about 65% of pretax profits last year came from asia for hsbc. bank argues much of that is business with western clients that gets booked in the region. that is the latest business flash. guy: thank you very much indeed, angel. where hsbc goes with this next. joining us is tom metcalf. angel just bringing us the story. how should we interpret the idea that hsbc is trying to figure out the implications of it? tom: a couple interesting things here. first, the analysis is being done and it looks likely they will have this thesis going forward, so that is a clear view of how hsbc feels about this sort of proposal. secondly, how the timeframe, as well, which was looking like it would -- like they would get a report together by the end of the month, again suggesting that it is perhaps something have looked at in the past and may be dismissed previously. and it is quite unusual. guy: let's talk about the other side of this. are they doing anything with this? are they corralling other investors, talking to other investors? what we know about what's going

just out from hsbc and the team.om: that is important because it shows the difference transatlantic and the challenge christine lagarde has. the 1% statistic gets made. on the tenure german we are there. jonathan: i'm not suggesting everyone is thinking this, but some people will be looking at where gilts printed earlier this week, the move we have had since , and the fact along time bond bull like hsbc has push their forecast up and wondered programs like this and say may 3 .20 was it. lisa: i think the fact that a major bond bull is capitulating and saying we will not get back to 1% which were some of the ideas floating around as recently as six months ago is telling. it shows people are expecting inflation to be longer and have a more prolonged feel in this economy including another massive bond bull raising concerns about them longer-term inflation outlook. jonathan: i repeat something i've said a few times. anytime we try to establish a narrative around the bond market you get punched in the face by at. tom: we

the financial times is reporting that hsbc has suspended its head of responsible investing, after heobal authorities are exaggerating the financial risks of climate change. the controversial remarks by hsbc senior banker stuart kirk were made at a conference hosted by the ft. according to the newspaper, mr kirk has been suspended pending an internal investigation into his presentation. indonesia has lifted a ban on the export of palm oil. the world's biggest producer of the edible oil halted exports last month in an attempt to control rising domestic prices. palm oil companies in indonesia have seen their profits soar, as global prices have reached record highs this year. but a joint bbc investigation released today has found palm oil companies are depriving local communities of their share in the profit. we've been speaking a lot about the rising cost of living in recent weeks, but sometimes the headline figures and percentages can feel quite removed from peoples' everyday experiences. now, new research seen by the bbc has calculated just how much family budgets are going up by. a f

bloomberg has learned hsbc is offering u.k.ric vehicles using pre-check paychecks. all 35,000 employees in the company are eligible for the perk. they can choose police and by the car from hsbc at the end of the contract. deutsche bank and its affiliate have been raided by police in frankfurt. sources say it is related to allegations of greenwashing by the asset manager which is been accused of inflating its credentials. deutsche's ba -- deutsche bank declined. a property company expects to default on a note, the developer blaming the shanghai lockdown and market conditions for its cash crunch. jay ross says it has taken steps to address liquidity issues over the past few months. kathleen: june 1 marked a turning point for monetary policy in the u.s. as quantitative tightening begins. the new york fed projects $80 billion per month of balance sheet runoff through 2024. the soros fund manager ceo don fitzpatrick says while row session is in devon up, the u.s. economy can withstand the challenges. >> i think the u.s. position rig

now joining us is janet henry, hsbc's global chief economist.'s start with that question, what are you rating in terms of the risk of a recession in the euro zone 2022? janet: we're not forecasting a broad-based recession in the euro zone in 2022. but when we think about risks, it is this year that is the key. we need to remember that some economies have already had negative quarters, notably italy contracted. and france already stagnated. so the risks are definitely growing. that point you just made about stagflation, we get into this classic description of what is stagflation? is it negative quarters combined with rising inflation, or do we need to see a real dent in terms of unemployment? i think of it as accelerating inflation, and rising unemployment. and at the moment, the labor market picture, it is still pretty firm. manus: and good morning, that framework sets the stage for a hike "be damned" for the ecb, and does that say they euros implosion? janet: we are still forecasting a weaker euro. our strategists are at parity by the end of th

tom: hsbc that story fascinating. it's cheap shareholder pushing for a split. -- cheap shareholder pushing for a split. technology under pressure once again. the top line seems to be inverting -- diverging investors away from the bottom line. it was a beat for the most recent quarter but currently down 1.3% in the session. rio tinto is one of the major miners, iron ore is down by a little over 5%. concerns about that the mind picture -- the demand picture pressuring the basic resources space. and there is a story from sky news that maybe you will see a share merger with shaftesbury. some of the tourist hotspots coming together in london as part of that deal if it comes to fruition. that's not to present down -- that stock is to present town on -- 2% down on the back of that. francine: vladimir putin is going to unleash some of the prowess that we could see this victory day. may the ninth a day to watch for with the war in ukraine. we to get an update from vladimir putin on what his intentions for ukraine are. insiders

running us now is steven major, managing director of hsbc. good morning.n: thank you for the dinosaur analogy. i was waiting for some remark. tom: investors get distracted on the three count. steven: i could be accused of being a dinosaur because i have been -- it could go out with a view as well. it requires so much over the last few decades to remember inflation. there is a different mindset needed to trade a market like this because we are clearly in a very inflationary time period and the hawkish responses are coming through. the favorite -- the behavior of markets is different to most people who have traded today would have been different, the dinosaur analogy has merit. tom: how much has been priced into the bond markets? steven: you can see in the u.s., above 3% is now in the yields. i think the floor is important but it keeps going up. for me trying to go forecast around this, the floor of the yields is high. it is terrible to expect yields to be lower a 5% because it is impossible to see yields falling once we see the central bank hiking in the ea

about 65% of hsbc pretax profits last year came from asia. bank argues much of that business is with western clients. the selloff in tech stocks has spread from speculative shares to the world's biggest companies. apple is poised to open today 20% below its january peak. through wednesday's close, apple erased $600 billion in market value. that slump has led saudi aramco to pass apple as the world's most valuable company. global news 24 hours a day, on air and bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am laura wright. this is bloomberg. ♪ >> jay powell has the temperament, knowledge, and leadership skills to navigate the fed through this process. because he was there and did an outstanding job during the pandemic in march of 2020, he knows the fed has the tools to do this. i want him to own this issue and guide the fed through this next issue. jonathan: the congressman of arkansas, democrats nominate him for a second term. it is pretty amazing, isn't it? lisa: who else would fill tha

hsbc executives are against a spinoff.tter has announced a hiring freeze in cost-cutting efforts, reflecting the uncertainty while it awaits takeover. the company will not hire new employees and may rescind offers party out, with some exceptions for roles considered to be business-critical. rishaad: we are looking at markets as we head towards the japanese lunch break. this is the jakarta composite index. it is heading for correction. the second worst-performing market this week. it is down 10%, 9% in the last five days. mid april, when it was at its highs. more turmoil in the crypto space. terra halted, blockchain halted. this is bloomberg. ♪ rishaad: 11:29 a.m. on a raining day in tokyo. right now, looking at what is going on. the broader market moving to the upside. further yen weakness coming through after it had been holding its own while the dollar had been strong and they would go, the biggest gain or there, softbank driving the market higher. hopes of a share buyback and other reasons despite a huge loss, off the m

hsbc said they don't reflect the bank.bal news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: thank you. let's get back to davos and the world economic forum. francine, haslinda? francine: yes, we are joined by andrew forrest, but we've kind of been going around, it is no snow, it is raining, you have a numberless. haslinda: it is a green davos. it is people but i miss the snow. -- beautiful, but i miss the snow. francine: one man who think that is davos because he is here to do business is andrew forrest of fortescue metals group. andrew: the hills are so much better without snow. francine: it is easier to get from a to b. you have a new prime minister in australia, is that exciting for the pivot to green? andrew: yes, i think our climate policy has been embarrassing. we have to give our children more. for a decade we haven't. i think the new government will pivot toward making australia a global climate challenge --

kathleen: bloomberg learned that hsbc is offering a few case staff the chance to be symmetric vehicles pretax paychecks. all of the employees are eligible for this perk. they can choose between a two-year and four-year lease and even by the car from hsbc at the end of the contract. at deutsche bank and dws have been rated -- the search was related to allegations of so-called greenwashing by the asset manager which has been accused of inflating its credentials. it got more than 5% on the news and deutsche bank declined as much as 2.6%. haidi. haidi: take a look at fx and what we were seeing when it comes to these moves in the bloomberg dollar index. we are seeing it continuing to pull back from the session highs in the tuesday trading session. still sitting high against some of the g10 peers, reversing the recent slide. we did hear from president biden saying they would respect the fact's independent -- the fed's independence. .70 182, retracing some of the pressure -- .7182, retracing some of the pressure. the kiwi dollar, .6519 is where we are trading. we are seeing if there are any k

hsbc has reportedly suspended an executive after he criticized the finance industry for worrying tooabout climate change. the bank is conducting an internal investigation into stuart kirk's remarks, the head of responsible investment for hsbc's asset management unit. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ t'was a difficult year, and yet a prosperous one for those dreadful capulets. something must be done. my son romeo has sought counsel with some strategic advisors. they suggest that we marry our fortunes with...the capulets. blasphemy! our two households combined in a merger? forgive me, lord montague, the integration would be a... a... nightmare. fear not. these advisors are ey. they managed one of the largest mergers in history, creating billions in value. billions? they've divined a strategy to help us reach new frontiers and leverage our synergies. aren't they just accountants? not at all. they helped nearly 16,000 companies integrate thei

from the bank's largest shareholder which wants to improve returns about 65% of hsbc's pretax profitsyear came from asia. the bank argues much of that is mostly the business of western climates. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 27 countries. this is bloomberg. ♪ >> restore confidence and do your job. if you keep underpromising what is required, then i think there is a risk to your credibility down the road. jon: the bloomberg opinion columnist and senior adviser to bloomberg, william dudley. features down 1% and the nasdaq 100 a little down one one full percentage point and 2 .8335 is the trend the last four days. lisa: growth scare, where do you find the havens and the dollar continuing to strengthen which is all tightening for the fed in ways problematic for the global economy and perhaps a bit more in the u.s. economy. jon: the cost of living crisis as well. kailey, the cost of renting at the moment. i don't want to make it too new york centric but saw the data on manhattan this morning. it gets worse and not better. kailey:

david: i'm not a shareholder of hsbc, have not been for some time. have been following the news stories. in many instances, you can make arguments in companies that the sum of the parts is worth more than the whole. we own a stock, other businesses, where if you broke them up, they could be worth more. credit suisse definitely has valuable assets. they have a swiss universal bank. at this stage, instead of credit suisse worrying about breaking itself up or selling assets, step one is to make sure you have people and processes in place of which to proceed forward. proceeding forward is growing your business and doing a thorough analysis of the businesses in which you are in, whether they make sense in your hands or whether they make sense in someone else's hands. step one for credit suisse is stabilization, get out of the news, fill the gaps in human resources where it is needed. step two, look for places to grow, optimal business structure. we are getting through phase one, by the way. the old chairman who left, not the one who left last spring, but

what would hsbc bowing to political tensions look like and how would they work?say the chances of a breakup at this point remain remote for now but a fascinating story to watch. you can read more about it on the bloomberg charitable -- terminal or on bloomberg.com. up next, hong kong formally announcing john lee as their next leader. we will speak with a member of his cabinet, next. this is bloomberg. ♪ so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. shery: breaking pmi numbers out of japan. we are getting new services number. the final reading for the month of april coming in at 50.7 which is slightly higher th

hsbc also at 8.1. let's get to the rapid power -- rapidfire round.y quickly, have we seen the two year high for the -- have we seen the high for the two year yield? subadra: no. tony: no. george: no. jonathan: this is one i ask after week, will the fed speak with a 1, 2, 3 handle or higher? george: two handle. tony: three. subadra: three. jonathan: cpi next week where will we be your end? pick any number. george: 12.4. >> tony. tony: core cpi, 4.25. jonathan: subadra. subadra: about 4%. jonathan: if three of you, thank you so much. enjoy your weekend from mcgurk city. that is it for us. we will see you sometime next week. this was bloomberg real yield, this is bloomberg tv. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon. new and existing customers get ama

my phone, the daughter that going on with it for most hsbc, russo and i got on there for skin before with more new which encourages to nap in your mouth from natalia asking as a care nipple afford definitive order of it can be smeared bernacki from a got doors a thumb effect mirror and vision your favorite worked or it was the 1st time jojo bazaar ever had received a threatening letter closure office. immediately. our groups determined to protect italians from the danger. russia poses antonio employees not to advertise their russian background to rome, spin home to unity of over 20 years, where she represents the association, friends of great russia, that she won't leave, let alone give out. one of our main projects international pushkin prize. met in another 23 out of the pilot christian eve wasn't meet the fort with infection with i am a big chunk of melodic fat off. i thought, i think my beautiful it then you. thanks jeff. kristen got the one good idea to last cover. a victim garden with doors are diminished to pe. he john nova. ah, but in spite snigger, you know, they're still in

hsbc strategists are slashing their year and targets i 9%. they said the u.s.ket is facing a growth slowdown in the second and third quarters. real rate shock is also sweeping through markets. strategist suggest staying defensive with an underweight in stocks. citadel founder ken griffin says he is out of step with many investors because he doesn't see a recession happening in the next couple of quarters. he told us that the key market themes are well now -- well known and differentiation is the key. >> markets are awash in opportunity. every day, there is something to do. it comes down to in a business predicated on research, it is about idea generation. what differentiated view do we have whether it's about commodity, credit, equity that is different than consensus? that's where we deploy the capital. >> is there something that you see as securely attractive? >> no, i don't. the contemporaries we speak to and compare notes with, information flows seamlessly across the market. the big debates around -- commodities are the other big debate. in particular, where

hsbc has suspended an executive after he downplayed the risks of climate change.ponsible for heading the banks asset investment unit. he criticized hsbc for paying too much attention to climate and other environmental and social issues. the ceo says his remarks are inconsistent with he strategy and do not reflect the views of senior management. bangkok voters have backed an independent to become the first governor in a decade. he now faces the challenge to rebuild bangkok's status as a tourism hub. he will tackle age-old issues like pollution and flooding. those are your first word headlines. yvonne: india is one of the nations hit hardest by global supply chain struggles, we will speak with bnp paribas about how that has affected them. david: this is bloomberg. ♪ rishaad: we are trying to get something you can -- is it about the federal reserve, i've got members looking at perhaps frontloading with rates. people like bullard getting more aggressive, how does that play out and affect the dollar, which has consequences for the whole yemen of the region? -- gamut of

ping an insurance has held discussions with the bank on the idea of spinning off hsbc 's asian assets. the creator of the popular board ap yacht collection of -- bored ape yacht collection of nft's, launched a virtual land collection. that is the largest offering of its kind to date. dani burger is not interested in buying any metaverse land, what about you? tom: i saw the trailer for this new land, it is very trippy. it is worth looking at and pulling up on youtube or their website, but this is quite a phenomenon. at a time when crypto is more broadly pretty soggy. let's get into key market drivers with his cleanup you know --with kristine aquino. a reminder that when it comes to the rhetoric from xi jinping, flowering when it comes to the economy with stepping up support, but the economic data pointing to the constraints. and whether this rhetoric from officials is really going to be enough to address the significant concerns amid these lockdowns. kristine: and this is a real test of how far this rhetoric will go. the economic data bearing out the impact of lockdowns so far. we have

of course, we have that hsbc story a few days ago, too.ad: the rpi governor talking about runaway prices and governance, talking about -- this is all part of the same narrative, isn't it? we have prices going up globally, and it is debatable if the monetary policy response is the right one at the end of the day. yvonne: yeah. let's get more perspective from our next guest who has over two decades of experience in responsible investing. the war in ukraine obviously has roiled markets overall, but i just wonder from your perspective, does that put esg on the backseat? >> absolutely not. the whole point is to think about allocating capital in a way that will allow the world to flourish over the longer-term. one thing i would say about the conflict is it has made people think about energy independency. i think in the long-term, renewables and creating their own energy is something that governments around the world will really be focusing on. yvonne: we are seeing some headwinds, particularly when it comes to renewables. you talk about the need

the likes of hsbc, ing, rbc and nomura are talking a prospect of euro-dollar parity.glad you mentioned the developing markets but over the weekend, it's much more an em story. there is a giveaway of a new level on em which is dollars strength em weakness. jonathan: the fact that we finally got some chinese weakness is a change from last year. tom: on its way to seven, the yuan would be the mystery there. he is one of the great watchers of international economics, carl weinberg. he has decades of work of when it unravels. dr. weinberg, thank you for joining us. with all of your experience, back to the 90's and ecuador and the rest of it, or we near a great unraveling? >> we are near a great shock but i don't know if we will unravel. that hinges on things breaking and we are not in the business of predicting things breaking. we are certainly going into with alan greenspan used to call a tough patch for a lot of economies at the same time. we know that the pressure on consumers in the united states in europe and asia. we see that happening and we see the shock out of chi

jonathan: hsbc not buying it. they are firmly risk-off. they think it is coming in the next three to six months. tom: i get a bunch of notes yesterday tearing the strategists apart. when the facts change, i change. that is what is going on right now. people are readjusting. i would suggest the first step is to wait for the catharsis, and a lot of people saying we really have not seen the agony yet. jonathan: i have been surprised by how few on the south side have adjusted. lisa abramowicz putting out the note, we stay pro-risk and underweight in bonds and cash. have been wrong over the last 12 months. lisa: can you be surprised? he is sort of a separate category of wall street will end going to come out and reaffirm what angle you are going to take? the story is becoming nuanced, and i think goldman sachs is -- david kostin said basically, even if you do get some avoidance of recession you are still going to get a downside in stocks. that seems to be the main consensus right now. jonathan: i would've expected a may call for -- a mea culpa.

hsbc on alert for more market turmoil.rs point to a growth scare in the next 3-6 months. the past few weeks -- adding performance in the past few weeks has been brutal. goldman sachs, more optimistic. our chief global equity strategist, telling bloomberg the stocks are starting to look attractive. >> equities are starting to look attractive for medium to longer term buys. we have seen a huge absorption of a lot of worrying for investors now. the question is, where do we go from here? >> coming up next -- one of the biggest calls on china was never meant to happen. we get the details, ahead. this is bloomberg. ♪ ♪ >> this is "bloomberg daybreak: australia." treasury secretary janet yellen says the u.s. economy will suffer if the supreme court cuts access to abortion. she says eliminating the right to access abortion services would set women back by decades. >> i believe that eliminating the right of women to make decisions about women, whether to have children, what have very damaging effects on the economy and would set wo

i hear it so many times from goldman, hsbc, deutsche bank, the base case is three months and in the fedks off and things get better. lisa: predicated on them blinking. jonathan: futures look ugly after a big recession. from new york, this is bloomberg. ♪ financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. how will your business adapt to change? so you can enjoy more of...this. you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. ♪ jonathan: live from new york city, good morning. pretty open price action, negative two on the s&p 500, down 1.4% on the nasdaq. deutsche bank says with the recession crossroads, barclays says the r

hsbc heavyweight in hong kong and shares are up after pressure coming through from the largest shareholder. calling for some kind of different options. including potentially spinning off the asia unit to boost valuation. the shares closing higher by 2.5% markets like the sound of that asian unit earns 2/3 of the profits. certainly alibaba shares put pressure on the hong kong benchmark. volatile swings. alibaba shares declined 9% this after the chinese media reporting china suggested that the authorities had taken action against the individual named ma. however, major recovery came through after the state-run media made clear it wasn't ma as in jack ma the founder of the ecommerce giant. this is a sensitive area in sensitive times. frank. >> thanks, chery let's turn our attention to europe and julianna tatelbaum. >> reporter: frank, good morning. things in europe are looking up. modest gains for the most part in europe. upbeat earnings lifting sentiment. the ftse 100 trading below the flat line. down .40%. a march higher in sterling this morning ahead of the bank of england meeting on thurs

the dollar is now, ib think, with up around 12% against the youro, with round 7% and according to hsbcldman sachs. the effect it has on luxury goods, purchasing of goods overseas,b that certainly could be a bigger benefit over time too. >> we'll see the walmart customer getting pinched by the higher end customer is so often the case. same effect. >>> up next, it is the 10th annual cnbc disrupter 50 list. for it's out today the list of the private companies poised to shake up their companies. and there was one big theme that emerged this year with, logistics. we're going to look at flock freight and hothw ey're going to mitigate the trucking shortage (all): all hail, caesar! pssst julius! you should really check in with your team on ringcentral. oh hi caesar. we were just talking about you. yeah, you should probably get out of here. ♪ ringcentral ♪ cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ >>> welcome back cnbc revealing its 10th annual

liz martins with hsbc, senior economist, joins us now.alk me through what you heard today and whether or not you thought the market reaction is the correct one to what the bank of england has put out? liz: i think it is the correct reaction. like you, i think the initial reaction was three members of the policy committee have voted for a 50 basis point hike. that probably was not factored in. initially seemed to be hawkish, but when we read the minutes, these three members are concerned about those underlying inflation rushers. they think that if we do more now, it means we can do less later. it may tell us more about when they want a tightening rather than how much tightening they actually want. if we then drill deeper, the boe messaging sounds dovish compared to other central banks. we had the fed yesterday. they are only saying we may need to tighten more, it might be appropriate. that does compare starkly with the guidance from the fed. we are probably going to do 250 basis point hikes in the coming meetings. boe is only saying we mig

the likes of hsbc putting their weight behind that call. it is about not just the divergence that we see, the were in ukraine, the risks there and the downside when it comes to the economic outlook, but we really have seen the pressure when it comes to the common currency. and it leaves the ecb in a really tricky situation. shery: we are talking $11 trillion wiped out from global stock markets right now. the longest losing streak since the global financial crisis in 2008. and some people pointing to perhaps valuations getting lower, perhaps this is an opportunity. we have seen the world index dramatically lower valuations on those companies trading, especially in the u.s. and europe, with the challenges there. but you continue to see these concerns, whether from morgan stanley or citigroup, that we could fall further given the high inflation, hawkish central banks, growth concerns, and of course we have u.s. key technicals pointing to perhaps more downside at this point. haidi: and that rout in the stock markets is now starting to lead a fe

starve the energy industry of funding for anything associated with fossil fuels a senior banker for hsbclicymakers exaggerating the risks of climate change. the problem with the suspension according to our next guest, that the suspended banker was speaking the truth. we have real clear foundation senior fellow, "new york post" writer rupert doorwell. explain why it is so important for climate change warriors to exaggerate the climate risk particularly in the banking world. >> what you have got, financial bankers, regulators, see it as their mission to direct investment flows to renewable energy like wind and solar and away from oil and gas investment. to do that they created climate financial risk. they use that to juice up bank stress tests, sec is proposing climate risk disclosures. to disrupt capital markets to allocate capital efficiently. david: exaggerate the risk, you make it less likely fossil fuel companies will get money to create projects for oil and gas? >> absolutely. what they want to say, when a bank lends to an oil company, that is risky thing they are doing, therefore th

in 2013, hsbc was the 1st bank to publish a report on natural capital. these environmental market, originally, theme of nations, are looking at the more promising natural capital issues of fundamentals to how we will live in the future. we may see population migration species migration. we may see huge changes in the way people live, invest as a thinking more about natural capital because they realize that it can offer a constraint and an opportunity. they want to think about how the investments will generate long term value for the stakeholders. and that means thinking about how the supply of natural capital may change, how disruption might occur in relation to natural capital resources. ah, the next wave of real financial games could be environmental markets for sure. with the bank, you look at both the risk and the opportunity around these issues. and i think all of them are recognizing that natural resources are very important. so the j. p. morgan chase is the merrill lynch's, and bank of america, all of these major banks. they're the institutions th

been other pressure like this >> is it other companies or statements there's been a backlash, the hsbc of responsible business recently said in a presentation that climate risks are overblown, and who cares what happens to miami if it's in a few years. >> because amsterdam said already. >> tesla getting removed from the s&p esg index not because they're getting worse in terms of their e missions and tesla could improve and have a better low-carbon strategy. all of this suggests there's some pushback to the overbroad >> how do you qualify and quantify so much uncertainty >> kristina, thank you so much let's get to frank holland for a cnbc news update >> tyler, here is your news update for this hour the palestinian authority says investigators have determined an al jazeera television journalist was deliberately killed by israeli forces the funeral procession led to clashes between mourners and police they responded by saying no soldier fired intentionally. they joined a rally for more restrictive gun laws and that includes the democratic senators from connect cut where 24 were shot to de

jonathan: the team at hsbc looking for that moved to go higher and stay higher. 250 on the 10 year in america. we have already seen 320 this week. all of that stuff right now is old news. for us, we spent a lot of time at 8:30 a.m. eastern time pointing out the details like the price of used cars. on main street, one number matters, $4.40 a gallon. for the president i would regulator, whatever the numbers are in 30 minutes, the $4.40 is a big problem for him. tom: i will go to food as well. wheat is up again today with corn. on the data front, i've got to go to the german 10-year .997%. a major debate across the atlantic. jonathan: i will take farm and a bit of music along the way. listening through this one. futures up by 1.2% on the s&p. nasdaq 100 futures up by 1.4%. you have read it. lisa: i have. jonathan: i know you have. we talked about it today, the third straight day of declining yields in america. the treasury market, six basis points. tom: absolutely. no closing time, no cover charge . country boys and girls down on the farm. one of the great fans, mindy, she does her tim m

we're watching chip.com, hsbc and focus after plans for a stock buyback.ouristy names are in focus as well as we look at the impact of those gdp numbers, given we have seen a lack of tourism, the reopening story could be at play after we see the announcement of more covid restrictions on thursday. watching some of those, for example. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon. new and existing customers get amazing value with our everyday pricing. switch today. >> the more issues there are four people, that is beneficial. i focus on controlling the things that i can. david: mark is a champion in investing and basketball. mark: when you are investing, you control a lot more things. on a basque well court you cannot control whether someone is going to make a

hsbc has begun an internal review to debunk calls to spin off its asian operations.ng calls for a breakup after its biggest shareholder pushed for a split of the business for improved returns. shery: the demand picture is weighing on metals, copper falling below 9000 for the first time in months. this is a low we haven't seen in some time. it did settle above 9100, but the demand picture has weighed on prices. we did hear from the eia saying the supply picture is tight. so, we are seeing extensions of gains. gains. gold what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it better myself. you just did. unbeatable internet from xfinity. made to do anything so you can do anything. - [announcer] imagine having fuller, thicker, whoa. more voluminous hair instantly. all it takes is just one session at hairclub. introduci

joining us now is frederic neumann from hsbc.s this really something policymakers should be giving more consideration to as we continue to look at these jumbo sized hikes? and for australia, the first hike expected since 2010. how do you balance that? frederic: you are right, it is a tricky path. you have outside risk on inflation because of supply chain issues. and the downside risk to growth because some goods and components are not coming through. on balance we would highlight as we go into the second half of the year, you're likely going to see a fairly sharp reduction in overall demand growth coming through so the growth risk for us is starting to dominate all that we understand that central banks still have to move. it is about anchoring inflation expectations. you cannot sit on your hands with inflation readings coming through right now. haidi: when it comes to the options available to chinese policymakers, they have talked the old playbook of reinvesting in infrastructure to meet the gdp target what happens from the deman

cutting the price-to-earnings multiple on everything we could pick on apple there's a negative piece of hsbc about meta, about facebook today. it didn't say anything new i think these stocks are going down the same news over and over again. it is interesting if you had told me five days ago that the 10-year was going to be well under 3, i would say we should buy apple. but the moold of the market has turned dramatically. and we're frying i ing -- tryino figure out the an log. i went to costa rica and i had to wreck my vacation with family it wasn't going well anyway. i take that back the multiple had shrunk from 16 to 13. we're not there yet. it's at 17 to 16 so, i mean, everything is selling down as we crunch the multiple and that includes apple. i don't think anything really different is happening in apple other than the fact that china continues with its miraculous zero-covid policy. we didn't think that we didn't wake up this morning in finland, historically a country that says they beat us in world war ii so we're not joining nato they want to now putin circled. china sticking with a po

china, and you have the chinese ev makers neo, so i think morgan stanley said that in their view, neo hsbc from here, $34 is their call that's pretty good upside, you also have mizuho calling rivian and tesla attractive at these levels and both a buy in their view especially with oil prices right? we just talked about that. stuart: sure, after oil goes up gas goes up electric producer vehicles should look pretty good in return. now activist investors nellie nelson peltz joined the board of unilever which is agented consumer products company. >> i don't see it as big as you do. stuart: but it's a dutch company that's why i know it quite well. what's the significance of him being on the board? >> okay, so when you get a board seat and you're an activist investor of course you're angling for some change and then we know triand fund management which is nelson peltz fund has 1.5% in un ilever makes the largest shareholders and it makes dove soap so what he wants to do and some suspect he wants to maybe push an angle for a split as he thinks there's more value in the consumer goods sector, maybe