One basis point. Crewed up by over 1 , but it has been a brutal crude up by over 1 , but it has been a brutal week. Its time now for global exchange, where we bring you the market moving news from all around the world. Lets kick it off with the latest on the trade war. Chinese officials are narrowing the scope of what they will address in highlevel talks that kick off thursday in d. C. Bloombergs shawn donnan joins us on the phone. What do we know so far . Shawn the chinese delegation is coming again to washington this week, led by chinese vice premier liu he. He has been saying there are two big things they will take off the table this week. That is any discussion of broader industrial policy, and that is made in china 2025, this plan from xi jinping to dominate the world in areas like robotics and artificial intelligence, and also government subsidies. These are the subsidies that have really fueled chinas industrial rise over the past 20 or 30 years. They are off the table as far as
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
I am Francine Lacqua in london. You can see the stoxx pretty much unchanged, and if you look at the chinese were nimby the renminbi, china does not want a comprehensive deal with the u. S. , and we are looking at the pound, because we are seeing a little bit of a move on brexit, things on both sides, the eu saying they are looking at a proposal but are expecting more from the u. K. , the u. K. Saying they want to speak to Emmanuel Macron, the president of france, directly, and the euro is now at 1. 0973. And hsbc is cutting jobs, but bloombergs get to first word news. Reporter ready to emerge with impeachmentrump inquiry, a Law Firm Says it is acting on behalf of multiple whistleblowers. Abc news earlier reported the second whistleblower has not yet spoken to the committees investigating the president. The white house says this does not change the fact that trump did nothing wrong, and ealspects for a brexit d fading, after doubt be a cast on whether a deal can be reached before the oc
Showed that chinas trade exports contracted for the month of august largely because entirely because of the trade war with china and the United States well hear more about that from eunice yoon in a moment. Look at whats happening with the european markets that are open and actively trading a in the point. Right now most of these markets are in the green ftse is the exception down by a quarter of a percentage point. Also f you check out the treasury market here in the United States, youll see the yields that we have been watching oh so closely as we get ready for fed next week and ecb this year, ten year under 1. 6 , 30 at 2. 07 . Some news out this morning saudi arabia now confirming it has removed its Energy Minister from the position over the weekend replacing him with the kings son and that move breaking with long time tradition and convention that members of the royal family are not appointed to that position and comes just days after al falih was removed from his role after chair
U. S. And china are trying to temper some of the repercussions trade war is having. You can see euro stocks gaining 0. 6 . The yen is also a good litmus 7. 81and you can see one of 107. 81. Tomorrow, we also have the ecb to look out for. Coming up, we speak to the former u. S. Ambassador to the European Union. Dont miss that interview at 10 30 a. M. London time. We talk u. S. Foreignpolicy and brexit. Lets get straight to the first word news. U. S. Goods to be exempted from tariffs last year were announced by china at the top of the list are pharmaceuticals and lubricant oils. Beijing is seeking to ease the impact from the trade dispute without lifting charges on agricultural item like soybeans and pork. The ministry of finance says further rounds of exemption will be released. Morgan stanleys ceo warned against the fed cutting too easily but says he supports of the reductions made so far. He made the comments at the Columbia Business School in new york. I have supported the latest fed