the list of the big banks raising the s&p 500 targets growing by one hsbc growing from 5,000 to 5,400the bank has a bear case where they there are no fed rate cuts due to inflation and economic data running hot in that scenario, the s&p falls to 4,800 the bullish scenario, it rises to 5,700 due to growth and inflation remaining under control. i spoke with the head of the strategy for the americas who says a.i. plays a major role in the bullish case >> we think going forward, if companies start to be able to verbalize how much they can get with benefits from a.i. and in terms of improved margins and lower costs, we could see the market starting to price that in >> joining me now is hannah peters which is part of the team responsible for the high quality fund good to see you. >> good morning. thank you for having me. >> we mentioned hsbc is the latest bank coming out with a higher price target. do you agree with the case or the bullish one with a.i. having a big impact on earnings >> i think we are all bullish on the u.s. and i'm bullish for the market returns for the year. the narrowne

i'm not talking about -- it wasn't -- we were talking to hsbc cfo.ou were talking about the bullish outlook for china. we will have karen's exclusive interview coming up next. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. when i was your age, we

hsbc asks whether or not that could last.uest lizzy burden walking us through a preview for the boe. she says it won't be a snooze fest. i believe her. not the only central bank reporting this morning. the swiss national bank is as well. this is where a lot of the market is focus. they seem to be short when you just look at this expectation of a cut from the s&p. i want to get a little bit more context here. a pleasure to have you on the program. this is not the first time they have in the past and could potentially front monday ecb or the fed when it comes to color. >> the inflation is just lower than was expected and significantly lower. want to improve -- 120%. this is definitely a strong case for them to lower rates. defrank has lost strength since the beginning of the year. they lost strength but there is some residual strength. the s&p has always been focused on keeping the dragon check. these two things could easily make a good case for them to do a surprise cut. >> we are talking about the inflation picture. you menti

. >> a lot of o talk whether it was another bubble, i saw enough research hsbc put out notes wolfe putut a great note back at dot-com, 48 times earnings, now much lower they're saying not a bubble. something else we have to talk about, jay powell and the hill you laughed right now. a lot of your clients have called you about your expectations what are you expecting to hear from jay powell? in your mind do you expect them to deviate at all from what he said at the fomc meeting or what we heard from fed officials? >> he's trying to strike more of a dovish tone. we're on record for that being a mistake. i think the fed has completely mischaracterized how low interest or how reduced interest rate-sensitive the economy is and the need for rate cuts inflation is going to come in stronger i think he's going to signal the rate cuts, but the economy is closing the window for it. the bond market is going to be it's been disappointing. it's going to continue to be disappointed they may be able to squeeze off one or two, but the economy is going to close that window there's an election cycle. >> y

with us is willem sels, cio at hsbc. i am interested because there are sort of two different things we are getting out of the u.s. you have hotter than expected u.s. inflation from the cpi and ppi readings, then the activity data that suggests a cooling coming through. so do we need to temper these expectations around foot cut -- around fed cuts or repricing for the right amount of moves? willem: i think we are pricing for the runaround of moves. -- for the right amount of moves. when i am encouraged by is two things. one, when you look beyond this next year or what is happening in 2024, the long end, the long dot, the fedex rotation, the fed is pricing in 3.5%. they are thinking 2.5%. that gives you upside for bond returns. the other bit is real yield is again at 2% for the 10 year and that is too high for the level of growth where we are. so we think that will come down. annabelle: talk us through how that plays into equities. willem: on the equity side i care more about the growth element which is a positive. the earn

stephen major of hsbc staying bullish.n anticipation of rate cuts we take bullish duration exposure in europe and stay at mildly bullish for treasuries. can we start with that mildly bullish story for treasuries, why mildly bullish in the ace of a bit of a selloff we've seen so far? >> mildly bullish is not all in. all in is full on bullish and that is why europe is ranked above the u.s. in terms of possible easing and performance from duration. but we can't let go of this view that yields are going to be lower, not higher by year end, and i get they've been sliding up the last week or so, but the context is important. we've come a long way from the peak of yields in october. inflation peaked in june of 2022. the market changed its directional view in october 2022. the fed pivoted a couple months later. it seems to me that they are not going to change their mind. the next move is down and in the meantime we know it is either unchanged or down for policy rates, and therefore the trade is sit in the belly of the curve. if no

hsbc raising its. rights target here. . up .4%. tesla will raise prices on all model why models by $1000 next month. it's making because i one of the biggest gainers in the s&p 500 up more than 5.5%. alphabet and apple are also major gainers in the s&p 500 today. this is on a school play are in talks to integrate -- on talks they are integrating capabilities. the ceo of barclays this year is still betting on rate cuts but just a little later than expected. >> the economy is stabilizing. employment is robust. inflation is coming down. on the balance, it might be more prudent to wait a little longer. our view and that of many others is more rate cuts this year. sonali: we will discuss all this with michael mckee. we were joking about how nvidia is the biggest mover in the market today but what's the crown? >> the bank of japan could take the crown tonight but what if the fed -- but what is the fed going to say about rate cuts? the issue becomes a dot plot. -- the dot plot wednesday afternoon 2 p.m. wall street time. at this point, th

according to analysts, the assets of shell, hsbc, polymel and yandex were sold for a total of about $10on with a discount of up to 90%. last week danone announced the sale of assets. the company's loss was estimated at $1 billion. for economic reasons, leaving russia naturally makes no sense, even today. conditions when of course logistics are difficult and many payments are blocked, yes, that is, here are the transaction costs, they increase, yes, but for large companies these transaction costs, they do not have any special real, well, maybe a final effect, yes, since the financial reserve strength, the margin of profitability covers all these losses. rbc reports that it is the world's largest brick manufacturer. sold its factories in russia. the austrian concern weinerberger has about 200 production sites in 28 countries. factories in the vladimir region and tatarstan produce up to 450 million bricks per year, which is about 10% of the total production in our country. last year they brought in almost 200 million rubles in net profit. now the assets are owned by the russian company str

bofa a shares are up 30%, so hsbc sees little room for growth.ng production of the new ipad if tablet that will be up unveiled in may according to a bloomberg report. updated version of the ipad pro and ipad air are slated to be part of the are refresh according to sources with knowledge of the matter. and huawei reporting good news of their own, posting that net profits were more than double from a year ago. the tech giant reporting revenue of $12 billion. that is a jump of 140% from the same period last year. driven by higher sales of consumer electronics and cloud computing offerings. the smartphone if appears to have shrugged off the sanctions imposed in 2019 when the u.s. accused the firm of being a security risk. >>> coming up, congestion pricing in new york city is set to take effect in june. will the higher cost of commuting in to work be another nail in the coffin for mostly-vacant office towers in manhattanning? we're going to ask cushman and wakefield's chairman next. ♪ ♪ morikawa on 18. he is really boxed in here. -not a good spot. of

the hsbc once occupied this spot. the natwest bank used to operate here.d customers from this building. now, this mobile branch which visits every two weeks is about to drive off for good. we have a large elderly population, looking at myself. and not all of them are internet clued up. so they prefer to go and deal with an individual or an office or people. lloyds bank says 74% of customers already use other ways of banking such as online. using its mobile app or by telephone. but businesses in this tourist spot say they need somewhere handy to deposit cash. we still got a lot of businesses that use a lot of cash, and also even like ourselves, we set up a brand—new business bank account, with lloyds bank, and as much as we all love technology, it's great to be able to speak to somebody. lloyds says customers can use the post office for everyday banking and this summer the dartmouth banking centre will open here providing face—to—face support for various banks. there has been a slow trickle of customers to this mobile bank in dartmouth, one couple had made

. >> european banks, including deutsche bank and hsbc and ubs have previously tried to crack the u.s.ket and had to pull back. but this time, ubs seems to be the one left standing at the end of this round. tom: bloomberg's daniel reporting on the outlook for ubs one year after they took over credit suites. talking of ubs, lines crossing from the swiss national bank on an annual report on capital requirements saying a review of ubs systemic capital requirements is needed, saying that stability of the swiss bank financing needs are strengthening and it says banks need to prepare more collateral for emergencies. we will keep across the story for you throughout the next few hours. lines crossing on the snb with this annual report with the focus on collateral and capital requirements they see needed because ubs plays a major part in that. barclays seeking to expand with the private equity giant as a broad its own footprint with executive underwriting. barclays ceo spoke exclusively to bloomberg surveillance. >> previously, in the investment banking side, we were working with corporations,

this year it was announced the sale of assets owned by shell, hsbc, polymetal international for a totaland companies left. seven is discussing the possibility of lowering the price ceiling for russian oil, this was announced at briefing for foreign journalists by us assistant secretary of state for energy resources geoffrey paet. the short answer is yes, he said. according to the official, the united states and its coalition partners involved in limiting prices are committed to working to deprive russia of income from the sale of energy. what if grandma's ears are frozen off again? regarding the loss of sanctions, you see, it is quite obvious that. when foreign, mainly european companies came to work in russia, they came for the sake of profits. naturally, he, well, maybe the absolute or relative amount of profit they expected to receive from the russian operation was large enough to justify their presence. when this sanctions pressure arose, when, in fact, russia began to say that the russian economy would fall, these firms left in the expectation that... this is generally an increase,

they are looking for 1050 now over hsbc. lisa: have we ever seen a selling moment forever -- nvidia after those announcements? it seems to be the playbook over the past year. jonathan: i said career risk associated with his name. you rip another 50%, that could be problematic if you are a wall street analyst. jonathan: which is i think the reason we cannot see a hiccup. people saying there won't be a downside surprise, but there will be a lot of people who are offsides, it's clear risk to not be overweight. jonathan: let's get you an update on stories this morning with dani burger. >> russia won't be stopped from pursuing its goals, according to vladimir putin. he swept to victory in a predetermined outcome. he had no credible opponent and gets another six years as president. the boj governor and his board has one more day to decide if it is time for the first japanese interest rate hike in 17 years. the hike at the end of the meeting is like -- seen as likely after wages in their largest union group blew out last week. even

hsbc raising the price target on nvidia to $1,050. nvidia is not just defending in the a.i. space, but on the attack with the 2025 road map. shares are up 2.23% in the early trade. jim cramer will speak with nvidia founder and c, o jensen huang tomorrow. >>> another price target hike from bank of america on taiwan semi. bumping it to $155 per share. it calls the company a key enabler of a.i. with the long lasting industry leadership. shares up 1.8% in the extended trade. >>> morgan it stanley upgrading pepsi to a buy after pepsi bottoms in the first quarter. shares up 1.7%. >>> let's get to the global briefing. goldman sachs changing the monetary policy forecast for the bank of japan. since joining this program last week, the bank now expects the boj to hike rates when the meeting wraps tomorrow due to stronger than expected ed sala gains. >>> in china, output grew 7% in january and february. this beat the expectation of 5%. >>> shares of xpeng moving higher. the ev maker is planning to launch a cheaper brand as it looks at price competition in the industry. it is expected t

xavier francois baraton, global cio at hsbc global asset management. china gear is out for a busy week as the national people's congress prepares to meet. we will look at what is on the agenda next. keep it here with us. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh haslinda: china's top leaders has pledged to meet economic targets as the politburo met ahead of next week's national people's congress. stephen engle looks at the many challenges faced by leaders gathering in beijing. >> the national people's congress is china's annual session of parliament convened usually every spring in the great hall of the people next to tiananmen square in central beijing. the npc sets the political agenda for the year ahead when the nearly free thousand delegates from around the country get your marching orders on day one in the form of a lengthy work report from the premier. while regarded as the highest organ of state power, the npc nevertheless operate

look at what hsbc had to say about what could unfold in terms of the move from japanese equities, potentiallyese equities, depending on how the boj responds. take a listen. >> japan wages interest rate, the u.s. goes lower. the end strengthens a little bit. the stock market has performed very well on the weaker yen. that could take a bit of the zest out of that. if the money leaves japan, where does it go? that could bring us back may be to china. tom: maybe, potentially china could be a beneficiary. potentially a beneficiary when we think about flows from japan. one may be to bear in mind. here's what's happening in terms of wage data and how it starting to catch up with cpi in japan. you can see the cap that has formed on the fact that it starting to close with most recent data. again, toyota meeting the demands, all of those demands in terms of the bonuses and wages coming through from the unions. the steelmakers meeting many of those demands. we get the main unit coming through with its wage data and agreements on friday. that will be crucial in terms of how the boj is thinking on whether

speaking to cnbc this morning, ned newman at hsbc said japanese growth is restricted. >> the primarytores with the moneyto go elsewhere out of china is the first impetus and the second is inflation. corporate revenue growth is higher. we have improvements. if you look at economic growth, it is not going to be much stronger in the years to come than yesterday years. there is a limit to which you can lift those valuations over time. >>> turkey's annual inflation came in hotter than expected if february climbing to 67%. that is among strong prices in food and hotels and education. it is targeting a 36% year-end inflation rate. >>> coming up on the show, crude markets shrugging off opec plus plans to extend production cuts. we'll have more after this. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify.

max is the chieief strategist a hsbc. >>> we will take a break and highlight the challenges with the midterm strategy we will speak to the ceo of nissan coming up next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck

we have heard from the likes of jp morgan and hsbc talking about no rba cuts this year. that messaging will be key when we hear from the reserve bank of australia. take a look at the other big central bank we are focusing on. it is what we are expecting from the bank of japan. these expectations are building in terms of what we could see from the bank of japan. it is a momentous decision. most investors say it is either today or next month. perhaps that does not matter a great deal for the longer-term trajectory. we did hear reporting from the nikkei suggesting the bank of japan would end yield curve control and etf buying. that is the question of the day. so much focus on what the boj is going to be doing. internally at we are student to take bets on what time it is going to be coming out. here is the outlook we have got for u.s. stocks. overnight it is the countdown to the fed. what we are going to hear from jay powell signaling around rate cuts. . we are seeing changing expectations. june had been seen most likely until a couple days ago. that is getting priced out as

the banks with hsbc up 1.5%. we have technology names up by .60% today.ravel and leisure is improving. basic resources is a top performer. oil and gas with the bounce up 1.7%. the ftse 100 is 7,731. the addition of 60 p0 points ascertain us above 7,700. the french market is above the 8,000 point level. settling in above 8,000. the other main boards from the smi to the italian market up .30%. little more appetite on the stocks from spain today with the ibex at .40%. strong signals creeping on with the dax in session. reversal from the trade as we see green. we will wait for the dax to open up in it a bit. >>> porsches was moving in the auto basket to the down side. porsche expects profitability to slip as it launches four models with sales of 15% to 17% which is down from 18% last year. annette has more. annette. >> reporter: that is a disappointing set of numbers. the market is digesting the numbers not very well. we have seen porsche considerly lower. if you look at the i ppo pricin it is well below that price. the reason for that is that analysts expect

jonathan: coming up, max kettner of hsbc and why he says the stock market is not a bubble. we begin with our top story, whether the stockmarket rally has run its course. max kettner of hsbc writing, risk as evaluations may be late cycle i look like a bubble but lots of macro variable increasingly look like early cycle. i am pleased to say max joins us for more. earlier this year, you came out in 2024 looking back at 2023 where you are very bullish and you made a change. you called it reversed goldilocks. you have anticipated interest rates higher in alternately causing damage in the equity market. yet the first half of the story right. struggle with the second half. why the change? >> look, what we did not get right was interest rate did not increase. when we look at shorted data, inflation expectations, they did increase. we have seen january and february cpi data clearly surprise to the upside. we have seen rates up and the long end of the yield curve up. we have seen this but contrary to last september, october, contrary to last february for example, we have not seen int

bank of america today, downgraded to hsbc, a hold from buy.bank of america by $4 to 44. it is up from the october 27 low. nobody owns this you have jpm, though which has been a stalwart. >> it's the best of the group on many levels. almost on any time frame that's reasonably long enough the stock has outperformed nothing against bank of america. technically it actually looks great. i think a lot of people can make money in a lot of these stocks the banks have actually been the big laggards mnkamongst the financials we've seen a lot of outperformance relative to the banks, but now the banks are bringing up the rear and that's okay maybe it's that time in the cycle for them similar to the rest of the market, the promise of a rate cut is good enough for right now. and these companies, they've gotten rid of some competitors a lot of the flows of money have gone their way because they're considered to be safer and more stable they've won already on a lot of fronts fundamentally and now the stock is starting to work. >> oracle on deutsch, jimmy, buy

joining me now is hsbc global researches max kick near. max, great to have you on. you to take us back through how you're thinking about things starting the year and where it has brought you right now. we were bullish in 2023, correctly so. we thought maybe we will get some payback, it didn't happen. >> thanks for having me. look, that is exactly right. we started the new year, basically thinking -- [inaudible] -- as a relates to the allegations i understand you're on a physician -- >> as well as you have this extra kicker of the excitement around a.i. technology. i guess where it is that lead you now in terms of positioning? do you say, well, we missed the move? we are still cautious. r is a time to play? >> i think we missed the move. we definitely miss the move. particular inequity in the high will turn over. the emerging market debt we are cautious with the emerging market with the debt side. that is a question of the -- we have gone full-on maximum overweight with credit once again, just like last year. we look for example the high yield to the next refinancing

nick: he was a macro economist with hsbc hong kong and is now based in london. >> how do you define staterets and espionage activities? it's up to the prosecutors. judicial independence in hong kong is now kind of not completely there anymore so that is why businesses are more worried about these kind of new laws. >> free hong kong. nick: for decades, hong kong prided itself on its freedom of speech and in 2019, tens of thousands of demonstrators protested a law that required extradition to mainland china. in july, the protesters turned violent and occupied the legislative counsel. one protester told me that day, he was unrepentant. >> some may say -- the entrance. government properties. but yes, they can say it's violence. nick: beijing used the violence to pass a national security law that jailed thousands of peaceful protesters, shut down independent media and imprisoned pro-democracy activists. the u.s. said article 23 further silences beijing's critics. >> we believe these kinds of actions have the potential to accelerate the closing of hong kong's once open society. nick: the law's

in the wake of that report, analysts at deutsche bank and hsbc are both upping shares of the big boxe target price to 206. it was 149 they cited things like better customer traffic, profit margin and sales growth trends at existing store locations hsbc goes to buy from hold with $195 target price, up from $140. they cited things like better earnings momentum ahead and more comfort around management growth strategy and full year guidance numbers. those shares just about flat on the session right now. we'll tap things off with another retail mover, department store chain nordstrom, down just about 10%, roughly 20,000 shares of volume. it did report better quarterly profit and revenues than expectations after last night's close. that was driven in part by a better holiday shopping season stronger demand for things like running shoes and beauty products, but it gave a more disappointing full year revenue and profit number. nordstrom's chief financial officer kathy smith said they continue to see a more cautious consumer when it comes to discretionary buying, given higher interest rates a

jonathan: that was quite a change from max kettner at hsbc. this was his note. we are overweight high-yield credit and equities. overweight oil. the sentiment shift has been phenomenal in the last few weeks. lisa: and it is global. people diversifying outside the u.s.. they want a global growth wave even though people said it was from the u.s.. now it is the u.s. is crowded so let's move out and explore this early cycle behavior. are we early cycle because banks are doing maintenance cuts? i do not know the answer to that. that is a new theme that is developing. jonathan: i know this week is exhausting so let's get straight to it. equity futures positive .1%. yields lower. down three basis points on the 10 year. 4.2375. we will catch up with bob michele, bloomberg's alex webb, and peter oppenheimer of goldman sachs with u.s. stocks cruising to all-time highs. u.s. stocks posting another record heading towards the biggest week of gains this year. bob michele running the soft landing continues to unfold everywhere with the tail risk of re-acceleration or contracti

this is not a tesco hsbc . this is a tesco or an hsbc. this is a water company.eholders. but has regulation but there has to be regulation in indeed is in place and indeed there is regulation my regulation in place. but my point is off.what sitting on point is off.what are sitting on their absolutely . their hands. yes, absolutely. >> now, obviously thames water aren't here defend aren't here to defend themselves, but they have given us statement saying like us a statement saying we'd like to our customers to reassure our customers that despite announcement, it is despite this announcement, it is business as usual for thames water. our staff remain water. our 8000 staff remain committed our committed to working with our partners in the supply chain to provide services for our benefit of customers , communities of our customers, communities and environment. of our customers, communities ancyeah,environment. of our customers, communities ancyeah, i've)nment. of our customers, communities ancyeah, i've hadznt. of our customers, communities ancyeah, i've had enough o

jonathan: up next we will catch up with steve major of hsbc, jon of goldman sachs and david of ubs.ing issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with go

. >> today we get upgrades out of hsbc and deutsch pricing interesting at campbell's, 1% versus 3 prior and 10 before that even though we had volumes down 1. >> but you know, one thing i would say, i think marc klaas is uniquely set up for this moment. the raos deal. good everyone keeps worrying about his cookies and glp. i have intuitive search on tonight, the bariatric surgery is being hurt. that's what's down klaas will come out and want that stock he doesn't have cocoa. cocoa is the big problem right. >> cocoa - >> prices are up so much. >> yeah. that's why hershey has been squeezed this guy is so good. he's so good but anyway, i was glad to see marc klaas beat the numbers. distinguished vet. has been instrumental in hiring vets who is doing that because you want to see those companies do well, and i'm proud of him he's been struggling and this was a breakout quarter for him. >> you guys mentioning crowdstrike, nice halo effect on sentinel 1, zscaler and palo alto. >> trashing palo alto. >> and benefitting him. >> now only up 1 someone didn't bother to read the conference call. >> t

jim, lot of firms out today throwing out hsbc 5400, goldman toying with a 6 handle >> it's almost asf people are saying, you know what? let's just forget that it's being driven by a couple companies and just embrace embrace the fact that we've got a lot of things going on some of this, i think, is an embrace of what happened last week at nvidia there's a change coming. people are going a.i it's accelerating earnings let's get on board let's not be left approximate behind by a change in the megacaps and they really are accelerating look, after being out there last week, it's hard not to think that everybody's doing better than you thought >> is that true? >> they don't talk about the federal reserve very much. they talk about blackwell. a lot of these guys -- i saw the stock was down nvidia was up. but it's basically -- i want everyone to think of it like this blackwell can read "moby dick" in a second. blackwell can make a drink for you, shaken, not stirred, with a robot. current robots only know to make a drink by giving you a vodka and tonic. the blackwell is so much faster that if

hsbc's ryan wang with us on why gdp could be the key data point to watch from

this year it was announced the sale of assets owned by shell, hsbc, polymetal international for a totaleft with 107 billion dollars in losses, so why did they come to the russian economy, and so it remains unclear, what they are in general, well , indeed, they are at least to some extent commercial organizations, because they generally have an economic logic in their behavior, or it doesn’t exist at all , well, they came to bully russia, as they actually do in different... countries, well, now they’ve banned doing this, they suffered a lot, that many of these leaders of these companies had the feeling that they were in 22 are leaving in the second year, and in a few months they will return together with the west as the winner and will destroy the russian economy in full, but it turned out that this is a completely unrealistic assessment of the situation, after all , they still believe in their propaganda, they believe that they us these companies were very happy with their presence there, and that they are investing something somewhere, in fact... dbi began to oppose this, well, by the

. >>> a couple of stocks to watch this morning, hsbc raising its price target on nvidia from $880 tost defending its position in the ai space, but is on the attack with its 2025 road map. you can see that stock this morning up another 2.8% just above $903. cnbc's jim cramer is going to be speaking with nvidia founder and ceo genjensen huang tomorrow on "squawk on the street.." >>> in the next hour, former house speaker kevin mccarthy is going to join us. "squawk box" will be right back. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. the go-tos that keep us going. the places we cheer. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. see why comcast business powers more small businesses than anyone else. get started for $49.99 a month plus ask how to get up to an $800 prepaid card. don't wait- call today. >>> welcome back, everybody. oil, copper an gold prices reaching their highest levels in months. joining us right now, francisco blanc.

this is america's second biggest bank by market value it is getting downgraded by analysts over at hsbc price by a modest dollar to 39 bucks a share. it is a valuation call after a big run over the last six months and 50 plus percent move since the october lows big move to the upside, up 34% they see better opportunities among some of the largest cap bank stocks out there like citigroup, goldman sachs, and u.s. bancorp for more on that head over to cnbc.com/pro, subscribers can get more on that call and big analyst calls now we'll stick with the financials, ally financial, discover financial, and capital one financial. those shares are moving on thinner premarket volumes. ally up half a%. capital one down two thirds of 1%, flat for discover. we know that capital one agreed to buy discover. we now know that current discover ceo michael rhodes is leaving that company to take that same ceo role at ally financial. rhodes is a retail and consumer banking veteran who worked at bank of america and td bank before joining discover. so watch those shares. and we'll cap things off with a check on

the hsbc once occupied this spot. the natwest bank is to operate here. we have a large elderly population, looking _ off good. we have a large elderly population, looking at _ off good. we have a large elderly population, looking at myself. i off good. we have a large elderly i population, looking at myself. and not all of them are internet clued up. so they prefer to go and deal with an individual or an office or people. with an individual or an office or --eole. , with an individual or an office or ..eole, , i, ~' with an individual or an office or --eole. , ,, , with an individual or an office or --eole. , , ., people. lloyds bank says 74% of customers _ people. lloyds bank says 74% of customers already _ people. lloyds bank says 74% of customers already use _ people. lloyds bank says 74% of customers already use other i people. lloyds bank says 74% of. customers already use other ways people. lloyds bank says 74% of i customers already use other ways of banking such as online. using its mobile app or by telephone. but businesses in the tourist spots