Profitability. It all comes down to cost cuts. Hsbc heading annual cost of bout 5 billion. Jonathan he had a bit of a message for the bank of england. Alix and it come downs to the Retail Banking sector. Were going to have a big interview in the next three hours, talking commodities with the new man in charge over at oy tinto rio tinto. You look at overall at the arkets, it seems to be a risk. Jonathan s p 500 futures marginally negative. In europe, its the ftse 100 thats soft but no drama. Hsbc stands sure leading the gains. In the f. X. Market, this is the one to watch as the cable rate against the u. S. Dollar ahead of the bank of england decision. We are positive on the day but we trade at 39. 78. And ahead of pay rolls friday, ahead of the bank of england decision on thursday, yields coming in on 30year treasurys and off 30year gilds as well. Alix time warner increased its full year outlook and a 10 investment in hulu. You can glean it beat on earnings coming in at 1. 29 a share b
Her policy experience into a clear vision . Welcome to the pulse live from london. Im francine lacqua. We have a great show lineup for you this morning. We speak to the ceo of the. Orlds biggest reinsurer as we wrap up a week of European Bank earnings and look to stress test results this evening, we speak to the ceo of the british bankers association. That is at 9 30 a. M. Lets check on the markets. A lot of market swings. 103. 65 is where we are. The boj opting for limited expansion. It did say it will plan to reassess the policy. It has already been three years. Stocks, iuropean dont know if i would call it unchanged or slightly higher, but we had a lot of earnings news to digest. The banks have been under pressure. We are expecting stress test results this afternoon. Watch out for ubs and barclays in particular. Lets get to the bloomberg first word news with caroline hyde. Caroline Hillary Clinton says america is at a moment of reckoning and has belittled Donald Trumps claim that he
Its hard to believe that is the worst move since brexit. There are three groups that weighed on the market. Red on financials financials. Stress tests, postbrexit, all that good stuff. Today, a lot hurt of stuff on the consumer i end. Index. The automobiles a got crushed in the move, and the volume was double the 30 day average, so are a lot of big losses there. July sales looking weak. Joe some interesting things and Government Bond markets. Look at the japan tenyear bond. If you love buying 10 year yields when they were yielding. 29 . Ive poin it is quite a move. A sell off across u. S. , germany, longterm bonds. Area where people are buying Government Bonds is australia, the yield on the 10 year hit a record low last night. That was after the reserve bank of australia cut rates. You can see yields continue to tumble. Currencies, another day, another policy disappointment. Thenew spending part of did not meet expectations. Their riskre seeing of the boe underwhelming market on thursd
Hasnt been as strong as we had thought. Getting obviously a little bit of relief after the announcements of all the buy backs and dividend increases. It doesnt seem as though anybody changed his or her opinion about the businesses themselves, whether they can earn a proper return in this environment. It seems still kind of a call on fed policy, but at least youre going to get paid a little bit along the way if youre a bank shareholder. Were seeing, this is the last day of the first half, last day of the Second Quarter. Coming off some pretty strong gains. I believe the best two day gain of the year on monday and tuesday but we are getting some of those headlines from the bank of england. Wets get out to wilbur frost outside of the boe in london with those headlines. Reporter thanks very much. Mike carney speaking right now. Hes due to say that there is need for summer stimulus after the brexit shock. This next line is a direct quote. He said in my view and im not prejudging the views o
Im looking forward to Stanley Fischer to see if he can give us any clues on what the next move from the Federal Reserve is, and we have this huge apple news. Om i think that is a big deal i like how you had Morgan Stanley in your opening. The tension just moving from jackson hole is palpable. Blogught Lawrence Summers in the Washington Post yesterday was almost on the edge of scathing in his criticism of fed officials. We will full all of that into our interview with the vicechairman. Breaking news, this is euro area confidence for the month of august. It is a little bit more forwardlooking and some of the things we have had including gdp. Confidence is at 103. 5. We look at every single piece of data because it is postbrexit. Lets get to the bloomberg first word news. Taylor Dilma Rousseff failed to sway senators. She answered questions for 14 hours in her into each meant trial. Lawmakers on both sides of the aisle expect to vote against her. To end aajoy will try political impasse to