remember, we have got hsbc, one of the biggest banks that has got a lot of interest in china. pressure from the new trump administration. [30 new trump administration. do ou new trump administration. do you think it will help that, unlike the eu and the us right now, trade tensions between the uk and china are not in the same place. for uk and china are not in the same pl. services, which is an financial services, which is an area of strength for the uk, and they look to co—operate where they can, is what they say. despite getting quite a lot of criticism, not only about bit the uk bond market is in a bit of turmoil but also faced with those allegations around the hacking and spying and various things. i think they are trying to carve out a niche in financial services. to carve out a niche in financialservices. remember, financial services. remember, we have financialservices. remember, we have got one of the we have got hsbc, one of the biggest banks that has got a lot of interest in china. it is going to be quite difficult to resist the pressure from the new trump administra

-- bank of england and the chair of hsbc —— miss reeves.rvices. china is moving up the value chain. the uk could help, given its expertise in services and financial services. china is expected to be at the sharp end of donald trump's aggressive trade policy which could result in tariffs of up to 60% on all chinese goods. chinese officials are already contending with a rapidly declining currency and trade stock market sell—off and a protracted property crisis. the uk is unlikely to be able to resist taking sides but rachel reeves and her delegation might be hoping for something of an opportunity and amidst those tensions. london's national gallery will stay open all night next friday to give art lovers a final chance to see its vincent van gogh exhibition. more than 280,000 people have visited "van gogh: poets and lovers" so far. more than 60 works are on display, including "sunflowers","starry night over the rhone", and "van gogh�*s chair". it's only the second time ever the museum has stayed open overnight in its 200 year history. the expe

hsbc�*s chief investment officer for southeast asia and india, james cheo, explains what investors canand china in 2025. i think at this stage it is hard to predict whether it is the scale, the timing and reaction functions of countries. early days but of course it is a headwind overhanging the region, so i think something to watch out for but a good trump being able to deregulate industries and may benefit the region. we saw michelle fleury talk about those things and the us saw strong growth in 202a. do expect that will continue into 2025? yeah. i think the starting point is strong. the labour market is strong and you have that whole ai attack cycle that is bolstering the economy and are you at the possible policies from donald trump that is very much making... us exceptionalism continue on, tax cuts, fiscal spending or deregulation so i think the outlook is likely to be quite robust in 2025. what is your outlook for asia? a nuanced approach. i would say perhaps you have to look at... i think in china, we are neutral on china because there is outside and downside risk but i think in

for more on what investors can expect from the major economies in 2025, i'm joined by hsbc�*s chief investmentand india, james cheo. i think at this stage it is hard to predict whether it is the scale, the timing and reaction functions of countries. early days but of course it is a headwind overhanging the region, so i think something to watch out for at inaudible from being able to deregulate industries and may benefit the region. we saw michelle fleury talk about those things and the us saw strong growth in 202a. do expect that will continue into 2025? ., , ., expect that will continue into 2025? ., ,., ., ~ expect that will continue into 2025? ., ., ~ , 2025? the labour market is stron: 2025? the labour market is strong and _ 2025? the labour market is strong and you _ 2025? the labour market is strong and you have - 2025? the labour market is strong and you have that i 2025? the labour market is - strong and you have that whole ai attack cycle that is bolstering the economy and are you at the possible policies from donald trump that is very much making... us exceptionalism continue on, tax

china with senior financial figures, including the governor of the bank of england and the chair of hsbcs in it for china, well, one of the main goals is more cooperation on financial services. china is moving up the value chain and the uk could help, given its expertise in services and financial services. china, of course, is expected to be at the sharp end of donald trump's aggressive trade policy, which could result in tariffs of up to 60% on all chinese goods. chinese officials are already contending with a rapidly declining currency and a stock market sell off, and a protracted property crisis. the uk is unlikely to be able to resist taking sides. but rachel reeves and her delegation might be hoping for something of an opportunity in amidst all those tensions. we're nowjoined by michael hewson, who an independent market analyst and good money guide contributor. thanks for being with us today. talk us through the numbers today, it looks like investors are not seeing any more reason to be bullish about the uk and its prospects right now? indeed. they aren't. the ten—year yield isjust

it looks like hsbc is doing a downgrade to the stock.t a key competitor to nvidia. they think it is not going to be making waves, therefore being told to reduce. we are looking at one of the key quantum stocks we are keeping an eye on. jensen huang says quantum from a useful perspective will not be there for 15 years. and let's talk a little more about what the nvidia ceo has been saying. he joined us yesterday and had this to say about the outlook for autonomous driving. >> the autonomous vehicle industry is important to us. we offer three computers, the training computer, the robotics computer inside the car and now this new computer that is the digital twin or playground where these robots can learn how to be robots, so if we could accelerate development of artificial intelligence for robotics it brings in a lot of business for us. >> interesting to see nvidia moving more aggressively to autonomous driving. part of that play is the generation of synthetic data, generating images or video, training models on that video rather than real

china wealth is still flowing, and you have companies like hsbc focused on wealth management as a keyver along with other things the new ceo is implementing as an opportunity. there are also plays on metals and mining as an infrastructure story, and there is a chinese aluminum company on the list. qhantro has a china component to it. china consumption will end up being a positive, so there are several things to complain to or from a china related perspective. lizzy: i mentioned ai. do you think it will be less of a u.s. focus played this year? >> ai was a big deal last year. it is this year. our focus this year is on enabling technologies as opposed to the big ln dems -- l and m's. you have micron technology about high-bandwidth memory, kal, a testing software company, but there is a european story. vat group. valves are critical to create a vacuum is within the semi minute process, and this is a very levered play into this. it is to keep it clean. lizzy: i also went to rescue, because this is what interest me about this list. what are your biggest leftfield ideas this year? >> that i

we have seen openings in terms of quotas and licenses for hsbc, aberdeen, ascent capital, discussions.k. from the likes of the bank of china and discussions around the pension fund so a lot of positive stuff happening around u.k. financial services that will have an impact but it was also interesting to see what it might mean for small business in the u.k., particularly on food and alcohol. you have seen openings for pet food, whiskey and the long-awaited opening up of new markets in china. >> that's interesting in terms of the financial services sector and the potential benefits that could come through. you have been on the ground there for around two decades. how would you characterize relations between the u.k. in china right now? >> we are at an incredibly interesting phase and i say that aware that donald trump is about to come into power but ultimately it feels like there might be an opportunity for the u.k. to chart a slightly different path. it's pretty obvious at the moment that we have not put tariffs on electric vehicles and i know that was discussed between rachel reeves a

hsbc just weighed in with a warning on supply challenges and they're saying these issues could drag on through early 2026 and they're skeptical of nvidia beating revenue forecasts by $2 billion each quarter which brings up the question of sustainability, and then there's another twist. remember the biden administration rules about exporting chips? bank of america, wedbush, they don't think it might stick and here's why. there's a 190-day comment period which means trump, once his administration goes forward, they could potentially revise these restrictions. right now about 15% of nvidia's total revenue is exposed to china, but that portion has declined just over the last few quarters. yes, it's higher compared to q2, but they do say it's declining, and despite the hiccups and the supply chain constraints, it has quite a few balls in the air and that's why the stock is down 2%. ? pip on, it is the best over the s&p 500. >> that comes down if it's ashls a approaching, that is the latest sanction imposed by the u.s. on russian oil could start to hit supply in the market. goldman sachs est

hsbc also thinks these three countries have at their disposal access to tools if tariffs were imposed. and options to weaken their currency, kelly. >> india, a narrative, they get the manufacturing benefit. turkey and brazil, why again. >> these countries aren't in trump's sort of direct eye when it comes to tariffs and therefore are less vulnerable to a trade war, also when you size up the health of those two economist in comparisons to others, they're holding up relatively well, they're in position to use these counteracting measures like fiscal policy to respond to tariffs. >> it's like they always say with the stock market, you want the stocks that are out of the news, could be true for countries. >> yes. >> seema, thank you. >>> coming up, it's the ale of two economies and two presidential policies. the impact they're expected to have on inflation and fed rate cuts. but first data -- closing one of one its centers. >> this "e isthexchange" on cnbc. it all started with a small business idea. it's a pillow with a speaker in it! that's right craig. pulling in the perfect team to get

other fund managers we spoke to are getting more selective with hsbc's team selecting india as one oftelling investors it's less vulnerable to trade tensions. investor mark mobi pointing to president trump's relationship with modi as a reason to warm up to the market. >> i think there was a close synergy that had been established and a number of actions that the trump administration took which were very positive for the relationship and good for india. so as we near a second term of donald trump i think there is a certain amount of optimism and also a great demand of favorable public opinion in india. >> now, the strategist at bernstein likes stocks that are exposed to the indian consumer in 2025 like indic and telecom player bharti intel. countries like brazil and turkey are also seen as less vulnerable to a trade war with the u.s., plus these markets have underperformed in recent months which investors say make valuations look a lot more attractive. >> seema mody with a look at emerging markets. thank you very much. good to see jaw coming up on "worldwide exchange," the industrials

lisa: another hot tip to max kettner of hsbc with the headline of the morning, goldilocks on steroidsat was what we saw yesterday. the s&p hitting an all-time high. a lot of that dominated by big tech. not a lot of action in interest rates. that is a wonderful thing for people worried about the potential for inflation. three hours away from the cash open. let's get to some morning movers. manus: it may be bullish on steroids. larry culp says it was a monumental first year for ge aerospace. way above the estimates of $1.04. a dividend -- raising the dividend by 30%. this is about a company working through its supply chain issues. a monumental first year. we want to understand the personification, what are the risks of tariffs in canada mean? think about aluminum, this is what they are saying. tariff pain in aluminum would have a quieting effect. 25% tariffs on canadian aluminum would cost consumers 1.5 to $2 billion. that is if it comes through. they did beat on the numbers. a revenue of 3.80 4 billion. there is the overhang of what comes from tariffs. the games space. you think about

amd is thinking after a downgrade over hsbc. >>> was speaking with reversal of fortune for the highflying quantum computing stock. they are taking hits in reaction to the comments from jensen huang at ces. >> if you kind of said 15 years, for very useful quantum computers, that would probably be on the early side. to be said 30, that's on the lakeside. if you picked 20, i think a whole bunch of us would believe it. what we are interested in, we want to help the industry get there as fast as possible. >> their success on whether we thought this was coming in the near term or not. >> we have the fabulous ceo next to him, the tagteam of them represents tremendous authority. the quote previous to that was enlightening as well. he says this works for small form factor. the lord form factor, which is automatic driving and robots does not work. not only is the later, is not useful. he says with work with the cpu instead of a gpu. that is an intelligence agent and it is too slow. what you have this talk, it is under the crawl at the moment. are gti, this is a two dollars stock from a few months a

hsbc cut them on wednesday. >> tough situation. >> takes a crack at putting in the context with jensen avs, autonomy and robots. he said it is almost incomprehensible large. >> we does have a statement put out by president biden which is starting to talk about restricting where you can sell and actually the point where nvidia put out an incredibly harsh statement this can't go on. my sources indicate the new administration would balk at this. this would be another thing that may be rolled back. >> i'm sorry, which part would be rolled back? >> the idea of caps. it's a little unrealistic. amd is different. amd is a dog fight. >> the report you referenced in your mad dash which is an extensive one seems fairly damning, jim, for amd. again, people may not have been able to hear because of the cheering. >> we sold amd for my trust a while ago because i don't want to be in a situation where i'm hostage to cpus -- cpus are doing much better. no one seems to care today. >> right. >> it's a gpu thing that no one is talking about. that's the world that jensen plays in. it was a very good week f

we're told you've heard you will hear from institutional and founder of hsbc, laurie goodman later on but you will also hear from those that are not urban affiliated but are subject matter experts in this area. so we're expanding conversation to those have a particular expertise and are doing what many believe is a game changing type activities but we also to hear from you and we've done that in a couple of ways. i mean, obviously the traditional way is is is through q&a. there will opportunities for you and to ask. but we have this time a data walk. we have three charts sitting that capture some of the key trends that we think are critical all for thinking about the despair cities and home preservation. i'm certainly we've seen disparities and unemployment rates. one key factor ultimately for losing your home, not being able to make those needed repairs. the data does that oftentimes homeowners of color, it's communities of color that are more likely to be jobless in a way that sets them up ultimately to lose their home. absent key, key, key, key, key. key changes. but also as we sta

hsbc is citing the big bank's recent pull back as a buy back opportunity. a looser environment. those shares are up 1% right now. for that and other top calls of the day, just head over to cnbc.com/pro. andrew, i will send things back over to you guys. >>> thank you very much. when we come back, the lina khan exit interview. we will talk to the ftc chair about everything that's happened over the last four years and what she thinks of the politics and maybe competition in the next four years. but next, we're going to speak with new hampshire republican governor chris sununu about the gop's new era in washington. don't go anywhere. "squawk box" coming back right after this. help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. ♪♪ (traffic noises) (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all h

hsbc max kettner says we are in a danger zone and will be a copyright for the first month of 2025. have to get used to saying 2025. equity futures to kick off a brand-new year elevated .6%. coming up we will catch up with geoffrey yu of bny, looking for a continuation of trends. james lussier ahead of a house speaker vote and dan ives from wedbush on his top 10 tech winners. stocks rising to kickoff 2025. the s&p 500 closing off its best to your run since 1998 despite ending 2024 with four days of losses. jeff you writing the set up markets -- geoffrey yu writing the setup is -- all of the plans for 2025 expected to change on june or 20th when president-elect trump starts his term. welcome to the program in happy new year. what have you told clients about how to approach the be getting of the year when for many of the year does not begin until the 20th? geoff: we would agree with the date in question. on the u.s. side we said last year if it's not broke don't fix it. u.s. exceptionalism is something we believe in. it will manifest itself through differentials being priced in by the

jonathan: max kettner of hsbc. goldilocks on steroids? big-time.second hour of "bloomberg surveillance." ed mills, sarah hunt, shahriar pourreza and a lot more. this is bloomberg. . ♪ >> the consensus is a little too optimistic about growth, a little too pessimistic around inflation. >> we will see more volatility in that will give the fed more time to pause. >> the fed is somewhat irrelevant. >> president trump will disparage them. >> it is possible they will have to take the cuts back this year, because inflation is at best stuck at these levels. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz and in record turn -- and record turn. -- annmarie hordern. jonathan: a small bounce. only up by .2% on the s&p and nasdaq 100 after yesterday's selloff. speaking of big selloffs, $600 billion of market cap lost on nvidia yesterday. 4% this morning. the bulls are still bullish on this name. pick a firm. we see this as progress, a positive. deutsche bank, cheaper ai means more ai. another golding buying opportunity and not a time to

hsbc says we are going deeper into this danger zone but he sees it as a buying opportunity. at what your list is of buying opportunities. annmarie: all of this goes back to you, even though i know it is colored heavily by politics. there is concerns among the consumer that you look at the price of oil and think that might trickle down to fuel, especially in places like california. we could see a tight commodities market and that is not going to go well for this fed. jonathan: i do not need much of an excuse to stay in bed at the moment. i do not think the market really matters too much. lisa: the fact that it is dark out. jonathan: consider 3:30 this morning. i am committed to the program. your week ahead looks like this. we have some earnings too. check out wednesday. wells fargo and goldman reporting. lisa: i want to hear what they think about mna and deals that could be on the table and how fruitful those pipelines are, but consumers and consumer confidence and not just for people who have credit ratings above 800 but the idea of more broadly how much confidence each hous

consumer grade >> the beat goes on, bank of america and morgan stanley add to wall street wins while hsbc

times, given the fact you believe we are in the uncomfortable level, the danger zone according to hsbc, are we at the point where this event becomes self-limiting? >> look at what the homebuilders have done, look what the rates have done. i think the market is telling you you are at some level where you are pushing your luck on what level to 10 year yields a rates begin to hit the economy. i think that is the question. it doesn't matter if it is 4.75% or 5.13%. where are we in this conversation at what levels do rates have a meaningful effect on the economy over the next six or 12 months? jonathan: is this the new normal? can we handle interest rates at this level? >> i think the key for that question is how can cyclicality fair with rates in this ballpark. put homebuilders aside for one moment. unbalanced cyclicals have generally held their own. i think financials are key. they have not been as weak to the same potion this time around as they were in march or april of 2023 when higher rates were really hurting the banks. i think that will be a key tell. remarkably benign to this year

and finally, hsbc, to reduce from competition in the ai-gpu market. lower.ales weigh on the shock. despite the recent turmoil, george gianarikas maintaining a bond rating rating they have a generation set of growth opportunities way ahead. including e.v.'s, a.i., and robotics. george joins us. welcome. good to catch up with you. deliveries in the past week or so. are we playing down the importance of them? just saying things elsewhere are better than expected? why would you ignore those? george: first if you look at the delivery cadence for the year over year growth cadence in 2024, the stock sort of magically bottomed when the year over year growth rates bottom the in the first quarter of the year. you look at the next few quarters, that year over year growth right moved. what's important for the stock, super important, we expect that year over year growth rate to continue to accelerate into 2025 and 2026. mostly based on new products. elon musk has promised investors new products. hopefully sooner rather than later. that should impact the fundamentals prob

financial services firms that operate in china like hsbc and standard chartered.cial dialogue secure closures of big u.k. banks and asset managers that do business in china for the u.k.'s national interest. that's what i'll always do as chancellor is represent the interests of my country on the global stage whether that is improving the ability of british businesses to export to china, improving our trade links with the european union, or indeed strengthening the ties that we have with the united states, our single biggest trading partner. >> let me ask you about this. i'm sure you saw this. elon musk has been attacking your government on x. he posted just last week he said america should liberate the people of britain from their tyrannical government. what do you make of the influence of elon musk, and what is the reaction to that in the u.k.? >> elon musk is entitled to his opinion, but he's not one of the people that votes in the u.k. general election. we had an election just over six months ago. we received a huge majority, a huge mandate for the change we're

she has gone out with senior figures like the chair of hsbc and governor of the bank of england in ans she tries to grow the economy in the longer term here so it is a sense economy in the longer term here so it