anna: you will speak exclusively of the incoming ceo of axa. what is the low interest rate environment doing to their business? ♪ looking at a live shot of hong kong where the hang seng is down by one point. 6:22 inust gotten to london. japanese shares has fallen for a third day. japanese toof the this package disappointed investors. . the government -- anna: the a spendingdetailed package of $2.72 billion. the plan from a and companybne -- abe and coveney, his appointment or failure to manage expectation? jeremy: a little of both. he trailed that package and the devil is in the details. he had 28 trillion and then you drill down the knot of money that is substantially lower than that. we had monetary policy announced from mr. kuroda last week. we had more of the same from prime minister of a -- abe we had a jewel of disappointment from the fiscal and monetary side and the third arrow of all cs, we are -- abenomi still waiting for that. aussie,he yen and the they both rallied. you had the rba drop their rates. you have the bank of japan disappo

then, keeping a french focus here, starting with axa, france's biggest insurer.astrophes. so, that stock is moving higher. and then, socgen moving higher as second quarter profit rose 8% on the sale of its stake in europe. manus: thank you very much. hsbc's profit has fallen by 45%. it is shaping up to be a difficult quarter for the banks. bloomberg intelligence banks analyst joins me. i want to bring one piece of news to our viewers, jonathan. hsbc says there could be another buyback from u.s. shares. that is interesting because we have a $2.5 billion by back on the table -- buyback on the table. profits have dropped by 45%. tell me this. is this a balancing act? the dividend promising more. >> i think it is actually a positive. i think it also delineates between the "haves" and the "have nots." the ratio is nearly 13% post the brazil sale. they have internal cash flows to pay this dividend and that is a positive. on the off side of that, they have stepped away from the progressive dividend policy. so, they are now looking to pay a sustained dividend. we have qu

axa has said the first-half profit rose 4%.s. exclusively spoke to bloomberg. very are operating in a challenging environment with low interest rates. so the key issue that we have to take is one to really focus on earnings moving up in a difficult environment. controllingtime, the business. nejra: volkswagen has warned that business in china will plunge if a tax break is allowed to lapse. find involved in talks to out whether the tax cut would be extended. the world's second-largest economy has been a bright spot for vw, embroiled in an emissions treating crisis around the world. beat analystle has estimates. 1.16id net income was billion euros. as it got a boost from the sale of its stake in visa europe. francine: thanks so much. europe'sal, second-largest car parts maker, has reported a second-quarter ebitda ahead of estimates. shafer, great to speak to you as we do every quarter. this time you're seeing a second half dropping because of brexit. how do you deal with brexit? direct impactshe from brexit is mostly exports, whi

senior international economist at axa investment managers. >>> i have news coming through from conoco-phillips. the ceo saying he believes the oil market supply will extend into 2017. cost cutting in the oil industry will also continue and no further dividend cuts on the cards. >>> moving on, donald trump is set to make a major speechday. the republican presidential nominee is to clarify his position backtracking on plans to 11 million illegal immigrants prompting accusations by conservatives that he had gone soft on the topic. let's get out to tracie potts who joins us from nbc news on this. tracie, has he boxed himself into a corner? >> well, somewhat. because he's getting it from both sides now. from people on the democratic side, from his critics, who say that he never should have started out talking about building that wall in the first place. on the other side, those who really supported his tough immigration policy now backing off saying wait a minute, are you rolling back on this? trump has a big immigration speech as he describes it, planned for wednesday in arizona for many months no

try being axa, negative interest rates. here 1.6% on a 10-year.e, you're a negative. >> that's a good point, actually. we have seen a slight lift in the 10-year yield. we have the jobs number tomorrow. who knows? all of a sudden it could jolt the treasury market. >> how could it be that prices for treasuries so high? foreign investors are coming in here and would you not think axa wants a u.s. treasury? even with currency risk, you want to own it. they don't have an alternative. >> why rates capped here for so long. appreciate that. we have first what ryan bank up the nasdaq celebrating its ipo this morning. kelly, sec hour of "closing bell" starts with you. >>> hi and welcome to "the closing bell," everybody. i'm kelly evans. finishing the day on thursday on wall street, the you with a slight drop of 2 points there. watch how it settles out and remains the case. s&p looks like positive territory but less than a point. 2164 is the level there. the nasdaq, the outperformer today hung on for a gain of 6.5 points. 5166 is the level. a lot of differen

allianz and axa are speaking about $40 million for exclusive access in a deal that aims to complete their they both declined to,. -- both declined to comment. a surge in, and advertising helped profits beat analyst expectations last quarter. the sales price was enough to move ahead of alibaba on market value. posted ao first-quarter profit that exceeded estimates, but that came on the back of cost cuts and asset sales. the ceo says it expects its smartphone business to turn a corner over the next fiscal year as it shifts to hirgher end devices and has a larger market in the u.s. and china. manus: thank you. food for thought, at nestle, the swiss group reported that it has been battling inflationary pressures across the eu. the world's biggest food group did confirm its 2016 forecast. duncan fox joins me now. so, first-quarter -- sorry, first question i have to ask. have been recovered in any way, the noodles? >> yes, it looks like they are back. they had the problem in india and it took 5.3% off the overall growth the first year. so, it is very important that this brand is back where it s

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because look how it tries to placate the way because of high pressure building off toward the west axa'sof a cat will get some better cleaning out from sometimes unload dropping in with this will work for now the whole nation the scattered thundershowers activity continues with the trouble spot looks like it will be in the heights here and also to the portions of the gulf of mexico will warmer to upper 80s territory today after reaching about 90 in some spots we're still away from the rear warmer what will happen by tomorrow. >>reporter: by tomorrow morning so for today at 74 for san mattel reticence is 76 heading south largely that of parts in the middle ages to the south bank 8283 go on for san jose and not much change tier 724 oakland 80 for concord and 894 livermore 814 fremont these numbers will be approaching 90 degrees by tomorrow. >>robin winston: know the problems will not hey what a little sluggish along the slot section approach in the high- rise heading to the peninsula less than 20 minutes over to the bayshore freeway less than 25 minutes from novato over to the toll plaza s