team and tatjana puhan we were chatting off-line about the liquidity in fixed income, do you worry this will come to a head? ven: i think the fed is looking to actively introduce buybacks. it is more likely they will do something about it. the bloomberg liquidity index is very elevated historically, but even so, it has calmed down a bit in the few days which shows the market is confident. the heart of the issue is whether they need to regulatory constraint, because banks need a certain amount of capital to hold treasury from the balance sheet and this i -- that is what this is all about. tatjana: we have seen market stress elevated in terms of liquidity. it reminds me of sentiment from 2020. investors should be careful about this and probably look very deeply into their portfolios, and identify where they can bring down risk. we have done this during the last one or two weeks, with particular focus on the u.k. market. f

i am anna edwards live in london. mark cudmore joins us to take us through all of the market action.

i'm anna edwards. the cash trade is less than an hour away. here are your top headlines.

i am anna edwards i

tom: thank you to anna edwards and i think we are going to go there within the hour. there is a group looking at a selected airline which has eight selected former prime minister supposedly landing at lhr right now. i don't want to say that is happening but that is what is being said. lisa: oh, is it boris johnson? tom: george canning is not on that. lisa: he died in the 1800s and was the second shortest serving prime minister. this is u.k. specific and turmoil and brought in part by brexit and the energy crisis and inflationary environment. how much is this an example of how much we can expect of the bond market taking control at a time when governments are not used to not having their backs? central banks not going to finance the deficits by buying all of the debt issued. how much does this change the political environment globally? tom: let's talk with the collapse of sterling. anything through one point one 00 is huge. the dollar back up. the yen at 1.51. the yield, as we have been talking about, i will go with the 10 year yield, or put 27%. lisa: today we are loo