Bloomberg, Bloomberg Radio, Eric Lamb discussed on Bloomberg Daybreak: Asia

Automatic TRANSCRIPT

We update markets every 15 minutes on Bloomberg Radio. Asian stocks are moving higher. It's the seasonal Santa Claus rally that is also bolstered by optimism over new stimulus. And vaccines. Earlier, U. S equities hit record highs. So did the DAX in Germany and in Asia were powering up to the tune of 1.6% in Tokyo with the Nikkei Advancing 436 points. It cost me has turned a little bit negative here. Flat to negative attacks in Taiwan is slightly higher and here in Hong Kong were marked by a big rally in technology after lot of selling in the past couple of days. The Hang Seng Tech index up 3.4%. Banking index itself rallying about 9/10 of 1%. As to China, the C S I 300 is up about 2/10 of 1% Ali Baba shares have bounced They're up 6% 10 Cent. Also getting a bounce will be doing an interview shortly well with Lulu Chan here from Bloomberg News about what's really going on behind this potential or possible crackdown. On Chinese and Hong Kong technology. So we get to that in a moment right now In the markets, the dollar is trading a little bit weaker Dolly in one of 3 74 yield on the 10 year 93 basis points. And W T T I crewed has strengthened its up 8/10 of a percent at $48 a barrel. 12 minutes Now before the top of your Let's get a news update. Here's that Baxter in San Francisco head. All right. Thank you. Brian Houses of voted Override Donald Trump's veto of the defense policy bill. This is a large defeat of the beginning there of for Mr Trump is House Republicans had to turn against him on this. It now will go to the Senate and Bloomberg analysts are saying it looks like it may get over written there as well. House was given bipartisan support to boosting the relief checks of $2000 House Republicans voted against leadership there as well. It will go to the Senate, where it is expected to be side tracked and not make it through. Senator David Perdue called Mr Trump on Christmas Day to plead with him to sign the bill, saying it was hurting his chances to win his Senate special runoff in Georgia. President elect Joe Biden says his teams are flat out being blocked from getting transition information from the Department of Defense. And the interesting read up on the Bloomberg terminal, a story that says Kim Jong un's is much more dangerous now to the rest of the world. Heading out of the Trump administration. Then he was going in and should mention South Korea reporting out 1000 46 new covert cases in San Francisco. I'm Ed Baxter. This is Bloomberg, Kathleen. And thanks so much Well, let's get to one of Bloomberg's finest Eric Lamb, Bloomberg's Asia Across Asset reporter joining us now. From Hong Kong and Eric. I want to start with Bitcoin on its longest run since 2019 after topping $28,000. Why didn't I buy someone and what was the lower cut down to 6000? It dropped down Tonto Low 4000. Certainly in 2000, some coming out of the 2017. But when the bubble burst, it was sitting right around 45 6000 for much of the year and then really just kind of Shut up like a rocket in the last half of this year. The Bitcoin is doing great alongside other Cryptocurrencies as well. But, you know, remains the largest crypto currency in the one that everyone still talks about. So, yes, you say, you know, I think a lot of people probably have two more discussions around the dinner table during the holiday weekend because we did see that spike up 20,000. Right around Boxing Day. Just stellar, stellar run this year. How much did Scott minored? How much fuel did he throw on the fire when he said on Bloomberg Television? What December 16th because the day of the Fed meeting. That Bitcoin could go over 400,000. That was a pretty, you know, he's the but the CEO, Guggenheim Partners. So, ah, voice people listen to Yeah, You know, there's a cost to things that play their first of all the big difference between 2017 when Clint first appeared on the scene, and the rally that we've seen this year is that The long talk about entry of institutional investors into the space actually is happening or has begun to happen. And you know the fact that industry heavyweights are now talking about Bitcoin as an asset class. As opposed to something that is just, you know, it's kind of a speculative slide show really does show that there has been a um almost a seismic change in the way that the industry looks at Bitcoin the kind of the mainstream in the financial industry and that's something that people within the crypto industry have been hoping for. For a very long time. It did not materialize for a long time, and that's why we saw prices. Magnate through 2018 and 2019. But that does seem to be starting now. On the other hand, people throughout numbers all the time of Bitcoin, You know, we hear numbers all the time projecting, you know, where's the next stop? What's really interesting now is that you know we've been people have been trying to call. You know, Here's top. Here's the top, and we keep pushing through those highs. Well, I wanna hearken to another interesting piece from Robert Burgess. Bob, as you know, is on our Bloomberg opinion team. He says he calls talks about the one number that mattered most to global markets in 2020, and he says, it's the $14 trillion of money supply. Created, you know, this year how much it's increased, I should say U. S. China, eurozone, Japan and other places. How much is there just so much money washing around out there among institutional investors. Why not buy a bunch of Bitcoin? Yes, Andre. You know that's getting kind of the theme throughout this year Is all that money sloshing around something on the sidelines, looking for a place to go? Ah, lot of it has gone into Investments like check, and that's why we've seen tech stocks really go through the roof. This year, we still continued to see US equities rally the record highs. We just saw indexes in the U. S had record Hinds overnight. Um, you know, we're seeing electric cars of the kind of stayed home. Seems all of those things have really been attenuated during the global pandemic. We're still looking for places for money to go. You know, Bitcoin as an alternative asset. That's been one of those places as well. We saw Bitcoin not just Bitcoin but also the other other Kurt Cryptocurrencies like ether. Those have also jumps through the roof this year as well. So it's not just Bitcoin. Okay, well, aircraft. Thank you so much for joining us. I want to tell our listeners you confined Eric Lamb stories, of course on the Bloomberg Terminal or on Bloomberg dot com. Brian Right from Bitcoin to this crackdown on Ali Baba, If indeed it is a crackdown, Let's bring in Lulu Chen Bloomberg Asia investing and.

Coming up next