Provisions in a decade and a vote on the virus. South korea heads to the polls in an election seen as a referendum on president moons pandemic performance. Shery we are seeing qe stocks gaining ground again, now at the highest level in over a month. And this after the u. S. Really finished at a one month high for the s p 500 jumping. We had gains in tech giants. U. S. Futures at the moment under pressure, down 1 . Nikkei futures not doing much right now. We have the japanese yen Holding Steady but this after four sessions of gains. We had safe haven demand as we continue to see concerns of the coronavirus outbreak. Wti at the moment rebounding after plunging more than 10 in the u. S. Session to the lowest level in two weeks. This despite that historic opecplus agreement. Closedave south korea today for parliamentary elections. Happening right now, President Trump having his daily coronavirus presser. He said that he hoped u. S. Funding to the World Health Organization failed in its bas
Manus a warm welcome to daybreak europe. The numbers have dropped on hsbc. Job cuts. Share buybacks have been abandoned. A hugest impression is restructuring with a kitchen over 7 billion. That is a reality check on growth. Cost cuts are aggressive. And the reaction in hong kong not great, dropping as much as 3. 2 . The buyback and the plan to suspend those could be part of that. You talked about the 7. 3 billion charge and the bank still looking for a permanent ceo. That was Something Else we were looking out for. There were some changes in personnel but not at the very top. And cost cuts. Says it has hsbc yet to factor in the impact of that virus. Manus the fact that they have ripped the heart out of the Share Buyback which is one of the reasons why you believe that quinn can turn the business around. He has not been anointed or appointed. They are prevaricating. The goodwill impairment comes down to 4 billion in the investment essentially, they want to reallocate some of the freed u
Manus a warm welcome. It is a whole new paradigm. She does not know what to do. She has someone else here. Nejra great to have you in london. How are you doing . Manus not too bad. A bit shocked by the cold. There is a cognitive dissonance and credit markets. It is stunning. He refers back to britain in the 1930s. There are red flags everywhere. We point to them even without the coronavirus. That just adds a new risk. The question is, what is the size of our arsenal. Whether it is effective and if there is more to come. You see a stronger yuan. It strengthens. The question is, we have had nine days of the repo rate dropping. That turns around. But the repercussions are whether you are the through the worst of it. Lets roll it over and have a look at that. You have copper better this morning. Im talking about a meaningful shock to copper demand. Although the cash market is closed for a u. S. Holiday, you are still looking at the futures here. There is a world of money out there to buy t
Nissan scrapped its payout entirely. Changes at the top. Ubs begins its search for a successor to ceo Sergio Ermotti. They are said to be seeking internal and external candidates. Good morning, just under an hour away from the start of the cash equity trading day in europe. Lets take a look at the futures picture. The picture around the asian equity session was one that was flat and negative, and this is the picture we have for european futures. European futures showing a bit of upside to the start of the trading day, as our u. S. Futures. We are expecting to see more movement, but coronavirus remains a big topic of discussion. And expectations about what Central Banks can do is at the forefront of investors minds, when we look at the resilient futures. Lets get to the breaking data. We have german Economic Data for the German Economy, stagnating in the Fourth Quarter. That is our red headline across the board. The quarter on quarter number, unchanged. There is the stagnation for you.
Sift through some contracting data, trying to figure out the impact of the coronavirus. The stoxx 600 for to much flat. U. S. 10 year yield kind of Holding Steady and we look at europe as we are having quite a lot of data today. Germany not as bad as it could have been but we are expecting gdp for the eurozone as a whole. Coming up, we speak with the cleveland fed president. That is an exclusive interview at 5 30 p. M. U. K. Time. Thats get to the first word news in new york city. Viviana we begin with a chinese province of the epicenter of the coronavirus outbreak. It has reported almost 5000 more cases. Confirming the nearly 15,000 reported yesterday which appears to be a oneoff situation due to a new method of counting infections. Chinas revisions to the data is making it more difficult to gauge the true scope of the outbreak. The death toll was lowered by more than 100 to account for double counting. It is right now at 1380. Here in the u. S. , one of Donald Trumps most trusted cap