VELSHI: Twenty-one minutes after the hour. "Minding Your Business" this morning. A sigh of relief is basically the line on Wall Street today. Investors feeling bolstered now that U.S. lawmakers have reached a deal to raise the nation's debt ceiling. Right now, U.S. stock futures are trading higher on that news, and world markets may gain overnight. New this morning, HSBC announcing it's slashing 5,000 jobs in the U.S. and abroad. The company says that about 25,000 more jobs will be cut over the next two years. The bank also saying it sold 195 of its banking branches in the United States to first Niagara as part of its restructuring plan. 107 S&P; 500 companies will report their quarterly earnings this week. Allstate out with its earnings already this morning saying profits were affected by a $2.3 billion in catastrophic losses last quarter. That's a record for the company. Earlier this morning, insurance company, Humana, announced that its earnings beat Wall Street expectations. Also, on investors' mind this week, the big monthly jobs report. Analysts surveyed by briefing.com are forecasting that 78,000 jobs were created in July, only 78,000, but last month, Wall Street got a shock when the government announced only 18,000 new jobs were added in June. And that was way below estimates. AMERICAN MORNING back after the break.
HSBC to Cut Thousands Of Jobs