but also criticized hsbc for not entering into a proper dialogue.hit back, saying it had indeed had extensive meetings with ping an, where both sides had agreed to disagree on the issue. there is a lot more action going on ahead of the agm coming in early next month. shareholders will get to vote on two proposals put up by hong kong shareholders. tom: as you allude to, it seems the gloves are coming off for both sides. how fundamentally ruptured is this relationship? what are you looking for in the weeks and months ahead? >> what we're really looking for is some sort of broader support for ping an's china deal, and a lesser degree, some local hong kong shareholders. we have not seen that anyway. the two proposals being voted on next week will get some. they are not going to spin off, but they are mainly saying that the bank should provide more information, more regular updates on its asia business. and also restore dividends to pre-pandemic levels. hsbc has voiced its opposition to these proposals, saying it doesn't want to tie itself up like that.

it is not really the character of hsbc holdings. most all of the value in hsbc holdings's asia.see they would want to do this having not done this in the past with their subsidiaries, but suppose they do do it, i just could imagine that the costs to do this would go unnoticed, especially in the first interim period or the first year, to have the structure completely change. who knows all the regulatory costs associated with spinning off the asian business. i am not sure at the outset that it would be good for profit at all. longer-term, it is unclear because hsbc has never really done this before. historically, hsbc has struggled with containing costs. so this could be an issue with the spinoff. shery: how does hsbc's pivot to asia look right now? >> that is fairly new and there has been high-growth even well before the announcement. there was growth in the last couple of years in china, especially in corporate banking as opposed to personal banking. so it is probably a better focus point geographically than the united kingdom or north america. but there is a lot more risk now t

particularly hsbc. this has been an argument rumbling for at least a year.has stepped up a bit. >> they have been moving from a rum to believe a growl. the largest shareholder has been calling for hsbc to -- to help with markets and competitiveness. hsbc says that could destroy shareholder value and it could take a hit on dividends. this has been out in the open for the past year or so, i would say. it seems to be heating up ahead of first quarter earnings reports. it is getting fairly heated. one executive kept saying hsbc was being closed-heapedded. some harsh words there. we'll see how it pans out. tom: seems like the gloves are coming off. thank you very much indeed. coming up, we'll be joined by the c.e.o. of one of ukraine's biggest grain producers and exporters. stay with us. this is bulb. ♪ tom: welcome back to the open. we are 30 minute spos the european trading day. the fed's beige book suggests the u.s. economy stalled in recent weeks with hiring and inflation slowing and access to credit narrowing. u.s. speaker kevin mccarthy has proposed a bill

let's talk about why hsbc made this change to the rating.y is now joining the chorus that is saying nvidia is one of the best placed companies out there to benefit from the hype surrounding artificial intelligence. hsbc says that ai opportunity offsets any concerns they had elsewhere around inventory, buildup, or a slowdown in data centers. taking a look at the performance that we have seen for nvidia this year, versus the s&p 500, which is the line in yellow. and the nasdaq, you can see the app performance there, a jump of 104 to percent from the low back in october. this is the company that dominates the market for graphics chips, the ones that are needed to power ai technology. haidi: what about optimism when it comes to tsmc? annabelle: this is another company that we are seeing more analysts upgrading their forecast, 39 of 40 now have a buy rating or equivalent. that means we are now at the most optimistic level for ratings on tsmc in more than 20 years. among those that are turning bullish is aberdeen, what is driving that is if you ch

tom: you have a push for a big strategy change at hsbc.ng retail shareholders putting in a similar view. putting in a few special resolutions which reiterates what ping an wants. and ping an says we will probably vote for these. it is a very interesting conversation to be had and hsbc has a fight on its hand to persuade the merits of its strategy. alix: where does all of the talent go? we get into earnings and we will see the different sections and from areas doing well. do they get recycled? is this a hedge fund private equity dream? what you think the spillover will be? tom: in terms of job losses that will be tougher investment bankers. they are not going to be as many jobs on the street, so it will be a tough period. if you are a trader that is an apt description. making the big bucks there is so much money to be had. a lot of the top talent are still getting poached and it is still good place to be if you're able to make the right calls. alix: you talked about barclays first quarter coming up. we have ubs and credit suisse. what are s

joining us is hsbc's chief asia economist, frederic neumann.ns to be cheerful and reasons to be suspicious. classic reopening trade, the consumer eats and spends, my just hoping fixed asset improvement comes? frederic: is the classic reopening, we saw very strong services numbers already starting in february, restaurant, hospitality, is that revenge spending? the numbers showed today a lot of that spending is frontloaded by the consumer. the big question is, how durable is that recovery? and on the housing construction site, it hasn't been as strong as expected. what we see is a lot of completion of housing, but very few new housing projects being put on. we need new housing projects to sustain the recovery. that means that the policy-setting will remain towards support. we want to have a durable recovery and not strong out of the gate and then running out of breath by the end of the second quarter. tom: you then tie the housing market to the consumer. that is essential, and the confidence for chinese consumers to go out there and spend on a su

let's bring in the hsbc global economist janet henry.tarting on the point of pmi's, what are you looking out for tomorrow? janet: we are looking for more of the same. it is clear the manufacturing pmi's have been in contraction territory. i would say that has not necessarily been consistent with industrial reduction. germany had a strong first quarter for industrial reduction, but the manufacturing pmi may still be in contraction territory, and in terms of the headlines of the sector, it will be interesting to see in france whether it is impacting negatively by the protests and the strikes in france. indeed, whether broadly, the banking services we saw the start of the year are showing any signs of fading. i think we are at ace days with these pmi's -- at a stage with these pmi's about supplier deliveries and what they are saying about pricing is that coming down and of course, what are they saying unemployment because for central banks, a lot of it is about the labor market at the moment and whether we are seeing any impact in terms of

roy was born in birmingham, alabama, he graduated from an hsbc you -- and hbcu. during black history month this year, i hosted a screening of the movie till. the story of emmett till and his mother, and the nation's reckoning with hate, violence and abuse of power. the story is seared into our memory and the nation's conscience. she insisted that an open casket for her murdered and maimed son the vehicle in which he was transported. she said let the world see what i see. the reason they saw what they saw was another character in the story, the black press. the chicago defender, and other lack -- other black radios and newspapers that made sure that america saw what she saw. i mean it. [applause] ida b wells. [applause] ida b wells, said, the way to right wrongs is to turn the light of truth upon the wrongs. turn the light of truth upon the wrongs. that is a sacred charge, in my view of the free press. i mean that. that's what she stood for, she was among the best at the table. she moderated my debate for vice president and was a trusted voice for millions of amer

hsbc is down, minds have been down, health care. is a narrative coming out of the sector story. numis has been bought by deutsche bank. it's gone up 67%. remy has come out with lower numbers as well. the u.s. is where the weaknesses. and then electrolux, freezers, fridges and washing machines. up by 15%. it could have been worse. it's an interesting story, the market is doing nicely day even though expectations were low. it's a european bank holiday. some parts of europe are experiencing nice weather. tuesday, the earnings story. hsbc, the fed decision on wednesday. airbus is going to be out. what will they tell us about supply chains? bnp paribas. on friday we have iag, adidas, another thick week of corporate earnings. what are the central banks and federal reserve decisions going to be? how do we put this together and do something interesting with it? joining us now is caroline simmons. at the end of the week i have equity markets drifting slower i have mixed economic data, inflation a little bit stickier. growth not accelerating

. ♪ >> hsbc's largest shareholder is expected to bat resolutions that will force it to provide regularates on its business structure and restore dividends to precode levels. hsbc and the chinese insurance group have been at odds with the bank repeatedly rejected and its calls to break up its business. samsung considered replacing google with being its search engine. a contract between alphabet and samsung and the company could stick with google. credit suisse had its kind spool $4.4 billion since it was acquired by ubs last month. this represents around 2.5% of the firm's assets under management. outflows have eased since march with the recent inflows suggesting the worst of the bleeding is over. let's take a look ahead on what we are watching out for in australia and new zealand. the rba will release its rate decision following the decision to pause the rate hikes cycle. new zealand's asb bank is forecasting a bleaker than expected recession, including a 2% contraction in gdp by early 2024. much more to come on daybreak a stronger. this is bloomberg. ♪ as a business owner, your bottom

hsbc sent proposals for a minority listing of its asia businesses would destroy shareholder value andns lower dividends. the bank rejected the partial listing of its asian unit. it described the plans as an engineering approach that misunderstood the company. up next, we will hear from deepwater asset management that says tesla is doing a good job navigating a downturn despite missing profit estimates. this is bloomberg. ♪ >> we are not trying to take breaking actions in order to deliberately undermine competitors. we do not think about competitors that much. we are the only ones making cars that technically we could sell for zero profit for now, and then yield tremendous economics in the future. haidi: elon musk speaking as we passed those test the numbers, and missed first quarter profit estimates after a series of price cuts designed to boost demand that put the squeeze on margins. joining us to discuss more is the cofounder and managing partner at an asset management company. let me start out with a quick chart that shows you the mess when it comes to margins and the pressure it i

analyst changed its tune on hsbc. it went from a cell to a buy.hat's felt this filtering through to nvidia shares. southwest airlines briefly halting all of its flights due to a technology issue and those flights have resumed in stock -- in the stock is off by one .6%. ed: we will get a deeper report on southwest but it's interesting to note some outperformance in the chip space. despite a bullish rebound in the economy, china's production of chips and other electronics are declining from sales as well as competitive pressures from factories in other locations. joining me now is ian king. let's start with the short-term story. >> think about what the companies have told us. they said there's too much inventory and there isn't enough demand. we need to dig airway out of that mound of inventory and then we can go back to shipping to what the demand is. where is the demand? are we at pre-pandemic levels or at some level in between? we will see in the second half. ed: the broader debate is about supply chain. what does this data signal about that? >>

because you still have so many people you can recruit within the pyramid of luxury and rumble from hsbc. thanks so much for bringing your insights on this. thanks for having me. now let's take a look at some of the other global business stories that are making the news. germany, my narrowly dodged the recession in the 1st quarter of this year. the latest official data shows that g d, p remained flat from january to march, growth figures came in short of the site rebound that was expected. the energy crisis continues to weigh on. europe's biggest economy. a rail work is in germany could soon go on strike again with the trade union threatening to bring the country's rail service to a standstill for weeks. the union is demanding a raise of at least 12 percent for its members. will income in germany has been under pressure for 2 years with inflation high than waste growth? meanwhile, e u. member states are struggling to reach an agreement on the future of the blocks debt rules. finance ministers have been meeting in the swedish capital, stockholm some member states allowed that debt levels

stopped short of charging hsbc executives with any crime citing the bank's full cooperation. >> jesseump doesn't did set the option of paying a fine. obama paid a fine. he gets fingerprinted. why because they are terrified of him. rush limbaugh saw it years ago. >> i know they desperately want trump gone and i know that they desperately want it codified that trump cannot run again because make no mistake, they remain scared to death of you and they remain scared to death of trump. >> jesse: they are terrified of trump because his movement is a wrecking ball. in 2016, trump destroyed two political dynasties bush in the primary. clinton in the general. he told the truth about the iraq war and the clinton foundation. trump started a trade war with big tech's cash register, china. it's always been about the money. trump wants the border secure. that stance the cheap labor that scenes big businesses costs down. trump fired the fbi director and then exposed the special counsel as a shaky hazard been. think about this. trump stopped sending ukraine weapons for a month and he got impeached. t

hsbc is looking to launch its onshore private banking service as soon as june.ay and start dates for recent hires as accenture looks to recalibrate its workforce. a source told bloomberg the firm is offering signing bonuses to some people who start dates have been pushed back. the professional overseas giant said it would cut 19,000 jobs over the next 18 months. the forecasts for sales lagged estimates for infosys, underscoring how clients are tightening budgets to whether an economic slowdown, i.t. budgets that is. india's second software services firm expects revenue growth of 4% to 7% this year, lower than expectations of 10%. the u.s. listed shares fell over 9% after the outlook and a downgrade of the stock. , western australia hit by the strongest cycling in a decade. we look at the consequences of the cyclone on the western state. this is bloomberg. ♪ haidi: we have some data breaking when it comes to the manufacturing pmi for new zealand, the pmi falling under the 50 level that marks contraction from expansion. 48.1, falling from 52. also, seeing that 52

s. bank in south africa also ahead of the south african brought him hsbc. and he is just generally very well connected and named pits and names goes a long way in southern african countries and, and donna utilized at to used benefit hello dollars. company, salt asset management, appoint, turned on, or embed, say, as a business agent, pope emails between low $1.10 donna reveal a number of collaborations and he'd be the middle man in connecting the dots to ensure some in these sources. and it materializes of machinery to a dual. didn't donna, is a black individual in south africa and the capability and the capability to get them to pause. it would be close to a nun let us play open doors ultimately to business. mom would would never have the potential to ever see on his own turned on and then arrange his full no dollars to have a meeting that will propel his money laundering operation to new levels. so moment let what to criptos. the introduction was made by in the 9 bits in the 3 brothers play, a major role in corrupting the south african state. their group

hsbc described the plans as a financial engineering approach that misunderstood the company.ing up next, the adjusted earnings report from wall street banks following the regional banking turmoil. hear why our next guest things the first quarter results will be the best this year. this is bloomberg. ♪ ins 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 75% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities™. shery: the boj governor is expected to maintain the central bank's policies next week with officials set to be weary of shifting gears, after recent global banking turmoil. our global editor kathleen hays is here with the exclusive story. our pog -- boj team in tokyo has learned the latest fi

tom: next week, hsbc results.d dingdong between the top shareholder and the hsbc board saying we don't want any propositions to go through. that is on friday. it could make for a comfortable -- european banks coming through, some of the french ones and largely being positive for the first quarter with a few outliers. kailey: tom metcalf, looking forward to your continued reporting on all things banking. this is bloomberg. ♪ when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's yours free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free, and there's no obligation. you see, medicare covers only

hsbc says this is an opportunity to get in on the stock second up is citi.dition of old dominion and that enhances the company's operational credibility. and third is cantor fitzgerald with the overweight rating investors are under estimating the small wins cvs pieced together recently. something to watch >>> we are keeping an eye on reemg a regional banks this week fears of outflowing with the banking turmoil is not as bad as feared dom chu is joining us with more on how the banks are stacking up good morning, dom. >> this is the interesting part about the regional bank picture. there was an expectation that we could see a lot more deposit flight out of the smaller regional banks in the wake of silicon valley bank collapse and going toward larger money center banks like jpmorgan chase and bank of america and others what you are seeing right there is a selection of some of the larger and mid-sized regional banks impacted by that deposit flight these banks already reported interestingly enough, some of the bigger regional banks in america like pnc financial a

not hsbc, but meta came out, shares soaring, beating education for revenue end-user growth coming at a time when they have been cutting headcount as well. the cfo was at the moment at delmon on the conference call and talk much about eight by generative ai and the thing is after those layoffs had been concluded next month they are adding staff the following month so you have to ask yourself what is going on there? anyway. this is opened backdrop of what is happening with the earnings season and we are midway through in this part of the world and many, many more companies at the report later today and david ingles was now to give us more analysis. david, how has the season played out this far? you know, has there been any clear trend as it work? david: for the asia-pacific we are seeing mixed across the region, about 30% to 40% depending on the benchmark you look at, earnings expectations have been ratcheted down these last two weeks or so slightly but you're seeing a trend as far as the benchmark level. asia-pacific, 27 companies so far, this is an index of about 1200 i think or 25 t

chris paul, hsbc, hey bonnie.even countries have vowed to support you create for as long as it takes in the fight against russian forces. it follows the meeting of top g-7 diplomats in japan who reiterated support for the peace plan with the ukrainian president vladimir zelensky. and they urged a peaceful resolution of taiwan related issues. emmanuel macron is seeking china's help to bring russia and ukraine to the negotiating table. bloomberg has learned that macro instructed his foreign policy advisor to establish a framework for future negotiations. sources the first president see stars happening as early as next year if all goes well. a previously unreported assessment says officials raised concerns last year about becoming too dependent on chinese technologies. european officials who have seen the report say it highlights chips and never devices as particular vulnerability. they have been cut off from other markets after ukraine. the treasury secretary is set to deliver a major speech on economic relations wi

hsbc is said t onshore private banking service as soon as june.ved a 52% pay raise in 2020 making his total compensation higher than the ceos of jp morgan. driven mostly by stock awards shared by exxon's top five executives, compared to the -- compared -- bite jamie dimon and goldman-s solomon. india's forecasted sales lag estimates. the company says the expect of post revenue growth, u.s. listed shares fell over 9% after promising city to downgrade the stock. rishaad: let's look at some of the stocks in play elsewhere. costco international corporation will be focusing on energy and biomass for growth. nearly 11% up right now. morgan downgrading the stock yesterday from neutral to underweight. that is a look at them as they focus on strategic parts of their business. down as much a 17%, we've had massive declines on thursday, extending that plunge to the trading day on thursday. it suffered a 60% fall back after return to the market after being suspended for about a year or thereabouts. we've also had two executive directors resigned due to rearra

out of hsbc to talk about what is top of mind. let's talk about the dollar. >> so far love dollar i think that going into fed next week -- for the dollar i expect the fed to be neutral. this means the dollar will fluctuate and show a distinct trend. yvonne: but it's interesting because even if the fed is going to hike in pause, there is optimism about people thinking they're going to cut at the end of the year and then have the other flipside, if we go into a recession, don't both scenarios bode well for the dollar? >> regarding the fed's expectations, one important thing is we are not debating the peak rate anymore. so we were debating the peak rate as well as when things will end. now we are taking one thing out and debating where rates will end. that alone is a little more positive for the dollar than last year. the second thing about risk aversion and recession, the fact that a lot of it is u.s. centric and u.s. led makes the dollar is safe haven more if he shall we say. there might be other safe havens that are cleaner to exp

but today, analysts at hsbc, who were big bears on nvidia, have issued a mea culpa, from what was in essence to a sell rating to a buy they think that the ai, artificial opportunity, kelly, far outweighs any concerns they had about data center weakness so nvidia shares up 3%, one of the reasons why. i'll send it back to you >> all the buzz. dom, thanks. >>> the better the markets rally gets this year, the more it's hated. the s&p 500 is up 8% since january, but fund managers have been the most bearish they have been all year. bond allocation, get this, has reached its highest since march of 2009. even in real estate, investors are the most bearish since july of 2009. this is with the hsbc up we could hit the debt limit sooner than expected weak tax collection so far in april suggests an increased probability the deadline will be reached in the first half of june despite all that, the st. louis fed president saying this morning, the economy is resilient, and the central banks should continue raising rates. with the s&p 500 touching its highest level in two months, the market is practi

hsbc says it could command a price 10-20 times higher than the standard video game chips. nvidia does not report earnings til the may 4th, so for now the big earnings -- may 24th, so for now we've got goldman sachs to the downside. bank of america slightly ott upside in this final hour. bank of america beat on both the top and bottom line. actually, the news was quite good, on the back of higher interest rates and, hence, higher loan rates bac can charge customers. 9 and the cfo said he sees no cracks, those are his words, no cracks in the consumer credit portfolio as of yet and that consumer credit quality is in, quote, great shape. so the stock up about a half a percent. goldman sachs, on the other hand, reported lighter than expected revenue hurt by a $470 million hit from its struggling consumer lending arm marcus. but ceo david solomon declares the worst of the banking volatility is behind them. and what do investors think? where are they choosing to put their money, put it to work? to the world's largest asset is manager who says time to start investing in areas that

this is the hsbc back in, what, 1865, which i am going to bring. have to excuse me now. oh, roll, roll, roll. roll, roll, roll. claudia: i was born and brought up in hong kong and i'm a hong kong person. i'm a hong konger through and through. i never ever imagined hong kong would have come to this. bill: beijing's security services are firmly in control here now, watching, listening. many hong kongers don't dare say what they really think. one outsider still prepared to share his observations is australian lawyer and author, antony dapiran. antony dapiran: i'm a commentator and an analyst and a writer, but i don't think that anything that i do breaches the national security law. bill: he's lived here for 16 years and, before that, in beijing, chronicling the uprising and the politics of his adopted home. antony: there's a very strong sense, really, across an entire generation of hong kongers, that this is--this is their fight, it's a fight that they strongly believe in. and i'm not sure that just jailing the key leaders or even the threat of jail f

pranjul bhandari from hsbc, from mumbai. let's dicta india. l -- let's stick to india.on the lucrative business of space. taking advantage of the geopolitical isolation of china and russia to make itself a reliable turn it of. let's get to a reporter, she has more details on the story. tell us more about what india's global space ambitions are. >> thank you. india is trying to lead china in the business of space by positioning itself as a reliable and cost effective alternative to spacex. russia and china have been the leaders in the satellite launch market. but now they are becoming increasingly isolated because of the war in the ukraine and the geopolitical tensions. on top of that, the demand is so huge for satellite missions that spacex simply cannot fulfill it alone. that's where india can swoop up with the opportunity. last month india demonstrated its global space ambitions by launching 36 satellites into space, that would deliver high-speed internet for one web. india is off to a strong start. it's satellite launch of services market is expected to double to $1

haslinda: hsbc defended its decision to buy second valley banks u.k. arm.es, that's right. they got quite a few questions from shareholders criticizing them about bailing out the british regulator. you know, just making hasty decisions. so they were quite clear that they saw a great opportunity to buy this bank. they bought it for one pound and it was a good valuation. they said they approached the u.k. regulator, not the other way around and basically said they did not bail it out. yvonne: is there anything new on the whole debate? i know they defend that they should not split off, but have investors -- how are they still debating about this and how they feel about it? denise: well, there is a hong kong activist shareholder which is gathering support for the spinoff, forgetting dividends back. this is up for a vote at the annual general meeting in may and i guess we will see how investors vote due to i think they have support among local shareholders. the local shareholder bank is the third, they are quite fragmented. were not sure if they are all supporti

roy was born in birmingham, alabama, he graduated from an hsbc you -- and hbcu.uring black history month this year, i hosted a screening of the movie till. the story of emmett till and his mother, and the nation's reckoning with hate, violence and abuse of power. the story is seared into our memory and the nation's conscience. she insisted that an open casket for her murdered and maimed son the vehicle in which he was transported. she said let the world see what i see. the reason they saw what they saw was another character in the story, the black press. the chicago defender, and other lack -- other black radios and newspapers that made sure that america saw what she saw. i mean it. [applause] ida b wells. [applause] ida b wells, said, the way to right wrongs is to turn the light of truth upon the wrongs. turn the light of truth upon the wrongs. that is a sacred charge, in my view of the free press. i mean that. that's what she stood for, she was among the best at the table. she moderated my debate for vice president and was a trusted voice for millions of americ

hsbc senior executives pledged to keep up dividend payments.bal lender says they regret putting out dividend payments and have moved to restore quarterly payouts. leaders fended off calls to split off the asian operations. shery: the aussie dollar trading study -- steady. this coming after the third best day against the u.s. dollar, we had seen the rally and spike in oil prices. we had the aussie dollar holding shy of the moving average. all of this ahead of the rba decision, why the 11th straight hike with inflation easing. this is bloomberg. ♪ 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 75% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities™. pa

hsbc is upgrading a bunch of stocks saying that the valuations are too low giving the lift of the sectorn london. finally, enel is down about 4%. they are not liking the prime minister choosing the leader of the country. that stock is down 3.5% in milan. tom: thank you so much. coming up, we talk gold in south africa. do not miss our exclusive interview with gold fields in syria ceo martin preece. that is next. this is bloomberg. ♪ tom: welcome back to "bloomberg markets: european open." 30 minutes into the european trading day. u.s. stocks and futures are mixed as yesterday's fed minutes signaled a likely rate hike despite reported falls in the forecast. march has the first increase in six months, another sign the economy is gaining strength. plus, chinese consumers propel gains almost twice predictions. there is an upside of a little over 1% on the french index. the other thing is pictured quite positive. the dax is currently gaining, adding five points only. this suggests we are looking at a stagnating economy, even if we do not look at such dire troops. -- dyer pictures. iron ore is

rishaad: hsbc holdings shareholder meeting later today.n off pressure from various quarters to split the bank up and spin off assets. what are we looking at today? >> noel quinn, the ceo, and the chairman will be speaking in hong kong to local shareholders. hong kong shareholders are quite a big chunk of the base, a third of shareholders, they are quite vocal and organized. they can expect to field questions about that spinoff voted by the biggest shareholder. another local activist investor that has managed to get this put on to the agenda for next month's agm. hsbc has been urging shareholders to vote against that proposal. at today's meeting, the ceo and the chairman will be advocating their side story, why the bank should be one business globally. rishaad: russell ward, our asia finance editor joining us from tokyo. now let's look at what is coming up on the program. india removing a tax benefit. we will look at the possible ramifications with trust mutual fund's chief executive sandeep bagla. that is on the way next. this is bloomberg

the speed at which a solution was found with regards to silicon valley bank uk and the swift sale to hsbc this government and the bank of england to support the striving and vibrant sector of the economy. it is also testament and a good example of what can happen when government and industry and regulators come together and look for positive solutions, it is one of the reasons uk sets us apart from our peers on the international stage as being the best place in the world to start fintech business and grow a fintech and build a fintech business. a fintech and build a fintech iausiness-— a fintech and build a fintech business. �* . , business. but there are risks attached and _ business. but there are risks attached and this _ business. but there are risks attached and this reminded i attached and this reminded everyone out there the normal private is, normal users of financial services that at the end of the day it was a high street, old—fashioned traditional bank that came to the rescue of what some might regard as a risky alternative, how do you counter that negative impact in terms of p

i will continue the theme with last orders hsbc upgraded.ng that the downturn is already priced in to many of the stocks although you are seeing continued restrictions in the mortgage space. let's take a quick look at novo nordisk. they have diabetes drug doing very well. the close is nex.t this is bloomberg. ♪ when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it was

calling for the creation of a separately listed hsbc asia business.ey have made numerous suggestions over the past two years to management accusing the lender of refusing to engage in discussions. apple is racing to build upgrades and software for its upcoming dr/ar headset. the offerings will include gaming, fitness, and collaboration tools. the roughly $3000 headset is set to debut in june. ajinomoto, considering building an addition many fracturing base overseas to accelerate the production of its signature chipmaking film. the japanese company is a dominant supplier of the product which helps connect chips to circuitboards. shortages contributed in the early days of the pandemic. >> our business scheme allows us to manufacture and meet the needs of our customers without large investment. it will cost about ¥25 billion. but the idea is to make it an investment that can firmly meet the demand for high-performance semi conductors. we will keep up with the evolution of that technology. haidi: checking in on futures in europe at the moment -- dax, sitt

elon musk's take on the risks and the double upgrade for nvidia at hsbc we'll see if we can get clostoe high close of the year, 4179 back in a moment that works inside the body. there's no reason to keep struggling. inspire. learn more and view important safety information at inspiresleep.com. i screwed up. learn more and view important safety information mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. >>> i'm going to start something which you call truth gbt, truth seeking ai that tries to understand the nature of the universe this might be the best path to safety in the sense that an ai that cares about understanding the universe, it is unlikely

hsbc end to the chinese insurance group have been at odds with the bank repeatedly rejecting calls top its business. credit suisse says stash $4.4 billion from its funds since it was acquired by ubs last month. according to analysts, this represents around 2.5% of their assets under management. outflows have eased since march with the recent inflow of $230 million, suggesting the work of the bleeding may be over. alphabet fell the most in more than three weeks following the report that samsung considered replacing google with being as its default search engine. the new york times reports the contract is under negotiation into the company could still stick with google. up next, taiwan is said to be buying as many as 400 anti-ship missiles from the u.s. to boost defense capabilities. we get to -- we get details. this is bloomberg. ♪ when i was his age, we had to be inside to watch live sports. but with xfinity, we get the fastest mobile service and can stream down the street or around the block! hey, can you be less sister, more car? all right, let's get this over with. switch to xfinit

we have got bank of america, jp morgan chase, hsbc and cafe bank. a u.s.k founded by chinese americans whose headquarters is in chinatown and los angeles. why is the biden family banking at a california bank. did hunter's jiaqi bao suggest it. that's not all. comer is subpoenaing bank records from hunter's buddy merv, is he just an executive at the chinese energy company that paid hunter millions for, what? for introductions. meanwhile, according to the daily mail, hunter's hot shot attorney abe local was at one point under investigation by the department of justice. for what? oh, that's right, shady ties to china. rc lowell had a habit of representing crooks and chinese spies. now it makes on sense. art's confusing, especially for me. sometimes a few splatters of paint can be considered a masterpiece. >> well? >> color, life, i love it. >> i'm sick of white spaces. >> jesse: but it's really in the eye of the beholder, right? well, several eyes were on hunter biden's artwork this week. at his will latest show here in new york and it wasn't good. the "new y

this is the morning call sheet where we check on the upgrades and downgrades first up is hsbc giving from sell to buy. doubling the price target. the nvidia opportunity more than of offsets concerns of the data center slowdown. >>> morgan stanley's adam jonas maintaining the overweight rating and cutting to $24 from $26. margins continue to be a cheap concern despite delivering serious driving thrills. >>> and cowen raising microsoft price target the latest figures show azure facing pressure. >>> turning to big banks and financials as another round of earnings with goldman sachs and bank of america reporting this morning. top of mind for investors is deposits with the turmoil prompting a flight of funds from regional banks the outflowing sending shares of state street dragging down joining me now is christopher whalen thank you for being here sdplc >> my pleasure. >> we have bank of america and goldman sachs. which one of the banks will tell us more about the financial sector >> if you want to know about banks, look at bank of america they have seen cost of funds climbing dramaticall

reveal no dollars loaned his money into $55.00 companies in hong kong and china summer named by an hsbc, internal investigation, as among clients that received more than 240 $1000000.00 of good the money. it's very commonly understood that if theorists sell african institution and money goes abroad into hong kong, that money is gone. it's gone forever. elijah from his earliest 2012 shows that in just 4 months, mo dollars loaned it almost $40000000.00 from south africa into hong kong and china that is pointing to the direction of ultimately weights destined to go to once the money. it's the foreign account, it's cleared. it then gets distributed according to we ever required the funds on the deck at kindly worrying, taking to acknowledge the systems haven't worked. we haven't caught the wrong do is we haven't stopped the money flow. alice de matthias design structures specifically to hide state capture funds and initial word of advice fall under cover. a porter put mr. stanley's money in her name a high a lot of stuff in the mining on behalf of it. they don't have any morning anything th

dani: what about hsbc? we have the earnings coming up shortly. what are we expecting? denise: it will be an interesting story. on the one hand, it's the first time the bank is facing investors after buying the u.k. arm, there will be questions about the acquisition. more importantly, the bank is facing a big tit-for-tat for its biggest shareholder, paying on. there will be about ping an. this will be a big test for the bank on investor support, whether the investor support the management or they go with what shareholders are pushing. the two proxy advisors have advised shareholders to go against those resolutions. dani: denise, thank you so much for the latest on those banks. we will also speak to the standard charter cfo at 6:30 a.m. u.k. time. let's look at some of the key things we will be watching out for the rest of the day and get you set up for the trading day. 8:30 a.m. u.k. time, likely raising rates to 3.5 percent. still inflationary pressures that everybody in the world is dealing with. the ecb vice president will be scheduled to speak at the economic forum

we are up 2% we had uk home builders performing very well after hsbc with the series of upgrades.heir view that the downturn in the uk real estate market is already priced in. on the downside, insurance pulling back 1%. oil and gas underperforming we had big moves in the market euro closed 110. we are continuing higher up 12 basis points 110.57 a huge amount for the european central bank a lot of debate over 25 or 50 basis points for the ecb then a lot of debate what happens after. >>> thankfully, joumanna has been busy in d.c. talking about ecb. policymakers warned of the banking turmoil on the central bank rate hiking path. the governing council member robert holzmann says this is weighing on his hawkish outlook. and meanwhile, credit conditions in the euro area have tightened. holzmann argued that the ecb would need to continue the 50 basis point rate hike telling joumanna recent events shifted his views. >> his comments two months ago were well before things that happened in the u.s. and switzerland. and if things remain unchanged means the inflation rate remains high and part