United States, FED, Jay Powell discussed on Bloomberg Daybreak: Asia
Dot com slash pay. Well, we did have a week session for Asian equities yesterday. Looking a little bit more to the upside for the final trading day of the week. Let's get all the latest in the Wall Street action with Bloomberg's Doug Christner, Doug, Juliette on the trade front. We heard from US Treasury Secretary Steven Mnuchin, he told reporters in Washington. The China's Vice Premier Li her will most likely be coming to the US later this month. The presumption is that for a continuation of does a trade discussions also during the US, the fed was very much in focus, particularly Jay Powell, the fed chairman we saw a mid day dip in equity prices. When Powell said, the fed is sticking with its process of shrinking the balance sheet tweet nor. Normal level. Whatever more normal means. He also said the fed can't afford to be patient in jesting rates. Again. It's waiting to see and weigh the risks of the global economy on the US. So at the end of the day, we had higher equity prices. The Dow is up one half of one percent dollar strengthen to although right now the greenback is giving a bit back against the majors. The yen trading. One eight forty that's essentially unchanged. The Nikkei now higher by one percent, the kospi had three tenths of one percent. And in Sydney, the ASX two hundred is better by about one tenth of one percent. Now, we did have a long term interest rates moving up ever so slightly the ten year treasury right now in the Tokyo session is at two seventy four WTI. Crude oil right now above fifty two a barrel at fifty two twenty three. I'm Doug krizner in the Bloomberg interactive brokers studio, Brian Doug, thanks very much. Well, fed chair your own Powell said that the fed is bullish on the US economy. But he can't afford to be patient on rate hikes. We know that China. Is economic growth is weakening. But Powell doesn't seem too worried. The Chinese authorities are doing repeated rounds of things to support the economy as as they can do it over and over again different things. And so I I still think the baseline most likely baseline case for China is going to be another year of solid growth. I don't see. There's there's no reason to think it'll be it'll be something worse than that. That was Jay pals speaking with David rudenstine at the economic club in Washington DC and Treasury Secretary Steven Mnuchin says Chinese Vice Premier Li will most likely come to the US later this month mission also telling reporters on Capitol Hill. He doesn't think a government shutdown would have an impact on this next round of U S, China, trade talks. Meanwhile, the biggest US business lobby is calling out President Trump's trade policy, the president and CEO of the US chamber of commerce says he doesn't like tariffs on Chinese goods because the US pays the price. And Tom Donahue says a multilateral approach would be better if a number of the important trading partners with China get together and make it very clear that we're going to use the establish mechanisms to be sure that we all live by the agreement. The Chinese will get the will understand that much more. Clearly now that we've been through this difficulty, the chamber is usually. A big GOP supporter. It's now calling on congress to adopt a spirit of bipartisanship. Well, China's control over the exports of rare earth minerals could become the next big trade issue. Details on that from Bloomberg's Yvonne man. China produces the lion's share of the world's rare earth minerals used in electric vehicle batteries, Evan's maintenance Motors, wind turbines, and solar panels, but new industry guidelines out from the ministry of industry and information technology, ask of thirties to check every batch of rare earth exports to ensure they were produced legally a two thousand fourteen WTO ruling force Beijing to remove expert quotas on rare earth metals, David Gillam, a consultant at masterminds here. In Hong Kong says a new regulations could be a less obvious form of export controls. In Hong Kong. I'm Yvonne man, Bloomberg daybreak Asia political and economic uncertainty weighing on global pacey shipments. We get more from Bloomberg's Ramy Inocencio Gardner says PC shipments slid four point three percent during the holiday quarter. From a year ago and uncertainty. Among vulnerable buyer groups, like small businesses contributed to a one point three percent decline in worldwide PC shipments for the year shortages of crucial components, like central processing units also contributed to the decline as Detroit. Tensions and rising. Component costs Lenovo delivered the most computers in the quarter. Twenty four percent before the third quarter HP lead, the pack. Ramian Asensio Bloomberg daybreak Asia six minutes now after the top of the hour. Let's get to the news desk. Tensions have been running very high in the Washington DC government shutdown and also spirits in some places, very low. Ed Baxter has news in the Bloomberg nine sixty San Francisco newsroom. Okay. Brian. Thank you. Yeah. When veteran Republican Senator Lindsey Graham says I never even more depressed about moving for them right now. He says he sees no path forward. So Graham says it's time for the president to declare an emergency to open the government. The president. The border saying the wall is not medieval and has an interesting if you will spin the wheel is older than the wall, you know, that and there are some things at work. You know, what a wheel works at a wall works. Now. The president now says he's having the army corps of engineers look into whether disaster relief funds earmarked for Perth Areco in other disaster. Areas can be used to build a wall. Democrat Tim Ryan of Ohio says congress is getting very nervous. A lot of people are getting really nervous. This is really turned into a reality TV.