it was taken over by hsbc-_ out to be a takeover. it was taken over by hsbc.believe metro bank ist in: to over by hsbc. i believe metro bank is trying to sell— over by hsbc. i believe metro bank is trying to sell a — over by hsbc. i believe metro bank is trying to sell a third _ over by hsbc. i believe metro bank is trying to sell a third of _ over by hsbc. i believe metro bank is trying to sell a third of its - is trying to sell a third of its loan book. i am wondering, who is out there, he would buy up those assets? it out there, he would buy up those assets? , ., ~ ., , assets? it is talking to the big lenders at _ assets? it is talking to the big lenders at the _ assets? it is talking to the big lenders at the moment, - assets? it is talking to the big lenders at the moment, to . assets? it is talking to the big - lenders at the moment, to natwest and barclays. they potentially might take those on. it'll be a question of price. they are selling good quality mortgages, but nonetheless this is a fire sale and the lenders will be looking to acquire the at a g

and, do you think that's maybe what hsbc| think that's maybe what hsbc shares may be down today or isares may be down today or is it just what of those things by on the rumours sell on the news? it on the rumours sell on the news? , , ., news? it might partly be that, it miuht news? it might partly be that, it might also _ news? it might partly be that, it might also reflect _ news? it might partly be that, it might also reflect the - news? it might partly be that, it might also reflect the fact . it might also reflect the fact that despite the fact that profits are up a bit they are a bit less than people were expecting, which does suggest that the party is over, really, for bank. it is consistent with the pattern we have seen over the pattern we have seen over the last week in uk banks and i think because we are coming to the top now of the rate rising cycle and inaudible expecting a worsening economic outline and hsbc mentioned this themselves, particularly in the uk they say. themselves, particularly in the uk they say-— uk they say. and potentially even rate — uk they say. and po

the blended average still looks pretty decent for hsbc.on is when it really starts to pick up a bit, from low levels at the moment. 0ur expectation is that that will happen until the second half of 202a. we until the second half of 2024. we know, like _ until the second half of 2024. we know, like many businesses, that change in interest rates, we had low interest rates for so long, they have been gradually rising in most developed economies around the world. that is leaving a lot of organisations to re—evaluate how and where it does business. we know hsbc is trying to off—load its french business to be able to focus more on asia. where does all of this leave that deal? ., asia. where does all of this leave that deal? . ., , , asia. where does all of this leave that deal? . ,, that deal? that deals is still exnected — that deal? that deals is still exnected to _ that deal? that deals is still expected to close _ that deal? that deals is still expected to close in - that deal? that deals is still expected to close in queue l that deal? that

more cautious than anticipated and the big one, hsbc.with hsbc ceo noel quinn on the latest earnings of 5:30 a.m. london time and in hong kong, 1:30 p.m.. the focus front and center is exposure to the property sector in china and buybacks. hsbc has had a to mold to us time trying to get back to the green. rishaad: absolutely and we've heard the troubles at country garden but let's not forget about evergrande, the most indebted in the world. getting a final chance to get the biggest restructuring on track because a couple of hours ago the court adjourned a hearing made by judge linda chan and this is a hearing which will be adjourned until december 4. going to leave you with images of hong kong. glorious day 25 degrees celsius. at daybreak middle east and africa is next. ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. nice footwork. it's possible. man, you're lucky, watching live sports never used to be this easy. now you can stre

hsbc shares are trading lower today.he bank has announced a new $3 billion share buyback program but it did report a third-quarter profit miss thanks to rising costs. tom mackenzie spoke exclusively to the hsbc ceo noel quinn a little earlier. noel: i'm very pleased with our profit for the first nine months of this year. that puts us on a return tangible equity of around 17% from nine months. very pleased with $3 billion buyback. that takes it to 7 billion for the full year. i'm also pleased we have announced another $.10 dividend. in terms of the miss people have talked about i want to draw attention to the fact we booked losses on treasuries because we were seeking longer duration, higher yield. the last 600 million in q3 will be fully recovered over subsequent quarters. that's all about our hidden strategy. it is the timing difference between the loss today and future profits over subsequent quarters. we are well-positioned. we have good momentum in the business. that is evident in our wealth performance. our trade in

reaction to hsbc numbers today we had standard chartered trade last week and that is still weak at thistage. it is a lot to take from the bank earnings and uk names financials toward the bottom is seeing further improvement travel and leisure is up .20%. autos this morning on the back of the union agreements with .30% down that is positive retail names are .70% higher racing past industrials. we have the halloween festival coming up and that gives the retailers a nudge. construction is .80% real estate names is a better performer. don't forget the focus on semiconductors and apple supply chain which is key for european players. every stock in the basket is trading firmer today in terms of the boards across here on the european indices, 7,326 on the ftse 100. we bounced .50%. similar for the french market, but shy of 77,000 handle similar for spanish and eitalia stocks lock-step this morning, steve. >>. >>> very well behaved spanish data the core cpi up 5.2% year on year which is down from 5.8% year on year karen, it is useful in spain and they have given us great details. increases to t

paul: paul bloxham, chief economist for hsbc.o come, we will get the outlook for emerging markets amid a painful year for em stocks and currency. this is bloomberg. ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. shery: the slump in emerging markets assets on the back of u.s. rates outlook and china's economic problems but traders are seeing attractive entry points. let's ring in the emerging markets reporter in the new york studio. how bad has it been? didn't we start the you're thinking this was going to be the decade of emerging markets, how far is that call? we are seeing so many different pressure points. >> exactly. at the beginning of the year, there were big names like goldman and pimco making bullish calls on em. over the past quarter we see the emerging markets stocks wiping out the entire gain this year. also currencies nearly did the same. local and hard currency bonds have fell. all these are due to really pa

james steel, at hsbc. we turn to the story. yields are expanding.s 5000 members at gm arlington -- larges plot will not be coming to work. why does it mean and how does it affect the industrial supply chain? we will talk about that next. this is bloomberg. ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. abigail: this is bloomberg markets you're looking at live pictures of the principal room. and randy quarles joins the conversation at 4:30 p.m. new york time. this is bloomberg. >> i'm not sure that we will raise prices across the board after the first quarter we raise guidance by $500 million on the line and now we raise it by $1 billion. we see a lot of stability in the market. we are taking it one day and month at a time and watching the results come in. alix: that was general motors cfo speaking on bloomberg tv. and the -- they withdrew guidance around the uaw strike. earlier the

hsbc�*s profits more than double as the rising cost of borrowing continues to boost balance sheets.ions. and looking to the past to build a more sustainable future: the wooden homes helping cut the carbon out of construction. hello. i'm sally bundock with the latest business news. we start with europe's biggest bank, hsbc, it has just posted its latest results, showing profits have more than doubled in thejuly to september period compared to last year. pre—tax profits

today we have hsbc. then we get into the data and there is a lot of data.ing to be fascinating. we saw german cpi data may be not providing the shock we thought it would but it came in softer than anticipated. nevertheless, a big part of the eurozone economy may be a little softer then we would have anticipated. does that mean eurozone cpi data will be softer than anticipated? the german data today is interesting. alix: the german data showing the economy is getting hurt under higher interest rates. each -- hsbc spoke about how those higher interest rates are hitting the bank's bottom line. >> we are at a level of interest rates now that we need to give them time to work on the inflationary environment. so i do believe it will be halt. i believe it is higher for longer. i think there are underlying inflationary pressures in the global economy. >> let's get more perspective on the market impact and what to expect. what do you expect from all the data this week? >> our expectation is for the federal reserve to keep interest rates on hold. you see right now th

what are the expectations for hsbc earnings?s going to report earnings today and investors are focusing on exposures to the chinese markets. last week we reported a result that may reach estimate's because of charges related to china, especially for the property sectors. we are also watching whether the bank will have a new round of buybacks are they just completed the previous round last week. overall we are expecting net interest to jump because of rising rates. haidi: last week there were reporting barely profit growth, zero point 03% in the third quarter. how is that setting up against boc earnings? reporter: we just mentioned broad weaknesses in the chinese economy. investors are shifting focuses to the offshore businesses to see whether they can support the overall groanings earth -- growth. it has lower ability to buffer the earnings score by releasing provisions. it is a challenging year for chinese banks because they have a credit crunch. the asset -- vonnie: nearlyvonnie: $2 trillion worth of chinese company earnings r

so inflation has flowed dropping to 3 percent in october versus banking joint. hsbc is pre tax. earnings has more than doubled in the 3rd quarter or coming in nearly a $1000000000.00. the bank said one reason for the year on your jump was higher interest rates. earlier this year, the european union introduced tough, new rules aimed a cracking down on deforestation. under the regulation products growing online that has recently been converted from forest to agricultural use would not be allowed into the u. the rules apply to common in ports like coffee, coke, cocoa, and sawyer. in argentina, as well as other latin american countries. the new rules has the mass with a mixed response. when every zamora was born 31 years ago, the force here was dense. today they are drastically fewer trees in the until region of argentine, a salt province. the result of the forest station in the name of solely being farming and meet production. agriculture has changed drastically over the years. all that's left now a small natural reserve. eric zamora is an activist who supports the new you law of advance, t

i want to take attention to one stock in particular that we are watching today that is hsbc up .70%. they have announced a new $3 billion share buyback program after reporting third quarter profit which missed estimates. pre-tax profit rose to $7.7 billion from $3.2 billion a year earlier. the net interest rose 19 basis points on the year to 1.7%, but dipped 2% on the quarter as customers moved to fixed-term deposits despite that, investors are cheering on the fact they introduced the $3 billion share buyback program. one sector of green in the banking sector frank, we have the bank of england meeting on thursday. frank. >> joumanna, thank you very much. >>> loota lot more to come on "worldwide exchange," including one word the investors need to know plus, nelson peltz gets help from his friends as he puts the squeeze on disney. >>> we will also speak with pc maker lenovo with the very special partner. >>> and later in the show, the ten-year yield hovering close to 5% we speak to the old national bank ceo when "worldwide exchange" returns. stay with us i can make this work. it can he

looking to investment like gold as well as the us dollars and safe bet and let's bring injames cheo from hsbcense of what is to come. well, i think the situation is still extremely fluid, and of course it will push up oil prices in this case. i think the real impact would be how sustained and prolonged high oil prices would be from this kind of geopolitical risk. i think in this environment, of course, the dollar would actually do well, given that interest rates are extremely high in the us. other than that, you would also expect to see much more focused, particularly to us treasury, really because of uncertainty. i think treasury even in the near term provides a very high yield compared to even to gold for that matter. so in an environment of higher interest rates, stronger dollar, i think the us treasury looks much more attractive compared even with gold. so i think in this environment, the flow of safe haven demand would actually very much go to the dollar and of course the us treasury. james, there is a very real apprehension that this could be a long, drawn—out prolonged war. we have see

stuart: hsbc and hong kong and shanghai corporation back in my day is down. lauren: most up today on the med feeting this week and high -- meeting this week ask hsbc lower and the buy back and investors are warning profit margins are shrinking because costs are increases and spending on technology and they're considering another bonus for staff. stuart: no bank like the congress honing and shanghai. they were king on the hill. i don't understand this one, on, o-n, semiconductor. it's a chip stock and down. lauren: worst selloff in three yeyeyears and guidance for this current quarter is weak and no service in the automotive and industrial end markets that they make chips for. that's the bottom line. stuart: what a slam 25 is, 18%. my goodness me. thank you, thank you. spike ere mike johnson making a vote on stand alone bill for israel this week. where does that leave aid for ukraine. congressman chip roy on that. jewish americans are safer in in saudi arabia than a college campus in america. >> one of the ironies is as a american jew, you're safer in saudi ar

let's bring injames from hsbc bank, joining from singapore. thanks forjoining asia business report. this is the big story, and we are tracking the political fallout, and we are tracking the politicalfallout, but and we are tracking the political fallout, but let's focus on the economic fallout at the moment. 0il focus on the economic fallout at the moment. oil prices seems to be the big focus, what is your take?— to be the big focus, what is your take? well, i think the situation — your take? well, i think the situation is _ your take? well, i think the situation is extremely - your take? well, i think the j situation is extremely fluid, and of course it will push up oil prices in this case. i think the real impact would be how high oil prices would be sustained because of the geopolitical risk. clearly there economic impact, the real issue will be the impact with inflation. it's too early to put an assessment there, but short—term, high oil prices would drive financial markets in the next few days.- in the next few days. what is our in the next few days. what is your sense. _ in th

whereas in stark contrast, hsbc says india's investment and consumption are too low to overtake chinaate, the imf says india continues to be the bright spot in global economy, but there are potential risks. inflation has slowed down, monsoons affecting food prices is still a worry. if the war in west asia pushes prices higher, india being a large importer could suffer, and this is an election year where government spending is already going up, and continuing high interest rates would hurt businesses too. and before we go — the us market is all closed in the right, as you can see. —— the us markets. obviously response to what we heard about the us interest rates will remain at a 22 year high. and that's it for this edition of asia business report. you can find more updates on the bbc news website. thanks for watching. hello. storm babet continues to bring hazardous weather, not least because of the amount of rain that is falling. a red warning from the met office covering parts of eastern scotland — this is the highest tier of warning the met office can issue. it implies a danger to li

hsbc will buyback next or $3 billion of its share, taking his total to $7 billion.e with bloomberg tv just after hsbc announced third-quarter profit which missed estimates. >> i am very pleased in that we have reported $29 billion profit for the first nine months of the year. 7.7 for q3. that puts us on return of around 17% for the nine months. very pleased with the $3 billion buyback. that takes it to $7 billion for the full year. i'm also pleased we have announced another 10 cent dividend. in terms of the slight miss, we had treasury losses on treasury instruments because we were seeking longer duration, higher yield in treasury instruments. and that loss of $600 million we bumped in q3 will be fully recovered over subsequent quarters. that is all about our hedging strategy rather than an economic loss. it is a time in difference between a loss today and future profits over subsequent quarters. i think we are well-positioned. we have a good momentum in the business. i think that is evidenced in our wealth performance. our revenue was up 6% in the quarter. our trad

lauren: hsbc niche -- hsbc initiated coverage with a buy rating and 49 price target and that implies this stock is going up another 40%. it's simple, covid accelerated shifts in lifestyle and behaviors and reshaping travel and leisure and we want to go places and spend money and mgm is a beneficiary of that. stuart: a lot of things changed in the pandemic. lauren: orudis poseable income did -- our disposable index did. we've had a abbyed consumer -- a abed consumer spending. stuart: what is it? rabid spending. stuart: occidental petroleum. lauren: down 3%. they're selling off, i think, on the intensification of the diplomatic efforts to prevent the israel-hamas conflict from escalating. if iran doesn't get involved, oil sun touched. it's surprising they're moving down after another megadeal in the oil patch. a few weeks ago, exxon and pioneer and today it's chevron and has. all the ail is down today. stuart: maybe war can be contained in the immediate future. that's the objective here. thanks so much. border patrol reports that more migrants are crossing the border from mexico. first

hsbc today said they were wrong on the bond market. i will quote directly from the story. "normally, i do not think deficits matter." do they matter? paul: you have got the fed trying to tighten and pull back demand and you have the fiscal authorities pumping demand into the economy. that makes the fed's job harder. they are trying to slow the economy down and the treasury is doing opposite. it is going to make everything more difficult. but there has been a wake-up call over the last month at the long end. you have a large fiscal deficit. you have investment around energy transition and the renaissance of manufacturing. and you have the fed rolling off its portfolio with qt. you put that together and you are going to get pressure on the long end and i think that is what we are seeing. jon: the bloomberg intelligence economics team was trying to make the point when you look under the hood at the state of the jobs market, you can find some cracks. arguably, looking at september versus where we were early in october, that the picture is changing. liz was talking about the in

there's a rebound in macao, a new project in the middle east, all of that hsbc is largely ignored andt the same fueled by optimism over some of those same factors, plus, of course, mgm has investment in the digital world and acquisitions internationally price target from hsbc $49, where you can see it sits at a little more than 36 bucks now. las vegas sands got a boost for some of those same reasons. macao just on fire, draft kings and pen shares popped today as well. look at draft kings up like 5% on the day, sports betting handle grew 32% over last year, new jersey, scott, had a 50% spike in september over last year and it was of course the longest established state for legalized sports betting outside of nevada. when they can make a 50% pop in handle, you know something's going on in the sports world. >> thank you. contessa brewer with the two-minute warning. there's the sound effect, which means i go back to mike santoli. the real fun begins tomorrow, the megacaps that we've been waiting for, that's when the parade begins. >> you have decent pullbacks in most of them, although met

i confess you be asked how different johnny relate to hsbc geneva travel kitchen . he asked me, montague, jeremy, i missed a and many others. the all po 3 is loss that i was trying to teach and put back to society about things which should never become public. and the democratic state. democrats, democratic states, known as a role models with democratic my you, it's not a role model because it's run by any of the, the banks this, this is just, this fact hurts me to my heart as a form, a taxi of the space all me about it is the truth. thank you. rudolph elmer, stay right there. we're speaking with swiss banking with a blower, rudolph elmer about his revelations of swift bank. julius bears involvement, and fraud and tax evasion. when we come back after the short break, we'll get into some of the specifics of his whistle blowing. stay with us. 2 2 2 2 2 the russian states never as one of the most sense community best to him then i'll send, send up the keys to progress be the one else calls question about this, even though we will then in the european union, the kremlin

let's bring injames from hsbc bank, joining from singapore. thanks forjoining asia business report. and we are tracking the political fallout, but let's focus on the economic fallout at the moment. 0il focus on the economic fallout at the moment. oil prices seems to be the big focus, what is your take?— to be the big focus, what is your take? well, i think the situation — your take? well, i think the situation is _ your take? well, i think the situation is extremely - your take? well, i think the j situation is extremely fluid, and of course it will push up oil prices in this case.

at the same time, the british hsbc postponed the date of sale of its russian bank to the first half of the decision of the russian authorities. it was economic news, briefly. you know the one. when you start a tank engine for the first time, you just feel this power, when i decided to come to donbass, they thought i was completely crazy, seventeenth, please go down to the intensive care unit, they asked, they called , well, ready, not ready, as if they were not ready, as if they were always ready, just like in the great patriotic war, women made a big contribution , so now, why would i sit in the office at the computer, when she just comes up to you and even just hugs you and says the word that we believe in you, this gives a lot, i won’t sit at home, idle, this is my land, i i will protect her, i will not give her to anyone. let's look before anyone else, four children, ex-husband, endless stress at work, vasnetsova, why are you always nothing but problems, let’s sign up and watch, i want to marry the tsar’s daughter, character. you fall in love with them, you want to cuddle them, you

whereas in a stark contrasting view, hsbc said india's investment and consumption are far too low toto be the bright spot in global economy but there are potential risks. while inflation has slowed down, we can affecting food frontside is a worry. if the war in western asia pushes oil prices higher, india being a large import i could suffer and remember this is an election year were government spending is already going up on populist schemes. imf also adds continuing high interest rates would hurt businesses as well. that was archana shukla there. and let's stay with the imffor a moment because the international monetary fund says it has reached an agreement with sri lanka to release around $330 million in financial assistance. that's the second tranche in a $3 billion loan aimed at helping sri lanka recover from its worst—ever economic crisis. the release of the funds is subject to approval by the global lender's executive board. three years ago the abraham accords brought peace to israel and some of her arab neighbours, starting with the united arab emirates and bahrain. and while

hsbc will lay back its own shares.oomberg quibi after hsbc announced third-quarter profit which missed estimates. >> i am very pleased and that we reported 29.4 billion dollar profit for the first nine months of this year. that puts on -- that puts us on a good path. very pleased with the 3 billion-dollar buyback that we announced today taking it to 7 billion for the full year. i'm also pleased we have announced another tencent dividend. i do want to draw attention to the fact that we had some treasury losses on our treasury instruments. we were seeking longer duration higher yield in treasury estimates -- instruments. that will be fully recovered over subsequent courses. that is all about our hedging strategy rather than an economic loss. it is a timing difference between a loss today and future profits. i think we are well-positioned. we have good momentum in the business. that is evident in our wealth performance. our revenue is up 6% in the quarter. our trading assets were up 12%. $34 billion of net new investment.

hsbc came out to say they are going to lower msci china target and they are pessimistic going into theourth quarter. broadly speaking, chip sector in asia is something we are looking out for because those are bellwether stocks and earnings showed positive signs and we have tsmc next week. that will show us that the chip bottoming cycle is here in the previous quarter. rishaad: thank you indeed, asia stocks managing director. looking at this data point, a producer price of eight figures, how do they translate? in terms of estimates, indeed the inflation forecast in the core cpi number will be key here. 4.1% is the estimate but we are looking at if we get a strong rate what does it mean? and stirring up the pot when it comes to thinking within the fomc? they talked about inflation for the september 21 meeting, this is what they had to say. >> it was dated but the first time all year that they did not mention the word recession. there were three mentions of term premium which is something the fed is watching. they also said the balance of risks seems to be two-sided now between over and u

hsbc is blocking staff from texting on their work funds. will be applied across the bank and said staff had already been blocked from using whatsapp on work devices. only a few unregulated roles will be exempt. it comes as an investigation of communication methods. bloomberg has learned that a foreign-exchange strategist is among those leaving. it's an effort to trim costs. wall street experts have been dealing with the slowdown in trading activity compared to a year ago. coming up, chief investment strategist to see how he sees the chances of a soft landing in the u.s.. this is bloomberg. ♪ >> u.s. economy has proven to be more resilient than expected. as we sit here today, our client franchise is as strong as ever. if conditions remain conducive, expect continued recovery for capital markets and strategic activity. haidi: david solomon. our next guest says the current framework requires more dynamic asset allocation. he favors japan and em asia equities. great to have you with us. i find it interesting you still think liquidity conditions

just a confirmation as city consumer division will be sold to hsbc onshore.are not going to get any trading in hsbc until at least this afternoon. >> it depends on the events in the next 60 minutes, whether the session starts at one or 2 p.m. local time. we have conditions in place for the resumption of an afternoon session which is glowing from black to red on the rainstorm morning. the other thing we need to wait out for is the lowering of the typhoon signal and guidance from the government is that it will be lowered in 40 minutes from now. if that happens, about 20 minutes or so from the time i am speaking, that will mean a truncated afternoon session. two hours, which begins at 2:00 p.m. local time. that's the view, or lack of it in hong kong. this is bloomberg. ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. and your store was also the first time you realized... well, we can do anything.

fred newman is a chief asia corresponded at hsbc. another geopolitical overlay as we watch for what the longer term implications are. does this introduce the possibility of more uncertainty? fred: absolutely. we are still, i think, trying to really get to grips with the implications of the tragedy we are seeing in the middle east. the first reaction is possibly risk aversion. it's a reminder geopolitical risk is alive and they suspended trading in the u.s. monday. in the asian open you see a bit of a sign -- sign of a slight pullback in markets, pricing in risk aversion. the risk for asian markets is it puts additional strength into the u.s. dollar over the next you weeks. that's been a headwind for asia, particularly for central banks that would like to ease monetary policy. their hands are tied. you see u.s. yields higher and the dollar very strong and this complicates the picture for the outlook for asia. oil, we have to see what will happen to oil with the middle east. shery: that depends on possible retaliation against iran and

that's according to the boss of hsbc bank, noel quinn , boss of hsbc bank, noel quinn, speaking at aavos, the swiss get together in the winter. well, quinn's alert following last month's warnings from the international monetary fund, the imf and the world bank that debt across now across the world was now becoming unsustainable. let's get with our economics and get more with our economics and business editor liam halligan get more with our economics and busiron; editor liam halligan get more with our economics and busiron the tor liam halligan get more with our economics and busiron the moneyn halligan get more with our economics and busiron the money . halligan with on the money. >> is he right, liam, to make that warning next out? >> i think it's interesting that the guy that runs the seventh biggest bank in the world is saying things that up until now journalistic scribblers like me have been saying . there is an have been saying. there is an awful lot of concern out there for mark and pip that since 2008, and particularly since the covid lockdown, a lot of governments around the

we were talking to max kettner of hsbc and he was saying expectations are so low, growth expectations are so low the barda beat is really low, so why not go by stocks? what do you think of that? >> we are entering earnings season. you look at the forward eps and p/e ratios and you will find if you were to put the s&p 500 against the stoxx 600 you will find u.s. stocks are primed to do better than european stocks that are undervalued in comparison. any side of the perspective, i can tell you european stocks are cheap and they will never stay that cheap for long. i will tell you the s&p 500 and u.s. stocks are expected to do so much better. i can give you the bullish view and the bearish view. both are correct. guy: it also takes us back to china. one of the factors that could be impacting bond yields is the fact the chinese need to support their economy, their currency are sellers. conclusions can we draw that foreigners have been exiting some of their treasury positions , particularly china? >> we know china has been selling treasuries to prop up the yuan, we do not know why they have

senior economist hsbc joins us now. the wage data slowed for the quarter. think it translates into retail sales? >> we think inflation is coming down, real wage growth accelerated in the most recent reading. we've seen the consumers intuitively are more confident. consumer confidence survey bottom out last october and rising more or less consistently ever since. that does reflect the rise in real incomes that are recovering for households. retail sales are a funny one. guide midget the weather. it is important -- guide midget of the weather and it is important. in july we did not show up very much -- shop very much because it was raining. in september we had a mild weather and usually september talk about transition into the winter and it may be the warmer weather, we are done on that but it is funny because stronger retail sales does not necessarily mean a stronger economy or strong strong customer it might mean people are eating more at home than eating out. guy: the weather matters. she mocks me in new york. i do not know why. let's talk about where the

and europe, hsbc moved in really quick to take advantage of some of the vacuum.from the collapse? we are able to come in and find new areas of business in the tech sector? matthew: predating the silicon valley bank collapse, we already started to really ramp up our offerings for early-stage technology companies. we had already been doing that. at the letter part of last year, we started ramping up an offering for series a onwards. we were focused on supporting the tech ecosystem from early days, not just waiting for the ipo to come in. socially silicon valley bank's struggles woke up some people in vcs and technology companies that they needed to diversify their banking relationships and to go to jp morgan in europe and get access to our offerings on a global basis, i would not say that hurt us by any stretch, probably jst raised the profile and exit limited our ramp by a couple months. ed: great to catch up and get the perspective from over in london in europe. thank you very much forget coming up -- thank you very much. coming up, we will talk about a sports fi

our call of the day today, hsbc, initiating marriott and bookings holding with a buy. marriott and bookings holding, and the questions about the consumer and we have done so much travel already, and whether now is the time to be upgrading these stocks. bookings goes to 36.50. the stocks have had a great run thus far. do you question that timing? >> i feel better about marriott only because of the exposure to the more affluent consumer. i think that's where the resiliency is right now in consumer spending with the affluent consumer. where we are in the cycle and with the expectation the economy is going to slow down you can call that into question. m marriott is probably in a better of a position. >> trends don't see many great as it relates to the consumer. amex had a great report last week, and then you get the sub auto news today. >> there's a bifurcation of the consumer going on for sure, and you have the oil prices and the gasoline prices going higher, and that detracts from spending. then, for example, credit cards, if you look at the interest rate you pay, it's 4

europe yaes biggest bank by assets is taking a hit hsbc seeing a massive 235% jump in post-tax profitthe third quarter but that number fell short of investor expectations the stock losing some early morning gains. goer mane also in the spotlight, struggling to grow gdp beats investor expectations for the third quarter but still shrinking, raising the risk that europe's largest economy is headed for a recession overnight the big news will be bank of japan. the japanese ten-year bond yield is near an 11-year high. there was news this morning from the nikkei out of japan, the news leaking that they could be looking at raising the band or increasing the band they let the ten-year trade in. it's bond bearish. the currency, which has been weak, is strengthening on the back of that news. i think the biggest question will be, is that already baked into the market, a market that influences the u.s. rate market as well? or is it going to prove more bond bearish for u.s. treasuries >> we'll see dollar index back below 106 this morning. >>> a couple hours into trading, let's get post to post with

alix: hsbc early in the week was saying, i get all the bad news, but that means growth expectations areo low, earnings expectations are so low that the bar to be is low. does not hold any water for you? gerry: not really. here we are talking about europe the expectations are pretty inflated. still got earnings expectations, and particularly margin expectations that are near record highs. and we've got a very good chart that looks at nominal gdp and its growth rate through time. and it is very clear that when you get deceleration's in growth, and that applies whether it is a demand driven week is in growth, or whether it is disinflation, which is more the driver at the moment, in both cases you get margin contraction. while we are not seeing more analysts take an ax to their margin expectations is a surprise to me. margins are going to be far more important in 2024 versus what is happening to revenue. they're easy to have a soft landing in revenue, especially when you have elevated inflation. it is also very easy if margins come down for that to be a hard landing in earnings. our motto w

but good news for microsoft, hsbc upgraded them to a buy bringing the price target to 413, gotman saksgoldman sachs hiked to 450. they like the outlook, unfortunately -- stuart: down goes the stock. mastercard. lauren: consumers are turning cautious. they have a metric that looks at both the number and the value of transactions. it is still rising, and it is still rising double digits, but that growth is not as big. stuart: this morning we reported 4.9% growth rate in the economy. lauren: i know. stuart: led by consumer spending. lauren: at 4. stuart: and here is mastercard saying the consumer looks weak -- lauren: everybody's basically saying that. except for cruise lines. [laughter] stuart: ibm. lauren: tech that is going with up, up 5%. number one on the dow. stronger earnings lifted by demand for artificial intelligence, that is adding a couple hundred million dollars worth of business to big blue. stuart: a couple of hundred -- lauren: do we still call ibm big blue? stuart stuart i don't think. they used to call them i've been moved, because of the executives. the real estate mark

. >> hsbc initiated target with a hold couple weeks ago. product mix.y're in no man's land in this environment. and that is the wrong place to be. yeah, maybe they figured out their inventory situation, problem is, nobody wants their inventory they currently have. they just really -- a lot of this is target-specific. you can't say that entirely, because look at dollar gen and dollar tree and -- those stocks are getting obliterated, as well. they're on the wrong side of this equation. costco, on the flip side, 52-week high-ish today. that's what's going on. but you have to ask the question, what does that mean for the consumer? >>> all right, there's a lot more "fast money" to come. here's what's coming up next. >>> what's bubbling in the banks? our traders are eyeing two different tales. so, which names are worth the deposit? and which ones are a financial flop? >>> plus, the consumer in focus. as staples hit five-year lows. what's weighing on the sector? and will the pain last into the holiday season? you're watching "fast money," live from the nasdaq

hsbc initiated coverage on several travel and leisure names.re nicely higher today. on the travel side, they like booking holdings, royal caribbean, mgm, and wynn, green across the board with mgm leading the way, and don't miss cnbc's evolve global summit on november 2nd, gathering leaders and innovators for provocative conversations, strategies and tactics to innovate and transform in this new era of business. that does it for the exchange. thanks for your time today. if you want that newsletter, sign up in one easy step, or scan that qr code on your screen. >>> next on "power lunch," we're talking broker backlash, digging into a new law that will change how hundreds of millions of dollars are paid out in real leiste transactions. tyr getting ready. i'll join him on the other side of the break. [phone: starting route.] technology helps us navigate to work. [phone: go straight.] but, to navigate the complexities of modern work... [phone: turn left.] ...you need more than technology. you need cdw. [phone: you have arrived.] so we'll implement cl

hsbc sets aside $300 million extra for performance pay.yone is doing this. am i wrong? lisa: the last couple of years we have seen these extraordinary bonus rewards go to different executives at the biggest u.s. banks as well. something else is happening here, a couple years of really metered activity and therefore poor pay across all of wall street. what is happening at morgan stanley is more in line with what we saw over goldman and jp morgan where there were tens of millions of dollars in special awards handed out. by the way, often contested by shareholders but handed out to executives. tom: when they leave if they didn't get half this package? >> that is the $20 million question, isn't it. you are joking right before we set down for that interview, he was joking around with me saying there is nowhere to go, where is everyone going to go? these are some of the most amazing jobs in the world. tom: i.t. adapt. >> it is -- i teared up. >> if there is nowhere to go, what do you need a hand and $20 million for? lisa: and there is a potentia

do you share the concerns that the hsbc boss has said there?n the world economy. there are some exceptions. you've got the us , exceptions. you've got the us, of course, doing quite well. and we had some real strong figures for last quarter coming out for the last quarter coming out justin for the last quarter coming out just in a few days ago . and just in a few days ago. and you've also got china, which has not been doing that well recently. we're seeing not been doing that well relittley. we're seeing not been doing that well relittle bit we're seeing not been doing that well relittle bit of we're seeing not been doing that well relittle bit of a we're seeing not been doing that well relittle bit of a rejuvenation eing a little bit of a rejuvenation with the government there starting to do a bit more in terms of trying to stimulate the economy after the problems it has had for some time. they still issues of property still have issues of property sector in particular, but they're to cut they're beginning to cut interest rates in order to get

vonnie: asia cio at hsbc global private banking and wealth. thanks again for joining us.f the movers. pretty early on in the japan and korea session. we are looking at samsung, which is really up 3/10 of 1%. they have been underperforming, -- underperforming sk hynix. sk hynix had that huge drop after earnings. down another 1.2% in today's session. they are relatively unchanged and softbank is up about 4/10 of 1%. these are some of your movers in the first couple of hours of trading. taking a deeper dive into the latest tech earnings, amazon and intel we bring in su keenan. amazon will have the tiebreaker in some ways in the round of earnings that we got after the bell today because we have the ai trade and we have the non-ai trade and amazon is a little bit of both. su: a bit of a mixed picture, disappointed on the cloud and on holiday sales. those are two areas a lot of investors focus on. but it was a strong performance. shares initially rose, then flattens, then ended up rising again in extended trading. it shows that it was not positive. amazon reporting sales for th

. -- is still with us, head of asian-pacific equity strategy at hsbc. what do you make of this tightening taking place and of course it goes to the wider decoupling story if you will and how you look at it, what prism you look at that through? >> so two things, so as your colleges mentioned, china is responding to restrictions put in place, the u.s. is saying that is not what we want so we will take regulations. you have to take a step back. these countries are in an antagonistic relationship. the u.s. is trying to stop the growth of semi conductors and they will have to tweak regulations and ideas as they come along over time, so i see this as part of a broad process. china and trained to become self-reliant and in food, chipmaking, in order to make sure that if this intensifies, the impact on the economy will be minimized. that is what the policies will be focused on. yvonne: if you can find green shoots in the market it is huawei related suppliers leading people to look into these closely. you are overweight on china, have you seen -- we've seen talk

hsbc is blocking staff from texting on their work phones, sources told bloomberg that the band will be and says staff had already been blocked from using whatsapp on work devices. only a select few in regulated roles will be exempt. the move comes as regulators investigate the industry's use of unauthorized communication methods. top chinese ai developer -- has punished over 100 employees for taking a longer lunch break than allowed. the firm accused them of abandoning their workstations to queue up for free chicken lunches at the campus cafeteria, those affected will be disciplined. they are a key player in the chinese ai industry. unions have halted plans to strike at chevron's lng facilities in australia ending a fallout that would erode global markets for fuel. workers have accepted the firm settlement on pay and working conditions, chevron's facilities in australia account for about 7% of global lng supply last year. haidi: taking a look at how futures in europe are opening up. as we see that previous session was one of steadiness euro stocks 50 futures are seeing a little bit of

you have also put, sold a big chunk of your china unit to hsbc.at impact your ability to serve clients in the short term? >> not at all. it is a smooth transition we are going through. we have had now coming on nine closings of nine u.s. consumer businesses and those have gone smoothly. we have gotten good premiums for the ones that have closed. in other cases we have had to engage in wind downs and china is one of them. this marks the ability to smoothly sell a chunk of the business, so i would say all of that is going well and our business that remains, our core institutional business that we have all over the world, that is operating smoothly and this is making it easier. >> the changes and restructuring, do you have a final number of job cuts? >> we don't. jane is decisive about the direction she wants to go but specific about doing it in the right sequence. this is not about hitting a number, it is about making sure we get the roles right to simplify the company, to get the most efficient business we can get out of this. the numbers will come