London and various european capitals on whether or not Boris Johnsons deal will fly. The lira trading lower by around a percent today. I suspect that has to do more with Interest Rates than what is potentially happening in syria. Vonnie hsbc looking to cut 10,000 jobs, dropping its french Retail Business entirely. The interim ceo looking to potentially take the reins on a permanent basis. Banks begin reporting next week. We are with mike mayo, wells fargo managing director and head of u. S. Largecap research. Not a huge amount, but still, 10,000 jobs is very substantial. Does hsbc need to rethink its strategy and potentially become a china vanke once more . Mike i think all banks globally need to rethink their strategies. A response to slow revenue growth, what do you need to do to control the bottom line . Control expenses. One way you do that is with technology. Benefit of technology at banks is in the nontechnology space, and that comes down to headcount. Youre seeing that other ban
Gain in both directions, the market clearly banking on a trade deal. Whether stocks go up or down will depend on the details. Keep an eye on the dollar. The direction will be dictated on whether this is a shortterm deal or whether this is a more broadbased deal that resolves lingering trade issues. Crude oil, demand, supply issues. More information on the supply side out of opec, demand still a concern, 1. 43 . Up for a second day. Optionere is a third which is no deal, which would imply sanctions going up on the 15th and more on the 15th of december. The market risk on assets liking the idea that liu he will meet the president. The euro has been gaining ground despite disappointing data. The dollar is down. I want to mention what is happening with turkish assets, stock market trading down by 2 . Bond market, the yields moving aggressively, and the lira is under pressure. Turkey puts more troops into syria, a tense situation emerging as president erdogan says if europe says it is an in
Caroline abigail, what are you watching at the close . Abigail the technicals on the tech heavy nasdaq. This is a roughly 1. 5 year chart. The range, the complete range. We had the last bit of the rally, the Fourth Quarter volatility. Triedct that the nasdaq to touch down onto its 100 Day Moving Average in yellow. You can see that has happened before. Thelast time that happened, time before that. The biggest point, alltime highs, buyers are not very enthusiastic. Suggest we will be sideways for a bit longer with stocks. Sentiment, risk off you see that showing up into buying bonds. The 10 year yield is down about nine basis points. We are waiting of course for that press conference from nancy pelosi with a formal inquiry into the impeachment of trump. This is the oneday move on the threemonth month 10 year, down now 12 basis points. We are inverted by 28 basis points. We have jumped by almost double here today alone. We do know that after inversion, typically you get a quick resteepeni
Sadly, on that day, the Intelligence Community Inspector General formally notified the congress that the administration was forbidding him from turning over the whistleblower complaint. On constitution day. This is a violation of law. Shortly after, reports began to break of a phone call by the president of the United States, calling upon a foreign power to intervene in his election. This is a breach of his constitutional responsibilities. The facts are these. The Intelligence Community Inspector General, was appointed by President Trump, determined that the complaint was both of urgent concern and credible, and its disclosure, he went on to say, relates to one of the most significant and important of the director of National Intelligences responsibilities to the american people. Thursday, the inspector testified before the House Intelligence Committee stating that the acting director of National Intelligence stopped him from disclosing blocked him from disclosing the complaint. This i
No more work for wework boss adam neumann, he is quitting a ceo saying it is in everyones best interest. Kathleen lets get a quick reminder of how u. S. Stocks ended the day. It was all about politics. Geopolitics. The dow jones losing a half percent. S p 500, nearly a full percent. Drop pointl, the 10 in Consumer Confidence in the u. S. Our people worried about the trade war . Yes. Donald trump increasing the downward pressure on stocks when he gave his speech at the u. N. General assembly and started talking about wanting free trade, reciprocal trade with china. Criticizing him for heavy state subsidies and more. Social media platforms that hit the tech stocks, stocks across the board. Bonds down sharply. Tuesdays market volatility came to a head when news of nancy pelosi would launch a formal impeachment inquiry as she made that official moments ago. Speaker pelosi the actions of the Trump Presidency revealed of the president s betrayal of his oath of office, betrayal of our nationa