that leaves about 8% of hsbc's penalties unsettled, including fines on this property. a boarded up building with broken glass and liquor bottles on the lawn. in june, we told you how hsbc foreclosed on this bronx building across the street from military vet helene van cleat. the property accumulated tickets for dirty sidewalks and even a rodent infestation. the city says these penalties are still outstanding. but since our story, something positive has happened here. the property is sold. and it looked cleaned up. >> i'm surprised it got done so fast. probably if you didn't report it, it probably would never happen. >> where there were boards on the windows, there are now clean windows. where there are overgrown weeds, there is now manicured grass. >> it looks a lot better now. i guess they're doing a good job with it. >> reporter: hsbc is one of ten banks identified with unpaid debts. banks have paid which fines but jeff says recovering $1.5 million is progress. >> the clock is ticking. >> he's setting deadlines if banks fail to pay their balance. >> one case, there w

several international banks to manipulate precious metal prices, swiss and germany's bank as well as hsbc in barkleys both based in london. separatist coalition in spain's catalonia region has won landmark election and took 62 seats out of 135 in the regional parliament and if they join forces with the left wing party they will have absolute majority and allow them to pursue independence and we report from barcelona. >> reporter: it looks and feels as if nothing can stand in their

hsbc will sell more than $150 million worth of bonds after getting approval. bank will also allow the bank of china's hong kong unit to sell $1.5 billion worth of bonds. china is auctioning off its markets for the u.n. faileddon stock exchange brussel investments to china's civic securities which is set to be on the verge of collapse. the chinese stock market plunge and investigations into citic's executives have derailed discussions. the brokerage firm was in talks of buying investments of $1.8 billion. it is set to be in discussion with other bidders. groupon plans to cut more than 1000 jobs and exit seven countries over increased competition from local competitors. the cuts make up about 10% of its workforce. a gets about a third of its sales outside of north america. sales get more than 2% in new york. those were the top corporate headlines this hour. angie: let's get more on one of our top stories -- the volkswagen emissions scandal. could this push more drivers to turn to electric vehicles? joining us from new york is salim. how is this playing out for v

senior fx strategist at hsbc. coming up, back to the ballot box.s had to the polls for the in less than a year. has election fatigue set in? what you need to know about the latest greek election, coming up after the break. ♪ jonathan: welcome back. 42 minutes into the trading day -- here are your top stories. the federal reserve kept rates painted near zero janet yellen said that those policymakers still expect to raise rate this year. she highlighted the strength of the u.s. economy and the decision to delay, fresh uncertainty about the outlook abroad and market volatility. greases election remains too close to call. political parties are wrapping up three weeks of campaigning ahead of sunday's vote. polls show the series a party and new democracy party neck in neck. the recovery is being helped by interest rate cuts and easing purchase restrictions. prices dropped fewer than the 29 in july. unchanged -- the word that echoed across trading floors around the world after the federal reserve sidesteps the opportunity to raise interest rate for the fi

another contender is the case with hsbc. they were involved in money-laundering at a scale to get your head around hundreds of billions of dollars they we're doing that on behalf of large scale of narco traffickers and countries united states considers to be enemies. so we come to expect it to throw people lot of home you'll not be criminally prosecuted for that but if you were in tabling nar trafficking from much united states calls enemies you could be prosecuted for that you would be wrong because you are not if you are a large banks like hsbc the sample were the guys in charge of criminal prosecution at the time we can go after them because we are worried will happen to the global economy to prosecute that is the justification from the prosecutor. is a huge problem. three points. that was the third one. concluding note. so the things they're talking about the individual prosecution's that hsbc may have then a tipping point. but then started to become unsustainable and thanks to their pressure focused on this issue it is

hsbc shares down 19% year to date. kraft heinz is expanding a cheese.y recall of strip ofn, a thin packaging could remain stuck to the product and possibly cause choking if not removed. kraft heinz says 335 cases were affected by the problem, 10 times as many as they first thought. nissan says it is recalling almost 300,000 vehicles. the reason, a console panel could catch the right edge of a driver's shoe and slow breaking speed. nissan says it will notify owners and modify for free. the automaker says it has received the report of an accident involving injury, but no deaths have been tied to the issue. we will not know about the new c.e.o. until after labor day. there is speculation in new chief -- a new chief could be named as early as today. is already c.e.o. at square, on the verge of an ipo. cable infallibility does not extend to eyesight. when pope francis needed a new set of spectacles, he went shopping in downtown rome for a new pair. just like us, the papal shopping excursion stunned and delighted onlookers.

suspect threatened a teller at the hsbc branch on wilson boulevard at around noon. the thief described as a black man in his 50's wearing a red hot, sunglasses, a green shirt and he apparently implied he had a weapon. teller handed over money and the man left. there were no customers inside the bank at the time and no one was hurt. up next, he is surging in the polls ahead of the next g.o.p. debate. we speak with dr. ben carson one-on-one. leon: plus, doug hill will be here and tell us just how long we can expect a beautiful, california-like fall weather to last around here. maureen: a long time. doug: love it. robert: i'm robert burton in sports. the latest on desean jackson and his injury. how long is he out? someone is back. jordan reese. we go one-on-one with the i don't want to live with the uncertainties of hep c. or wonder... ...whether should seek treatment. i am ready. because today there's harvoni. a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients... ...who've had no prior treatment.

hope to see you back soon. >> ben laidler, hsbc.t. >> it's a corollary from now in the '90s or 2000s, every macro environmental carries with it different characteristics. right now we can get an energy really quickly. can suspend production. prices rise, put it back online. that's something that the drillers of the last decade simply didn't have the technological capacity to do and we've got weakening emerging markets which is a mirror image -- a 180 from what we saw last decade where you had four bricks drinksing as much oil as they possibly could. i don't know if i love this idea of looking at relative -- >> why are you looking at it? >> i'm giving a dividend there. i'm holding the highest quality names. those are the fittest, the best balance sheets. i'm not playing games like range resources or any of the smaller producers. i want to look at the companies that benefit. >> pete, the refiner's attractive? >> i think they can be, yes. i still have a position in valero. >> do you have a position because you have real conviction ther

8% of hsbc's penalties unsettled including fines on this property. boarded up building with broken glass and liquor bottles on the lawn. foreclosed on this bronx building across the street from this military vet. the property accumulated tickets for dirty sidewalks and a rodent infestation. the city says these penalties are still outstanding. since our story, since positive has happened. the property has been sold. and it looks cleaned up. >> i'm surprised it got done so fast. probably if you didn't report it it would have never happened. wide receiver there were boards on the windows, there are now clean windows. where there were overgrown weeds, there is manicured grass. the gate is now locked. >> looks better now. i guess they're doing a good job with it. >> hsbc is one of ten banks the iteam identified with unpaid debts. the city won't reveal which banks paid which fines, but jeff shear says recovering $1.5 million is progress. >> the clock is ticking. >> reporter: he's setting deadlines and consequences if banks fail to pay the balance. that had

samsung, hsbc, deutsche bank backed out from spans soring event.ers are cutting back on donations. back with me, julie row begins sy, former senator scott brown and judy miller. let me start with you. big names dropped out. used to be people who may not know the thing to do. everybody bottom in. people from the current administration. you would have business leaders. now not so much. >> the clinton foundation still says they had eight leaders, world leaders, kings, monarchs last year and they will have 28 this year. the schedule has not been fixed yet. there are still a couple of people trying to arrange their schedules but look, on one hand, why not miss a year, if you're a corporation and the clinton foundation has been associated with so many questions about people who are giving to it why they are giving to it? is there quid pro quo? do they expect something in return? why not miss a year. however if she is president you look stupid to miss a year. melissa: i always make the point they do a lot of great work but look at different non-partisan c

several international banks to manipulate precious metal prices, swiss and germany's bank as well as hsbcys both based in london. separatist coalition in spain's catalonia region has won landmark election and took 62 seats out of 135 in the regional parliament and if they join forces with the left wing party they will have absolute majority and allow them to pursue independence and we report from barcelona. >> reporter: it looks and feels as if nothing can stand in their way, independence hungry in full cry. >> this is insane. nothing like that has happened in europe in the last year. >> barcelona decides the future and the future is the only way. >> reporter: who will deliver it for them? a coalition of parties from the right and the left likely to include the far left with nothing in common whatsoever except the promise to pave the way for independence in 18 months time. >> translator: we have a lot of work to do and not going to relax. we have a democratic mandate and know what it means and know how we have won, we have won against the odds. >> reporter: there may yet be trouble ahead

investigators say that he has hit up two other banks this week including an hsbc yesterday afternoon in the flatiron district. he got a with with nearly $2,000. >>> opponents of the iran nuclear deal denounced it outside the u.s. capitol as they face almost certain defeat in congress. hillary clinton lent her support to the president's plan. the senate debate underway with republicans ripping into the deal and democrats saying there is no sound alternative. >> never, ever, in my life have i seen any transaction so incompetently negotiated as our deal with iran. >> and >> is it perfect? of course not. no agreement like this ever is, but is it a strong agreement? yes, it is. and we absolutely should not turn it down. >> the senate debate on the deal is in motion. mitch mcconnell complained that the deal would leave iran on the edge of developing a nuclear weapons while it pockets billions of dollars. >>> on to the refugee crisis. the united states is ready to increase the number of refugees that it resettles by 5,000 next year. that would raise america's worldwide quote to to 75,000. t

stocks let's bring in frederick neumann, the co-head of economics research at hsbc.deric, it's always great to speak with you. >> good evening. >> for a long time people had been saying what's going on in china and the chinese economy is isolated but yet we're seeing now the evidence that it's not. and it's not just big trading partners like korea where we're seeing the evidence and the export numbers. we're also seeing in developed markets like japan, with the nikkei down 4% overnight yesterday and then canada is now in a recession. are we now seeing the impact in other markets and is it more concerning to you now that we're seeing the impact in developed markets specifically? >> that's right. the weakness from china is starting to spread and it's going beyond the commodity sector. remember, for the last six, nine months it was commodities that got hit because of weakened china demand. now the worry is that china's also reducing its purchase not just of investment goods but also consumer goods. we're seeing concerns of a slowing purchases of, for example, electronic

deutche a bank, hsbc and barclays. >>> the emissions scandal at volkswagen is growing.ke is audi division say more than three million of their cars are fitted with emission test cheating devices and now germany has started an investigation against the vw former bombs. >> reporter: the public prosecutor's office in the german city has announced that it is watching a criminal investigation in to martin, the former ceo of volkswagen group. who resigned under pressure last week. the focus of the probe says the prosecutor's office will be on potential fraud surrounding volkswagen's now admitted scheme to cheat emission testing by implanting special software in to 11 million of its vehicles that make their diesel engines appear when tested to be less polluting when, in fact, they were much more polluting when driven on the highway under actual driving conditions. now, it was less than a week ago that he was a highly respected german executive with nearly unlimited ambitions and running the company that sold more cars than any other car maker in the world. today he is until di

the guest, the head of research at hsbc. edge" up next.day. ♪ >> i am al hunt. >> i am phil mattingly. tonight, washington is taking over. the student has become the teacher. but first, the pope. a guy that americans clearly love spoke to people that most people hate. pope francis spoke to congress. like a

david: interesting note from hsbc.ook at what is happening in the chinese markets, the worst is likely over. you have seen the worst for mainland chinese stocks. shanghai composite, 12 months. along with the drop, the margin dip, this is on the website. aboutave been scaled back $218 billion. we are at roughly 115 billion u.s. dollars between the exchanges as far as the outstanding level of margin that. something to watch for. follow,es continuing to big drop. stock,f concern over the there is theina -- possibility that they have profited illegally, insider trading. down 1.25%. casinos continuing to take the hit. will the flood or flow of tourists into macau make up for what has been a sluggish year for casinos? we are seeing those shares fall. japan, worth mentioning. showing a drop of 29%. getting scaled-down. more a flexion -- reflection of valuation. shares down 7.5%. companyention, one more and japan, leaving the gains. er gainers.bigg shares are up 7.5%. same-store sales up 19% year on year. we are seeing decline

both hsbc and morgan stanley said they have been punished a little bit too much by investors.tle bit of a relief rally going on. let me go over to the stock of the day. altice. they agreed to by cablevision, creating the fourth largest in the united states. the shares of the acquirer popped at the open this morning. they went up almost 13% and then gave up all of their gains. pretty interesting. euro is up a little bit. 0.02%. everyone is rating to see what the fed is going to do. and waiting to hear from janet yellen. that is what traders are watching. julie: of course, that is what they are watching in the u.s., as well. head of that, we are not seeing much change in the major averages. want to take a look at volatility. this is the past month for volatility. , buts been trending lower it is back to more of the historical average for volatility. we have seen a pickup through the year ahead of the fed decision. the interesting chart was brought to my attention by dave wilson and brought to his attention but pavilion global markets. looking at the s&p 500's 30 day volatility.

sharon: according to hsbc research, a fed hike could accelerate declines such as malaysia and this would spending costs for consumers and constraining demand. ins particularly dangerous malaysia where a lot of investment and consumption has been driven by deptford malaysian -- driven by debt. share of gdp rose last year in the first quarter of this year compared to 150% in 2009. this is after china. the government has taken steps to ease policy and reinforce capital controls. yvonne: what other risks are there to malaysia right now? well, we know malaysia has been hurt by the commodities slumped. and the prime minister battles corruption charges. and also malaysia has a sizable share of corporate debt in foreign currency and one of the highest proportion of offshore ownership in sovereign debt markets. all of these factors coupled with the fed hike, not looking great. yvonne: are there any bright spots? you could antipate the ring get might have boost for exports and tourism and a central said yesterday she will improveingett in line with the fundamentals and stabilize an issue surroundi

hsbc,steven major from head of fixed income research.anjuah, thank you for spending the last hour with us. great to have you on the program. coming up next, it is decision they for bank of england. what to watch in the minutes. of much is this view, lack --? we will have much more on that next. ♪ anna: look him back. it is 7:30 here in london here it here of the stories you need to know. and advisor to japanese prime minister says the bank of japan should expand its qe program. reduce the boj should the program by $83 -- $83 billion. almost 1%akened against the dollar after yamamoto's comments. australia's jobless rate dropped. that suggests record low interest rates, a week wage growth, all encouraging hiring. new zealand central bank has lowered interest rates for the third time in three months. the benchmark rate was cut by 25 basis points. governor graham wheeler says the potential is needed. he is looking at data coming from china. the new zealand dollar fell 2%. brazil's credit rating has been cut to junk. another cut is possible.

citic securities was downgraded by hsbc, cut to hold. still, the stock is rising 1.4%.ges in china have suffered, we've been told by sources they were asked to contribute billions of dollars to the market. executives at citic securities are being proved at the moment. from cautiong security saying they will turn around in the next quarter after being hit by the mers outbreak in south korea. samsung electronics unchanged at the moment. global media are reporting they may cut their led workforce. rishaad: thanks, shery. japan came out with its fifth monthly trade deficit. in august.n all coming a day after japan's credit rating was cut by standard and poor. brian fowler in tokyo, is this cut is essentially a no-confidence vote for abenomics? it's definitely a bit of a slap in the face for him. it puts japan's sovereign rating below that of china, which symbolically is unwelcome here in china -- here in japan. the timing is interesting. abe has spent the last few weeks focused on these security bills in the face of great opposition. his support ratings are falling. is,ink

sticking with europe, hsbc has become the latest big bank to say the euro has more room to rally.t raises 2016 forecast to $1.20. let's welcome dominic. he joins us now from the london headquarters. great to have you with us this morning. i want to break this down very simply. the ecb is set to embark on more qb. it is said to strengthen the high interest rates. it expects the euro to rally. reconcile those three things for me. someone an: -- dominic: everybody knows the ecb will do more ae. -- more qe. the question we are looking at his not what is next? what we're starting to say is that once the fed hikes, and we get that out of the system, what will be the process from there on. we think the timing cycle will be a lot shorter than any timing cycle in the future. the growth is not there for them to hike aggressively. that is going to start to bring back the idea that the dollar can actually weaken somewhat. then we look at the ecb. we say, they will extend the asset purchases out from september 2016. actually do? can they are constrained with a lot of technical constraints. the

more from fredrik nerbrand at hsbc. rik, politically the eurozone is very fragile. we know that.t we've learned over the last year is that has meant a little for financial markets with maybe the exception of greece. what would you say to anybody who said imd is is a ties to the fragility -- who said i am desensitized to the fragility? fredrik nerbrand: it matters from an ecb perspective. it is fragmented and getting more fragmented and we have other issues. haveou referendum and you issues like this. -- the you referendum and you have issues like this. in italy, all calling for whatever end to the euro and the eurozone. concerned,as i am what does it matter? eu markets have been trailed the view that interest rates are going to be low. , greeceof this my value is much higher and i can afford to pay more. to some extent i believe it is wrong. assuming and that environment is you have same level of growth. and to a large extent in the eurozone but also the likelihood of getting that level growth is pretty low. , the results will be relatively highly volatile. your risk premium thes

joining us here in london, fred newman, hsbc, i think they brought you in on my day one to make me feel more at home. >> i flew in specific for this event. why not be here. >> i feel the love, fred. >> broadcasting globally. >> yes. >> how much love do you feel for china right now? >> i give them the benefit of the doubt. they got a bit of a bad wrap. they're saying china is collapsing and they're going to join the currency wars. i don't think they are. they're trying to reform the regime and they're trying to stabilize things. we always said don't go out and do a massive stimulus. we don't want to see another asset bubble so they're doing it incrementally and they're trying more than we give them credit for. >> isn't there a sense that so much focus has been on stimulus whether it's fiscal stimulus or monetary stimulus? maybe the reforms announced by officials the two years or so when they came in office, this is something we need to focus on to sure up investor confidence. >> they did have some progress like the capital account and interest rate liberalization. we're still behind the

>> caller: my stock is hsbc. >> oh, man. it's too hard for me. we've got to go with wells fargo.have to keep it simple, right? how about patrick in arizona? >> caller: hi, jim. my favorite store, whole foods. there's a lot of negativity about the 365 stores. what do you think? >> there is a lot of negativity. i still think the pricing structure might be too high. that's why i prefer kroger. one day whole foods will be the one to buy. let's go to graham in wisconsin. >> caller: lci is what i'm looking at. >> lynette reminds me of a junior valian. i like it. it's been stalled. it's time to buy. that's the conclusion of the lightning round. >>> the lightning round is sponsored by td ameritrade. what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place that lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim? for all the confidence you need. td ameritrade. you got this. it

investigating several banks alleged to have manipulated precious metal and swiss and germany as well as hsbcased in london. royal shell is stopping drilling off the coast because of disappointing results and spent millions with the experimental well and they trying to block this because they are afraid of a spill in the arctic wilderness. pope francis is flying home and reminded politicians to care for people and encouraged religious freedom and promising to charge people for this. he talked about immigration, climate change and inequality and same sex marriage and abortion and on the final day and addressing he talked about stories and offered prays and it was 2002 and allegations of sex abuse in the church became public and now estimated there may have been 100,000 victims in the u.s. with many more worldwide and the pope the leader of the world's 1.2 billion catholics promised there would be no hiding place for the guil guilty. >> translator: these things cannot be maintained in secret. i commit to a careful oversight to be sure youth are protected and all those responsible will be held a

not necessarily just asia obviously hsbc is a large asian operation.ut these, these kind of bellweathers of the stock market in europe and where we're going more broadly have fallen through the session and that's not necessarily a great sign. back to you. >>> while you've been speaking, toyota has come out with their numbers, phil lebeau has that in denver today. >> toyota reporting better-than-expected numbers for the month of august, the decline of 8.8% might have some saying better than expected? most were expecting sales to drop 12%. the comparison of august this year was with august of last year. and there was labor day involved in august of last year. for some automakers they had huge numbers last year. toyota reporting a decline of 8.8%. better than expected. we should point out jp morgan is out with its estimate for august sales. in terms of an auto sales pace it says itten exams the sales rate to come in at 17.5 million vehicles. so again, strong sales expected for the month of august. we'll get the official number in a couple of hours, carl,

this happened most notoriously in the case of hsbc, the huge worldwide bank which was laundering moneya mexican drug cartels. the justice department gave them the same kind of settlement, deferred prosecution agreement, which is a favorite of the obama administration's justice department and really denies justice to the victims of the bad acts that are covered in a statement, but never brought to court. nader professor, ralph mentioned drivers were prosecuted even though general motors knew it was their fault, they had a faulty ignition switch. can you tell us some of the stories of those drivers? >> yes. the one that is most vivid in my mind is the case of candace anderson who was driving a saturn and she ran the car into a tree after she lost control of it. it is really important to try and focus on how upsetting it is to have a car stall out as you are driving it. you lose the steering, the brakes, the airbags you find once you crash are not working, but by then you have already been through this terrible experience. unfortunately, her fiancÉ was killed in that crash and she was .nd

for hsbc. which is a terrible choice as rob explained. it is also in the implementation.here can be a lot of corruption. and, just to say that the alpha national resources which was successor of massey energy got one of these, and when they sent their reports back, this is one of the very few reasons why i'm critical of -- the only reason i'm really generally a great fan of the west virginia u.s. attorney, when they sent their reports in, he wouldn't release them to the public. so very often they're put under a monitor, they're required to do all these things but we can't see what they have done because they're not public. and that's, you know, yet another aspect of this that needs to be pushed. >> we were involved in a case exactly like this with pfizer where we tried to get those reports under the freedom of information act and we failed unfortunately to succeed. i think the short answer to your question is there is little or no value in these deals. >> get a lot of money. >> one of the books that russell mentioned by brandon garrett, talks about the compliance efforts

hsbc is expecting it to rally.tart arguing about that trip to malta, a lot of people are expecting the big meeting to be december, when the ecb updates are forecast. so standing outside the ecb in frankfurt in december is something neither you or i want to do. jonathan: i will put hans nichols name and e-mail. guy: thank you very much. the french finance minister is still talking about the budget, the fact that china is pressed into his cut relations. european equities are looking rosy, 1.7% is what we can expect from these european equities. that is the euro stocks, those are the numbers, we will take a break. ♪ jonathan: good morning and welcome to "on the move" we are moments away from the start of european trading as he with goodbye to a messy third quarter. let's get straight to the morning briefing. global markets are poised to deliver. they live away from the third quarter. japan's industrial production and explicitly slumped for a second month. every session looms. the inflation is going back to zero in sep

the securities company is raising 2.5%, although hsbc cut into neutral.ces that they were told to contribute billions of dollars to the market rescue fund. china's airlines are also gaining 2/10 of a percent today after striking a deal with martin there. back to you. guy: shery ahn, thank you very much. anna: 7:30 2 -- we are all waiting for the fed to decision. later on, a bit of m&a going on. caroline: this is interesting -- the u.s. company being snatched up by a chinese company, for the intention theris there. this is the biggest estate owned computer company, i.t. company, looking to buy atmail corp. they make checks for industrial use to put in cars, and they are offering $8.50 per share. premium the very small when you are looking at the closing price of of just $8.18. with such a small premium being offered, and indeed with the fact that a chinese company juggernaut is looking to buy a u.s. company, this could potentially not the that attractive to either involved. but so far, talks are ongoing, back to you. anna: thank you very much. guy: 26 minu

. >> hsbc's point this morning is don't be surprised if they don't move, as you say.ut that they add a press conference in october or something people haven't thought about much. possible? >> anything is possible. they -- they also did say that a press conference was not necessary to a rate change. so -- >> though you would argue it helps. >> i think they'd have to explain to people where things are going. >> more importantly isn't the central thought you have to tell people, yes, we're hiking rates but we may not hike for a long time. that's the deal they get out. they need a news conference to say that, don't they? >> yes. but we may, rather than we will. they want commit on hiking rates if some things change, they are supposed to be data dependent. so they may have to change. you have people saying not only should they not hike rates, they should begin another qe here. >> on that note, what -- what happens if they do? volatility? can the markets handle it? what happens? >> i don't know. i would look to the emerging markets. they look to be particularly vulnerable.

health of china's economy let's bring in frederick newman, co-head of asian economics research at hsbche joins us now from hong kong. we'll see how -- i don't know, satellites get effected by clouds. we'll see how long our delay is frederick. but what's the current state of the chinese economy? tried to figure this out yesterday. three or four years of deceleration. is it possible for us to know when we hit an inflection point where it actually stabilizes and we can start watching the future of china that everyone talked about start being fulfilled again? when will that happen? >> well, in the data so far we haven't seen the inflection point just today we get the pmi out for china and again it's weakened and even new orders, new export orders down again. so it's still a bit waiting here. we do think that by early next year, some of the stimulus will gain traction. but generally speaking slower growth is still on the cards in china and it's not exactly collapsed but the challenges are still mounting. >> is the yuan still overvalued or, another way to put it, do we -- for china to reboun

casemight not be the according to hsbc economists.at currency devaluation instead of a zero sum game is actually zero none game. tom: i put this out on bloomberg radio from the fed meeting , asia dxy including emerging markets is down 1.2%. as you go to tracy, i guess that suggests that is dollar strength and that it into a system that janet yellin has to talk about tonight at 5:00 p.m. michael: do we have any indication she will say anything that will be any use to anybody? tradersve heard lots of and investors complaining about the fed communication strategy. expectations going into last great prime example. it was a coin toss going in. that is coming from experts whose daily job detract monetary policy. they should not have that degree of uncertainty and yellen will have to say something specific about what the fed is looking at in terms of the u.s. recovery. based on the 5% long-term unappointed rate, they have hit that. to say she needs something about the wider world and how the fed is viewing global markets at the moment. micha

on wednesday police say a teller at an hsbc bank in the flatiron section handed him close to $2000. >>> a crime spree in northern new jersey ends with a stolen car smashing into a store along the way six people were hurt. police say quadre frazier was staying at the patelehotel when he got into a fight with a woman yesterday afternoon and fired a shot at her, he say he then pistol whipped the hotel manager in a parking lot and hijacked a woman's car at gunpoint. >> created some serious havoc in this area and in the matter of an hour. >>reporter: police say frazier hit several cars before crashing into a jeep and then into a store window. one of the victims is a top law enforcement officer in union county. acts prosecutor grace park. she is said to be shaken but not seriously injured. >>> happening today governor andrew cuomo will call for a major increase in the state's minimum wage, not just for fast food workers, but for all new yorkers. cbs 2's ilana gold join us live from the javits center on the west side where cuomo will speak later today. ilana. >>reporter: chris, the governor