U.S., Msci Asia Pacific, Hong Kong discussed on Bloomberg Daybreak Europe


You're listening to Bloomberg daybreak here We track the markets for you We give you an update on where we are Every 15 minutes so let's get to that The stock 600 up by four tenths of a percent the FTSE up four tenths The cac irons on the set acts up by half a percent The ibex in the foots you may both up by just over half a percent as well But really this is catch up from yesterday the U.S. equity markets managed to hold onto earlier gains and were pricing that in here in our European hours this morning U.S. futures the moves there look more muted Evenings and Dow futures look fairly flat NASDAQ futures actually losing a bit of steam losing some ground down by three tenths of 1% this morning MSCI Asia Pacific flats a positive upper tenth of a percent as the Asian equity markets deal with that news around DD that weighs on some of the tech stocks but it doesn't seem to be having too much of an impact on the broader picture for Asian equities Oil price is a little more solid this morning up 3% despite that release from all that going ahead with the planned increase in production at OPEC plus 71 76 is where we trade on Brent The U.S. ten year yield one 45 the dollar trades flat to positive up a tenth of a percent on the dollar index the Euro is flat to negative one 1296 right now and the pound loses around a quarter of 1% one 32 75 on cable So that is a look at where we are on the markets Let's get to some of our top stories And I mentioned that the Asian equity session was dealing with the DD story while the Chinese ride hailer didi global has begun preparations to withdraw from U.S. stock exchanges and will start work on a Hong Kong share sale Bloomberg reported last week that Chinese regulators had asked Dede's top executives to devise a plan to de list in the United States over concerns about data security sources say it aims to file for a Hong Kong listing around March We're also hearing about the U.S. getting tougher on their disclosure rules from Chinese and Hong Kong based companies So there's going to be two different strands to that same story Now in the United States we'll get the jobs report today with economists predicting a 550,000 increase in non farm payrolls Meanwhile more fed officials laid out the case for speeding up the removal of policy support amid higher inflation governor Randy qualls said he would support moving the end of the taper forward If we get to next spring and inflation is still over 4% and we've ended our taper and that's where we are I think the fed I will not be on the committee at that time but I think the fed would have to say seriously this has run too high for too long And we need to start using other tools So job report today could add to the case that for a more hawkish fed move Let's get to the news out of turkey and Fitch ratings has cut the outlook on turkey's sovereign credit rating to negative The credit assessor cited a deterioration in domestic confidence as a result of monetary easing it called premature the outlook change comes a day after president Recep Tay perdo one abruptly replaced his finance minister So those are some of the top stories we are covering this morning Now to our big take story of the morning at long last women are starting to make waves in the hedge fund world 9 recently opened or soon to launch funds started by women signal changes coming But progress remains slow All of the thousands of hedge funds around the world only about 80 are led by women today That is according to the kresge foundation which tracks the diversity of managers for more on this we're joined by Bloomberg hedge fund reporter nishant Kumar who's put together this morning's big take Nisha I'm very good to speak to you So how bad is female representation then in risk-taking roles in the hedge fund industry Well by any measure it's terrible and hedge funds diversity track record has been given poorer But that's about to undergo and extraordinary change But to give you some context more UK mutual funds are run by managers named David than by women In the U.S. the world's biggest investment management industry Only about 11% of the funds are managed by women And it's particularly a problem in the asset management industry because there are 37.5% of lowers are women 49% of judges in U.S. 34.5% of the economists are women 26% of chief executives are women So it's a problem that is concentrated in the investment management industry Okay so even compared to some other industries where you might expect to still and do see a bit of a bias towards mail managers even compared to those sectors the hedge fund industry performs badly but your piece is quite celebratory of some women who are managing to make it So what is changing So one thing that is changing dramatically over the last few years is the demand for diverse and ESG related products is booming So that's contributing to the debate investors are looking at these managers So that's a good thing And that's very important Because one is that the number of women fund managers are less But if you look at S 8 points of view only 1.3% of assets in the investment management industry which manages $70 trillion in the world is led by the men in minority fund managers So when there is more debate around diversity ESG that will eventually lead to more a.m. flowing into these managers The second thing is that data and performance over the long period of time has showed that diverse managers are better You are not losing out in performance In fact their performing even better And broadly there is a gene Richmond change going on in business Women portfolio managers with decades of experience at some of the most sophisticated investment firms in the world are striking out there on their own We have profiled 9 of them and you mentioned 80 that exist today This data might look very tiny because they are obviously hundreds of new husbands start every year But since the turn of the century we have only managed to get 80 And we have profiled 9 of them I think something extraordinary change is going on It's probably a story moment this year Nishan thank you very much for bringing us your story Bit by catch fund reporter nishan Kumar really interesting big take and I big take is the function to use on your Bloomberg if you want to get more details on that story and read the profiles that nishan has put together Let us get a look at the global news headlines.

Coming up next