we bet decent pictures as well in terms of the hsbc,.n rallying come particular they focused on tech. still close to that correction. done about not percent from the record highs. almost 1% despite discipline coming through from micro soft in terms of the spent. as we look ahead to meda and its earnings later today. we get back to the central bank's with the boj, handing it down to the federal reserve and the expectation or at least the focus will be to what extent they guide and the pressure toward a potential cut in september. after decent gains, the front end of the treasury curve, the japanese currency remains in focus for us today. strength coming through their up just .2%. prince double of $80 per barrel beginning 1.6% today on the back of the geopolitics and iran's claim that nikki -- achy, slater has been assassinated. gold getting a bit on that tension. up .4%. let's get to that hsbc story i mentioned with the bk coming through. we get back to the earnings a focus on banks. setting up his final quarter with a further $3 billion

joining us from singapore is joey chew, head of asia fx research at hsbc. we have traders pricing in two cuts in 2024 with those comments. goldman sachs sees an argument for potentially one this month. you are not as convinced, wise that -- why is that? >> our hsbc u.s. economist still thinks the core inflation could hover around 2.5% or 3% range. this gives an opening for the fed to start cutting but it may not be too aggressive from the start. so i want to take a more cautious and gradual approach. paul: in terms of foreign exchange, do you feel we are at peak u.s. dollar strength now? the consensus is firming around easing, just a question of how much and when. where to next for the greenback and against the yen? >> for the dollar, it is relative as well because currencies are all against other currencies. for the u.s., you have to consider the fed is cutting but not the only central bank that's cutting. a lot of g10 central banks are cutting and for a lot of them, there cutting from a space that's a lower base from the u.s. in terms of the yield differe

>> yeah, tom, we're looking at some of the stocks in focus first as we see hsbc.e're hearing who is going to be replacing knoll quinn and with that the current c.f.o. we'll hear who is going to be his successor but this is trader's first chance to streak the news that dropped during the lunch break. we're seeing the stock barely budging. it was .2% higher. but the second tar that we've been focusing on today amid this rotation out of tech is the chip stocks. that is one of the themes is -- i think hitting the chip names. but also trump's comment on taiwan dragging tsmc. you have to wonder will this feed into the bullish sentiment related to the stock especially given the optimism towards its earnings later in the week? and then, of course, that bloomberg scoop about how the biden administration is ramping up potentially the trade restrictions on the allies trying to cut china's access to chips and tokyo electron extended gains after the story broke. 7% down now. flip the board. even as we see how these chip stocks are getting hit by these news lines already a day

meanwhile over in the u.k., the former ceo of the british arm of silicon valley bank joint hsbc in marchcompany was acquired by svb u.k. and now she will be joining octopus ventures in january as their ceo. platts will remain as a special advisor to hsbc. 17 labs raised $85 million in a spending round. 17 labs placed of -- pays developers for emerging ai tools and ranks among the largest for ai startups so far. ed: time for our vc spotlight and we are joined by vanessa and there have been so many themes we've been passing over, just what -- asked what the main one -- guess what the main one is pretty it's generative ai. they are saying that is the untapped market or they are saying you have to be in a large language model level as the parameters get smaller there's a higher volume being built. where do you see that divide. vanessa: i'm an application play or investor -- application layer investor. i think there's a lot of value in that. it showed that the majority of the funding was going to infrastructure and the bulk of that was going to the large line with model companies and much of

hsbc is naming its new ceo georges elhedery.the third ceo in less than a few years. >>> roche is showing positive results for weight loss. the drug would rival similar medication from novo nordisk and eli lilly. >>> feds governor adriana kugler is cautiously optimistic saying it's on a good path and driving prices lower and the job market is seeing a quote, unquote rebansing. >>> elon muffing is moving its tesla headquarters from california to texas citing inflation. >>> bank of england's inflation holds steady at 2%. dampening expectations for a rate cut next year. >>> shares of five below sinking. it's also replacing its ceo. >>> urn thing back to the market setting, looking like they're facing fresh pressure. taking a look at the futures, under pressure across the board. right now the dow looks like it would open about 90 points lower. the s&p down quite a bit. really, it's the nasdaq we're watching. down more than 1%. chip stockings being a drag on the s&p and nasdaq. take a look at it. asml down more than 6.5%. arm holdings

hsbc is said to be -- with a global brand and existing operations in germany. has learned that insurance giant axa has been in talks with bnp paribas are about options for its investment management unit. we will talk discussions between the french firm to focus on creating a joint venture between investment managers and bnp paribas asset management. the combination would have a total of about 1.5 trillion u.s. dollars under assets. the european union is moving ahead with plans to impose provisional tariffs on chinese ev's and a step likely to escalate trade tensions with beijing. chinese companies, which did not cooperate with the eu's anti- investigation, faced almost an added 38% tariff. those that did cooperate will get a lower rate. carmakers including tesla and bmw are also affected. >> we are not seeing the basis for what we are conducting is in line, but we are currently the largest market that has opened the chinese electric vehicles and it recently involves 100% on those, so our aim is not to close the market of battery producers from china, but only t

. >>> hsbc downgraded arm stock in a near 30% down side to friday's close.ted a potential slowdown in android smartphone momentum which could weigh on the chip maker earnings. arm is due to report its results tomorrow. >>> tesla shares jumped 6% on monday after morgan stanley named it the top after ford. tesla could grow the energy segment larger than the auto business leading to a 100% margin miss for the automaker. it comes after tesla reported the lowest profit margin if five years last week after heavily discounting vehicles amid slowing demand. >>> let's switch to u.s. politics. jd vance has been courting silicon valley executives making a fundraising stop in palo alto to drum up support for the campaign. his trip follows the trip from donald trump back in june which raised $12 million. cnbc's kate rooney filed this report. >> reporter: this is the epicenter of tech which with money flowing to the left, but this year, high profile donors are opening their wallets for the trump-vance ticket. one executive that i did speak to has been a registered democra

hsbc's max kettner is back with us.out where he sees oppouny d rtitanwhere he thinks stocks could be heading in the next few months just after the break. awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next. >>> stocks getting a big boost. the s&p and nasdaq once again hitting all time highs. the s&p on track for the seventh straight day in gains. we are gearing up for earnings season. joining us hsbc's scott hettner. >> thanks for having me. >> how much is built around rate cuts? >> not too much. as long as the fed is signaling the next move is a cut, i think that is the most important thing whether you're an emd, emerge being market debt, or high yield credit. whether you're in equities. it doesn't really matter when the first cut comes. i think what really matters is as long as the t

i was amongst the top 5 even when i will see you of the bank, the top 5 and the hsbc system in terms of profit and performance. and equally to do, you know, maybe rising to be amongst the top treat. so the subsidies that are in deal in successful m. n c's, a very important subsidiaries of the multinational companies and the success stories that's what's my of it. so see what it is they can do it. so can we, right? and so we can get more and more of the excitement to come in and invest in our story. and right now in gears on the road, i mean there is no, nobody wants to be left behind, excuse me, to be a really beautiful point in our history, which we must practice with both hands. i totally agree with you. what you went into banking house, chauvinistic, was the enlightenment when you started. well, you know, i, i have to see that. i don't see that i was discriminated. ok in any way. i think the business school degree helped me because it was sort of a top of great ability. of course, i was also fortunate to be working in investment banking. me where you kind of sink or swim based on

the wedding will be attended by executives from the likes of hsbc, samsung and saudi aramco.eported to include political heavyweights such as boris johnson and tony blair as well as celebrities including david beckham, mike hyson. it is also a big weekend for sports fans. the women's wimbledon final on saturday and the men's final on sunday. and we are also watching argentina and colombia. let's get you to broader markets. we are seeing a couple things at play. digesting what it means given that we had the weakness in the cpi numbers from the u.s. we are seeing the dollar showing resilience. dollar-yen standing firmly at the 159 level. this is bloomberg. ♪ just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with

the downgrade from citi and hsbc. i want to get back to the best perp fperformer which is s.a.p.utting the cloud backlog at 14.8 billion euro. jpmorgan saying the backlog is impressive. porsche is a tale of two stories. shares of the company off 3.7%. the company has cut full years sales forecast warning a shortage of aluminum alloy could lead to production shutdowns. the carmaker also said it expects the transition to electric vehicles to take longer than previously anticipated citing weak consumer demand. on that note, back to you. >> carolin roth, thank you. >>> we are watching shares of warner bros. discovery. the media company has told the nba it is matching the offer for the games. alex sherman has been following the ongoing developments and has a story up on cnbc.com. >> good morning, frank. >> alex, i was watching when you broke this story. i thought that warner bros. discovery matched and it was a done deal. bottom line. is the nba coming back to tnt and, of course, charles barclay? >> frank, if it were only thats easy. this is the saga of the media rights negotiations.

city at 274, hsbc is up. stuart: i told you that robo taxi thing is not an event. tell me about fastenall. lauren: they make industrial supplies, stock is up 42%, sales stronger-than-expected up 1.8% but you got an increase so a big report card. be 16 black amusement parks. lauren: people are going just a couple days ago, that the older ticker, they merged with cedar fair that closed, the new ticker is fun. that stock is up 2.5%. they are initiating at a by, they think the stock which is currently at 53 is going to 68 which is 28% gain. stuart: thanks. coming up. hungary's by minister left the nato summit early. where did he go? went to mar-a-lago to visit donald trump. what the significance of that? more democrats call for president biden to withdraw from the race after he gave another gaffe filled press conference. watch this. brian: >> president biden: i want to handed over to the president of ukraine who has as much courage as he has determination, ladies and gentlemen, president putin. i wouldn't have picked vice president trump to be vice president but i thin

the give back taking place in hsbc and selling setting into barclays and also santander. couple of patches of green in the bank. analysts still expect profits to take a hit under the new government particularly on the consumer end. labour will explore lower-term mortgages. analysts say that may just be the beginning of the party looking to tip other financial services back in faevor of the consumer. perhaps interest rates, too, still a massive story with banking profits. i want take you to the home builders. this is the top of the ftse 100. the trade at 3.5% in the green. it was positive. it is growing still. 1.9 in retro. building 1.5 billion new homes across the next five years. that is equal to 300,000 new homes per year. double the number of homes completed each year over the past decade. the last time that level of home building was seen in this country was in the 1960s. home prices have come down on a month by month basis. i want to mention the energy stocks because they have seen selling in the first hour or some of trade. further increase in the windfall taxes. th

. >>> hsbc appoints a current chief financial office georges elhedery as the next group ceo.e's been head of the global banking as well as the markets division. >>> on to the next space, roche says in the early trial of its drug to treat obesity, that's gone positive. so you're seeing the stock managing to move up 5% toward the top end of the stoxx 600. that's pretty significant news now. in the market that's becoming very competitive. the likes of knonor voe /* /* n nordisk coming in 678 new bookings managed to rise. chipmakers said sales in china do remain strong. the ceo forecasting the global recovery to continue into the second half. that stock, however, despite all of that down 6%. >>> meanwhile overall for chipmakers, they move slower in asia. the u.s. is mulling imposing the m most severe trade decisions possible on a chip crackdown in china. the foreign direct product rule using american tech could be imposed on tokyo electron as well as asml. let's bring in arjun kharpal. these stories are about to hurt the chip sector, right? yes, you want competition. is this -- i

monitors the news sources and in my report we talk about the ee xp, where we had a bank account at hsbc and last year in the epic times, there was an article about the potential involvement with russian trade as far as we can tell we don't have all the data probably related. the automatic process was seen in the epic article. we have the money laundering issues. have to cancel this account and get rid of this customer. with that said then you say i can through other organizations get access to these trade records. i can get access to companies registered documents and all these things with a little bit more effort. as far as i'm aware, there could be banks that do this but not that we are aware of. banks don't look at this stuff. so the recommendation is saying they should. this stuff is available on their. we were looking at more actively some of the data sources instead of passively waiting for things to be reported on to nip this in the bud. the other side of that is we need more enforcement. if there is a violation but typically you won't go after companies if they have a sufficient

hsbc pointing a profit. the bank also announced a share buyback program of up to $3 billion.gain, shares, asia listing up by 4.6%. >> the economy's going through a transition from one economic growth model to a new economic growth model. the world of supply chains and changes as well, post-covid and for some of the geopolitical challenges that exist in the world, but we're a long-term investor in china. we remain committed to mainland china. we believe in a longtime opportunity and growth opportunity. we're recent le conf-- reasonab confident. >> the co-owner said they would remain equitable at two levels. >> the franchises that we have across the world, they're great franchises to start with. great franchises. we have by far the leading bank in mexico. we do have an amazing banking industry in spain, peru, count countries, and america. we have great countries to start with. on top of the strength, we put two important levers, digitalization, which had been in our view the pioneer of putting a lot of money in it many years ago, and sustainability. >> i also want to show you w

. >>> shares of hsbc is popping.profit for the first half of the year and beat expectations. >>> and the trading on the swiss stockmarket has resumed after being halted due to a technical issue that made it impossible to distribute market pricing data. it was hit by the worst technical outage in just over a decade ago. >>> coming up on "worldwide exchange," we have the one word every investor needs to know. and microsoft, you can see shares down by 2.5%. our next guest is rethinking his view. we'll be back right after this break. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com. is it me... or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people

the stock's at a 872, hsbc says it's going to $1100 a share.fty increase. stuart: is it another one i'm going to miss? probably. anheuser-busch, are they still feeling the effects of the boycott? lauren: bud light is now the number three beer behind not only modelo and also michelob ultra. it's number three according to nielsen iq, and this time period includes memorial day through july 4th. hi, summer kickoff, barbecue season. that's a bad sign for the rest of the year. stuart: not good. arm holdings. they got an upgrade. lauren: stock's up 2.33%. morgan stanley took the price target to 190 a share, they're a buy. this upgrade is about arm's opportunity to capitalize on something i hadn't heard of, edge a.i. so a.i. applications on devices, the computation in edge a. a.i. is literally on the edge nearest the user rather than in a data that center or in the cloud. and morgan stanley thinks that arm's chips design will help in mobile, in auto, in pcs, in the edge a.i. part of it. if you look at the stock, a relatively new stock to the public mar

getting strong-armed by the beers at this hour ahead of the chip desires earning report on wednesday hsbcut the rating on the stock to reduce from hold citing an elevated valuation for pes at 89 and also concerns of a slowdown in the android smartphone market which arm really has a lock on they did bump the price target on arm to $105 a share from 100 but that still indicates the stock which is down to $140.92 is still have the painful road downhill. be watching for that and see if it comes to pass. medical equipment maker defying gravity at this hour almost at the top of the s&p 500. i think one person away and tesla at the top where brevity up 8.6%, shares of the company formerly known as perkinelmer are the second biggest gain on the s&p 500 after the company raised the annual profit forecast gravity that makes more than half of the sales outside of the u.s. saw better-than-expected demand for the diagnostic products. with just 99 days until election day battleground state polls between kamala harris and former president donald trump could not be any closer. our all-star political pane

widen out the conversation a little bit and 314 research and from hsbc global research. good to see you both. warren, talking about trying to diagnose what's really been driving this rotation in the market. the sort of sloppy pullback-type action we've seen. you know, i've been remarking for a couple of weeks. you've focused on this too. the small cap surge seems like the thing you see early in a cycle. seems a bit of a mismatch. what's the message you're pulling out of it? >> yeah. thank you for having me on. i think that's really what's tripping a lot of people up. that this is a, this broadening and especially small cap leadership low-quality leadership is an early cycle phenomenon yet we are late cycle. not coming out of the recession or a bear market. so my discipline is that i think it's healthy for the market and good to see small caps participating. you saw last week, portends good action for small caps one year ahead. my discipline, stay in the non-mag seven area but not quite go down into low quality. that's conwhat we see. late cycle broadening. there are area

we will speak to max kettner of hsbc. bloomberg's josh wingrove as biden calls for younger voices in office. and julie norman headed the presidents meeting with benjamin netanyahu. big tech's big reality check. the s&p 500 posting its worst day since 2020 two as the ai rally faces it toughest test yet. max kettner writes this. we believe in a broadening, but not a full-blown rotation away from tech and ai stacks -- stocks. what is the difference between a rotation, broadening, and growth scare? and what are we looking at in the last 24 hours? max: a full-blown rotation would be something if we saw something like august, september, october last year, we have seen that tail risk of further fed rate coming back into play. remember, we have 15 year yield lashed are going to 5%. people were really talking about the real possibility about possibly the fed having to hike again. that is no longer the tail risk. the tail risk now is, by the end of next year maybe they will not be able to cut seven times. maybe they will only cut t

the buyback is a function of hsbc's confidence for the future ceo.e current cfo on september 2. for his part, he said that the bank is planning to keep its overall bonus flat for the year as it works to keep costs contained. shares of starbucks are also higher, 2.7% in the premarket. it reported quarterly results in line with expectations of the coffee giant reaffirmed its four-your gun and suggesting that turnaround efforts are starting to stick. they did disappoint in china. starbucks confirmed that activist investor elliott management has taken a stake and talks have been constructed. jonathan: more from dani in about 30 minutes time. setting the stage for september. >> we think they are going to signal a september cut, but the economy appears to be doing ok here. it will be quick to drop interest rates if you see a labor market that is loosening or rolling over more than they expect. jonathan: the fed decision is just around the corner. from new york city, you are watching bloomberg tv. ♪ the future is not just going to happen. you have to make i

yahaira: a changing of the guard at hsbc. the bank has named georgia penry as its next ceo. they will take over as ceo in september. he replaces noel quinn who in april announced his surprise decision to retire from hsbc after three decades. the biden administration is considering ramping up its chip crackdown on china. bloomberg learning the u.s. has floated using the most severe trade restrictions available if companies such as asml continued giving china access to advanced semiconductor technology. the potential risk hitting shares even as it posted second-quarter earnings and sales that beat forecast. prior to the assassination attempt and shortly before his debate with president joe biden, donald trump spoke to bloomberg businessweek about his economic plans for a second term in office. in the 90 minute interview he said he does not want to remove fed chair jay powell from his position. he wants to bring the corporate tax rate to as low as 15% and he would even consider jamie dimon to head the treasury. the full interview is available now on the terminal or for subscrib

. >> we'll get to crowd, yet another downgrade today out of hsbc after two cuts yesterday. >> worse late than never. >> there's comcast, warner bros. discovery as we keep an eye on the nba rights. we'll get to a bunch of other names including sherman williams, freeport, lockheed and spotify when we return. - so this is pickleball? - pickle! ah, these guys are intense. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. when we're young, we're told anything is possible... pgim investments. ...but only a few of us go out and prove it. witness the greatness of anna hall on a connection worthy of gold: xfinity mobile. only xfinity gives you the most powerful mobile wifi network, with