hsbc's pmi reading down to 49.2. it compares with 49.6. it marks the first contraction in seven months. frederick neuman says there's good reason to be concerned. >> we are getting increasingly worried. number ves disappointed, not just in china, but throughout the asia pacific over the last couple of months. it's not just the slowdown in exports, we see some weakness in domestic demand coming through, as well. >> hsbc's pmi was weaker compared to china's official reading over the weekend. tough to assess the stress of china's economy given the mixed reading. joining us from hong kong, the chief economist at rbs will be with us in a few moments in time. let's run through those pmis for you, as well. the pmi for germany was still sub-50, but it does improve a similar story in france, as well. pmi for spain and itly also rising this morning. we did see -- take a look at new orders, interesting to look at on the same vain this morning. we have the highest gauge since february 2012, first time since the down turn eased in four months. back to

hsbc slashed pmi for a ten-month low.r: you're watching "worldwide exchange" bringing you business news from around the globe. >>> if you've just tuned in this morning, global markets, futures are pointing down. the dow is down around 60 points. the nasdaq at the moment is down. s&p 500 is currently around eight points below. european markets down around 2% right now. dax and the ftse down. really strong u.k. retail sales for the month of may, all of which have a yield this morning. this is on the back of mr. bernanke saying the fedotenko start to scale back its bond buying program later this year. still with us in new york, he's been very patient, is martin. thanks for sticking around. i hope you got a cup of coffee. look, you're seeing the market reaction here. i mean, i guess there's a calculated risk going on here that they must be confident that growth are firmly improving and they'll do even better in the future. now let's suppose they are right. what is the right investment strategy now? >> well, assuming we have p

new york's attorney general takes aim at hsbc. eric schneiderman is suing the bank, saying it is "brazenly ignoring state law" by not setting timely foreclosure settlment conferences with mortgage holders. he claims the bank did not file the paperwork that triggers the conferences and continued to assess fees, interest and penalties. hsbc says it is committed to following the law and will respond to the complaint. detroit's financial emergency is reaching a breaking point. the city's emergency financial manager, kevin orr, is expected to call a meeting with creditors in the next several weeks. orr stirred up controversy after asking the detroit institute of the arts for an appraisal of its entire collection. if detroit declares bankruptcy, it could sell the works to pay off debt. the collection is valued at more than $15 billion. detroit's debt is estimated to be $17 billion. president obama is taking executive action to limit what critics call "patent trolls." the action targets firms that collect patents solely in order to earn

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hsbc's charlie morris will be with us in around an hour. before that, down 5 1/2% in shanghai after the u.s. justice department accused china's biggest of stealing software from the american firm amsc. the indictment alleges it was taken through to china. it was then allegedly exported back to the states and a u.s. attorney said nothing short of a corporate homicide which apparently robbed them of $800 million. >>> meanwhile, chip starnes is now back home. arrived at newark released after settling a pay dispute with workers. in an interview with cnbc he says there is a dirty underside to doing business in china and upset the chinese government did nothing to help the situation. >> i felt like i was an animal in the cage getting peanuts thrown at them. be happy living here with everybody in the same cage and work it out and having, you know, them having open access to me 24 hours a day and the first 2 1/2 days being brutally to tortuous and no one seeming to care. >> he's done business in china for over 20 years and despite his ordeal he sai

. >> another bank in trobl, hsbc, new york's attorney general is suing the giant british bank saying it ignored a state law designed to keep struggling home owners from falling into foreclosure. >> meantime, there was good news about home prices in april. more of it. core logic reports that prices of homes sold that month rose more than 12% from the same month in 2012. the largest one month increase in prices since the go-go real estate days of 2006. >> many american seniors have relied on their homes and reverse mortgages to finance their retirement, but now though loans are under criticism. despite a steady extreme stream -- stead stream of commercials speaking for them. >> it used to be that a home was like a savings account, gaining value as you slowly paid down the mortgage. you could sell is it and fund your retirement or take out a reverse mortgage, which the pitch men make sound so easy. >> have the money to pay bills or simply enjoy your requirement more. >> the product was introduced 25 years ago for those at least 62 years old. >> the reverse mortgage is money that is wait

the hsbc purchasing index showed growth in may. that was pretty much unchanged from the previous month. >>> well, japan's diet has passed a bill for setting up a blic/private sector fund to help boost infrastructure projects. the government aims to include the projects in its growth plans. the fund is expected to be created later this year. it's designed to expand the government's private finance initiative, or pfi. under the program, construction and management of public infrastructure systems are entrusted to private sector firms. new pfi projects under consideration include selling management rights of airports to the private sector. another plan is to use pfi for repair work on the aging tokyo metropolitan expressway. with the backing of the new fund, loans for pfi projects can have a government guarantee worth up to about $3 billion. the government aims to triple the value of pfi projects to about $120 billion over the next ten years. >>> officials at japan's fisheries agency are to give financial assistance to fishermen that

but what happened in may is that the official one went up and hsbc tumbled.mportant point here is that most analysts expected the official one to fall, as well. and even china's stock market investors thought that the official pmi would fall. so was going on right here is i think that beijing is start to go fib because as the economy gets worse, china's numbers get better. >> so what's really happening on the ground in china? what's happening with the economy? >> yeah. i think a that what you're seeing is essentially an economy that is somewhere between 2% and 3%. >> wait, 2% and 3%, people were concerned about 7% to 8% growth thinking that was a massive slowdown. 2% and 3%, that's off the charts. >> china claimed 7.7% growth for the first quarter. but when you look at electricity, by far the most economic indicator, that grew 279% in q1. when you consider that the growth of gdp is historically 85% of the growth of electricity, you're talking 2.5. and when you strip out economic use of production, all of these cities, for instance, in high speed rail lines to

hsbc allowed over $670 million in wire transfers, and over $9.4 billion in fiscal money to enter the united states from mexico unmonitored. of that money we know at least $881 million in mexican drug proceeds entered the united states illegally. on december 11, 2012, hsbc entered into an agreement with the justice department and paid $1.92 billion in fines. similarly in 2010, wachovia agreed to pay money which, after enabling at least $110 million in mexican drug money to enter the united states. $1.9 billion in fines is a huge fine. the question i have of you is, do you believe these fines are going to change what has been current practice and, i suspect, that there are other banks doing this same thing? this is an enormous gap in our infrastructure. could you comment on that? >> the concern you raise is a good one. we are being aggressive in our efforts. we have come up with robust financial penalties, but we can never get to a situation or this is seen as the cost of doing business, where a bank can simply pay a huge amount of money, and think that is the way it can absolve itself

after the end of the year, the former chair and chief executive of hsbc will be stepping down. i can announced today in the livingston for the past five years, the chief executive one important's most businesses will be taking over. mr. speaker. there are many people benefiting from outstanding teaching of inspirational teachers. not all of home -- of whom have been -- >> he makes a point. there are good teachers in our school was not been through the crisis. with had another new policy from the party opposite banning all such teachers from such schools. i have been busy. i have had a careful look at this policy. i know there are teachers, people who teach, including those of the opposite. the honorable member, a renowned historian teaching at his local school. he will be banned. whoe is a former member enjoys doing that as well. this policy, as an example of brotherly love. -- is an example of brotherly love. >> banking. the prime minster supports the recommendation of criminal penalties actual use the banking bill to the bloomington them. >> yes, i do. i support both of those

the study also noted that the ceo from wells fargo and hsbc and credit suisse got increases in their paychecks. >>> bank ceo's may not be earning as much. and american favors aren't saving as much either. fewer than 1 in 4 americans has enough in emergency savings to cover six months of lives expenses. the survey also says, half of all americans have less than three months expenses saved up. and 27% have no emergency funds whatsoever. >>> our crude oil prices fixed, the ftc wants to know. opening a formal investigation into how prices of crude and other petroleum based products are set. regulators are looking to scrutinize the way companies report oil prices, help determine how much raw materials cost on the open market. >>> good news about gasoline costs, prices at the pump are down 4 cents a gallon over the past two weeks. they now average 3.60 a gallon nationwide for regular grade fuel. that's largely because some midwest refineries that were offline are now back and fully operational. >>> a string of problems with boeing 787 dream liner have become more of a nightmare for company

the lawsuit claims thousands of cases have sat there for months while lenders, including hsbc assessed interest fees and penalties. >>> for the first time ever the u.s. government will auction leases for off shore wind farms. the to areas are off the coast of rhode island. they measure between a hundred and 150 square miles. the department of energy estimates they can generate enough electricity to power more than one million homes. >>> and united airlines is giving passengers the chance to prepay for a year of checked bags or extra leg room. checked baggage could be almost $500 a year. united is the first one to offer subscriptions. others will probably do the same thing. >> this would only benefit those who fly a lot. >> business travelers, frequent flyers. >> i wonder if they'll create sections for people with long legs. >> i think if we're talking about the economy plus seats, what probably is going to happen is those are going to go just to the people who have the subscriptions which means when you come to pick your seating arrangement on the plane, they're all going to be gone. t

at the end of the year, stephen green a former chair and chief executive of hsbc will be standing down as trade minister after doing a superb job refocusing the government's efforts in key export markets. i can announce that in livingston for the past five years the chief executive of bt will take on this vital role. i believe he will bring huge talent to a vital national effort. >> thank you, mr. speaker. there are many people benefiting from outstanding teaching of inspirational teachers. not all of home -- of whom have been -- >> he makes a point. there are good teachers in our school and has been through the crisis. we had another new policy from the party opposite banning all such teachers from such schools. i have been busy. i have had a careful look at this policy. i know there are teachers, people who teach, including those of the opposite. the honorable member, a renowned historian teaching at his local school. he will be banned. there is a former member who enjoys doing that as well. this policy, as an example of brotherly love. -- is an example of brotherly love. >> banking.

hsbc's flash pmi number, which predicts manufacturing activity, came in at a nine-month lie of 48.3 yesterday. a read bloeg 50 indicates contraction. so this number was taken as a strong stine that china could be decelerating, was a bigger concern might be the chinese credit crunch. news that seven-day borrowing rates touched 28% on thursday. that news spooking the market. rumors about a major chinese crisis, like a leaman-like type of default quickly flew around. the rate has since cooled, as the people's bank of china has apparently made more funds available to banks. but major concerns still stand, like the fed, china central bank might be losing its taste for easing, given that concerns -- and that concerns that banks -- that banks have begun to -- excuse me, take excessive risks. trouble to get the words out tonight. but as you mentioned, melissa, that has weighed on chinese stocks and that really is the question for how much longer will it continue to weigh on those stocks. back over to you. >> thank you very much, jackie deangelis. all right, and so there are names that might be overso

an hsbc spokesman says the bank doesn't comment on on going litigation. >>> home prices posted the biggestebruary of 2006 thanks to growing deman and low inventory. according to corelogic, prices soared more than 12% from the same time last year. of the lower 48 states, nevada had the largest year-over-year price jump. >>> the u.s. trade deficit climbed 8.5% in april, short of analyst expectations. trade deficit is $40 billion, versus the 41.billion that was forecast. that's the latest from fox business, giving you the power to prosper lori: today could be d-day for steve cohen's sac capital the fund tallies up investor redemptions and weighs whether to remain in the hedge fund business. charlie gasparino has the latest. charlie. >> you know i was reminded by a senior investigator at one of the agencies looking at, i don't want to give away too much, don't want to give the person's identity, one. agents looking at cohen. everybody remembers, and you guys know this, arthur andersen, convicted, right? lori: oh, sure. >> the supreme court let him go. remember the supreme court overruled that

are top-tier business people and a few politicians who have held accounts at hsbc.trial has become more about politics than legal principles. >> in the case of conviction, i will go to prison to prove that there is a problem with freedom of speech in greece. to prove it to the whole world. >> he has helped fuel public anger. squeeze thelicies income of the poor and the middle class. politicians have tried to take back the initiative. parliament watch the committee of inquiry that has nearly -- merely fed the outrage. the original lists whereabouts remain a mystery. first finance minister received it from his french counterpart. he says he lost it. the socialist party minister said he only had a partial print out which e2 has lost. the conservative led government has managed to save the political life for now. he is a coalition partner and vital to this government survival. the committee has voted to send him to the political gallows, a trial that could put him in jail for breach of duty. but his conviction would not extinguish the political fire he helped light. in

no matter what el -- on the don't-know list are still hsbc and blackstone, since we don't know huch, if any, they've left in the fund. with $550 million in s.a.c. investments, they were one of the hedge fund's biggest external -- details on the redemptions will likely be -- as will a better sense of the fund's may performance. so far this year, they've been under-delivering, perhaps in reflects sure of the -- >> and trying to manage these accounts. kate, thanks very much. >> let's bring in our flend robert frank here. one of the theories that steven cohen may well get rid of the public money he manages, as some other big hedge fund guys have done in recent years. what do you say and what have you found? >> there are lot of advantages, especially when it comes to regulators. they're private companies that manage with family's money. more recently they have become very popular with hedge fund billionaires. george sore ross turned his fund into a family office, so did carl icahn and stanley drubmiller. now, family offices, they get a special exemption from dodd/frank. a lot of -- it mea

ashley: the new york attorney general is suing hsbc for allegedly breaching foreclosure laws. saying the bank did not give home owners the opportunity to negotiate loan modifications when they fall into foreclosure. liz: and one retailer says it's black stretchy your pants are heading back to store shelves this month. why? well, the company had pulled the panel earlier this year because of complaints that they were to share. you can see the naughty bits. after the bell starts right now. ♪ ashley: all right. the day's action. index iq adviser ceo. it is time to hedge because the pullback is coming. some alternative investments to play that downturn. in the pits of the cme. let's begin with you. an interesting day. a very choppy, as it was yesterday. i guess we're all just getting ready for the jobs number of friday. >> i think you're right. right now is a struggle. i feel like i aa waiting for, to strike earth. i think the people around me feel the same weight. we all know it's going to it, but the impact is very unclear. let's consider the fact that at some point the fed will

hsbc, we were talking about the federal reserve.ndered money for al-qaeda, iran and the mexican drug cartels. zero days in jail. 30 days in jail for an ass pat? >> not even a violation of probation in my opinion. as a former prosecutor who put people in jail for violating the law, the terms are if you violate an ordinance. it would have to be a battery but it was not something the lawyer found to be offensive. it is not a battery. therefore, it is not a probation violation. therefore, the only thing that should be slapped is a big fat appeal. the reality is he will do the time. >> you think the judge overreacted? or he deserved the 30 days? jail? >> i don't think what she did was lawful. the only problem is she has the discretion to do what she wanted to do for the prior violations. >> i'll let you guys go. >> that's what i was wondering. as a former prosecutor putting people away. i have this picture in my head. there is a very serious opinion of the court. this is my court as far as the judge goes. anything that goes on, if someon

what's happening with other players like morgan stanley and hsbc is not yet clear, but is likely to bethers have pledged loyalty, though, including sky bridge capital and chapwood investments. but there's no doubt that losing even a small majority -- or, yeah, a small majority, a little more than 50%, that is, of the remaining outside money could be a huge blow, kelly and scott. one that could be hard to recover from. >> yeah. kate, thank you very much. kate kelly with the latest. as we watch a market, by the way, that's now up triple to the best of my knowledge its, 102 points, a complete reversal from what we saw friday when you had that last 30 minutes of trading as a meltdown for stocks, right now you're getting a melt up. highs of the day here as you have some buyers coming in. you know, some of the leadership stocks today, intel, got an upgrade today. that stock up 3.5%. it's been a stealth performer year to date. not talked about a lot. it's had a pretty good run. biotech doing well. some of the health care stocks like merck. microsoft higher today. bristol myers is up better th

hsbc cut their gdp forecast for china this year to 7.4% from 8.2% prior. and downgraded china equities to neutral. so some stabilization at the close. but asian equities i would say are still looking very, very vulnerable as we head into a new week. back to you now. >> as an aside, you have the worst pollution in the world right now, i see. it could last for weeks. is it bad outside? can you tell how bad it is? >> i can tell you this. palpably and visibly and officially this is now the worst air quality in singapore's history. it's all coming from the forest fires in indonesia. something of a blame game going on. but it is very worrying, that's right. especially for people who are vulnerable, like pregnant moms. and my kids. i have a 4-year-old little boy. he's mildly asthmatic. it's bad news for people with kids, parents, et cetera. you hope to see a resolution quickly. or some clouds seeding. >> very good. go ahead. >> one question. i was reading some stuff overnight. there's been a lot of focus on the shibor compared to the libor of china. the fact it's

we got spooked by the hsbc flash pmi and the final pmi would slip. today, growth stocks continue to slip. there seems to be a lot of concern gripping the steel sector. the extent of the slowdown and a lot of overcapacity seems to be quite pronounced to the extent that the steel industries average profit is only about 7 cents per ton and comments continue to come out even from the top chinelea chinesemaker e bao steel that second and third quarter there needs to be a lot of capacity cuts. how that translates into australia could be interesting given where australia stands and certainly no surprise that the rba kept the door open for easing. but not much reaction in terms of the market or at least the australian dollar at least in the asian session. back to you. >> thanks for that. >>> the sign that the turkish prime minister has rejected calls for his resition nation. istanbul saw the worst of the clashes with investors attempting to storm the prime minister's office. he added that the protests had been organized by extremist elements. >>> where are w

and we've been watching hsbc hong kong because hong kong extended the rate of manipulation probe to this bank. shares ended down by 0.4%. and the big m&a story out of china is the country's biggest dairy producer signed another takeover deal after acquires kkr to modern dairy last month. and offered $1.6 billion to buy vashill. lots of consolidation in the tainted dairy sector. shares jumped almost 7% to a five year high. and actually gained 3% today. elsewhere south korean technology shares pulled back after yesterday's strong rally. samsung electronics and some lg units they lost more than 1%. back to you. >> all right. thanks for that. catch you a little bit later. still to come, samoa airlines is set to produce an extra large passenger class for people weighing over 130 kilos. is this a business opportunity of big proportions? or discriminatory practice? we'll discuss that. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s.

latest hsbc serviced pmi 51.2% in may, a little higher than the 51.1% in april. fell to its lowest in 20 months. analysts say that's worrying as the service sector comprises about 40% of china's gdp. >>> and one day after australia's central bank held off on further rate cuts, economists were presented with more disappointing growth figures. first-quarter gdp below expectations on both a quarterly and yearly basis. businesses cut back on spending with mining investment set to level off, but the treasury insists the economy will hold up. >> we have our economy in transition. we have a high dollar, which is making that transition harder, but you know, we'll see the doomsday predictions that people will have when they look at these figures, but the reality is, the australian economy is in good shape and is handling these transitions very well. >> yeah, australian gdp, by the way, 0.6% versus expectations of 0.8%. >>> in taiwan, smartphone maker htc gave up gains to 1% lower. chief operating officer matthew costello is stepping down, the latest in a string of high-le

. >> there was an upgrade by hsbc, what i was referring to. >> i know. >> i don't want to put nokia words one of our mouths. >> nokia up 1%. it's a 3.58 stock. >> it was upgraded. i'm not recommending. talking about edwards life science. that was upgraded. nokia's a river in finland. and they are -- by the way the cell phone and actual internet reception is awful in finland. one of my best friends in finland. it doesn't work. you've got -- you're right like a quadruple whammy on nokia there. i will say it was upgraded. i don't know, maybe there's a turn. >> all of the people with the curled up shoes riding reindeer cutting the cell towers down. it's a crisis. >> those people are thrifty and work hard. >> leonard shares down. morgan stanley downgrading the home builder. home builders have had a big run. >> they recommend standard pacific. a lot of home builders came up. lick. now they're trading like dot.comes. that's an illusion. lennar, stewart miller talking a good game, sat two seats from you, i would have loved to ask about the downgrade. we're in the early innings of a housing cycle

key sac clients whose moves we are watching today include morgan stanley, hsbc and blackstone group andus first quarter. those companies were widely expected to pull some, i'll be back to you guys as soon as we have more on the numbers which will be forthcoming in the next few hours. >> in terms of the timeline for the potential charges being brought, and that is ticking down as well, isn't it? >> it is, david. there are two sets of deadlines that our viewers may want to keep in mind. one is late july, that's essentially the statute of limitations which is the five-year deadline for prosecutors to bring additional charges associated with matthew martoma. the trader who sold positions in two pharmaceutical stocks in 2009 based on inside information and theria a second deadline of late august. trades on dell and nvidia that have snared a network of current and former sac employees including most recently resulting in charges against longtime trader michael steinberg. that's a case that could potentially ensnare cohen as well. what's missing there and the reason people are focused on marto

hsbc slashed pmi for june came in below what people expected basically indicating we're seeing a contraction in the industry. we're seeing a slowdown in the chinese economy. that has raised questions as to whether or not they will have to change their stance. in the past several months we haven't seen the government come in to support the economy even though there has been a slowdown. because of the slowdown that we're seeing and this rapid negative economic data and the fact that we're seeing a lot of pressure right now in the financial sector where will's a lot of fears about a credit crunch that now people are starting to believe that the policy makers are going to at least have to rethink or possibly rebook their stance of inaction. >> yeah. eunice, combined with what's happening here, this is, i don't know, perfect storm setting up. we'll see though. everything else -- we just need to go slow, don't you think? we can get through this, don't you think? >> well, i don't know. i mean, a lot of people are worried about the credit crunch. the fed policy has a lot of impact here as well. ther

blackstone stands for the second time this year and other major investors from morgan stanley and hsbcuestion, guys of whether they'll transition to a family office managing just cohen's money. a move, is ac insiders are denying it would make and it will become the de facto state of affairs if they lose enough money today. >> it registered with the sac and some have chosen that family office because they don't want to register with the sac. these redemptions take place over three quarters, correct? >> if you redeem your money today, david, you'll get equal portions of it back so you're fully out by the end of the year. that's an important thing to note. the reason they can note 1.6 billion still has the same today. a small portion of that went out and apparently new money was put in by insiders, i think, primarily. yes, it will be a gradual thing, but at the end of the year if they lose a lot of money today added to the first quarter losses and they're not able to refresh that with additional external investors and they could be looking much in the office even if they're not classified

on december 11, 2012, hsbc entered into an agreement with the justice department and paid $1.92 billion in fines. similarly in 2010, wachovia agreed to pay money which, after enabling at least $110 million in mexican drug money to enter the united states. $1.9 billion in fines is a huge fine. the question i have of you is, do you believe these fines are going to change what has been current practice and, i suspect, that there are other banks doing this same thing? this is an enormous gap in our infrastructure. could you comment on that? >> the concern you raise is a good one. ourre being aggressive in efforts. we have come up with robust financial penalties, but we can never get to a situation or this is seen as the cost of business, where a bank can simply pay a huge amount of money, and think that is the fromt can absolve itself wrongdoing. we have put in place as part of these agreements compliance measures, ensuring remediation, effect reform, imposing minor trades to make sure these kinds of things should not happen again. these sanctions we put in place go well beyond what a judge

at the interview stephen green, former chair of hsbc will be standing down as trade minister. after doing a superb job refocusing the governments efforts in key export markets. i can announce today that in livingston for the past five years chief executiv executive n a bridge with successful businesses will take on this vital role. i believe he will bring huge talent to a vital national effort. >> with the primers agreed on many people's an excellent schools, benefiting from outstanding teaching from inspirational teachers, not all of whom are necessary been to teacher college because i think marvel friend make makes an impt pointer to our many good teachers in our schools who have been through the former processes. i do this week without another new another new policy from the party opposite. banning all such teachers from such schools. as ever, although i been busy, mr. speaker, i but a careful look at this policy. and i note that there are teachers, people who teach, including those on the benches of the party opposite. the honorable member, a renowned historian teaches in