thank you so much for joining us coming ewen stevenson. go ahead. ewen: thank you.hank you for the time today. nejra: thank you so much for joining us. ewen stevenson, cfo from hsbc. coutts &ins from company is still with us. a dividendpay yield of 7%. 2% more shares every year. low, iterest rates so know we are not talking about a corporation here but a bank with --ulatory ratios manus: is it a mistake? alan: i am just an investor. ewen is a financial director. , over five years of shares with consistent buybacks. hsbc, the shares have gone nowhere in five years. has a very strong u.s. domestic market. nevertheless, the european and other global bank struggled to compete with jp morgan. reaction in the hong kong market today, is that a result of the buyback or is the market unconvinced by the strategy that has been outlined, the cost-cutting? alan: to be a global investment bank, you have to ask yourself why aren't the european banks troubling -- field is notaying level. alan: that is a fair point. he's one it around from -8% to positive 8% in terms of equity -- he

the cfo you and stevenson -- ewen stevenson speaks to bloomberg. >> we are targeting parts of the business where we are not generating acceptable returns. matt: apple falls short. the iphone maker expects to miss its quarterly revenue goal because of the coronavirus. and bhp warns of a hit to raw materials demand and prices the virus fallout extends. we actually have glencore across the terminal here saying it is going to take a $2.8 billion impairment charge. it sees the scope of three emissions falling by 30% over 15 years. bit, $2.4arketing a billion. recommended 2020 base distribution of $.20 a share. that will be the dividend news. carbon emissions falling, coal mines deplete. glencore says it is watching coronavirus developments. the bottom line in terms of earnings before interest and taxes was $4.15 billion the estimate was for $4.07 billion. doing a little better in terms of adjusted earnings before interest and taxes. we are also getting eu car sales. european car sales dropping 7.4% in january as new taxes hit demand that is already weakened. watch out for carmakers to move this

francine: that was the hsbc's chief financial officer ewen stevenson speaking to manus cranny.'s broaden our conversation to the wider european earnings picture. still with us as peter oppenheimer. first of all, the earnings seem to be ok but this is before the coronavirus. do they still actually warrant these pretty lofty valuations? we are seeing record on equities. doesn't match up with the quality of earnings we are seeing? peter: the earnings season has been broadly reasonable, slightly better than expectations in europe. rather better relative to expectations in the u.s.. the u.s. has done better than europe. equity markets are at record highs and they seem to be shrugging off all of the effects of things like the coronavirus. while that may be reasonable on the basis of what we see in historic similar examples, these things have been short-lived and investors are looking through it, and also enjoying the benefits of the lower interest rates bond yields are getting, i think in the context of relatively weak earnings growth there is probably too much complacency and we cou