haidi: it could be a day of reckoning for hsbc as well.will be meeting with their hong kong investors for the first time in three years in person. they will be facing tough questions over dividend issuers, questions over what happens when relocations are pushed to bring it back to hong kong as its main area of focus, as well as the push from the largest shareholder to consider a breakup. we are seeing a hong kong politician who represents 500 small investors, she will be attending. this is going to be interesting, particularly given seeing what has gone on with alibaba. he earnings report is at of: 30 p.m., you can also turn to your bloomberg for the latest analysis. we will have commentary and analysis from a team of expert cap editors -- expert editors. next, the market opens are almost upon us. this is bloomberg. ♪ >> this is daybreak: asia. we are counting down to asia's major market open as his loom over china continues to grow. we are talking about evergrande not really delivering on that plane he had promised but the end of july. no

. >> the hsbc executive at the center of a row over climate change has resigned from the bank.said in post he quit because of the bank's behavior toward his speech in may. hsbc suspended him days after he used a speech to criticize the finance industry for spending too much time worrying about climate change. volkswagen has broken ground on a new battery plant in germany. in marks the first step in an effort to generate more than 20 billion euros in annual revenue by the end of the decade. it is one of six battery plants the w has planned for europe. the ceo says he strong demand for batteries. >> we feel in good shape to get up to six plants, 20 billion investment, 5000 people, 20,000 jobs in europe will be created by this endeavor. we are still open for several partners. the demand for batteries will be huge. >> that's your bloomberg business flash. tom: coming up, the uk's conservative's plan to accelerate the process to choose a new leader. we look at the main contenders to succeed boris johnson. that is next. this is bloomberg. ♪ millions have made the switch from the big

hsbc stocks provided retail stocks in russia -- stop providing retail stocks in russia several years but were still in the market. global news 24 hours a day on air and bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. yvonne: the parent of popular app snapchat's a-shares plunge after a major slowdown in ad spending. david: let's bring in su keenan for the latest. senior executives are sort of the best at managing expectations and sort of massaging the language, but even the ceo was not happy about these results, which tells you something. su: yeah, they wanted to get the message out that they are not satisfied with results, regardless of headwinds, and they are pointing to a lot of the concerns in the economy about the slowdown, but the big concern that hit snapchat was the much greater than expected cut by advertisers to their advertising budgets. snapchat stocks cratered after hours, and it also knocked down all of its other social media rivals such as meta, such as google's parent alphabet, companies that also depend heavily on adv

hsbc out with earnings next week. macro movers right now. risk on, really. dollar down. stocks up.are pushing lower. the relief window we have seen -- we will give it its due. price is substantially higher. yvonne: it seems like everyone is kind of breathing a sigh of relief that now that we finally got this fed meeting out-of-the-way, we are getting a little more clarity in terms of dropping the forward guidance. we heard from gun lock saying that is net good. it doesn't mean it is time to pile into risk. that seems to be still kind of a debate on whether net-net is good for risk assets, but we are seeing the knee-jerk reaction today. plenty of green on gmm. let's get to the first word news with vonnie quinn. vonnie: thank you. the fed hiked interest rates by 75 basis points for the second straight meeting with chair jerome powell saying a similar sized move could be possible again. he rejected speculation the u.s. economy is in recession right now. he said that rather than offering explicit guidance, policy will be set on a meeting by meeting basis. he said the fed will slow the

jonathan: thank you, max ket tner of hsbc. we will talk to francine lacqua and onto tech week for a big week in tech. some companies had to slow hiring, amazon, netflix, robin hood, tesla, twitter, how long is the list? lisa: long and growing where -- kailey: long and growing longer. every day. even these huge cash flow economic companies are looking at the cash flow environment and saying we should slow things down. what signal does that send about the u.s. economy? jonathan: this and that the objective of the fed, to get rid of job openings? tom: we've never seen this, it is an original playbook and i do not think it will play politically well. jonathan: futures negative, positive .1% on this. from new york city looking into europe for most of the morning, francine from rome next. ritika: keeping you up to date with news around the world, i am a cadet. russia extending the gas line to europe after a maintenance period. they were worried it would stay out of service longer in retaliation for the russian invasion of ukraine. t

andrew, thank you for joining us this morning andrew lobbenberg at hsbc. >>> coming up, people shop for cheaper food prices as the tetailers are taking a higher bi out of prices we look at the prices next >>> welcome back to "street signs. i'm joumanna bercetche >> i'm julianna tatelbaum. here are your headlines. the german government is preparing to bail out the struggling utility firm uniper >>> and energy output cuts are set to deepen in the next two days the push for higher wages is necessary according to cnbc. >> the union has opted to go on strike before it knows what the final settlement will be that's very strange. >>> scanndscandinavia's largest airline files for bankruptcy in the united states as wage talks collapse and the pilot strike is the final straw for the carrier. >>> u.s. futures lower after the long weekend as janet yellen holds talks with beijing amid growing speculation washington will cut tariffs in the bid to ease inflation >>> we are just getting the final june pmi numbers from the uk we had them from the eurozone a half our ago 53.7 t that is higher than the fl

fabio balboni of hsbc. coming up on this program, we will jump from italian politics to british politics. it is down to two, the race to be the next prime minister has been narrowed down to liz truss and rishi sunak. we will speak to someone supporting rishi sunak, u.k. mp john glen. this is bloomberg. ♪ books this means a 50 basis point increase will be among the choices on the table when we next meet. but it is not locked in. anna: that was the bank of england governor andrew bailey, seemingly struggling with his voice a little bit -- we hope he feels better -- in london yesterday. u.k. foreign secretary liz truss ousted penny morton in the race to be conservative leader. she will compete against the former chancellor, rishi sunak, now over the summer. joining us is john glen, u.k. mp and former city minister. very nice to speak with you. i know you are backing rishi sunak. we want to talk to you about that, but i wonder what you make of the policies put forward by liz truss so far, in particular her tax

calling it an emergency saying his administration will announce executive actions in the coming days hsbc a note today tallying some of the economic impact of climate change the firm highlighting several factors that could impact activity like rising temperatures, rising sea levels, extreme weather events and food security these factors could have an effect on productivity, agriculture and infrastructure bottom line, hsbc says global gdp could be roughly two percentage points lower by 2050 as a result of climate change. so while washington grapples with how to tackle this problem, economic warnings could make some investors sweat >>> up next, a post earnings bounce for netflix and a countdown to tesla's results when we take you inside the market zone. u'e dow is now up about 75 pots yove got salesforce, disney and home depot leading welcome to your world. your why. what drives you? what do you want to leave behind? what do you want to give back? what do you want to be remembered for? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. at pnc

morgan chase city group and hsbc. according to one of zalinski economic advisors in order all were beast companies and richer that are in meet them. ready were arc armstrong, m a r and nance been war agreement. so basically you want to, to see them prosecuted for war crimes, is what you're saying. exactly. the same adviser had previously contacted heads of the financial institutions to tell them how to run their companies demanding that they refused to engage with companies that sell in trade, russian oil or gas, or in russian energy chairs like gas prom ross, snuff, luke oil and v told teams zalinski is threatening to pursue the managers of these wall street companies, personally, all the way to the international criminal court, which the u. s. doesn't actually recognize. in fact, the united states passed the head convention ox in 2002 during the global war on terrorism, which allows the u. s. to liberate any american or a citizen of an allied country held by the court. presumably, much to the disappointment of some

commander, the chinese fugitive, is also wanted in hong kong for money laundering and has had his hsbc bank accounts frozen. so you can see that the methods that the criminal networks are using. i mean they're, they're co opting a weeds are that offer them protection from local law enforcement, but also from international law enforcement, including one forestman back in china. at the notorious k b compound. another victim will call chin says he was confined in building 5. you know, palo 92 upon kind of fast sort of our kind of little torture and elaborate crypto currency investment scam is hidden behind its walls using china's been on big coin as a premise chance. as a company spiel pretended to offer victims a chance to profit from wealthy chinese ah no gossip. there's a woman to do a warm and also tell me what to do. the city of the national populace is here to take another according to chin. they then get victims to download the company's fake platform and also a legitimate crypto exchange platform like finance or coin base or gotten to the thought to. so you're not a problem in tha

how many banks are these french video gricols, this is an honor manhattan american banks and british hsbceived letters from the ukrainian ministry of finance and ukraine just says that they should terminate contracts with western companies , which means clean ones that are not under sanctions but which trade in russian oil and say that if you don't do this, firstly, when there will be a stage of recovery of ukraine and international money will come, you will not be allowed in. and secondly, when the process will be to the international criminal court, then you can also sound like war criminals there, these are serious letters sent by them, well, let's see what the reaction will be, but you know that is part of such a struggle of ukraine. well, you see what is on the financial side. pilot training so, i'm wondering, dmytro, if it is known specifically on which aircraft models these pilots will be trained a-a, because we hear different statements about whether they will provide us with f-16s or whether these f-16s are even suitable for our airfields a-a but many people forget that f-16s can

hsbc at 8.9%. getting close to 9%. the headline median estimate 8.8%.ooking for core to come in a little bit. headline inflation could be a big number. tom: i agree core is where the analysis should be. there is a lot of fancy math bloomberg goes through. 8.8 is the median number. when you look at the probability distribution of the survey, it is a riddle -- it is a little lower. it is down. i think that hysteria is towards 8.7% and not 9%. jonathan: the low estimate is 8.1%, the high estimate is a .9%. yields in a single basis point on the u.s. 10 year and look out euro-dollar. very briefly a break of 1.01. a real dollar strength and a brand-new trading week. from new york city, this is bloomberg. ♪ what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a m

well, more than 220 of the world's biggest companies, from apple to coca—cola and hsbc, to disney, theyf an organisation called chief executives for corporate purpose. it helps them work out what they speak out on and how they should do so and i have been speaking to its big boss. daryl brewster, my friend, a real pleasure having you on my show. and daryl, can we start with this, byjust explaining in a bit more detail how you work with companies and what you help them to achieve? we are founded by paul newman, the actor, salad dressing maker, and other leading ceos about a quarter of a century ago. and we work with companies to empower them on what we call their purpose journeys. these are the things that ceos did not learn about in business school, or often on their way to the top, but are increasingly important in today's world, things like engagement with your community, sustainable business climate issues, working on diversity, equity, inclusion, engaging your employees and helping to tell your story. you mentioned of course a very famous actor paul newman was amongst others who set

that research from hsbc. this is bloomberg. ♪ guy: tuesday, july 5. european stocks from lower.rading $102 against the dollar. the countdown is on in europe. this is "bloomberg markets: european close" with guy johnson and alix steele. guy: so fairly volatile tuesday. the u.s. was out tuesday. is delivering all the fireworks you've got

hsbc cohead of asian economics research. plenty more to come.his is bloomberg. ♪ david: let's get you straight to southeast asia and some of the market action or the lack of it in some cases. jakarta coming online and we should be getting vietnam anytime now. the fx markets, the big move up into the dollar, more so in g10 currencies, specifically the euro. that being said, multiyear lows, in some cases multi-decade lows for some of these currencies. the position today. rishaad: the currency there up 5.5% since the start of the year. we're expecting this increase in the cost of borrowing there. 25 basis points is what we're looking at and most people are looking at that. 2.25% with the base rate. yvonne: the ongoing debate is are they going to go to the 50 today? after we saw that hike in may, are they going to feel forced to do that given what the fed will be doing as well? we have a couple of exclusive interviews with asian policymakers. the bank of thailand's assistant governor joining the show. after that, the bank of indonesia governor. stay

hsbc is selling its russian unit to another bank.rnational bank to exit the country after moscow's invasion of ukraine. the bank did not disclose terms of the deal. hsbc stopped providing retail banking in russia seven years ago, while still offering services to international corporate clients in the market. shares of at&t fell the most in 20 years, after it cut its forecast for free cash flow this year by $2 billion. the wireless carrier says. customers are putting off paying their phone bills, and it expects the trend to continue. at&t was already facing pressure from deep discounts on new phones, and higher spending on network equipment. haidi: we are watching didi share. they rose in the u.s. session after chinese regulators slapped it with a 1.2 billion fine at the end of the year-long investigation. while some say it is a sign of china's easing on the broad tech shakedown, others say it may continue. . does this mean better times ahead for didi? >> it is 5% of their revenue, a tad higher than what was said in terms of percentag

there are good companies like hsbc and others, telecom, the list goes on and on, these companies don't have all of their eggs in china. for most of them it is not a big part of their business. these are good companies that, in my mind, are far too cheap. rishaad: may be or not that positive on china, but what about india? we saw the rupee at a record low. for forecast suggesting it could go further down. this suggests a lot of capital outflows taking place. is it time for you to use that famous quote to be greedy when others are fearful? mark: foreign investors have been fearful. but the local investors have been greedy. they have a superannuation fund, the sip finds, a steady inflow of pension related investments and equities that did not exist before. so that will provide support. it is an emerging market. everybody is worried about a global recession. we don't expect one, but the market seems to, and emerging markets will struggle as long as that remains an unanswered question. that is why the rupee is going down. but the r.b.i. has built up its foreign-exchange reserve so fundament

the ruble exchange rate will be weaker, and one clarifying question, did you receive anything about hsbcnd expobank? central bank statement, and what will these banks think about this deal? thank you with regard to our operations in the foreign exchange market under the budget rule, if it is introduced this year, we are, of course, ready, if it is introduced we are ready to conduct these operations are within the budget rule. the only thing is the parameters of these operations. mm. we will announce only after this decision is made under the most budgetary rules, but certainly before these operations begin to take place. we're going to be predictable here. but what will we buy? it depends on the ministry of finance, because we will do these operations on behalf of the ministry of finance and tools. what will be determined by the government here, as regards the impact of parallel imports on inflation, we see somewhat differently. we believe that, on the contrary, parallel imports will have a disinflationary effect, because the supply of goods on the market in russia will grow, and therefo

hsbc saying if we get a rate hiking cycle, it is over, year-end.om: that is where i'm going this morning, across to the united kingdom. this is a much more global measurement of recession. the one outlier is japanese yen. given all i see it should be out at 137 but it is not. jonathan: 100.44 off the back of monster moves lower. tom: the vix, 29.7 after a pretty good afternoon. henrietta treyz right now, director of economic policy research at vette a partners. some real tangible experience. we have been transfixed today by the questions of the prime minister, the drama of what is going on. would your world be better off if we had president's questions, if we had more fire become a visible debate in congress from the sleep fest it has become? henrietta: i think that would be fantastic. i think politicians tend to speak more truthfully when they are put on the spot. we're only looking for the little mistakes that may hold its of truth, which we have seen from president biden. i would love to see that. great idea. tom: how unified are democrats right

when i'm 20 and 20 of the world was �*s biggest companies, from apple to coca—cola and hsbc, to disneyhem work out what they speak out on and how they should do so and i have been speaking to its big boss. daryl, a real pleasure having you on my show. can restart with this, by just explaining in a bit more detail how you work with companies and what you help them to achieve? lode how you work with companies and what you help them to achieve?— you help them to achieve? we found with other leading _ you help them to achieve? we found with other leading ceos _ you help them to achieve? we found with other leading ceos and - you help them to achieve? we found with other leading ceos and we - with other leading ceos and we help them learn about things they did not learn about in business school but are increasingly important in today's world, things like engagement with your community, sustainable business, climate issues, working on diversity, equity, inclusion, engaging your employees and telling your story. you mentioned paul newman was amongst others who set up the organisation, why did

one of the things that was noteworthy is we closed on our investors acquisition, we had closed on hsbc acquisition in the middle of the first quarter so we're hard at work in integrating those two and really pushing forward in the new york city metro area the financials all are showing strong performance across all metrics, so net interest income is benefitting from the rise in rates. we also have the benefit of bringing those two balance sheets -- we're bigger now so we're benefitting from the higher spread income that goes along with those our fees have proven to be resilient, we're doing a good job on expenses and credit is about as pristine as it gets so that raises the question -- >> what is the market telling us >> there's a disconnect between what we're producing and what the market is valuing that at. i think it all goes to the outlook for the future, that the market still feels a recession is maybe slightly more likely than not if there is a recession, bank credit costs tend to rise and that's getting priced in folks are holding back from increasing their exposure to an econom

hsbc says it's too early to call the top just yet.e ukraine crisis or a renewed lockdown in china could see dollar strength surging again. >> the u.s. senate passed a bipartisan bill that includes billions of dollars in grants and incentives. the legislation is a bid to strengthen u.s. national security this week. officer creditors say evergrande not explain how $2 billion was guaranteed without any disclosure to investors. international flights into beijing are restarting after more than two years. air china's website shows direct flights from paris china has house the quarantine time required to seven days. 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 vonnie quinn. this is bloomberg. haidi: next, and author joins us to preview joe biden's call with xi jinping. taiwan is likely at the top of the agenda. this is bloomberg. ♪ haidi: president biden is expected to speak with xi jinping later on thursday, first dialogue since march. taiwa

. >> the hsbc dropped a note this morning. there are bigger cracks elsewhere. you mentioned china. we had the latest numbers out. they are telling the banks right now to start lending to find some of the issues we are seeing in the mortgage market there. to what extent can china recover this here? quite the property sector as you mentioned is definitely very important. if they don't get to grips with that, if they don't stop the bleeding in the property sector, it will be extremely difficult for china to have a strong recovery. the effects go throughout the whole system. people stop paying their mortgages. that is less money to developers, to banks, the whole financial system. property is such a huge part of the system. people will be affected all the way around. suppliers as well. unless the chinese authority is way get ready to step in, it will be hard for china to make a big recovery. >> let's talk about more. we will talk more about these here. we were just talking to margaret about these mortgaged boycotts. i want to see what you're hearing and filling on the ground here. crac