executing the hsbc transaction is going to be all-consuming work.: speaking of the u.s., a lot of the chief executives there as they are weighing in on the economic roadmap are navigating things like the return to work. morgan making comments recently about that. you've weighed in on the process coming back from covid. i would love an update on how you are thinking about that and what you have been communicating with employees and how you have been inking about that as far as getting back to the office. david: i think there is room for both. a hybrid world can be a more eco-friendly world, a better world for life balance, what i think we are still in and in balanced place. don't forget a quarter of our employees come in every day and deal face with clients and branches and we can't forget that. we are talking about three quarters of the organization and an office where they have the option to work digitally or in person. we talk about innovation, building relationships, up and down and across the organization , when you build your culture, in person

joseph little, hsbc asset management global chief strategist is joining us now.hat me ask you -- i'm going to throw this at you on short notice. if we were to see europe delivering on fiscal stimulus, targeted fiscal stimulus, trying to get the economy moving, trying to compete with the united states, is that a reason to buy european assets? joseph: i think it is a sign of the times we are living in that we have seen the kind of response from policymakers which is coming on the fiscal side and on the monetary side simultaneously. we have to think about that delivery of policy as support or management together. we are used, over the last decade or more, this thinking about monetary policy. fiscal policy is in a holding pattern. it has been monetary policy on steroids. but we are in a different regime, a different environment for investors. it involves creative thinking on how monetary policy and fiscal policy are working together and perhaps against each other. depending on the nature of the package, would monetary policy makers at the ecb have to offset some of t

paul mackle from hsbc joining us.vergrande missed a self-imposed deadline, saying it is repaying debt in 2023. this is after delays in overhauling its business. so there we go, that is one story breaking right now. a lot more coming up including a full market check. this is bloomberg. ♪ rishaad: ok, going to have a look at the latest business flash headlines. starting things off with spacex, a story of them seeking $750 million in funding. values are coming in. cnbc says horowitz is the biggest investor. he backed the space transport company run by elon musk. spacex was offering insider shares at $77 apiece. they're valuing the company, not that far off. binance seeking to enter the market by acquiring a stake in crypto exchange. they got the information from identified -- unidentified industry sources. binance is likely to buy a 41% stake. avatar the weight of water on pace to become the top-selling movie. it's made $1.4 billion worldwide since its release three weeks ago. the disney film is on track to surpass the n

hsbc lost a bid to reverse a decision that it illegally rigged a benchmark. the top court rejected the british banks challenge of a european commission finding. three years ago, hsbc did win a procedural victory in a case that overturned millions of euros in eu fines. that is the latest flash. >> thank you. time for the last call. the european markets are closing. let's take a look at the stocks we are focusing on. ubisoft, the gaming company from france, down incredibly, down by 13% over a two day basis. we are down to a seven year low. here is an idea as to what is happening. they call this profit warning crushing. you have a downgrade of the company. they are delaying the skull and cross bones game, again, which is why you are seeing what you're seeing. david wright is positive on this company at bank of america -- america. they have a buy rating on the stock of vodafone. that is on the back of an upgrade. let's look at logitech, the mouse maker, it's under significant pressure. it is down very sharply. slashing guidance. really unimpressed with what they

so, after the entry into force of the presidential decree , the sale of the hsbc subsidiary was suspendedlet me remind you that the list of banks that are subject to the new rules includes 46 credit institutions, including raiffeisenbank unicredit citibank and deutsche bank. the interviewed bankers believe that the agreed amount of asset sales may fall by half sberbank in december increased its net profit by 40% at once, and at the end of the year the bank earned 300 billion rubles. this is the data from the report of the organization according to russian standards, customer funds grew by eight percent, exceeding 18 trillion, and the loan portfolio is in positive territory by 13%. this is 12. million rubles , the main driver of growth was the mortgage, it occupied 2/3 of the total volume. the growth of the chinese economy slowed down to 3% at the end of the year - this is the weakest result in 40 years on a par with the pandemic 2020, the state bureau of statistics of the prc reports on the economy, the tough policy of the authorities regarding the coronavirus said. although china has ope

jonathan: do you get the feeling that many people will follow hsbc? because you are seeing it in the pricing. jonathan: how different the conversation will be at 831 a.m. eastern time? tom: i think it's a lot of hot air. i'm waiting for the data. we will watch the data next week. jonathan: we were told it was all about the earnings and all of a sudden, it's about china reopening. i would double-barreled them. on a global basis, the china reopening and get the scale out of 5% and for them to clear the real estate market with that fiscal input you talked about would be extraordinary. jonathan: that call from evercore, gdp growth in china -- lisa: they can manufacture if they want it and they seem to want it. jonathan: when will we see china gets what it wants? lisa: when we get the mobility data and covid progression. ♪ dinosaur? we just got an order from a dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. godaddy. tools and support for every small business first. jonathan: these are softer

head of asia equity strategy at hsbc. there is plenty more ahead.his is bloomberg. ♪ rishaad: equity markets moving up again. a lot of moving parts driving to come together to produce good gains for equity markets. great start to the year. it's have a look at companies making waves. let's take a look at these. this is down to the story about apple apparently planning to use its own custom displays and mobile devices. we got the likes of samsung and lg going to be less reliant on apple for sales swapping out those displays in a couple of years. it's have a look at what is going on elsewhere. we have as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today

hsbc shares have become the most overbought in three decades. on the exchange in hong kong.rs are piling back into retail things to the brighter outlook of china reopening. highlighting that story for you. the listing in london up 35% since mid-october. a turnaround certainly in terms of the fortunes of hsbc benefiting from an unexpected flow of capital from mainland china into its branches in hong kong. shares of adani group companies tumbling after report from hindenburg research. losses accelerated even after adani disputed the allegations in a call with bondholders and has pledged to release a detailed rebuttal later today. let's get more details from mobile. we are -- from mumbai. will the rebuttal help? >> the damage is done. the companies have lost around $45 billion of wealth and some of the key stocks have lost in double digits and it continues. the context is that today is when adani groups a flagship company [indiscernible] it is managed to allow shares to anchor. hindenburg launched its report. we are expecting more and we expect the report to calm after the clos

we are joined by murat ulgen, managing director and global head of em research at hsbc. you for joining us. is this going to be the year for emerging markets? murat: thank you for having me and good morning. a good place to start is possibly the findings of emerging-market sentiment survey that we have released before the holiday season. this is a survey canvassing views of investors from all areas of equities, and the december survey has showed a distinct improvement in domestic sentiment -- consumer sentiment, so there is a change. they -- you have more investors in the bullish camp compared to the bearish cap. investors are looking at a better year for emerging markets. francine: what are you expecting the dollar to do, and is that going to be one of the factors of what countries you want to be involved in? murat: it is one of the factors. our fx strategy team had a great call last year, calling the weakness of the u.s. dollar, the dollar giving back some of its old valuation. that is a major headwind for emerging markets. we have been through two consecutive years, 2

makes sense, don't do hsbc very much getting do crime.y much getting in the order. you shouldn't be transferring money early . leave transferring money early. leave it to us. yeah, yeah, yeah, yeah. thing back. yeah. to this thing back. because i used to be called always telling other people to do like have they heard of bitcoin criminals know bitcoin these criminals know this. yeah this way around it. i'm no criminal, but i think i know what to do. monday's times and keir starmer is getting and now keir starmer is getting tough issue of gender tough on the issue of gender identity as he won you over a yes he has basically. so keir starmer says 16 year olds are too young to decide if they want too young to decide if they want to change their gender. i mean, what a bigot. harvard university says infants know if they're transgender or not. so keir starmer is so this is this is another case where keir starmer is attacking to the right . over, is attacking to the right. over, oven is attacking to the right. over, over, over something he's don

makes sense, don't do hsbc very much getting do crime.y much getting in the order. you shouldn't be transferring money early . leave transferring money early. leave it to us. yeah, yeah, yeah, yeah. thing back. yeah. to this thing back. because i used to be called always telling other people to do like have they heard of bitcoin criminals know bitcoin these criminals know this. yeah this way around it. i'm no criminal, but i think i know what to do. monday's times and keir starmer is getting and now keir starmer is getting tough issue of gender tough on the issue of gender identity as he won you over a yes he has basically. so keir starmer says 16 year olds are too young to decide if they want too young to decide if they want to change their gender. i mean, what a bigot. harvard university says infants know if they're transgender or not. so keir starmer is so this is this is another case where keir starmer is attacking to the right . over, is attacking to the right. over, oven is attacking to the right. over, over, over something he's don

you had 11 hsbc use. where barack obama surprised everybody by winning in 2008., those weren't just hsbc news those were machines for obama. and it caught republican snap. and don't forget north carolina, south carolina is a very red state. but, clearly, it dominance that african americans had in carolina is a key for them. >> not just georgia, right. there's other states as, well and we're thinking about that so i just wonder about the messaging now for, say, president biden or other candidates who are key to these data points. before his message was about democracy or about the idea georgia, amongst, others because it was really the foil for the so-called big lie that raffensperger and people were fighting when against that narrative. but this democracy going to be enough with the idea of looking back to january six? is that going to be enough, do you think. to get voters excited for biden in the southern state? >> i think that it's democracy and the economy and credible justice in policing reform. and the reproductive rights and you continue on and on and on.

chief india economist at hsbc. be right for india now or will it be something which has one eye on populism and the election next year? >> i think the main focus of this budget is going to be macro stability. bringing down the fiscal deficit in terms of the path the government had announced a few years ago. this is going to help keep a lid on inflation. inflation has been a problem last year. it is also going to help keep a lid on the trade deficit. this budget will focus much more on macro stability than on growth. rishaad: and fiscal consolidation is another part of all this. >> yes, exactly. fiscal consolidation is a big part and we think the government will try to bring it down from 6.4 percent of gdp to 5.8 which is what it had promised. it is not going to be easy. it is a year in which nominal gdp growth is going to fall because inflation is coming down. it is a pre-election year. there are a lot of demands on populism. it is a time in which small firms are rising back up and small firms don't always pay taxe

should the rest of the well be worried routines. national health care system on his knees, candy and hsbc, plus travelers, mindset the shifting will tourism get greener this year? counting the cost on al jazeera. ah, ah, this is a story story. ah, about the passage of time. ah, it's not just choose ami wins. ah su story wins as joseph behind the political scientist. meaning the stories we tell about ourselves the way we conceptualize ourselves here in the present, as the power to shape and define our futures. forced in no way is slowly growing in a 100 years time. the paper from these trees young saplings now will form an unflinching of books every year, new acclaimed, right, contributing a text by the time these works a read you and i and everyone in this program will be long gone because these works out for us. for future generations, communicating across space and time of many, many years. this is the future library. ah . and it starts with the office, katie patterson who speaks to us from her native scotland from another for in. so casey, you put roots in the ground all around me here

should the rest of the well be worried working with national health care system on his knees can be em. hsbc bluffs travelers mindset to shifting will tourism get gretna this year? counting the cost on al jazeera ah ah, book about you're watching it would be so robin a reminder of all top new stories. israel has been accused of carrying out collective punishment after announcing a series of strict security measures against palestinians. the government made the move in response to attacks against israelis and occupied east jerusalem. reuters these agencies reporting u. s. officials saying that they have been behind saturdays and attack in iran to strike it a military building near the city of is to hm. proust, president dina velocity has the destination emit near daily anti government protests. she's entering congress to move elections forward to the end of this year . the government will debate the proposal again. on monday. the u. k. prime minister has fired the chair of his governing conservative party that deems the highway following weeks of revelations about his tax affairs. where she s

should the rest of the well be worried routines. national health care system on his knees, canny and hsbc. plus travelers mindset, the shifting will tourism get greener this year. counting the cost on al jazeera, the u. s. secretary of state antony blinkin headed to the middle east days after israeli forces kill yet more palestinians. what is washington's role in the worsening conflict? and what wider challenges does the by the ministration face in the middle east? this is inside story. ah hello and welcome to the program. i'm how much m g m u. s. secretary of state antony blinking is visiting israel and the west bank on a trip to the middle east beginning in egypt. it will be his 1st to the region since a new far right government came to power in israel and comes just days after israeli forces killed more palestinians in janine. we'll be looking at what to expect from the visit in more detail with our guests in a few moments. but 1st i'll just here as i had my head explains how that read unfolded. palestinians and janine pay their respects to 9 people killed in an israeli military wait o

hsbc is actually sending recruiters to other banks that have been laid off. have had a lot of news come through from the banks. give us the overview of where things stand in terms of hiring and bonuses. >> that recruiter said there is not all doom and gloom. think about citigroup. yesterday, we had a story about how they are offering bonuses to junior staff. differing from credit suisse. we also had news that bank of america is effectively bringing in a hiring freeze. that all-important tech group. bonuses will actually be this year. it looks like that is going down. they need to keep staff while still keeping expenses low. tom: it is a mixed picture. what does the divergence tell us? >> anyone with huge layoffs is overstating the problem. banks are planning to spend a lot of money. it does not indicate they are necessarily going to lay everybody off. they don't have a forward-looking plan. the question is when this is going to happen. tom: still a significant number and good to hear that the hiring is still an opportunity, something of a silver lining as we

coming up, hsbc will be joining us. we will talk about european equities.loomberg. ♪ guy: european these resumed their climb higher. even the ftse is up. retailers, luxury, banks, the insurance sector the one exception. the countdown to the close starts now. >> the countdown is on in europe. this is bloomberg markets european close, with guy johnson and alix steel. guy: let's look

joining us now is the hsbc chief multi-asset strategist.l like every week there is a fed official saying, look, because of the nature of this inflation, if you are going to hit it hard to get to that target, then we will end up at 5.5% and every time, it feels like it is a surprise to the markets. max: i think we are probably getting to the stage where want to be that much of a surprise. it is close to 5% already. you are already starting to see that close to 5%. at the end of the day if you look from, credit, equities, rates companies see, doesn't matter whether we go to 5% or 5.2%, the bigger change with the if we want to 7%. that is looking unlikely. the bigger surprise potential could be seeing the fed funds rate be held at the peak rate for much longer. the key question now is this sequencing. will the market focus on the ultimately higher level of inflation in maybe 12 or 18 months? is the market going to fret about the ultimately higher level of inflation or is that going to enjoy the negative rate of change, with inflation dropping

hsbc estimates in the first quarter of 2024, china's xgdp's will account for 2/3 of global growth nextic has slowed supply chains, and the russian invasion of ukraine has destroyed energy markets. so all this good news could easily turn bad. that's because hundreds of millions of chinese consumers clamoring for global goods and services again would represent a massive rise in demand, that could lead to something we're all familiar with, inflation. look at energy. china is the world's largest importer of world. before the pandemic, it was the largest importer of liquefied natural gas. but demand for oil went down by 2 million barrels a day during the shanghai lockdown. one places china's consumption of liquefied natural gas down by 30% compared to its long-term average. this was a largely hidden dynamic pushing down inflation. china's lower demand released pressure on the price of oil, gas, and coal. but now, china's demand could grow by an average of 1 million barrels a day according to one estimate noted in "the economist," pushing crude up to over $100. if china is fully opened by mi

we have seen hsbc get rid of their canadian and u.s. operations.eve you should expect to continue to see, especially in european banks, for diversified banks to start narrowing on court businesses. francine: which means significant spinoffs or just smaller units get sold off? timothy: a good example would have been the deal with bernstein recently with soft jen combining their forces and equities research and capital markets. it could be anything from spinouts or sales to combinations, but we just believe we are at that stage where after having had the help from net interest income and rates probably cresting and going the other way, the banks now need to start taking action. since the european banks have been even cheaper on a discount to history than the u.s., we felt that it was a good time to be coming into the european space even though they have underperformed. we still think that the discounts are attractive and interest rates are going higher probably longer in europe to lower rates. the wind is behind them to take some of these strategic a

hsbc estimates in the first quarter of 2024, china's gdp could be 10% higher than it will be this quartera could account for two-third of global growth next year. all of this may seem like good news, but remember that the pandemic has roiled supply chains and the russian invasion of ukraine has distorted energy markets. all this good news could easily turn bad. that's because hundreds of millions of chinese consumers glamouring for global goods and services again would represent a massive rise in demand. and that could lead to something we're all too familiar with in recent months, inflation. look at energy. china is the world's largest importer of oil and before the pandemic it was also the largest importer of liquefied natural gas. but demand for oil went down by 2 million barrels a day during the shanghai lockdowns. one estimate places china's consumption of liquefied natural gas down by 30% compared to its long term average. this was a largely hidden dynamic pushing down inflation in the past year. china's lowered demand released some of the upward pressure on the price of oil, gas, a

its first dp world event of the year, the abu dhabi hsbc championship and the most startling news isviously early stages, and every professional golfer is saying it's only one round of golf. it was extraordinary call from lou —— luke donald. usually you see players form dip once a take on the responsibilities of leading the continent and having all the attendant extra work that goes with that. but it seems to have inspired luke donald — i spoke to him after his round, he said that after overseeing the hero cup last week, a warm up for the ryder cup had been somewhat inspirational, and it certainly looked that way, finishing with four birdies in a row. he gave a little wry smile when we suggested that maybe he could become a playing captain, saying that would take an awful lot and there was an awful long way to go. i awful lot and there was an awful long way to go-_ awful lot and there was an awful long way to go. i think ian carter enjoyed that _ long way to go. i think ian carter enjoyed that as _ long way to go. i think ian carter enjoyed that as much _ long way to go. i think ian

. >> that reopening story continues to fuel optimism hsbc recommending names beyond the alibabas of the world, young china, budweiser and laning, a sportswear company as consumers start to travel. according to goldman sachs, hedge funds have been adding chinese stocks and that is reflected. both hitting new highs today, emerging markets fund managers are increasing their china exposure so far about one:30 of emerging market etfs have chinese stocks, down from the 40% peak hit in 2020 now, even with the run-up in chinese names, kevin carter, the cio of emerging markets internet etf china is trading 12 times earnings that's cheaper than the nasdaq at 22 times earnings and cheaper than the global msci and etf trading at 15 times. >> great point now, china's reopening, the question is, will it slow companies like apple from actually moving their supply chains away to try, you know, to places like india? >> that doesn't seem to be the case a prominent minister from india was quoted today saying that apple is looking to increase the market share across the country from 5% to 25% so it's sort

limit should the rest of the well be worried with his national health care system on his knee can m, hsbc, plus travelers, mindset the shifting will tourism get greener this year? counting the cost on al jazeera, ah algeria. great with oh, february, what i just need rhinos in tigers, in the pool, post to the brink of extinction. $1.00 oh, $1.00 east discover how they're 14 happy turned around a year on from russia's evasion of ukraine. jazeera looks at the impact office where events might need from here. rigorous debate, unflinching question up front muslim on tail, cut through the headline to challenge conventional wisdom. nigerians vote in what's likely to be the most closely contested election in the country's history. from those that will they to those who confronted people and paula investigate the youth and abusive power around the world. february on al jazeera. ah ah, you're watching the news, our.

deutsche bank's and hsbc are on the list. they do not reveal details such as the size of any debts or other exposure. that's a look at the first word headlines. david: speaking of goldman sachs, in a different light, coming up, energy research, talking about their thoughts on the reopening of china and what it means for the global energy markets and prices globally. and were joined by chief economist to talk growth prospects for the region and why the reopening china may boost resilience. lots of good conversations coming up. this is bloomberg. ♪ >> back then come some other view of 6%. now our assumption for the foreseeable future will be peak 5.25%. this is most certain now, compared to last year. rishaad: the governor of the indonesian central bank on where he sees the fed peaking. and talking about pausing themselves with regard to interest rate policies. give us a sense of whether this is something which is regionwide as well. >> i think everyone -- everyone is it -- expecting the fed to take its rate hikes down. once th

scotland's scott jamieson is two shots off the lead at the halfway point at the abu dhabi hsbc championship. the 45 year old was going to face kickboxer liam harrison at london's 02 but he's pulled out with injury. next, we're looking at the question — why are there so few women in motorsport? it's not exactly breaking news that there are no female drivers in f1 but it sounds like nothing's going to change any time soon. so matt warwick has been speaking to some of the few who are �*in' to get their side of the story. success on the track, it's a rare feeling for most improvement in motorsports and does not happened nearly enough. there has been some, the all—female iron games team enjoying victory in sports car racing andjimmy enjoying victory in sports car racing and jimmy chadwick. she does the dublin miami! _ racing and jimmy chadwick. she does the dublin miami! the _ racing and jimmy chadwick. she does the dublin miami! the three-time - the dublin miami! the three-time chamion the dublin miami! the three-time champion was _ the dublin miami! the three-time champion was set _ the dublin

can the at hsbc bluffs trouble, his mindset to shifting will tourism get greener this year? counting the cost on al jazeera, to inculcate a culture of knowledge, openness, and pluralism, world wide eyed to reward, merit and excellence, and encourage creativity. the shake ahmad award for translation and international understanding was founded to promote translation and honor translators, and acknowledged the road and strengthening the bonds of friendship and co operation between arab islamic and wild coaches. are we understand the differences and similarities of cult choice across the world center might have when you call home? well, but you can use in current affairs that matter to years. ah ah ah, welcome back you with the news, our life from london. i'll main stories, at least 7 people, including a 15 year old boy of been killed in a shooting year synagogue and occupied east jerusalem. 3 people are injured. gunman was shot dead at the scene. shooting has been followed by reports of attacks on palestinians by israeli settlers earlier palestinians route protesting in york. y

max kettner of hsbc. the holder must year, getting constructive fast. tom: a nice switch there and it comes around in the earnings season, microsoft is fascinated to see the lift yesterday. a sigh of relief and then a real question about cloud dynamics. our reporter of bloomberg was insistent they will endure. jonathan: wait for the guidance is what i heard from him yesterday. deceleration and growth. we have been piling into that growth story in the cloud, microsoft and elsewhere for a long time. now reality is starting to buy. tom: we need some guidance, what are you coming home? jonathan: i'm hoping perhaps the weekend, it depends. i'm enjoying this. tom: your forward guidance from jonathan ferro in london, stay with us, -28, this is bloomberg. from london and new york. lisa: keeping you up-to-date with news from around the world with the first word, i'm lisa mateo. germany and the u.s. will provide significant upgrade in firepower to ukraine against russia, berlin will provide 14 of its leopard battle tanks. biden administration is expected to annou

deutsche bank and hsbc are also on the list.oes not remediate -- reveal details of other debts or explosion -- or exposure. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. kathleen: thank you. they are said to have told the bond holders that fraud annexation thickens the company are bogus. our sources say adani executives held a call to calm investors. they are releasing a detailed rebuttal to hindenburg allegations on friday. we bring in our equity reporter in singapore. what is going on here? it is bogus. it is not bogus. are there behind-the-scenes motivations we need to know about these accusations going back and forth? guest: yes. in his perspective, but they said in the call, this is a bogus 100 page report coming on the group. the group is excited to file a detailed response. each company will come out with some kind of response. they say the alleged accounting fraud that hindenburg talke

jonathan: we had that story out a couple of weeks ago about goldman sachs making major cuts and hsbcalking about sending out emails to people let go. lisa: just trying to beef up talent in the u.s. it's armageddon for the jobs picture. jonathan: the whole situation was bad. there was a hierarchy of banks that attracted the talent but others weren't able to. these other banks want to beef up in certain regions. lisa: this isn't a picture of pain for the labor market by any means. jonathan: it's about where we will wind up. how long is the lag from the timing and how sure is the lag? it's a guessing game. it's a guessing game for central bankers. tom: all my thinking over the holidays including a 10 .9% rise in champagne is a result of the pandemic. jonathan: you can't know that. i'm talking about job cuts and he's costing up -- and he's talking about the cost of champagne. tom: some put the numbers at 100,000 jobs to live with some of the wage pressure. jonathan: conversation finished? lisa: i thought that was pretty good. tom: this is important. the pandemic ramifications -- jonathan

mike wilson on morgan stanley, and the other side max kettner of hsbc saying you should chase this.vron saying he was jumping on board with the rally this year. lisa: the biggest bearers are actually going in on this rally because they do not see a reason for it to stop. you have steven major on one side saying we might be close to the penultimate rate hike which could signal a sustained bond rally and then you have hedge funds boosting their short positions on treasuries to a record. this question around the push/pull of whether the fed can push back against a market that seems to be moving in the direction they want. tom: the 10% -- jonathan: a 10% or 11% rally on the nasdaq will change things and that is what has happened. lisa: the bulls intact say the job cuts are necessary. if you start to look at the chip sector that indicates there is lot were paid to, with a lack of investment. jonathan: the weakness is being pushed out. jp morgan acknowledging what could happen in q1 that will likely mark a turning point that the next leg higher might not,. ms. love saying -- mislav saint

james steel, that you precious metals analyst at hsbc joins us on the phone. let's talk about bold. can we get through 2000? james: is possible to get through 2000 but the rally is looking overstretched. a number of things have been very supportive of bold, specifically in the last few months. we have had to -- dollar weakness, the idea the fed may reverse course later in 2023, and all of those things have helped goldfield higher. as we get up here, we are going to see increasing demand destruction, probably from the most price-sensitive elements of the market, which are jewelry. also this bar important demand we have had recently, that could also take a bit of a look at the higher prices. guy: would you be a seller, the refore? james: i do not traded recommendations myself, but i would say the upper end of our forecast range for this year is just over $2000. it does look to me as if there is much more downside than upside. guy: what about silver? james: silver has been doing very well. it was quite week for much of 2022. for many of the same reasons as gold, a weaker dollar -- that