and where you see hsbc taking its future. we will kee- see hsbc taking its future.its future. we will keep a close eye on where that ends up. always good to have you with us, peter, thank you. in the uk, some unwelcome news for the chancellor on the state of public finances. there's just over a week until chancellor rachel reeves' first budget, but the latest figures show government borrowing rose last month, marking the third—highest september since records began injanuary 1993. borrowing — the difference between what the government earns through taxes but spends on public services — reached £16.6 billion. it continues a trend of overshooting official forecasts. the numbers present a challenge for the treasury at the budget next week as it cannot borrow to fund day—to—day spending. let's discuss this in more detail with kathleen brooks, research director at xtb. how much of a problem is this for rachel reeves? it is how much of a problem is this for rachel reeves?— for rachel reeves? it is a problem. _ for rachel reeves? it is a problem, not _ for rachel reeves? it

looking at hsbc for that sticky _ performance.rformance. looking at hsbc for that sticky money, what i for that sticky money, what could they do? what are the options open to them? well, you really want _ options open to them? well, you really want to _ options open to them? well, you really want to focus _ options open to them? well, you really want to focus on _ options open to them? well, you really want to focus on the - really want to focus on the wealth management business which is what we have seen them do and that has obviously been a benefit to them this quarter, that was a big driver of their pre—tax profits, but everyone wants to get into wealth management and do better at it, so it is really a massive area. i also think geographically speaking they will focus on the markets where they are the strongest, which is clearly at the moment the asian markets, so that is something we are seeing in the way that he restructured the bank as well. in other news.... and america's largest bank — jpmorgan chase — has begun suing us c

hsbc, although _ board. that is correct. hsbc, although the _ board. that is correct.oard. that is correct. hsbc, although the interest rate - although the interest rate cycle has started to turn down, it is continuing to benefit, i think, from the good momentum they have had in the last couple of years and with their current capital levels they are in a position where they can maintain and increase the dividend and also continue announcing these kind of buy—backs. one of the things that helps is also that hsbc has been steadily removing some of its risk assets through sales, such as we saw in argentina. some are smaller but we had canada. also that frees up we had canada. also that frees up capital so we will continue to see these buy—backs which i think will really help to keep shareholders happy. fik. think will really help to keep shareholders happy. 0k. michael makdad from _ shareholders happy. 0k. michael makdad from morningstar, - shareholders happy. 0k. michael makdad from morningstar, thank you for your analysis on those results that have come through from hsbc

hsbc's $3 billion buyback.s biggest bank throws down the gauntlet with a beat on pretax profits and revenues. santa and dare beats on net income. plus, goldman sachs ceo on his concerns about conflict in the middle east in the u.s. deficit. we will bring you our exclusive conversation with david solomon at the future investment initiative in saudi arabia. lines breaking right now from the footwear maker based in germany, a daily -- adidas stock is up 16%, 17%. in terms of topline. third-quarter gross profits meets estimates, revenue coming in at 6.4 billion euros. operating profit just shy of 600 million euros in the third quarter. and a gross margin in the third quarter of 51.3%. adidas confirming its guidance as reported on october the 15th. of course a touch point on the consumer. the inventory story as well in the margin story. again, gross margin, 53 -- 51.3%. operating profit around 600 million euros, meeting the estimates in terms of third-quarter for adidas. the stock up around 17% year to date. let's c

you can go with hsbc on the wider banking sector, zoe. >> i think the wider banking sector and hsbc withhe income from the net interest income. if you think it will fall from here, you have to look at other banks to diversify. you look at the other banks within the banking sector, investment banking has been beneficial in the results season. if you are getting into banking, if the banks are certainly used to getting higher interest rates, if the net income starts to fall, you have to look at broader banks in terms of other banks that are going to deliver. i think we missed a lot of the upside. whether the activity will be strong in the investment banking divisions and favors the u.s. banks more than anything now. >> just look at hsbc shares hitting the highest level since july '18. zoe, what are you interested in at the moment? >> i think when i was looking at sector performance and you picked up on the auto sector. in the last two years, it has been the worst performing sector. i think certainly with volkswagen yesterday. fundamental issues with the sector and a higher end and whether t

hsbc shares up by about 3% ahead of the latest results. of course hsbc has a much bigger presence in china than its rivals, so investors will closely watch if its china business has been recovering, especially given as we have reported china's economy has been struggling to recover. another thing investors will be watching for more detail is the restructuring announcement you mentioned. the new boss has said the aim is to cut costs, but we are not sure whether this is a true split between the west and east units. if so, it is something a chinese investor has been lobbying for, for many years. it could be much less dramatic, it could be tinkering with the boundaries of different divisions, which could explain why shares in hsbc didn't react much to the announcement last week. but thatis announcement last week. but that is something investors will be closely watching in about half an hour. also many analysts saying their decision could depend on many geopolitical tensions we are seeing at the moment, most notably the upcoming us presidential

russell: big changes at hsbc.anizational changes are that they are streamlining their businesses into four main businesses. hong kong, u.k., corporate, and institutional banking which is merging two big businesses, and creating a new international wealth and premier banking team. obviously, the hong kong and u.k. businesses, they are reflecting the importance of the two big home markets. more interestingly, the combination of the corporate and institutional banking team that has been reported earlier, that is something that has been quite resisted by leadership in the past. that is one interesting aspect of this change. the other one is the creation of this new wealth division. that is reflecting the growing importance of wealth management for hsbc and big global banks. on top of that, there has been some regional changes. basically, splitting its geographical businesses down into two lines. this is the eastern markets division which is asia-pacific and the middle east, and? which comprises u.k., europe and the am

hsbc is reporting a 10%jump in profit for the third quarter, beating market expectations. mariko oi is watching the result for us. watch the remake of the results?— watch the remake of the results? a a, , results? as you said, a prophet “uminu results? as you said, a prophet jumping by _ results? as you said, a prophet jumping by10% _ results? as you said, a prophet jumping by 1096 to _ results? as you said, a prophet jumping by 1096 to 8.5 - results? as you said, a prophet jumping by 1096 to 8.5 billion i jumping by 10% to 8.5 billion us dollars compared to $7.7 billion in the same period last year, sojump of 10% and analysts were expecting roughly $7.6 billion so it is much better than what they were expecting. it follows a similarly strong results from its rivals such as lloyds, barclays, natwest, because customers have been borrowing more. the number is literally just came out so we don't know whether or not its china business is recovering because the economy there has been struggling and hsbc has a much bigger presence in china compared to its rivals. also investors

hsbc shares up by about 3% ahead of the latest results. struggling to recover.

we got hsbc, the big reorganization out this morning. that failed to impress investors.e need more numbers that's the tenure. s.a.p. lifted its guidance we saw pretty good cloud numbers. the current cloud backlog jumping 29% year on year that has taken that stock to the regard high. the cac 40 is up .25% of 1%. saab is doing very well as well. >>> quick check of hyundai motors with the india debut. accelerating declines off 7.2% in india trade. >>> we are still a couple hours away from the start of the u.s. trading session. this is the picture and it is fairly bleak at this point the s&p 500 seeing up 0.3% similar declines for the dow jones and nasdaq nasdaq eeked out a modest gain yesterday. all eyes on the earnings with tesla out tomorrow on a programming note, do not miss coverage from the imf world bank meetings in washington, d.c. where karen will speak with a number of policy members and finance ministers, including christian lindner. tune in for the conversations throughout the week. we start with the imf chief economist p irkterre-olivier gourinchas atth is it fo

thanks to max kettner of hsbc global research.ut the us economy now — because as we mentioned earlier — the us economy remains in good health — according to official figures employment figures out in the last hour. according to the �*non—farm payroll�* data from the us department of labour — employers added an extra 254,000 jobs in september, much higher than the 140,000 investors were expecting. figures for august and july were also revised higher. and the unemployment rate ticked down to 4.1%. the data is seen as a vital index of the health of the us economy. joining me now is nela richardson, chief economist at adp. we had the private payrolls on wednesday. and today non—farm payrolls. a massive upward surprise. jobs added, revisions, and private payrolls was a lot higher than adp data. what did you make of it overall? 0verall, overall, it is a very strong jobs report, after a summer pretty much stasis in terms of hiring, we actually saw a big rebound. the kids went back to school and america went back to work in terms of hirin

hsbc also announced there will be job cuts to senior roles. out. a subway customer in new york is suing the fast food chain for allegedly misleading her regarding the amount of meeting her sandwiches. regarding the amount of meeting hersandwiches. in regarding the amount of meeting her sandwiches. in her lawsuit, she claims subway�*s advertising contains, 200% more meat than the steak and cheese sandwich she received. fast chain has not responded. that's all we have time for on business today, stay with bbc news. hey, i'mjulia with the catch—up. tonight, badjoke backlash, a cctv scandal and a sea of chalamets. but first, manchester united have sacked manager erik ten hag. he's only been in the position for two and a half years. it's after a bad start to the season, with just three wins from the club's first nine matches. the former captain, gary neville, said it was coming. with the us elections just over a week away, trump's camp are dealing with a lot of backlash after a comedian made this controversialjoke at the latest rally. there's liter

analysts really like the numbers out this morning now, a different story for hsbc. the company named a new cfo and announced the restructuring plan the europe's largest lender will streamline to hong kong and uk corporate and international and premier and wealth banking pam kaur will be appointed cfo in january the first woman appointed to the post hsbc just went into positive we'll take it. back to you. >> carolin roth in the london newsroom thank you. >>> we have another busy day for activist investors silvana henao is here with those. silvana, good morning. >> hey, frank. good morning another busy day jcp has built a 2% stake in cheesecake factory according to the wall street journal, it is calling on the restaurant chain to spin off the smaller brands and into a separate public company. we are checking shares of cheesecake factory from in the pre-market voting fmoc member and san francisco fed president mary daly supports further easing at the next meeting saying she wants to be data dependent and not data reactive. >> i haven't seen any information to suggest w

i'm joined by simon from hsbc, thank you for joining us.the funding is that, certainly one of our strengths, what -- what -- what is the deal telling you about appetite for investors? guest: there is deployment and u.k. investing against last year and also 2019 and 2020 and 21, 22, etc.. second point is around capital, the data is telling us 9 billion has been raised on a traject to hit 12 million and that would reord year even surpassing 2021 s feels like a good place. tom: to -- to -- to -- to --be clear, which parts are attracting this? >> u.k. is setting itself up as a hub. that is actual and the largest fundings were in life sciences. three in biotech and then the largest round was in health tech into flow health, a female technology ferty app that showcases how strong the sector is. >> how much is the early stage of funding and how do we sit in growth? >> what i'm excited about is a great cap stage, those companies that have just come out of the earnings stage into the next level, that is important. it is the gm in the middle of the s

cost-cutting at hsbc. one of the top stories on that daybreak page right now. the new ceo making a move at that thing. coming up, the spanish economy minister urges the eu to avoid a protectionist escalation with china. we are going to bring you more from that exclusive interview with carlos. that's next. this is bloomberg. ♪ tom: welcome back to bloomberg daybreak: europe, happy thursday. carlos has spoken exclusively with the one and only kriti gupta in madrid where they discussed the country's budget and economy. he also talked about sustainability and said their bet on renewables is paying off. kriti joins me now. spain has been a golden child. this is been a reversal where they have been performing better than the coronations of france and germany. talk to us about what you've been hearing from the finance minister. how well-positioned spain is right now and how much tension there is around this budget. kriti: no one pays attention to the yields. there on the periphery, traded high. no one wants spanish credit except for right now where they can't get enou

profitsjump at hsbc as europe's biggest bank gets set for a major shake—up. — a top employee representative says vw plans to shut three german factories and axe thousands of jobs. and corporate conundrum — reports starbucks is the latest big name to threaten to fire staff who won't come back to the office. live from london, this is business today — i'm sally bundock. good to have you with us. we start with europe's biggest bank — hsbc — which has seen its profitsjump by 10% from july to september. clocking in pre—tax profits of $8.5 billion across the quarter. the profits news comes hot on the heels of a major announcement last week of a major overhaul of the bank's structure — splitting geographically into eastern and western markets amid a backdrop of rising international tensions — particularly trade tensions between china and the us. this, all part of plans from the new boss — georges elhedery — to simplify operations and cut costs at the 159—year—old bank.

hsbc is reporting a 10%jump in profit for the third quarter, beating market expectations.ts?— watch the remake of the results? a ., , results? as you said, a prophet “uminu results? as you said, a prophet jumping by _ results? as you said, a prophet jumping bv10% _ results? as you said, a prophet jumping by 1096 to _ results? as you said, a prophet jumping by 1096 to 8.5 - results? as you said, a prophet jumping by 1096 to 8.5 billion i jumping by 10% to 8.5 billion us dollars compared to $7.7 billion in the same period last year, sojump of 10% and analysts were expecting roughly $7.6 billion so it is much better than what they were expecting. it follows a similarly strong results from its rivals such as lloyds, barclays, natwest, because customers have been borrowing more. the number is literally just came out so we don't know whether or not its china business is recovering because the economy there has been struggling and hsbc has a much bigger presence

around em prospects in the next three months however, net sector remains bullish according to the hsbcurvey let's unpack the survey with more on the global head of research at hsbc thank you for bringing us that report what were some of the highlights to you >> thanks, carolin thanks for having me positive sentiment a bet and the bearish camp has perked up a little we're looking at the net sentiment. investors think for em prospects over the next three months and that net sentiment is pretty ro robust we also look at a risk appetite score. every quarter we ask investors what you think about the investing at this juncture zero is no risk em and ten is the highest risk and we take the weighted average which was 6.1 maybe 6.2 in june when we last conducted the survey if you bring everything together, investors have cash. the net positive is the sentiment and you have a broad risk they are all telling us they waiting for opportunities. they are looking for opportunities. >> so, net-net is slightly more bearish with emerging markets. i wonder why that is because we had uncertainty with glob

we have the likes of hsbc telling us to trillion. i think citi said 3 trillion. is that enough if we see those numbers? is it enough to turn around significantly the chinese market? raisah: i think what markets are expecting is somewhere north of $2 trillion. that is in the playbook of what policymakers have done before. but we can talk about $5 trillion, $6 trillion, seven trillion dollars. but really, it is the composition of the fiscal stimulus measures that need to be put forward. are they going to consumers pockets in terms of consumption handouts? i think that is key as well. i think before we get to what is the right number, addressing the investor consumption lack of confidence, income expectations in china, it is really hard to pinpoint a number, but composition matters in terms of what sort of measures are being performed. haslinda: how closely is the pboc watching the fed? 50 basis point cut, great. but it may not be cutting again next year, at least some say. how is it playing into china's own policies? raisah: the impact on the fed to the pboc would

. >> the reports that the potential interesting in hsbc french life insurer.s that the kind of acquisition you are looking at? >> you have seen we have struck a deal with hsbc in germany on the wealth management. that's basically very fine because it makes us in a very strong position in a very interesting business. so, that deal is done. listen, i will not comment on any rumors that go around. >>> we also got another take on banking consolidation with erste group cfo who told cnbc his firm is interested in joining the trend. >> we were watching the developments as you can imagine and we are not commenting on these for other players. yes, we believe there will be a phase of further consolidation now. banks have been strengthening the capital base and room for transactions. we have been participatipartici. we are interested to being consolidated. we are strong enough and very interested in m& a when it fits. >>> coming up on the show, green shoots emerge in the china economy after the slower stimulus measus omrefr authorities. we'll have details next. what if y

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. i'm 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 as which by that. so see what it is they can do it. so can we, right? and so we can get more and more the excitement to come in and invest in our story. and right now in gears on a role, i mean there is no, nobody wants to be left behind. and that will be a really beautiful point in all history, which the muskrat 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've gone feeling 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 data to

it i -- is that the hsbc making the purchase?here's an open market with a lot of people trying to fill it. we have recently hired over 50 bankers that are completely focused on serving early-stage technology companies with series i and onwards -- series a onwards. it is not just because we have done that because we think if we can engage with the company earlier in his life and we can help the company grow when they need to support, that cements the relationship. you get to know the ceo, the board, the founders. you help them think through what to do and they're not telling an ipo story for someone you have never met before. it is for a company you have been working for for five years. there's a huge opportunity as a bank you can never go out of. that is what we are trying to do a jp morgan. ed: what is the technology story going to be in europe next year? matt: i think the story -- it is such a global industry. very much the same as what we see in the u.s. markets. we are starting to see of running out beyond the magnificent sev

we also have the likes of hsbc saying over the weekend we got something for the bulls and the bears.f you are pricing but we got in terms of stimulus, it if you are an optimist, look to out there is 40 guidance on additional bond issuance. but it was also by the details, let on the timeline. we did not get anything in that direction, so something for the bulls and the bears when it comes to the rate market. this could mean that things remain range bound for the time being. haslinda: it investors have been chasing that rally in china. avril hong, thank you so much. let's get market perspective with the head of asia fixed income at rabico. we are seeing how the gyrations of impact of the bond market in particular. >> i think some instability is good. it has been a straight line, and i think a more temperate approach is something for the bulls and something for the bears, but overall i think what is clear is a changing direction, which even if you cannot get excited about the big number that we were hoping for the weekend, you can start to kind of digest that they are trying to tackle s

hsbc too now has an overweight onshore chinese stocks.cks higher 30% since that low we saw in september. hong kong stocks set for a third week of gains. as of skepticism is going over the biggest dock rally in china in two decades, rajiv jain sees the recent surge as leading, saying it echoes the opening trade in late 2022 which fizzled out in a few months. he adds, if the rally goes on without us, that is fine. a warning the stock boom. could turn to bust. he says it is ok to indulge in the rally for now, a more sober assessment may be required from investors later on. let's bring in mliv strategist mary nicola. some divergence there but like we heard from selena earlier on, it is different this time around. >> it is, and you can feel it in the way policy was coordinated on both the monetary policy side and the fiscal side. the fact that they put the stabilization fund on equity markets. there is a few tidbits that really show they are serious this time. almost akin to the whatever it takes moment we saw from mario draghi during the euro

other investors are turning more bullish including hsbc and even blackrock.sentiment, people, not just domestic investors but also the global investors turning more bullish and a short amount of time to catch up with the chinese rally. haslinda: the question is whether the rally is sustainable. jp morgan expressing skepticism. >> on the bright side, there are so many upgrades. there is another camp of people remaining relatively cautious and they are saying that they are worried that if the rally is going too far and too fast. nomura cautioned this to be something similar to what happened in 2015 that if the bubble will burst, history has taught us this year that we saw a lot of rallies that were ahead of some of the holidays. and so much expectation building up for the policies. those rallies eventually fade. people are worried this may be another false down. they are cautiously watching whether tomorrow's presser can provide more hints on if the policy is really here to provide the boost. how big is the boost? and how will the government implement it? and o

haslinda: we have also talked about the skepticism from the likes of namor, from hsbc, and on the other hand, investors are waiting to see how those stimulus, which have been announced so far, will play through, including in the markets. david: absolutely. looking at just the magnitude and how quickly markets have reset -- and i will talk more about reset at the moment. at some point the market would be running into either a bad set of economic numbers, still soft earnings, for example. at some point, everything that was announced so far will take time to simmer into the economy. we don't have the luxury of time. in about 10 days we get the activity numbers for september coming through. then we will be moving to earnings season, which, arguably, we don't have enough runway for this to really filter into corporate guidance. all that being said, the reason i use the word reset wise, at least people are now looking at asking about china. whether that's your global investor putting their quarries in, we just had ubs joining us in our back and they are getting questions on china. on shore th

hsbc just announced a quantum project with a quantum computing company i am associated with to look at the use of quantum computing for cybersecurity, fraud detection, and natural language processing. it exponentially increases compute and allows you to begin to do things in ways you would not imagine possible. those capabilities are now upon us. i just want to leave you with this message with respect to quantum that the issue of the commercialization and use of quantum is a matter of engineering. no longer a matter of theoretic's are science. which means we will live in a post-quantum environment. we all hear god willing will live to see that, which means our day-to-day encryption we live with for the internet, for crypto transactions, for other things, for telecommunications, etc., will be fundamentally at risk. is in fact a theory that part of the reasons the chinese have hoovered up so much data is in the ability to use quantum to crack that data. those of you that have cto's are probably playing with or reading about quantum. i think that is a technology that will be necessary, an

the shopping giant looking to lock in hsbc's old property on fifth avenue before it moves locations nextt staff right next to its new york city headquarters where 2,000 employees currently work. the asking rent on the fifth avenue property is $160 per square foot, pretty pricey. and kamala harris facing more mockery online after debuting what some are calling a new accent in pennsylvania. listen. >> reminds us we may endure but comeeth in the morning, the path may seem hard, the work may seem heavy but joy cometh in the morning and morning is on its way. >> the vice president speaking to a church congregation yesterday. people online likeenening the inflection of her speech towards that of a pastor. they say she was trying to work themes of equity into he her hek as vice president, she continued focusing on demographics for domestic issues like vaccination metrics during the pandemic. a former aide saying, quote, she was always interested in race and gender and we all knew it was really important to her so we would proactively add that to her briefings. she didn't have to ask for it. and

joe t., to you first people are looking for more volatility as the election gets closer but this is hsbc today which bumps its target to 5900 they had at 54 so that's old news 59 is where they think we can go they have more visibility on earnings growth and rates. what do you think? >> i think that target is probably a little light if we have a year end chase for performance. the larger question is how exactly do you want to be positioned into the end of the year i'm always thinking to myself when i study my portfolio, where could something go wrong the first place i look is sentiment and positioning. and what troubles me is the price action this week, and look, a lot of people are saying all right, don't worry about the rise in yields we'll be okay with the rise in yields market will be able to digest that but the rise in yields takes away the foundation of the rotation trade that was in place after the third quarter. the trade where you moved away from quality, you went high beta, you went small caps. you ignored quality. and i think the market right now is positioned in that basket th

. >> in line over at hsbc. up next on the program iran attacks israel. >> at my direction the united states military actively supported the defense of israel. and we are still assessing the impact. based on what we know it's >> defeated and ineffective. >>the latest news out of the region up next. good morning. ♪ jonathan: the slide continues. we are down on the s&p 500 and the rally in crude picks up on wti $72 a barrel. iran attacks israel. >> at my direction the united states military actively supported the defense of israel. we are still assessing the impact but based on what we know now the attacks. to of been defeated and ineffective. and this is just military capability. we've also -- it's also a testament to intensive planning between the united states and israel to anticipate and defend against a brazen attack. >> israel promising retaliation after ron fired nearly 200 missiles of the country. israel sang most of the missiles were intercepted with the help of u.s. forces. the attacks killing one person

group valuation, so cisco systems up on that call, and shares of estee lauder down nearly 2% after hsbcs. it was $130. the firm said a recent trip to greater china and warnings that the beauty segment pointed to excessive optimism from hsbc, the firm noting that the ongoing restructuring could affect morale and lead to more staff leaving the company, so estee lauder down 1.5%. for more on those and other top calls of the day, head to cnbc.com/pro. subscribers get the full story there, guys. >> man, that is one -- that chart needs some beauty products or something. that is one hideous chart you're looking at there, dom. in a nutshell, what the hell happened? >> since the pandemic and lipstick on something, there's a whole trend right now of greater china being a real drag on some of these personal companies' names and by the way, estee lauder is in the midst of trying to turn things around at this point, so we'll see what happens. >> okay. thank you. let's get a check on the markets. nothing's happening. we didn't need to do this. we could have talked about whatever. but while we're at i

hsbc sentiment positioning is still neutral. talking about poking the bears. jonathan had this to say. fear of downside has left the building, fear of missing the upside is front and center. where is sentiment question mark how can we have two different views on positioning and sentiment from two completely different banks? julian: both arboles and the bears are holding their desk. what we would say is coming into september we all know september has a history of being a negative month. the first week or so you have the flush out and you had position, but as i said after that 50 basis point cut, you have read growth. i would say sentiment is not overly enthusiastic but certainly bordering their and if we were to see despite all this negative news out of the traditional semi manufacturers. if you saw the ai theme move further upside, sentiment could get enthusiastic very quickly. jonathan: a conversation without talking abut the federal reserve so let's talk about it. is it the easiest job in washington dc to be the fed chair and would it be better if we flipped

dani: shares of hsbc are up announcing a fresh multibillion-dollar stock buyback with better-than-expecteds and results were driven by the wealth arm, benefiting from higher profit volumes in asia as they are looking to merge global investment gauging units. prosecutors in philadelphia are suing elon musk and the trump super pac, saying that the million dollar giveaway is in illegal scheme to influence the election. the giveaway reports to award voters in swing states to sign a petition. his allies have argued that the giveaway awards people for signing a petition, not supporting trump. doctors are on the brink of their eighth world series title after beating the yankees 4-2 in game three. the dodgers went up early and they never looked back. the yankees had been hoping for a boost from the offense but only managed five hits with the air and the playoff slump. the yankees will try to become the first team in history to come back from a 3-0 deficit. that is your brief. jonathan: tough evening for you -- for new york sports. is judge going to turn up? annmarie: it's a crime. i finally know w

and morgan stanley is getting an upgrade from a buy rating up about a percent or so the analysts at hsbce period of underperformance in comparison to peers like goldman sachs could be ending as pressures on net interest income eased and analysts are bumping their target price to $118 from $103 keep an eye on morgan stanley. llofhere on those and other top cas t day, head to cnbc.com, subscribers get full access to the detail and analysis behind the calls. keep it here, we have more "squawk box" coming up after this commercial break. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah. with gold and copper prices pushing towards all time highs, us gold corp. offers investors leverage to both gold and copper at its project, and mining friendly wyoming. u.s. gold corp has a reserve of almost 1.5 million ounces of gold equivalents. permits to mine zero debt with only 10.73 million shares outs

we will catch up with max from hsbc. trump and harris make their pitch to pennsylvania. ken leon, as big bank earnings resume on wall street. stocks at all-time highs. still bullish, a powerful combination of dovish fed, china stimulus, low near-term eps expectations leaves us bullish. we find it hard to form bearish. high-yield credit, overweight even with spreads this tight, why? max: i think when you look at the euro high-yield credit spreads, they are still pricing in a bit more premium than the u.s. high-yield counterparts. we closed the u.s. high-yield overweight that we had for a long time earlier this month. overall i don't think it's an environment where you want to be in risky credit over equities anymore. you want to be in equities in particular. yes, you want to be a bit overweight in emerging-market debt, but this is the sort of environment that lisa was describing. all of the news is good news, and that is particularly favorable for equities and in particular for the u.s. jonathan: the bank of america survey this morning, it really sounds like you wrote it.

hsbc and blackrock making similar calls, following this massive moves we saw in chinese equities goinge holidays. >> i think one of the big takeaway since there was this idea that there was no alternative to u.s. stocks. not only is china an option, but what about the proxies, emerging markets which have also been so under loved, what about european exposure to china? this changes a lot but there are stocks beyond the u.s. so if you are bullish on this, you have to be bullish on other parts of the world. >> up another 1.6% to kick off the trading week. a busy week of data ahead with fed minutes on wednesday, cpi thursday. any sign of rick celebration would be seen as a challenge to the fed's aggressive breakup last month. on the other hand, a drop could be one of the final data point the fed needs to compare to a long-term strategy on rate cuts. we got to start with payrolls friday. i don't think the we can ever really happen for a lot of people. how consistent or inconsistent was that with the other data we've seen in the labor market? >> nothing leading up to friday would have prepar

jonathan: hsbc some of the most frequent question that we get, what does it take to make you bearishe risk, more on that later. s&p futures, totally unchanged, the bond market yields are little bit lower. 10 year, let's call it 3.74. ports across the country are running to a halt this morning. >> we have gone through in the last year or two with a big strike in the auto industry. we have gone through the collision with the bridge that affected shipping. anything that is a negative supply shock in our language is going to raise the costs of doing business or lead to shortages. that is something that we are just going to have to deal with. the impact is never good. jonathan: dockworkers launching a strike for the first time in 50 years, andrew at citibank, saying that if the strike goes beyond a few days shortages could slow production and raise prices for manufactured goods like autos. andrew, in your research, welcome to the program, you used the word escalate. spend some time telling us about the economics of this. the longer it goes on, it's more like this? andrew: the first few da

hsbc just announced a quantum project with a quantum computing company i am associated with to look atantum computing for cybersecurity, fraud detection, and natural language processing. it exponentially increases compute and allows you to begin to do things in ways you would not imagine possible. those capabilities are now upon us. i just want to leave you with this message with respect to quantum that the issue of the commercialization and use of quantum is a matter of engineering. no longer a matter of theoretic's are science. which means we will live in a post-quantum environment. we all hear god willing will live to see that, which means our day-to-day encryption we live with for the internet, for crypto transactions, for other things, for telecommunications, etc., will be fundamentally at risk. is in fact a theory that part of the reasons the chinese have hoovered up so much data is in the ability to use quantum to crack that data. those of you that have cto's are probably playing with or reading about quantum. i think that is a technology that will be necessary, and it is necess