Im Francine Lacqua in london. These are your markets. 0. 4 . An markets down a lot of the market put a position that the economy and a lot of the earnings would go through the coronavirus. Not so after the apple news yesterday. There is more concern about the deadly coronavirus trade looking at treasuries, they are rising. Americans reopening after a holiday. Yesterday was president s day. Jumping as much as 24 after unsuccessful bid for the small arrival. This may be the kickoff of banking consolidation in italy and then further into europe. Coming up on bloomberg surveillance, our exclusive conversation with the hsbc Financial Officer on the banks job cuts. First word news. Viviana hsbc is set to slash 80 of its workforce. The lender taking more than 7 billion of charges and suspending buybacks as part of a restructuring plan. Plans to exit some businesses and cut costs. Hsbc still hunting for a permanent chief executive. We also spoke to the lender cfo about the coronavirus outbreak
Also for the white house who did issue a very good session into the u. S. And asia. A similar theme in europe, strong open for stoxx 600, opening up 0. 4 stronger lets take a look at individual bourses. The picture is very positive this morning ftse 100 up almost 0. 2 . Xetra dax, cac starting the day off on strong footing. In europe we get the flash cpi at 10 00 in the morning. Thats expected to dip from1. 5 to 1. 4 . The picture is positive. You can see every single sector is in the green. Its a tremendous start to the day. Autos leading the charge thats surprising given the auto numbers in the uk were quite weak overall that sector has been in the news the past couple of days a lot of an cysts are rerating some of the key chips in that sector to buy. It looks like the outlook for autos is positive. Healthcare is also up 0. 7 the laggard this morning i telecoms, struggling to keep pace with the other sectors. And retail continues to lag a bit. Of course we did have those super weak e
Meeting but it does seem hike this really is. He should have said really twice. Or at least three times maybe. This is it. Really really. This is like whackamole. Markets that go down they find a way and its a lot of times not what youre focussing on. Did you think once again well be 8 down . They have a plunge Protection Team like us but its not working at this point. Down 40 the market is over there in three weeks or four weeks. Still up 10 on the year. And 70 in the last 12 months. Its like the wild west. We shouldnt extrapolate everything over here from whats happening over there. But 180 points here or 8 there, maybe thats commensurate. Well wall street journal today, stocks plunged scarier than greece and thats written by the head of emerging markets and global macro at global stanley investment management. They make the point which is hotly debated in the market to what extent does the market crash in china have a Ripple Effect on the chinese economy and that has a Ripple Effect
The country out unless there is a commitment to debt relief. Welcome to the pulse live from bloombergs European Headquarters in london. Manus coming up, we are speaking live with a ceo. That is at 10 10. Make sure you stay tuned for that. Francine bnp paribas has published its biggest quarterly profit in more than three years. Manus the beat comes after frances largest bank announced they are considering changes to the securities union. The overhaul which could bring the deepest cost cuts since the financial crisis is a response to tougher capital rules. As a consequence of this, the cib teams are working on a plan to crystallize all these accelerations. First is to further improve efficiencies and returns. At the other hand and at the same time, to continue to invest in order to capture further market share. Thats what we are doing. That takes time. Francine the cfo there speaking to Caroline Connan. She joins us from paris. What can you tell us . Caroline he did confirm that hes stil
To top headlines. To bealk of a Briefing Held at 10 15 on august 13. I believe that is into their morning as well tomorrow morning. Lets get you caught up on what occurred overnight. Here is julie hyman. Chinas decision is rattling market today. Theks are down around world, and futures in the u. S. Indicate u. S. Stocks will be lower at the open as well. Commodities also declining. Hsbcs senior economic adviser told bloomberg we could see this as a bit of a payback. China is in a difficult position because every other country in the world has devalued against china. Julie emergingmarket stocks have some to their lowest levels since 2011. They are now in a bear market, down 22 since hitting a peak last december. The price of oil is bouncing back from lowes. From lows. It has come back a little bit. A little under 44 per barrel. Prices are down more than 18 this year. Hillary clinton has agreed to turn over the private email server she used while secretary of state. It tos told aides to