40 Burst results for "Asia"
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-27-2023 19:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries' environmental impact, behind sand, yeah, sand, you get context, and context changes everything. Go to Bloomberg .com to get context. Is truly slowing its pace of growth, but it's still buying in lots of commodities. All right, we're coming up to the top of the hour. We'll get to the top stories in the markets next. The next hour of Bloomberg Daybreak Asia begins right now. What's up, everybody, I'm Ed Baxter with Global News. Manchester City is eliminated from the Carabao Cup by Newcastle United. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington DC, Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on Bloombergradio .com and via the Bloomberg Business App. DBA, the Thursday edition, and we're about an hour away from trading in Tokyo.
Bloomberg Daybreak Europe
Fresh update on "asia" discussed on Bloomberg Daybreak Europe
"Bloomberg Daybreak Asia Edition today on Apple, Spotify, and everywhere you get your podcasts. Bloomberg. Context changes everything. Markets headlines and breaking news 24 today at Bloomberg .com on Bloomberg Television and the Bloomberg Business App. This is a Business Flash. It's 7 .40 in London. I'm Stephen Carroll. Let's check on the latest market moves for you. So as we head towards the start of the cash but he's trading session in Europe Euro stocks 50 futures are a 10th of 1 % higher so to our footsie 100 futures and cat futures in Paris DAX futures are a little bit higher up by three tenths of 1 % of course oil price is part of market the big narrative we're following for you this morning WTI inching nine tenths
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-27-2023 18:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. I'm standing in my lane. I'm not trying to be funny here. It's only Wednesday -loving. All right, that'll do it for Tim and me. Have a great and safe evening, everybody. Don't go anywhere. This is Bloomberg Daybreak Asia for this Thursday, September 28th in Hong Kong, Wednesday, September 27th in New York. And coming up today... Shares in microns slide after the company forecast a loss that is steeper than expected. Citadel plans to push back against the SEC's probe on WhatsApp. And Japan and the U .S. warn of China -backed hackers targeting both American and Japanese companies. GOP now says government shutdown is about the border. Senate will work on passing a resolution to stop the shutdown. GOP debate tonight, and the giant pandas are going back to China. I'm Ed Baxter with Global News. Manchester City is eliminated from the Carabao Cup by Newcastle United. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on BloombergRadio .com and via the Bloomberg Business App. Hi everybody, on this Thursday morning here in Hong Kong...
Bloomberg Daybreak Asia
Fresh update on "asia" discussed on Bloomberg Daybreak Asia
"Drop in US crude inventories and the equity market not kind of a mixed we did have elevated Treasury Beals and that remains the case particularly at the long end where a 10 -year Treasury in the Tokyo session is now yielding 4 .61 % at the short end of the curve very little movement. We've got a two -year now 5 .13 % mixed picture for equities and we have no trading in China Evergrande Group along with Evergrande Property Services and Evergrande NEV all three have been suspended from trading in Hong Kong. Right now the Hang Seng is down about 4 .1 % but on the mainland CSI higher 300 by a tenth of one percent in Tokyo we've got the Nikkei weaker by eight -tenths of one percent In Sydney the ASX 200 higher by just about two -tenths of one percent and we have a market holiday in South Korea so no trading in the KOSPI. We'll take another look at market action for you in about 15 minutes. Let's get to Dan Schwartzman for a quick look at global sports. Hey Doug we are right now 45 minutes into the US Open Cup final. No Messi for Inter Miami, an injury too much to for him play and due to that Houston Dinamo is leading Miami 2 -0 in the final. Well let's get to European football. It was Napoli knocking off Udinese 4 -1 in Syria. Atlanta 1 -0 win winner for Hellas Verona. Inter Milan loses for the first time this season. They fought us a swallow 2 -1. AC Milan getting past Caliari 3 -1. Meanwhile it is now Girona atop the La Liga table. They knock off Real 2 -1. They leapfrog Barcelona as does Real Madrid into second place. They shut out Las Palmas 2 0. At the Carabao Cup third round matches Manchester City is bounced out of the tournament by Newcastle United 0. 1
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin ETFs in Limbo, Regulatory Moves, and Global Crypto Growth
"This episode of Markets Daily is sponsored by Kraken. It's Wednesday, September 27th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto's Macro Now newsletter on Substack. On today's show, we're talking about Bitcoin ETFs, crypto market expansion, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, Coindesk is a news source and does not provide investment advice. Bitcoin jumped earlier today after a couple of days of continuing to trade range -bound. And it was up over 1 .6 % over the past 24 hours, trading at $26 ,606. This comes in spite of another delay from the SEC on two of the outstanding Bitcoin spot ETF proposals. More on this in a moment. It also comes in the absence of any clear positive catalysts. We could be seeing the manifestation of a strengthening investor interest. Given the eye -watering climb in the US dollar over the past few months and the spreading acceptance of the Fed's higher -for -longer mantra, it is surprising that Bitcoin hasn't been under more pressure. Its relative resilience suggests steady support. What we're seeing now could be the support picking up. Ether increased by even more than Bitcoin and is trading up roughly 2 .2 % over the past 24 hours, up at $1 ,619. In traditional markets, US stocks are steadying after yesterday's drop, with the S &P 500 and NASDAQ both up almost 0 .2 % and the Dow Jones flat. The markets are uneasy, though. One index to keep an eye on is the VIX, which measures implied stock market volatility derived from options pricing. Yesterday, this reached its highest level since May. In Europe, stocks also seem to be taking a breather. The FTSE 100 is down just over 0 .1%, while the German DAX and the Euro stock 600 are both flat on yesterday's close. In Asia, Japan's Nikkei index rose almost 0 .2 % on the back of reports that Japanese Prime Minister Fumio Kishida has asked his cabinet to compile a new economic plan to ease the pain of inflation. China's Shanghai Composite also rose 0 .2 % after indications from the country's central bank that it would step up policy adjustments to support the economy. This also boosted the Hang Seng, which was up more than 0 .8%. In commodities, the Brent crude benchmark has resumed its climb. Data out yesterday showed that US crude stockpiles at the key Cushing, Oklahoma storage hub are at their lowest in 14 months. This is understandably keeping traders on edge. This morning, the price once again broke above $94 per barrel. This is an increase of 4 % from the weekly low reached on Tuesday. Brent is now 25%, above its price in June, when Saudi Arabia and Russia announced production cuts. The decline in the gold price continues, down 0 .7 % so far today, and down almost 2 % since the beginning of the week. The price per ounce is currently $1 ,887, the lowest since early March. Stay tuned, after the break, we'll take a look at some moves on the ETF front, and more crypto expansion outside the US.
Bloomberg Daybreak Asia
Fresh "Asia" from Bloomberg Daybreak Asia
"My child's school but I still can't afford to put food on our table Daniel from California choosing whether to pay the rent or pay to fix the car to get to work doesn't leave us with much at all can't even pay for meals hunger is a story we can end end it at feedingamerica .org brought to you by feeding America and the Ad Council the business news Wall Street depends on under surveillance this morning China sliding into deflation and the insight that only Bloomberg can The real news this morning is the German 30 -year yield Bloomberg surveillance with Tom Kean, Jonathan Farrow, and Lisa Abramowitz. You have to look at the data as it is. It shows strength and it shows higher inflation. Listen to Bloomberg surveillance live weekday mornings at 7 Eastern or on demand on Apple Spotify and wherever you get your podcasts Bloomberg context changes everything the wheel a big idea that's inspired Countless new ones from the horse -drawn carriage to a rover on Mars 30 years ago State launched the spider S &P 500 ETF spy a big idea that inspired the world to invest us differently and still does what can you do with spy before investing consider the funds investment objectives risks charges and expenses Visit ssga .com for a prospectus containing this and other information read it carefully before investing spy subject to risk similar to those of stocks all ETFs subject are to risk including possible loss of principal ops distributors Inc distributor hi everyone al roker here as a guy with his own catchphrase I appreciate that Smokey's only said only you can prevent wildfires, but I'm filling it There's a lot more to report like when there are parched or windy conditions out there you got to be extra careful With things like burning yard waste after all wildfires can start anywhere even in your neck Woods of the go to smokeybear .com
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin ETFs in Limbo, Regulatory Moves, and Global Crypto Growth
"This episode of Markets Daily is sponsored by Kraken. It's Wednesday, September 27th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto's Macro Now newsletter on Substack. On today's show, we're talking about Bitcoin ETFs, crypto market expansion, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, Coindesk is a news source and does not provide investment advice. Bitcoin jumped earlier today after a couple of days of continuing to trade range -bound. And it was up over 1 .6 % over the past 24 hours, trading at $26 ,606. This comes in spite of another delay from the SEC on two of the outstanding Bitcoin spot ETF proposals. More on this in a moment. It also comes in the absence of any clear positive catalysts. We could be seeing the manifestation of a strengthening investor interest. Given the eye -watering climb in the US dollar over the past few months and the spreading acceptance of the Fed's higher -for -longer mantra, it is surprising that Bitcoin hasn't been under more pressure. Its relative resilience suggests steady support. What we're seeing now could be the support picking up. Ether increased by even more than Bitcoin and is trading up roughly 2 .2 % over the past 24 hours, up at $1 ,619. In traditional markets, US stocks are steadying after yesterday's drop, with the S &P 500 and NASDAQ both up almost 0 .2 % and the Dow Jones flat. The markets are uneasy, though. One index to keep an eye on is the VIX, which measures implied stock market volatility derived from options pricing. Yesterday, this reached its highest level since May. In Europe, stocks also seem to be taking a breather. The FTSE 100 is down just over 0 .1%, while the German DAX and the Euro stock 600 are both flat on yesterday's close. In Asia, Japan's Nikkei index rose almost 0 .2 % on the back of reports that Japanese Prime Minister Fumio Kishida has asked his cabinet to compile a new economic plan to ease the pain of inflation. China's Shanghai Composite also rose 0 .2 % after indications from the country's central bank that it would step up policy adjustments to support the economy. This also boosted the Hang Seng, which was up more than 0 .8%. In commodities, the Brent crude benchmark has resumed its climb. Data out yesterday showed that US crude stockpiles at the key Cushing, Oklahoma storage hub are at their lowest in 14 months. This is understandably keeping traders on edge. This morning, the price once again broke above $94 per barrel. This is an increase of 4 % from the weekly low reached on Tuesday. Brent is now 25%, above its price in June, when Saudi Arabia and Russia announced production cuts. The decline in the gold price continues, down 0 .7 % so far today, and down almost 2 % since the beginning of the week. The price per ounce is currently $1 ,887, the lowest since early March. Stay tuned, after the break, we'll take a look at some moves on the ETF front, and more crypto expansion outside the US.
Bloomberg Daybreak Asia
Fresh "Asia" from Bloomberg Daybreak Asia
"To help you pray is the latest news when you want it with bloomberg news now one of the biggest public offerings of the and anywhere you get your podcasts bloomberg news now context changes everything you're never completely ready to adopt a team for late English papers for your teen's music taste for dinners where they talk more on their phone than you with for the first time they call you mom you're never completely ready to adopt a teen and you can't imagine the reward to learn more about adopting a team adopt us kids dot org brought to you by the US Department of Health and Human Services adopt us kids and the ad Council get instant access to the financial and political news of Europe every business day watch sterling now shooting up with Bloomberg Daybreak Europe edition European Central Bank's fight to tame inflation isn't over available now on your podcast each weekday morning by 7 a .m. in London get the news you need to start your day in just 15 minutes subscribe to Bloomberg Daybreak Europe edition today on Apple Spotify and everywhere you get your podcast Bloomberg context changes everything are you a next -gen advisor
The Bad Crypto Podcast
A highlight from Crypto Kingpins: The War Between SBF and CZ
"It's been almost one year since FTX collapsed and created a horrific ripple effect in the crypto industry. Sam Bankman -Fried and Chengpeng Zhao have become key players in this incident, and a new podcast goes behind the scenes to tell about exactly what took place. With SBF's trial ramping up as we speak, we're pleased to welcome Tom Wright, one of the creators of the new Crypto Kingpins podcast to the show, to share some insights. So let's go ahead and get into it today on our episode number 697 of the Bad Crypto Podcast. Five, four, three, two, one, go. Who's bad? Well, what do you know? Once again, it's the Bad Crypto Podcast, the show for the crypto curious and crypto serious. We had a week off because I was traveling en France, and was Travis keynoting at a crypto event in Manila. He was the thriller in Manila. And how was it, Trev? I tell you what, you know, I think I maybe made a quote of this before. Somebody said, go where you're celebrated, not where you're tolerated. And I do think in Puerto Rico sometimes it's like, you know, the natives tolerate, they don't really like the gringos, but they tolerate them. And then there's some people that'll throw hate. So, but in the Philippines, oh my God, they are so open and welcome and kind. And like, hello, sir, how can I help you, sir? Like just most lovable people, probably that I've ever encountered in the world. Thailand, the same, very nice people. Not a lot of crime in these places. I think maybe the Buddhist nature of that. And they're like, oh, you know, and it was so nice, very nice. And the keynote was great. They had me kick off the whole conference. So the founder came up, Dr. Donald Lin, he came up, did a little thing. And boom, then they had me kick off the keynote. And I think it was one of the better ones that I've done. I think it'll be up on YouTube here shortly and we'll share the link when that comes available. I had a few people come up and tell me it was one of the best keynotes they've ever seen. So I was like, ah, you've not seen very many keynotes. Perfect answer. Well, I'm sure you did a fantastic job and represented the Republic of Bad Cryptopia. So, you know, it's hard to believe that it's been a year since the dominoes started falling. You know, Luna was first, then FTX and Three Arrows, and then Celsius. And it's just been, it's gonna be a bear market anyway, but boy, the downward pressure exerted by these, you know, horrible black swan incidents have made it a really, really bad bear market. And of course, we've been here with you guys throughout it all. We've not abandoned you. We've not turned into bears. It was like a kick to the ass, a nudge, an elbow to your face, and then a kick to the crotch. And here we are. And the bear markets can be - Here we are. Here we go, sweetie. It was fun, fun times. Crypto goes up, crypto goes down. Or as our next guest would say, number go up. You mentioned that book right there. So we're gonna have a great conversation here with maybe my long lost relative, Tom Wright, who's been doing, who's an investigative journalist, gonna talk about what happened with FTX and SBF and CZ. And he's got his own podcast around that, multiple topics or multiple episodes. So you're gonna want to tune in. This is a pretty good interview, Mr. Joel Kopp. I think so. Let's let the people decide as they listen now. Unless you're living under a rock, you have heard the names Sam Bankman -Fried and Chengpeng Zhao, or CZ, of Binance. And you've heard about the fall of FTX. Well, Sam Bankman -Fried's big trial for basically making off with countless billions of dollars is coming up shortly. Scam bank man fraud, right? That's the guy. We have a guy with us today who is the co -founder of Project Brazen, a journalism -focused content studio. He's a New York Times bestselling author and Pulitzer finalist. And his name is quite similar to Travis Wright's. His name is Tom Wright. We're talking, it's two T Wright's here today. There's two TWs here today. And Tom, welcome to the Bad Crypto Podcast. Thanks for having me on. Yeah, tell us, just kind of give us a little more meat on the bones of your background and how that led you to this new podcast called Crypto Kingpins. Well, I was at the Wall Street Journal for about 20 years, Dow Jones and the Wall Street Journal in 2019 after writing a book called Billion Dollar Whale, which is about the one MDB scandal. That's the scandal where a bunch of money was taken out of a sovereign wealth fund in Asia and used to make films like The Wolf of Wall Street and for all these guys to party on this fraudster Joe Lowe's tab. Clearly people like Paris Hilton and big actors, Leonardo DiCaprio and others. And then the guy who I wrote the book with, Bradley Hope and I quit the journal and set up this company Project Brazen. And what we do is we make podcasts and we also write magazine articles and other things, books as well, that we use as the basis for adaptation into TV and film. So that's Project Brazen, that's a business. And our latest podcast is Crypto Kingpins, which we've done in conjunction with USG Audio, which is Universal's audio. And that just started rolling out last week and the episodes are running weekly on Tuesdays. And it's about the huge rivalry between Changpeng Zhao, who you mentioned of Binance, and Sam Bankman -Fried of FTX and how that rivalry played out and how it led to the downfall of SPF. And we went based on exclusive access to CZ himself. There was some interesting stuff that was going down with that. A lot of personality clashes and then just like, oh, CZ is gonna come in and save the day. Oh no, he's not. Because it looked like he got some, he was feeling the heebie jeebies. He was looking at some stuff and going, whoa, we better get rid of all of my FTT because this ain't working. And so this is great. We're talking about some of the big crypto frauds, right? That's what you've done. You know, actually, since Joel and I have not done this show as regularly here in the last couple of weeks because of travel, a documentary just came out about Ruja Igniktova called The Crypto Queen on 2BTV and I was in there talking about that. So I'm featured on that. So it's like, it seems like there's a lot of stuff going on right now and I'll put that in the show notes if you guys wanna watch The Crypto Queen documentary. But this is fascinating. There's so many bad actors in crypto. Hopefully we can get past this and only the good people remain in crypto. The fraudsters are kicked out. Hopefully all the good people haven't left and are chasing dreams in AI now. So hopefully there's still some good foundations here in the crypto space. Well, we got into this podcast because I'm based here in Singapore and for a long time, CZ was based here. And what he was hoping to do was get a license from the Singapore government. I mean, a lot of people were here. Do Kwan of Terra Luna was here. Carl Davis was here. The Three Arrows guys were here. Their yacht Much Wow that they bought, I think was supposed to be in the marina here but never made it, as you said. A lot of people getting washed out of the system. But anyway, I got to know CZ because he was living down in this area called Sentosa Cove which is a lot like Miami. You know, it's big mansions with a marina. And at that time, now what a lot of people do know about is what happened last November, which you just alluded to, which is when CZ decided to sell his tokens and that caused a world of pain for Sam Bagman Frieden FTX, right? But what people don't really understand is the degree to which CZ and SPF had interacted over time. People know that the Binance was one of the big first investors in FTX back in the early days. They took a 25 million stake for 20 % of FTX. But Sam really looked up to CZ. Obviously CZ and Binance go back to 2017 and Sam didn't set up FTX until a couple years later. And we show in the podcast how CZ first met Sam when Sam invited him to this party in an aquarium in Singapore in 2019. And he was just a trader, one of many traders. I don't think he was a VIP trader, but just a trader nonetheless on Binance. And so that's really when the story begins and that's how we start the podcast by showing that relationship and how it evolves and then all of the stuff in between that initial meeting and then what happened last November, which was what we call the kill shot. So he kind of went from being a trader to becoming a traitor. We're gonna talk about some of that political stuff that he did down the road, which was really crazy. It's like you look at some of this stuff, Joel, and I go, man, anybody else was doing some of this stuff where they hadn't have donated so much money to the political parties? There's no way that you get taken out of a Bahamas prison and then immediately brought to America and then released on a first class flight to fly back home to go be with your mommy and daddy if you've done this amount of fraud. So there's so many different nuances to this story. I can't wait to get into this with you. Well, the most amazing thing about that is he was released on a $250 million bail, which was I think the biggest ever bail in American pretrial history. But was it really? It wasn't really like they didn't actually pay that. No, their house is not worth $250 million. I didn't quite understand that it was backed by their house, but that was the, I think they judged him a very low flight risk based on how recognizable he is. Yeah, did they think that house would be a collector's item someday or something? With a future value of this home, yeah, that's crazy. So do this for us. When everything went down, kind of set the stage for what happened that day when this story broke. How much money were we actually talking about? How many people were impacted? And just how far did the ripples extend? Well, I think it's November the 2nd is when this CoinDesk article comes out, which basically says, look, the Alameda, which was Sam's hedge fund, FTX's hedge fund, its financial situation isn't all that it looks like because somebody inside the company leaked these documents to CoinDesk. And they showed that they were heavily reliant on FTT tokens, which were basically a cryptocurrency that Sam had made up and bought himself to prop up the value. And then if you took those out, they were about almost a half of the total assets of the hedge fund. And so at that point, CZ is pacing in his penthouse in Dubai where he left Singapore where I got to know him and he moved to Dubai.
Bloomberg Daybreak Asia
Fresh update on "asia" discussed on Bloomberg Daybreak Asia
"Us learn more at bloomberg new economy dot you com when get your news from bloomberg you don't just get the story you get the story behind the story how your evie's battery may not be as green as it seems why a decrease in global birth rates could send countries scrambling to increase immigration you get context and context changes how you see things how you change things because context changes everything go to bloomberg dot com. vacation the thing that drives me every day as a dad is darion we call him a day for short every day he's hungry for something whether it's and affection knowledge and there's this huge responsibility in making sure that when he's no longer under my wing that he's a good person i want him to be able to sit back one day and go we work together we did a good job that's dedication find out more at fatherhood .gov brought to you by the us department of health human services and the ad council news when you want it get the latest headlines with bloomberg news now apple taking the wraps off its latest smartphone former president trump has taken another legal setback the top from bloomberg's global team of reporters at the click of a button us officials pushing
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-26-2023 18:00
"When professional soccer player Marcus Rashford injured his shoulder, he turned to Resle's virtual reality training program to help him maintain his skills and return to the field with confidence. Learn more at meta .com slash metaverse impact. They're great people. They're great people. They are. Yeah, they are. We are. We are. You are, and you too. You too, Johnny. Well, I don't know about that. Alright, that's gonna do it for Tim and me, and for John. Well, Tucker, coming up, Daybreak Asia starts right now. Over monopolized online marketplace services. Open AI is said to be in talks for a potential share sale with a valuation of 90 billion dollars. Alibaba's logistics arm, Sino, files for a Hong Kong IPO. Biden at UAW rally. Judge says Trump liable for overstating his worth. South Korea U .S. warned Kim Jong Un about the use of nukes. The Senate starts work on preventing a government shutdown. I'm Ed Baxter with Global News. Manchester United dominates in the World Cup, while Barcelona struggles in La Liga. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York. Bloomberg 1991 Washington DC. Bloomberg 106 .1 Boston. Bloomberg 960 San Francisco. Sirius XM 119. And around the world on Bloombergradio .com and via the Bloomberg Business app.
The Breakdown
A highlight from ByBit Vacates United Kingdom as "Crypto Hub" Dreams Falter
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Monday, September 25th, and today we are updating ourselves on the geopolitical landscape of crypto. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Hope you had a great weekend. There are lots of interesting things to catch up on. And today, a slight theme in some of these stories is where different countries are positioning themselves vis -a -vis crypto. Now, the UK has had an interesting relationship with the industry. They were for a time very harsh. The Financial Conduct Authority in the UK has never seemingly been that into the whole space. But then when Rishi Sunak became chancellor of the exchequer, he declared that the UK would be open for crypto business. He wanted to make the UK the most crypto friendly jurisdiction in the world. Well, of course, over the next few months, through a variety of weird ups and downs, Rishi eventually ended up the prime minister. And of course, it might be reasonable then to ask, is the UK getting friendlier for crypto companies? Well, on that front, Bybit have announced that they will suspend service to UK customers next week in response to regulatory changes. The UK's Financial Conduct Authority, or FCA, will begin enforcement of new marketing regulations starting on October 8. The regulations require crypto firms to ensure advertising is clear, fair, and not misleading, as well as presented alongside a risk warning. Advertisements are required to be certified by firms, but this process requires crypto firms to be registered in the UK. So far, UK licenses have been difficult to obtain for non -domestic exchanges. The rules also require a number of technical changes to exchange business operations around new customers. For example, exchanges need to implement a 24 -hour cooling -off period before a new customer is allowed to make transactions. They are also required to put in place client appropriateness testing and client categorization features. These measures could involve limiting the size, for example, of crypto investments based on the customer's net worth. Now, penalties for non -compliance in these new rules are harsh, with unlimited fines and even criminal charges available as punishments. As you might imagine, the crypto industry has been highly critical of these elements, especially those that require technical changes to platforms. In response to those critiques, the FCA said that they would provide a transition period for firms that request it, potentially giving exchanges until January to come into compliance. Last week, however, the regulators said that they are alarmed at the lack of engagement with foreign firms. Only 24 firms have responded to a survey sent to over 150 companies. In response, the FCA wrote, "...this lack of engagement gives us serious concerns about unregistered firms' readiness to comply with the new regime." Now, in their announcement that UK services would be suspended, Bybit claimed their "...primary objective is to operate our business in compliance with all relevant rules and regulations in the UK." Bybit said that they were making "...a choice to embrace the regulation proactively and pause our services in this market." They said that the "...suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future." Practically, this means that from Sunday, Bybit will no longer be accepting new accounts from UK users. Existing users would be barred from making new deposits or increasing existing positions from October 8th. They will have until January to manage and wind down their existing positions. Bybit, as you might imagine, is not currently registered in the UK and is based in Dubai. Importantly, Bybit is not the only firm suspending service to UK customers in light of the new regulations. Last month, PayPal announced that it would temporarily pause crypto services in the country until next year. On top of that, crypto exchange LUNO said that it would be restricting some customer accounts from being able to invest on the platform until further notice. Bybit CEO Ben Zhao had flagged the firm's exit earlier in September warning of how overly broad the regulations are. He said, "...FCA has explicitly contacted all the major players — us, OKEx, Binance, everyone — and asked what our plan is to deal with this new law. And the new law is that if you use English as a language, they will see you as trying to solicit their users, so you cannot claim that you are in reverse solicitation. Everyone is in trouble. So everyone is thinking of plans of how to deal with this new law." George Morris, a partner at Simmons & Simmons, explained that the marketing regulations had been enforced for securities firms for decades but were now being expanded to cover the crypto industry. He said, "...the rules are extremely complicated and they're quite wide -ranging. It's not just UK firms that are subject to these rules. Anyone with a website that can be accessed in the UK is subject to these requirements." So there are a lot of different elements of this. One challenge is, yes, these advertising standards. But the bigger issue is this whole need to evaluate client suitability and potentially restrict investments. Practically, that either means a ton of financial disclosures from customers that they would have to manage and verify, or there's simply some self -attestation checkbox, which might not be that effective. Basically, with a set of marketing regulations, the FCA have figured out how to limit small retail's ability to buy crypto in the country. Now, one thing that is notable is that we haven't heard anything from the really big international exchanges yet in terms of how they're dealing with this. But in any case, it seems like a big detriment for UK crypto. As Leon TK put it, so much for the UK being a crypto hub, failing already. Now, speaking of places where there is more optimism, last week was, of course, the token 2049 conference in Singapore. And that led to a lot of different discussion around how different the Asian environment for crypto felt as compared to the US and European environments. Indeed, while Western jurisdictions seem to be bogged down with regulations that are unclear at best or hostile at worst, the vibes in Asia are reportedly immaculate. Major conferences around Asia during September saw an uptick in attendance, and regulatory regimes across South Korea, Singapore, Hong Kong and Japan appear to be giving the crypto industry a clear set of workable rules to allow firms to re -establish themselves coming out of crypto winter. The block's Frank Shapiro spoke with some conference attendees and reported on an optimism emerging in the East. One conference attendee said that South Korean retail is flocking back to crypto. They argued that young investors in particular view real estate and equities as massively overvalued and out of reach, so are instead opting to buy cryptocurrency. They said they don't buy houses, but they can buy tokens every week. There is a huge market. Another attendee spoke about the difficulty of accessing the Korean market due to South Korea's notoriously tough corporate climate for international firms. They said the liquidity is insane, but it is siloed and protectionist. You have to speak Korean. On that front, crypto custodian BitGo recently partnered with domestic juggernaut Hana Bank due to the difficulty in accessing the market without a local connection. What's more, one anonymous trading firm said they had been waiting five years to operate as a liquidity provider on domestic exchanges in South Korea. They said when they open up, we can be first in line. It's a great retail market. To get a sense of scale, the largest Korean exchange, Upbit, regularly outperforms Coinbase in terms of spot trading volumes. Then there is of course Hong Kong. Their new regulatory regime is off to a tough start in some ways with fraud investigations into crypto exchange JPX becoming public earlier this month. The most recent update is that there have been 11 suspects brought in for questioning and losses have been estimated at 178 million across 2 ,265 victims. Local police have said that the ringleaders of the operation are still at large and have enlisted the help of Interpol. Some are referring to JPX as the largest financial fraud to ever hit the city. Yet despite the major investigation, there are currently no signs that Hong Kong regulators are seeking to reverse course on unexpectedly open crypto regulations. Indeed, on Monday, the Hong Kong Securities and Futures Commission said that it would be releasing the full list of current applicants to ensure that users are able to identify false claims from exchanges. The theme appears to be the same across multiple Asian jurisdictions. Basically, that individual incidents of fraud and malpractice haven't tarnished enthusiasm for the industry as a whole. Another conference attendee told Chiparo, This Asia trip blew my mind. The excitement in Korea and Singapore is the polar opposite of what's going on in the U .S. Alex Vannevik of Nansen wrote, Vannek portfolio manager Pranav Kannadi added some color around how local investors are thinking about the space as well. On September 14, Pranav tweeted, Conversations were mostly positive and a key question was, We're in a crypto winter right now, but when should we expect the next bull run? Not a single convo mentioned the merits of the tech or whether the space survives, feeling optimistic. Now, hopping from Asia over to Europe again for a moment. According to a report from Fortune, Coinbase considered acquiring FTX's European business in the wake of FTX's November bankruptcy. Apparently talks never progressed to a late stage, but the preliminary interest highlights how important international expansion is to Coinbase, particularly regarding its derivatives products. Before the bankruptcy, FTX Europe was the only European firm registered to provide perpetual futures trading. And while derivatives trading remains heavily restricted in the U .S., both Coinbase and Gemini have launched offshore trading venues this year to provide derivatives markets to international customers with a keen eye on Asian regions. For Coinbase, the pivot to derivatives could provide a much needed boost to flagging spot volumes. According to Kiko Research, derivatives volumes in Quarter 2 of this year were six times large than spot. Now, the entity that became FTX Europe was originally acquired in late 2021 for 376 million. The firm was already licensed in Cyprus at the time, which allowed it to access European markets. Since the bankruptcy, the entity, along with its valuable license, have attracted interest from Crypto .com and Trek Labs as well. According to documents viewed by Fortune, Coinbase expressed interest immediately after the FTX bankruptcy and again as recently as last month. That said, FTX Europe has also been in the crosshairs of the U .S.-based FTX bankruptcy team for clawbacks. The estate launched a lawsuit against FTX Europe executives claiming that the original acquisition was a horrendous business decision, arguing that FTX effectively paid 376 million for a $2 million operating license, and on top of this, the sale of FTX Europe seems like a difficult task with active litigation surrounding the firm. In July, the U .S.-based FTX estate said, The FTX debtors' professional advisors have concluded that there is no realistic possibility of a sale. However, last Thursday, they said, The FTX debtors are committed to maximizing the value of FTX's assets to drive customer recoveries. As such, the FTX debtors are continuing to evaluate whether there are viable options for the sale of some or all of the assets of the FTX Europe business. Now one small aside on Coinbase. Arkham Intelligence claimed to have mapped Coinbase's bitcoin wallets and according to Arkham, Coinbase holds almost 1 million bitcoin worth around $25 billion at current market prices. This would amount to almost 5 % of the bitcoin in circulation, similar to the amount held in wallets believed to be owned by Satoshi Nakamoto. Arkham's report showed that Coinbase's largest cold wallet holds around 10 ,000 bitcoin, and the firm believes that Coinbase has additional bitcoin holdings which are not yet labeled and could not be identified. According to data published by CoinGecko, Coinbase only owns around $200 million worth of this gigantic bitcoin stash, with the rest attributable to client custody. However, staying on the Europe question and how valuable this Cyprus license actually is, with Europe's MICA regulations coming into force from June of next year, some firms are beginning to warn that a clear lack of guidance could lead to disruption. The MICA rules were intended to provide a comprehensive framework, but there are still numerous grey areas. One of the major problems surrounds stablecoins. There is currently no guidance on how MICA stablecoin regulations will apply to foreign and decentralized issuers. The default scenario seems to be a ban in Europe unless these issuers can obtain the appropriate licensing, with no arrangement to recognize approvals in other jurisdictions. The European Banking Authority has warned that there will be no grace period for coins already on the market. The EBA and its sister agency, the European Securities and Markets Authority, ESMA, are currently taking public consultation on how the MICA regulations should be implemented. Relatedly last week, the head of legal at Binance France said during a public hearing hosted by the EBA, we are heading towards a delisting of all stablecoins in Europe on June 30th. This could have a significant impact on the market in Europe compared to the rest of the world. Now, Binance CEO CZ quickly walked back the comments claiming, it was a question taken out of context. In fact, we have a couple of partners launching Euro and other stablecoins in fully compliant manners of course. A blog post from Binance explained further, stating that they would be required to delist stablecoins that fail to gain registration in Europe and that no licenses have been granted to stablecoin issuers currently. Binance wrote, While we are confident that there will be constructive solutions in place before the mid -2024 deadline, if left as is, this could have an impact on the European crypto market and the competitiveness of European crypto exchanges in the global market. Now the requirement that stablecoin issuers are EU -based could cause further problems for decentralized organizations. Thomas Vogel, a partner at law firm Latham & Watkins said, So, this is sort of the challenge with MICA. As comprehensive as the regulations are written, how they get implemented is still fairly up in the air. There was commentary around the time that MICA was being voted upon that it could either be a big step in giving the crypto industry a clear set of rules to function, or work as a de facto crypto ban depending on how it was implemented and whether enough licenses were granted. Now, with a little over nine months until MICA comes into force, there is still time to ensure that rules are workable for existing firms, but it appears that there is a lot of work left to do in that regard. Anyways, it's definitely a story to keep an eye on, as something that was seen as largely positive could become quite bad quite quickly. However, friends, that is where we're going to wrap for today. Lots going on in this fascinating world of crypto. Wherever you are enjoying it from, I appreciate you listening. And until next time, be safe and take care of each other.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin Buying and Ethers Inflation Rate
"This episode of Markets Daily is sponsored by Kraken. It's Monday, September 25th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto is Macro Now newsletter on Substack. On today's show, we're talking about notable Bitcoin buying, Ether's inflation rate, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, Coindesk is a news source and does not provide investment advice. Now, a markets roundup. Bitcoin and Ether have been drifting lower over the past 24 hours, with Bitcoin down 1 .6%, as at 10am Eastern Time trading at $26 ,158. Ether is down 1 .2%, trading at $1 ,576. Today's moves notwithstanding, the underperformance of Ether so far this month is notable. In a recent episode, I talked about the ratio between the Bitcoin and the Ether price as a gauge on market sentiment. When it's climbing, Bitcoin is doing better, and when the ratio is falling, Ethereum is outperforming. Late last week, this ratio reached its highest point in over a year, and it is currently more than 25 % higher than at the time of Ethereum's move to proof of stake last September. But rather than suggest that the upgrade has not delivered value, it shows the heavy weight of market sentiment on asset prices. Since the upgrade, the market has had to contend with the implosion of FTX and other key market players, and the regulatory mood in the US has certainly chilled, suppressing Ethereum activity. And the underperformance persists even as the likelihood of approval of the first Ether futures ETF climbs. At a conference last week, a Bloomberg analyst put the chances of this vehicle being approved by the US Securities and Exchange Commission at 95%. Not a sure thing yet, but those odds are pretty high. In traditional markets, US stocks look set to continue their light from Friday, which could, if this trend persists over the rest of the week, live up to the market legend of the September effect. Historical market performance shows that September is typically the worst performing month for the S &P 500. The index has been down for just over half of all Septembers since 1928. That's not a glaring majority, but it looks like this month will add to the legend. Earlier this morning, the S &P 500 and the Nasdaq were both flat to slightly down, while the Dow Jones was down over two -tenths of a percent. Crossing the Atlantic, the FTSE 100 and the German DAX were also trending lower earlier today, both down 1 .2 % on Friday's close. The Euro Stoxx 600 index was down slightly less, just over nine -tenths of a percent. Sentiment is weighed down by concerns about China's property sector, the impact of higher US interest rates, and a lot of data last week showing a contracting Eurozone economy. In Asia, Japan's Nikkei index rose almost nine -tenths of a percent, as the Bank of Japan's commitment to loose monetary policy, at least for now, is supporting investor sentiment. In China, stocks were weighed down by intensifying property sector concerns as liquidators were appointed to yet another developer and the Evergrande restructuring hit a roadblock. The Shanghai Composite closed over half a percent down on Friday. The Hang Seng got hit even harder, closing down just over 1 .8%, reaching its lowest level since November of last year. In commodities, the Brent crude benchmark was more or less steady over the weekend. This is despite an announcement today that Russia plans to ease some aspects of its diesel and gasoline export ban, partially relieving, for now anyway, a potential squeeze in those key markets. Earlier today, the benchmark was trading at just under $92 per barrel, still well above where it was a year ago, but down from its recent peak of over $95. The gold price was also stable over the weekend, despite continued US dollar strength. Earlier today, it was trading at $1 ,924 per ounce.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin Buying and Ethers Inflation Rate
"This episode of Markets Daily is sponsored by Kraken. It's Monday, September 25th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto is Macro Now newsletter on Substack. On today's show, we're talking about notable Bitcoin buying, Ether's inflation rate, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, Coindesk is a news source and does not provide investment advice. Now, a markets roundup. Bitcoin and Ether have been drifting lower over the past 24 hours, with Bitcoin down 1 .6%, as at 10am Eastern Time trading at $26 ,158. Ether is down 1 .2%, trading at $1 ,576. Today's moves notwithstanding, the underperformance of Ether so far this month is notable. In a recent episode, I talked about the ratio between the Bitcoin and the Ether price as a gauge on market sentiment. When it's climbing, Bitcoin is doing better, and when the ratio is falling, Ethereum is outperforming. Late last week, this ratio reached its highest point in over a year, and it is currently more than 25 % higher than at the time of Ethereum's move to proof of stake last September. But rather than suggest that the upgrade has not delivered value, it shows the heavy weight of market sentiment on asset prices. Since the upgrade, the market has had to contend with the implosion of FTX and other key market players, and the regulatory mood in the US has certainly chilled, suppressing Ethereum activity. And the underperformance persists even as the likelihood of approval of the first Ether futures ETF climbs. At a conference last week, a Bloomberg analyst put the chances of this vehicle being approved by the US Securities and Exchange Commission at 95%. Not a sure thing yet, but those odds are pretty high. In traditional markets, US stocks look set to continue their light from Friday, which could, if this trend persists over the rest of the week, live up to the market legend of the September effect. Historical market performance shows that September is typically the worst performing month for the S &P 500. The index has been down for just over half of all Septembers since 1928. That's not a glaring majority, but it looks like this month will add to the legend. Earlier this morning, the S &P 500 and the Nasdaq were both flat to slightly down, while the Dow Jones was down over two -tenths of a percent. Crossing the Atlantic, the FTSE 100 and the German DAX were also trending lower earlier today, both down 1 .2 % on Friday's close. The Euro Stoxx 600 index was down slightly less, just over nine -tenths of a percent. Sentiment is weighed down by concerns about China's property sector, the impact of higher US interest rates, and a lot of data last week showing a contracting Eurozone economy. In Asia, Japan's Nikkei index rose almost nine -tenths of a percent, as the Bank of Japan's commitment to loose monetary policy, at least for now, is supporting investor sentiment. In China, stocks were weighed down by intensifying property sector concerns as liquidators were appointed to yet another developer and the Evergrande restructuring hit a roadblock. The Shanghai Composite closed over half a percent down on Friday. The Hang Seng got hit even harder, closing down just over 1 .8%, reaching its lowest level since November of last year. In commodities, the Brent crude benchmark was more or less steady over the weekend. This is despite an announcement today that Russia plans to ease some aspects of its diesel and gasoline export ban, partially relieving, for now anyway, a potential squeeze in those key markets. Earlier today, the benchmark was trading at just under $92 per barrel, still well above where it was a year ago, but down from its recent peak of over $95. The gold price was also stable over the weekend, despite continued US dollar strength. Earlier today, it was trading at $1 ,924 per ounce.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-24-2023 19:00
"Today, ophthalmologists can get countless hours to practice their surgical skills before operating on real patients, thanks to fundamental VR and Orbis's Metaverse training platform. Learn more at meta .com slash metaverse impact. I'm getting the data. There's lots of other data, sort of the non -government data that we look at, and I guess we'd have to rely on that more. Data that's different. Yeah. Thanks very much. The next hour of Bloomberg Daybreak Asia begins right now. The big three can emerge as winners. Hollywood studios and screenwriters are close to resolving a dispute over a contract renewal. Apple may be scaling up its India production by more than five -fold over the next five years. New Biden polling on the economy is dismal. China warning military personnel about being careful with whom they associate. Russian foreign minister to visit North Korea. I'm Ed Baxter with Global News. Arsenal and Tottenham played to a draw in the North London derby. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-24-2023 18:00
"Today, ophthalmologists can get countless hours to practice their surgical skills before operating on real patients, thanks to fundamental VR and Orbis' Metaverse training platform. Learn more at meta .com slash metaverse impact. Good morning at 5 a .m. Wall Street time for the latest on markets overseas and the news you need to start your day. I'm Tom Busby. Stay with us. Top stories and global business headlines are coming up right now. The big three can emerge as winners. Hollywood studios and screenwriters are close to resolving a dispute over a contract renewal. Apple may be scaling up its India production by more than five fold over the next five years. New Biden polling on the economy is dismal. China warning military personnel about being careful with whom they associate. Russian foreign minister to visit North Korea. I'm Ed Baxter with Global News. Arsenal and Tottenham played to a draw in the North London derby. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119 and around the world on Bloombergradio .com and via the Bloomberg Business App. Hi everybody, good morning on this Monday morning.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Ethereum Activity Lags Despite Network Upgrades, Altcoin Volatility Surprises
"This episode of Markets Daily is sponsored by Kraken. It's Friday, September 22nd, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Cryptos Macro Now newsletter on Substack. On today's show, we're talking about Ethereum activity, altcoin volatility, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. Just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Markets this morning seemed to be recovering after a rough few days. Bitcoin has been fairly range -bound for the past 24 hours and at 10 am Eastern Time this morning was up 0 .6 percent, trading at $26 ,607 according to CoinDesk indices. Ether has been doing better so far today, up almost 1 .1 percent over the past 24 hours, trading at $1 ,595. On the week, Bitcoin is up 0 .4 percent, while Ether is down 1 .8 percent. In traditional markets, yesterday was the S &P 500's worst day since the aftermath of the S &P 500's steepest drop in over 100 days. This morning, however, stocks are recovering, with the S &P 500 up over two -tenths from yesterday's close, NASDAQ up almost half a percent, and the Dow Jones up one -tenth of a percent. In Europe, the FTSE is also recovering after yesterday's late trading slump and earlier today was up two -tenths of a percent. This comes in spite of economic releases this morning showing contracting activity from the service sector and a steeper -than -expected year -on -year slump in UK retail sales. Eurozone data out this morning showed a deeper -than -expected contraction in manufacturing activity with new orders declining the most in nearly three years. The German DAX index dropped sharply on the open today but has since largely recovered. The Euro Stoxx 600 index is down almost two -tenths of a percent. In Asia, Japan's Nikkei index fell just over half a percent as the country's year -on -year core inflation came in slightly higher than expected. This is fueling speculation that the Bank of Japan could end its negative rate policy early next year. However, economic growth is a concern. Data out today showed that business activity in Japan slowed to a seven -month low in September. In China, the Shanghai Composite closed up over one -and -a -half percent yesterday. Recent data suggests the growth slump has bottomed out. This is fueling optimism that recent stimulus measures will speed up economic growth. Hong Kong markets also had a good day with the Hang Seng up over half a percent. In commodities, the Brent crude benchmark continued its pullback trading at $93 .27 per barrel, down almost eight -tenths of a percent over the past 24 hours. Concerns about global economic activity are outweighing concerns about tightening oil supply. Yesterday, the Russian government announced gasoline and diesel export restrictions in order to stabilize fuel prices in the domestic market. Gold lost some ground yesterday as investors reacted to the prospect of a stronger US dollar, reaching a weekly low before climbing again. Earlier today, it was trading down almost eight -tenths of a percent at $1 ,927 per ounce. Stay tuned. After the break, we'll take a look at Ethereum activity and is the crypto market's largest meme coin becoming stable? Meet the all -new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro .kraken .com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax. Welcome back. In this section, we're going to look at what's going on with Dogecoin volatility. But first, despite network upgrades, Ethereum's activity is not picking up. In a recent report, JP Morgan analysts noted that Ethereum's Shanghai upgrade, implemented in April to enable the withdrawal of staked tokens, has not delivered much of a boost to network activity. Ethereum's daily transaction count has fallen 12 % since the upgrade, according to the analysts, and the number of daily active addresses has dropped nearly 20%. To be fair, the purpose of the Shanghai upgrade was not to boost Ethereum transactions. It was to encourage staking by making it more flexible. Ethereum's security depends on the spread of its staking network. It has succeeded in that. Since the upgrade, the number of validators has increased by almost 50%. Also, the circulation of Ether has always been heavily influenced by DeFi activity, which is still grappling with regulatory uncertainty, recent exploits and last year's market shocks. But network activity is an important part of liquidity, which is significant for investors. And Bitcoin's activity has been recovering. The average number of daily transactions on the Bitcoin blockchain has more than doubled over the past few months, while the number of active addresses is more than 10 % higher on a seven -day moving average basis. Looking further out, Ethereum has some more upgrades in the pipeline, which will be focused on increasing throughput and therefore also, in theory, network activity. Given the community's success so far in implementing ambitious changes to improve the blockchain's functionality, Ethereum's declining activity now should not necessarily be taken as a sign that the network is less interesting. And finally, just in case you needed more evidence that these markets are, well, strange, this morning Omkar Ghoboli reported that Dogecoin, the largest meme token by market value and typically one of the riskier crypto investments, now has a lower 30 -day historical volatility than Bitcoin. Normally, a decline in volatility signals deep market liquidity and maturity. With Dogecoin, neither is the case at the moment. So, as with Bitcoin, below volatility is yet another sign that investors are staying away. That's it for today's show. I hope you all have a great weekend. You can reach us at podcasts at coindesk .com. Do also please send us questions you'd like us to address on the Spotify Q &A. Follow us and, if you like the show, please leave us a five -star rating on whatever platform you're listening to us on. Markets Daily is produced and edited by Michelle Musso with executive production by Jared Schwartz. I'm Noah Latcheson for Coindesk. We're back tomorrow with more market news and insights.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Ethereum Activity Lags Despite Network Upgrades, Altcoin Volatility Surprises
"This episode of Markets Daily is sponsored by Kraken. It's Friday, September 22nd, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Cryptos Macro Now newsletter on Substack. On today's show, we're talking about Ethereum activity, altcoin volatility, and more. So you don't miss an episode, be sure to follow the podcast on your platform of choice. Just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Markets this morning seemed to be recovering after a rough few days. Bitcoin has been fairly range -bound for the past 24 hours and at 10 am Eastern Time this morning was up 0 .6 percent, trading at $26 ,607 according to CoinDesk indices. Ether has been doing better so far today, up almost 1 .1 percent over the past 24 hours, trading at $1 ,595. On the week, Bitcoin is up 0 .4 percent, while Ether is down 1 .8 percent. In traditional markets, yesterday was the S &P 500's worst day since the aftermath of the S &P 500's steepest drop in over 100 days. This morning, however, stocks are recovering, with the S &P 500 up over two -tenths from yesterday's close, NASDAQ up almost half a percent, and the Dow Jones up one -tenth of a percent. In Europe, the FTSE is also recovering after yesterday's late trading slump and earlier today was up two -tenths of a percent. This comes in spite of economic releases this morning showing contracting activity from the service sector and a steeper -than -expected year -on -year slump in UK retail sales. Eurozone data out this morning showed a deeper -than -expected contraction in manufacturing activity with new orders declining the most in nearly three years. The German DAX index dropped sharply on the open today but has since largely recovered. The Euro Stoxx 600 index is down almost two -tenths of a percent. In Asia, Japan's Nikkei index fell just over half a percent as the country's year -on -year core inflation came in slightly higher than expected. This is fueling speculation that the Bank of Japan could end its negative rate policy early next year. However, economic growth is a concern. Data out today showed that business activity in Japan slowed to a seven -month low in September. In China, the Shanghai Composite closed up over one -and -a -half percent yesterday. Recent data suggests the growth slump has bottomed out. This is fueling optimism that recent stimulus measures will speed up economic growth. Hong Kong markets also had a good day with the Hang Seng up over half a percent. In commodities, the Brent crude benchmark continued its pullback trading at $93 .27 per barrel, down almost eight -tenths of a percent over the past 24 hours. Concerns about global economic activity are outweighing concerns about tightening oil supply. Yesterday, the Russian government announced gasoline and diesel export restrictions in order to stabilize fuel prices in the domestic market. Gold lost some ground yesterday as investors reacted to the prospect of a stronger US dollar, reaching a weekly low before climbing again. Earlier today, it was trading down almost eight -tenths of a percent at $1 ,927 per ounce. Stay tuned. After the break, we'll take a look at Ethereum activity and is the crypto market's largest meme coin becoming stable? Meet the all -new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro .kraken .com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax. Welcome back. In this section, we're going to look at what's going on with Dogecoin volatility. But first, despite network upgrades, Ethereum's activity is not picking up. In a recent report, JP Morgan analysts noted that Ethereum's Shanghai upgrade, implemented in April to enable the withdrawal of staked tokens, has not delivered much of a boost to network activity. Ethereum's daily transaction count has fallen 12 % since the upgrade, according to the analysts, and the number of daily active addresses has dropped nearly 20%. To be fair, the purpose of the Shanghai upgrade was not to boost Ethereum transactions. It was to encourage staking by making it more flexible. Ethereum's security depends on the spread of its staking network. It has succeeded in that. Since the upgrade, the number of validators has increased by almost 50%. Also, the circulation of Ether has always been heavily influenced by DeFi activity, which is still grappling with regulatory uncertainty, recent exploits and last year's market shocks. But network activity is an important part of liquidity, which is significant for investors. And Bitcoin's activity has been recovering. The average number of daily transactions on the Bitcoin blockchain has more than doubled over the past few months, while the number of active addresses is more than 10 % higher on a seven -day moving average basis. Looking further out, Ethereum has some more upgrades in the pipeline, which will be focused on increasing throughput and therefore also, in theory, network activity. Given the community's success so far in implementing ambitious changes to improve the blockchain's functionality, Ethereum's declining activity now should not necessarily be taken as a sign that the network is less interesting. And finally, just in case you needed more evidence that these markets are, well, strange, this morning Omkar Ghoboli reported that Dogecoin, the largest meme token by market value and typically one of the riskier crypto investments, now has a lower 30 -day historical volatility than Bitcoin. Normally, a decline in volatility signals deep market liquidity and maturity. With Dogecoin, neither is the case at the moment. So, as with Bitcoin, below volatility is yet another sign that investors are staying away. That's it for today's show. I hope you all have a great weekend. You can reach us at podcasts at coindesk .com. Do also please send us questions you'd like us to address on the Spotify Q &A. Follow us and, if you like the show, please leave us a five -star rating on whatever platform you're listening to us on. Markets Daily is produced and edited by Michelle Musso with executive production by Jared Schwartz. I'm Noah Latcheson for Coindesk. We're back tomorrow with more market news and insights.
HASHR8
A highlight from Auradines 4nm Bitcoin Miner w/ Barun Kar and Rajiv Khemani
"Welcome back to The Mining Pod. On today's show, we're joined by Auradine, a new Bitcoin mining ESIC manufacturer coming to market. We talk about the unit specs, the team behind the machine, and how they expect to compete in an ever -crowded market. Did you know that you can make more money by merge mining other networks? Check out MakeMoreMoneyMining .com for information on BIPs 300 and 301, a proposal to bring more revenue to Bitcoin miners through sidechains and merge mining, called DriveChains. Increase your mining revenues and learn more about participating in Bitcoin governance by visiting MakeMoreMoneyMining .com. Are you a miner who wants to activate Bitcoin improvements? Check out Activation .Watch. See what Bitcoin improvements the Bitcoin community, developers, and miners are considering and show support by signaling for one of many BIPs up for consideration. Activation .Watch. Filecoin's mission is to create a decentralized, efficient, and robust storage infrastructure for humanity's information. Join the Filecoin Foundation team October 3 -5 for PhilVegas, the first major Filecoin community event in North America in 2023, to explore how to adapt data storage for an AI -centric future. Participate in conversations and hear keynotes focused on the importance of data integrity in the world of artificial intelligence. Register to attend and learn more at phil -vegas .io and make sure to use promo code miningpod. Hey MiningPod, I'm Lee Bratcher, President of the Texas Blockchain Council. The Texas Blockchain Summit is now the North American Blockchain Summit. The same emphasis on policy, energy, and Bitcoin mining, but now expanded by working with our partners across the country. We've got great sponsors lined up like Riot, Marathon, GDA, CleanSpark, BitDeer, Lantium, Cormant, Compass, HTS, Crypto Power, Priority Power, Sunoda, and many more. Solidify your trust in the world of artificial intelligence and the world of artificial intelligence. We'll see you there. Hello, welcome back to the MiningPod. I'm Will Foxley, joined today by Rajeev and Varun from Auradine. Thank you so much for joining today. We're really excited to talk about the new ASIC product you guys are bringing to the market. How are you guys doing? Doing great. Thanks for having us, Will. Definitely. You know, the market's clamoring to know more about you guys. The first time I heard about you was from someone who reads into Marathon Digital's deep SEC letters that they put out there, their filings. And they're like, what is this company Auradine? What's going on with this? And people are wondering about it. And then we found out this summer, you guys were public, you guys raised $81 million and there's a lot of momentum around the product you guys are bringing to market. So that's why we're having you on the show today because people have a lot of questions. I'm sure you guys are excited to start producing a new miner for the Bitcoin mining market. So let's just start there. If we could get an intro for both you guys, like your past backgrounds, what Auradine is doing, and then also on the product. My name is Rajeev Kimani. I am a Silicon Valley technology executive and entrepreneur. I've been in Silicon Valley for 30 plus years. Have been involved in multiple successful startup companies, as well as being a C -level executive in public companies. My background is in computer science and engineering, and then also an MBA from Stanford. And this is my fourth startup that we believe is going to be bigger and better than those other companies before this. Yeah, my name is Barun Kaur. So my last company was Palo Alto Networks. I was in the founding team and did two more startups before that. And I started my career at Motorola after I finished my PhD. Awesome. Thanks for that background. Fortune just did a great piece on you guys for like detailing the company. And it started from the question like, how did this company raise $81 million just like on the background here? And maybe you guys have some disagreements with that, but that aside, I like the ending of the whole fortune piece, which we'll link in the show notes, which is, and you guys are coming into a crowded market and raise a lot of money based on your background, based on the things that you guys have built before and as exited from successfully. So with that being said, let's talk about Auradine, the product that you guys are bringing to market and where you see it fitting into the competition landscape. Yeah, we started Auradine with a big vision and the vision was to build an infrastructure company for the next generation of the web infrastructure. And we believe that blockchain AI and privacy are fundamental building blocks that will really revolutionize how we all work and play. And we think that as we started to look at these spaces, we started with blockchain Bitcoin being the biggest blockchain and the most successful that there is. And then during that process, we connected with marathon. And what we said is, what can we do that's innovative and different than what has existed before us. And prior to us, as you know, what has happened is that Bitcoin mining has gone from CPU's to GPU's to ASICs. And then all of the ASIC providers have moved, have essentially been Chinese companies. And so what we saw was two things. One is that we need to provide a very robust US supplier of this technology, which is very important, especially for US and North American miners in general. So that was a very important aspect. But the second aspect is, was to do something that is much more symbiotic and constructive for the energy ecosystem. And so we have done a lot of innovation in bringing out this product, which is our very first product. It's the first four nanometer ASIC in the world. And we've executed extremely fast when people look at us that literally within from start to getting a product out in the market is not much greater than a year. But we have executed extremely fast on this. As you can imagine, we have an amazing roadmap in front of us. And we have some amazing capabilities in our first product. So we are super excited to bring the Teraflux mining product line to market. Awesome. Yeah. So it's kind of going on that whole line. Tell me a little bit about like the market you guys are building in. I noticed that you guys are building within the US, as opposed to Bitmain and others who are building mostly out of East Asia. Bitmain of course has moved its facilities a lot of times and they're mostly out of Malaysia. But then even like the chips themselves are coming out of Taiwan or in the case of MicroBT, they're coming out of South Korea. Tell me about your guys' supply chain, where you guys get your ASIC parts and how you guys choose to manufacture your whole machine. Yes. So I'll give an overview and Varun can add to it. But essentially, well, first of all, we are a US company. So we are a US incorporated company. Secondarily, the chip design is entirely done in the US. So we are based in Silicon Valley. All of our engineers are based here. So that's a second very important piece of it. So all of the intellectual property, the second. The third thing that we are doing is that we are, in terms of the foundries, we are working with the leading foundries. But what we paid extra attention to is that whatever technology that we use has a manufacturing plant in the United States. Now, turns out the two leading foundries, TSMC and Samsung, both have US manufacturing locations. And we wanted to make sure that those chips could be manufactured in the US. Very, very important aspect for us. And so, you know, even though some of the Chinese companies have moved to other parts, the reality is that the US has restrictions about access to leading edge process technology. There are tariffs. Are those companies bypassing tariffs using certain corporate models or not? Those are questions that are yet to be answered completely. But that's something that we have to do that for the US vendors. Awesome. Yeah. So let's go into the product itself a little bit more. And I like what you noted about like the difference of tariff restrictions. I think the geopolitical issue with ASIC importation itself is an under discussed topic. So from what we're seeing from public numbers right now, it looks like you guys released 22 joules per tariff for this machine with a plus or minus 8%. Curious a little bit more about some of these details. You guys can take this question as you want. Is this on the chip level or the system level? What do you think about that 8 % deviation from the 22 joules per tariff hash? Is that like higher or lower than you're seeing from competitors? And then from there, let's talk about the four nanometer chip that you guys are working on. Yeah. So this is the first product is four nanometers. The specs that we've done are at a system level, not at a chip level, because at the end of the day, customers care about system level specs. And then the plus or minus 8%, what happens is when you're in the leading edge process technology node and you're building the silicon, when you're manufacturing the silicon, there's a deviation in the capabilities of the silicon. And so that is really to capture that. Now, in terms of our competitors, we've seen numbers that are plus or minus five, and actually in other cases, plus or minus 10 % as well. Now we are early in the game. So as we get more and more learnings from building larger quantities of products, we can refine those numbers, make it a little more tighter. We may be able to improve some of these efficiency numbers as well, but we are coming from the point of view of being somewhat conservative. Other vendors before us have tried to be aggressive and then have missed expectations. And we hear that from customers. And so our goal based on our prior track records is to try to see if we can be somewhat conservative and delight people on the upside. So that's our philosophy. Barun, anything? No, I think that's... Great. I don't know if you guys have released these numbers and it'd be curious to see if you have or have not, but hash rate and then power at the wall. Have you guys discussed those publicly yet? Yeah, the hash rates, you know what, the world before our product, which is up till now, is that typically people give you a miner that runs at a certain terahash rate and has a certain efficiency. And what happens is that today, if you want to be able to go up and down, people refer to that as overclock or underclock. That requires either a firmware change or a different firmware, or you have to change the control board, or you have to write software on top of it to turn on and off these systems very kludgy. It's really, I would say it's still in the dark ages, so to speak, relative to the rest of the technology infrastructure. And that's because Bitcoin came from being more of a hobbyist product to the data center scale product. And it has done a bunch of batch work along the way. What we have in our systems is we have built in from the ground up the capability to go up and down in terahash rates, all the way from zero to 185 in our air -cooled systems, in our immersion systems to much higher numbers, some of which we haven't disclosed. And you can do that very fast. And that's super important for people who want to work with energy partners to bring down energy consumption and take advantage of some of those curtailment related economics that we get in a very rapid timeframe. So we have all of those capabilities built into the system. We refer to that as energy tune. It's patented technology. And I think people are going to love it when they see it. So we've done that. But in addition, what we've also done is we've made sure that these systems keep operating at high temperature ranges, which again is critical, as you know, in certain parts of the country, temperatures are getting hotter than they used to be, and miners are shut down for 10, 20, 30 percent of the time. In our case, it will keep running and will keep hashing and keep providing the economics to the miners. Awesome. For the four nanometer part, I want to go back to that. The energy efficiency, there's this general idea that as we go down to the size of the node from eight to seven to six to five to four, it's supposed to become more energy efficient. Tell me a little bit about that and energy efficiencies you guys are capturing within your new model and also how it compares to the market as of now. Yeah. So today, most of the products that are shipping are in five nanometer or older process nodes. To achieve energy efficiency, you do need leading edge process technology. In addition, what you also need is design and architecture to enable that. These Bitcoin mining systems run at very, very low voltages, and to make that work at very low voltages relative to every other product is a complex engineering and technology effort. And so we have both of those things in motion. As I said, we started the company literally a year and a half ago, and we have brought to market a product in record time, matching the best in class that exists in the world today. We have more tricks up our sleeve as we bring additional products to the world at Halfing and beyond. And we believe we are going to be the best in the world, if not within plus or minus a few percent of the best in the world. Both now as well as we go forward. So super confident of that. Right now, as you know, the world is in kind of the 21 plus or minus in terms of deployments. We think it's going to get much better than here. But when we talk to customers, we see there are certain customers that are very sensitive in cost of the miners. Others are more sensitive in the efficiency. But both of them care extremely about the variability and the energy tune features, which we think is going to become a must have requirement going forward. So yeah, let's talk about the auto tune features that you guys have put into this. From my understanding, there's a patent around this. How do you guys look at this technology compared to some of the other technologies that are out there? I mean, there's definitely lots of different firmware options for controlling a miner and controlling its temperature setting. What are you guys sort of doing different when you're building this unit holistically? Yeah, very different. Very different than anything that has been done before. So in the past, typically at a single miner level, you could actually run it at a certain terahash rate or shut down the miner, put it in sleep mode. Then more recently, people have started to put together an eco mode, if you will. That's the state of the art that exists today. And what people have tried to do is solve some of these fundamental problems through putting software level turning on and off of the miners. Not the most efficient way to do it. What we have done it is things that are inside a miner. And so we have these capabilities that are unique, very different than anything else that's been done before, where inside the miner through API calls, the hardware is able to change and adjust the various terahash rates and so forth. And what all you do is you just give all these inputs to the miner, and the miner figures out how to do it and does it, rather than trying to do it in a crudgy fashion outside through some software mechanisms. So that's very different, and that's where we have a patent for the energy tune and autotune capabilities. As you might expect, things like Bitcoin price, energy cost, transaction fees, temperature, all of those are inputs into trying to figure out what is the optimal point for the miner to run. More and more variables are coming into the picture. And to top it off also, autotune has the ability to go to tens of thousands of miners and be able to do an energy tune on each of them at the get -go. And we are trying to get to a point where we can do it in a few seconds so that it is in line with customer requirements where curtailment can happen at that short period of time. Now, there's a distinct difference between... So the autotune is one feature and there's the energy tune is another feature. Now, the energy tune also to couple with what Rajeev mentioned, we are using a machine learning techniques to do dynamic voltage frequency scaling so that each chip can be tuned to get to the optimal joules per terahash. Are you a retail or institutional investor interested in Bitcoin mining companies? The MinerMag brings you free data and analysis from all major NASDAQ listed Bitcoin mining operations to know who stands out. Check out visualized metrics and data dependent stories at theminermag .com. Filecoin's mission is to create decentralized efficient and robust storage infrastructure for humanities information. Join the Filecoin Foundation team October 3rd through 5th for PhilVegas, the first major Filecoin community event in North America in 2023 to explore how to adapt data storage for an AI centric future. Participate in conversations and hear keynotes focused on the importance of data integrity in the world of artificial intelligence. Register to attend and learn more at phil -vegas .io and make sure to use promo code miningpod. Did you know that you can make more money by merge mining other networks? Check out makemoremoneymining .com for information on BIPs 300 and 301, a proposal to bring more revenue to Bitcoin miners through sidechains and merge mining called DriveChains. Increase your mining revenues and learn more about participating in Bitcoin governance by visiting makemoremoneymining .com. Are you a miner who wants to activate Bitcoin improvements? Check out activation .watch, see what Bitcoin improvements the Bitcoin community, developers, and miners are considering, and show support by signaling from one of many BIPs up for consideration.
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 09-21-2023 19:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. That could be the next spanner in the world. That'd be a game changer for sure. All right, Rich, thanks very much. This is Bloomberg Daybreak Asia, the next hour of the program begins right now.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-21-2023 18:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries environmental impact, behind sand. Yeah, sand. You get context and context changes everything. Go to Bloomberg .com to get context. All right. That's the Rovia. That's the Rovia. I love that. All right. That's going to do it for Tim and me. Salud. Tim and me. But don't go anywhere because Doug Krizner coming your way with Daybreak Asia. It starts right now.
The Financial Guys
A highlight from Growing Unease: Current Administrations Approach to Security and Travel with David Bellavia
"What do you think they're doing with cash, right? What deal do you make where someone says, I'll bring a box of money to you? Yeah. What do you, it's, this is a state sponsor of terrorism. Ladies and gentlemen, distinguished guests and my fellow citizens. America's comeback now. starts right Welcome back Financial Guys podcast. Mike Speraza in studio live today with a guest in the studio. I haven't had this in a long time. Staff Sergeant medal of honor recipient David Bellavia joining me for about a half hour today. David, thank you for joining us. Thank you for having me. I appreciate it. Absolutely. So I'm going to stick based on your background. I'm going to stick with a lot of military stuff today and I want to start, we'll go all the way back to the beginning of the Joe Biden presidency. The Afghanistan withdrawal, in my opinion, did not go very smoothly. I'm sure many people listening agree. What were your overall thoughts of that withdrawal and how it actually ended up happening? I know we lost, you know, sadly lost 13 soldiers in that, in that withdrawal. People say we went off the wrong air base. People say that we shouldn't have gone out in the middle of the summer. There was a lot of different things there. What were your overall thoughts on that? I think it's like the worst day in American history since Market Garden. Just absolutely. And the reason why it was so difficult was it was totally unnecessary. So let's rewind to the Obama trade, Bull Bergdahl and the three first round draft picks. They get Marshall, they get MacArthur and they get Patton that end up the resurgence of the Taliban. These men not just go back to the enemy, they go back to the battlefield. They're in power when the government falls. You have misinformation coming from the White House that the president of Afghanistan is leaving with billions of dollars on his plane, which wasn't true. And then you leave the equipment, the cash. There's no recovery. We're getting reports of sales of American equipment left in Afghanistan in Southeast Asia. We're moving material across the globe. Our children will fight and pay and have to atone for these miscalculations. Let's talk about that. You being in the military and you knowing that area too, why did they just find it the easiest way out to just say, you know, just leave that billion dollar billions of dollars of equipment there and not think, again, if it was me and I'm speaking that someone that's never been in the military, but if it's me and I'm the president, I'm thinking, OK, I don't want to leave all our weaponry there. I don't want to lose any of my men. Number two. And number three, I want to make sure that everybody knows when and how we're getting out of there. And it just felt like poof. One day they said we're getting out of here. Well, it's because the military didn't make any of those decisions. I mean, look, Millie, it can criticize him. You can criticize Secretary of Defense worthy of criticism. However, none of these individuals are making decisions. This is about NGOs on the ground. This is about the State Department. So you've got Bagram Air Base, the equivalent of JFK. You've got Karzai International Airport, the equivalent of Teterboro. Right. Why would you ever do an exfil out of Karzai International Airport? It makes absolutely no sense. It's tactically unsound. But and then you've got all the ISIS -K. We retaliate from the murder of 13 of our bravest and we drop a bomb on a guy delivering water. He's on our payroll and we kill children on that. Then we take out Borat on a tuk tuk driving around like that wasn't even really what was happening. It's just a den of lies. And Tony Blinken and Jake Sullivan, all the heroes that brought us, you know, the Bergdahl deal, the Iran nuke deal. This is these. They the State Department is running all foreign policy, including what the DOD used to run. Well, that's I was going to say. I mean, I know Biden's the president, but do you blame him at all or is it everybody underneath him that, you know, maybe was giving him bad information? And again, some of these decisions, David, is Biden even involved in some of these decisions? Like, I don't even know anymore. Is he around? Is he paying attention to anything going on? Well, I mean, just from the press conferences, it was apparent he didn't know what was going on. And the great irony is that they actually were predicting that Ukraine was going to be invaded and, you know, no one believed them. So it's like you can't influence your friends. The allies don't trust you. The enemy doesn't respect you. You know, I mean, you've got Ben Rhodes is really proud of this State Department. Susan Rice loves what they're doing. But, you know, again, Americans died. And, you know, and what is the perfect culmination of the adventure in Afghanistan? Looking at your watch at Dover Air Base when bodies are coming home. I mean, nothing could you couldn't ask for a just it's it's a debacle. Yeah. And it's sad that that's that's the leader of our country there. Let's move in. You brought up the Ukraine there. So the Russia Ukraine conflict will get to Zelensky in a minute. He is as we speak in New York City right now. But so Trump's in office. We don't see many of these conflicts or any conflicts actually started under his watch. And then we have the Biden administration come in. And a year later, we have Russia invading Ukraine. Why did this happen and why? Why the timing of February of 2022? So let's go back to when we were fighting ISIS. Trump engaged and destroyed estimated some say 300 members of Wagner forces. But those were Russian nationals. We engaged. We destroyed them. What was the response from Putin? Nothing at all. So what do people in that section of the world, Eastern Europe, the Middle East, what do they respect? They respect power. They respect authority. You're not going to get any respect if you don't engage the enemy when they present themselves. I don't understand the calculus of again, I'm trying hard to figure it out. I don't get it. I don't. You know, Romania and Hungary and Poland, you're letting them unilaterally decide whether or not they want to send reinforcements into Ukraine. That's an act of war. If NATO members engage the enemy, all of NATO is engaged against the enemy. Poland doesn't unilaterally make that decision. Hungary and Romania don't unilaterally make that decision. We can't even articulate what the mission is. And if you look, go to the Institute for the Study of War, there's a plug for them. Check out their overlay from when the battle started, when the war started with Russia. And tell me what success this offensive in Ukraine has produced. I mean, let me ask this question, because I get confused. The answer is nothing. I asked this on Twitter, X, whatever it's called, all the time. What is the end game and how do we get there? Because all I see the answer is, hey, just blank checks. Hey, just write a check. Hey, here's a billion. Hey, here's 20 billion. Hey, here's another 10 billion. I don't actually see a look. I mean, like anything, right? If I write a business plan of what I want to do in 2024, my goal is X. I write down my steps to get X. I don't just write down X and say it's going to happen. I don't really know. And then the answer always is, well, we have to fight. We have to back Ukraine. Okay. But when does that end? Because the Afghanistan war and the war in Iraq lasted 20 years plus, right? And was there a real end to it? I don't know. That's where it gets frustrating for me, Dave, where I'm like, how do we know what the end game is? Do you win or lose? When does that happen? I don't know. I don't know. At least you're thinking about it. And I have fear that our leaders aren't, and that's the problem. So here's what this comes out. You're going to get a negotiated settlement out of Ukraine, right? But you talked about the billions of dollars that we're spending and giving to Ukraine as a blank check. First of all, Zelensky visited Ukrainian soldiers in the United States. Did you know that there were wounded Ukrainian soldiers in the United States? I did not know that. Well, today he visited them. So what's happening there? So that's a cost that no one is putting on the ledger. So now let's look at the blank check that Ukraine is getting. And by the way, I'm pro Ukraine. I want to fight communists all day and night. So let's punch Putin hard in the face. However, you're giving them a blank check and you're giving them munitions. Now here's the problem. We have to replace those munitions. Those munitions were purchased for 20 year global war and terror. And let's be honest, inflation is involved. So what you purchased for $10 is now $17. So you're not just giving them the money. You're giving them the equipment and the munitions that you have to replace yourself at the value of what is valued today. We haven't scratched the surface for the amount of money. CBO absent at the wheel. No one is tracking this. 2024 can't get here fast enough. How does this work, though, when you talk about some of these NATO nations coming together and making decisions, but us not just giving weaponry, giving everything money, whatever we're giving there? Is that not an act of war, too, though, David, at some point? We're continuing to fund Ukraine continuing the war in Ukraine. I mean, that to me seems like we're backing a war. Well, I mean, by the letter of the law and NATO charter, it's not. But here's the problem. It's schizophrenic because we were told that what was an offensive weapon was going to mitigate, you know, that wasn't going to help peace at all. So we went from, I don't know if they should get tracked vehicles to I'm not sure an artillery piece is what they need to high Mars rockets being launched. And let's be honest. I mean, the Ukrainians are I mean, the payload that they're going through, what you would have to have cataclysmic casualty numbers to be able to to the spandex that they're doing on the ground that they need to replace Patriot. If you're going through thirty five Patriot to, you know, missiles, I would expect to at least the C 20 makes that are shot down. They're using them for air artillery. They're using there for indirect fire. I don't know what they're doing, but this is going to end with Don Boss going to Russia. This is going to end with that land chain that Putin wanted through Crimea. And again, our friends in NATO, what are they even doing for Ukraine? What? Look, if you they said that Trump wanted to kill NATO, Biden did it. Right. Biden did it. And now Germany. And so Putin was selling oil at thirty dollars a barrel. What's it at ninety six? Yeah. He's making more money than he did before. And he's financing a war and killing innocent people. You mentioned before, too, and I think this is a good point. Everybody on the left and I'll say the media, the establishment, whoever you want to say, says that if you don't agree with the war in Ukraine, you're like pro Putin. Right. And that's just the most outrageous thing in the world, because I agree with you. I feel for the people of Ukraine. I don't want this for them. I don't want this for innocent people. However, at some point, the world's every every one of the world's problems can't be America's problem when we have a border crisis. And then I think they said yesterday ten thousand people came across. They got, I think, eight thousand of the ten thousand. But you see the numbers day over day. It's a problem. We have crime that's rampant. We have overdoses that are at record numbers. We have we have suicides at record numbers. At some point, we have to maybe just think about ourselves and not everybody else, because if we fall, sadly, I think the world falls at that point. Amen. The thing that I would add is I love the way the Ukraine refugee has been crowbarred into the migrant crisis in the United States. New York leaders from the city to all over Kathy Hochul, the governor of the state of New York, mentioning that, you know, like the Ukrainians in Poland, the the Polish have no intention to keep Ukrainians forever. That's a temporary you know, they're leaving a conflict to return to their country after the conflict is over. Again, this is just we're we're putting a round peg into a square hole and just hammering it away. But but there's no the media. There's you're our destroying military. I go to parents all the time around this country and ask them to give us their sons and daughters to join the military. And the one thing they bring up is Afghanistan. It's not about anything. It's Afghanistan. How are you going to assure us that you're going to maintain your commitment to our son and daughter when you betrayed us in Afghanistan that has lasting effects? And there's not a I'm trying to find a segment of our of our of our nation that's functioning. I don't know what it is. I saw in Chicago, they're going to have municipally owned grocery stores. Maybe that will figure it out there. Yeah, yeah, it's good. Real quick, do you think and we'll finish up on this topic, but do you think that they will we will ever have boots in the ground on Ukraine? I mean, I hope not, because I just don't know what the I mean, look at I'm I'm we're getting ready for China. We're trying to revolutionize everything. I don't know what the what the plan is. I mean, again, if you want to put a base in Ukraine, and you want to make that a sustainment operation going forward, that I here's the point. I don't understand what the inactive ready reserve call up was for. Why are you bringing those troops in the non combat support? Why are they going to Ukraine? What are you building infrastructure there? Here's what I do know. We're talking a minimum of $11 trillion to build Ukraine back. That is cataclysmic amounts of money. There isn't water, electricity, internet, you know, you want to help Ukraine. You're going to Russia is not paying for that if you negotiate a settlement. So I don't know what the plan is. But I hope we never see boots on the ground. I could guess what the plan is. I won't I won't say for sure. But I could guess that we'll be paying a chunk of that. And I do have one last one. So I did interview Colonel Douglas McGregor a few months back. And he talked about he's a real optimist. But he is really very, very bullish on Ukraine. Yes, very, very optimistic. I'm dropping some all over the place. But he brought up some staggering numbers, though. And even if they're half true, it's a problem. The amount of casualties and wounded soldiers on the Ukrainian side that we're not hearing about the media. I don't know if you agree with some of those numbers or not. But he's saying, I mean, it's people are acting as if this is an even war right now. And it's not even close. First of all, McGregor's a stud. I mean, he's an absolute, you know, that we're glad he's on our side. He's a military mind. I don't know if those numbers are accurate. I could tell you they're juxtaposed to almost everything we're hearing from every institution that we have, including a lot of our intel from Germany and England. But again, I don't know what to believe. So when you don't have when you don't have transparency, when you're not holding regular press conferences, when your Pentagon spokesman is now working in the White House and now you're getting a triple spin. I mean, the U .S. Open double backspin. You've gotten so many spins on the narrative. I don't know what to believe. But if he is even close to what is a segment of truth, you know, then look, Ukraine needs an investigation. There's a lot of investigations. We've got to start on Afghanistan. We were promised that by Speaker McCarthy. We need a hot wash on Afghanistan. And then we need to go to what who is oversighting the money that's going to Ukraine. And what have we got for our return on investment? Yeah, I'm not asking for much. Really, all I'm asking for in this conflict is can we just talk about what the end game is? And to your point, can we get an accounting of where the money's going and what's being spent in a real accounting of it? The Iran deal that just happened last week. First off, the fact that that was negotiated and completed on 11th September to me is just the ultimate slap in the face. But you again, you know more about this than I do. We do a five for five trade. OK, I'm going to use sports analogies. We trade five for five. And then we also approved of six billion dollars that apparently wasn't ours, but it was in a fund that now they can release to Iran. How are we winning on that one? Well, first of all, I was hoping that at least it was a digital transfer. The fact that it went as euros in cash through Qatar. And OK, so what happens the 24 hours after that deal is made? We're now getting issues in the West Bank. We're now hearing about issues in Yemen. We've now got Hezbollah that's reinforced. I mean, look, what do you think they're doing with cash? Right. What deal do you make where someone says, I'll bring a box of money to you? What do you it's this is a state sponsor of terrorism. They haven't changed. By the way, their president is now in New York City addressing the United Nations. This guy's killed 6500 of his own people. He admits to it. He killed the students that revolted and wanted democracy when we did nothing. He killed 5000 of his citizens in 1988. He's killed over 300 Americans. There's no accountability whatsoever. I don't understand what it is about Jake Sullivan and Tony Blinken that believe that Iran is a partner. All you've done 10 years ago, they were refining 10 percent of their oil. And now they're a force. Now they're working with Maduro in Venezuela, and they're a huge part of their members of of the international community. They're in good standing there. I don't get it. Does anyone believe that the Iran nuke deal? Look, we got hit with cruise missiles under Trump in Iraq. How did they have those cruise missiles? Those cruise missiles were illegal under the Obama nuke deal. So how are you refurbishing missiles in two years? Do we believe that their centrifuges have stopped? That they won't have a program if they don't have one already? No, I mean, I guess my question, David, is how I mean, I know that you pay a lot of attention to this stuff, but how do people like in the media not ask these questions? Right. I mean, these are legitimate. I mean, we just traded to I put this on my notes here. This is on the heels of trading a WNBA basketball player for the Merchant of Death like six months ago. Right. I mean, and again, I'm glad Americans are coming back to America. I don't want to sound pessimistic on that. That's great news. But we also I mean, this this stuff just seems like I don't care what side of the aisle you're on. It warrants questions, but nobody seems to care. I'm in the world that if you take hostages, we take hostages. You want to exchange people? We'll exchange people. You know, we definitely have the partners in the area to do that. For whatever reason, this administration, they're they're they're contrarians. They're contrarians to you know, they claim Bush and Cheney are their best friends, yet they just go 180 degrees from that doctrine. I don't know what the Biden doctrine is. I don't know what Bidenonomics is either, but I could tell you that they believe that Iran is a partner. Now, here's another thing. Our envoy to Iran not only is no longer the envoy, he doesn't have a security clearance. Does anyone curious at The New York Times as to what happened to the lead negotiator in Iran that is escorted off a bus, taken into American custody, given a job at Yale or Princeton or wherever he's working now? I've never heard of a person going from top secret classified negotiations to no clearance whatsoever and in the custody of American intelligence community. No one cares. No one cares at all. It's fascinating. And again, for me, I mean, these are big decisions that we're making. And correct me if I'm wrong, but it used to be, you know, maybe we did a two for five deal and then we made the six billion. Now we're like, we're giving stuff away and we're on the losing end. Correct me if I'm wrong, but America was never, you know, America losing. It was always America winning, right? America getting the best of deals. At least McDonald's has a five for five. We didn't even get that. You know what this does though? Honest to God, if you're thinking about traveling overseas, things go sideways, cartel, South America, Mexico, wherever you're going, you have a price in your head now. No one in their right mind is going to bring you back whether it's Haiti or wherever you are, you're worth $1 .25 billion. And thugs and scumbags are going to take advantage of that. I mean, that's a great point too. Do you think about leaving the country? I don't know anymore. That's a little bit concerning. I don't care where you're going, right? That's concerning. This one I just had to bring up because it happened two days ago or yesterday. How do we lose a plane? And I heard that's like a third one in the last six weeks that something like this has happened. How are we losing $80 million planes? Well, they're not $80 million anymore because they've got a new engine and all this other stuff. Look, the F -35 program is a complete disaster. You want to talk about why our allies think we're crazy. We sold them a plane. This program has been around since the early 90s and we've got nothing on return for it. So basically two planes are flying in a buddy team. They're doing training and a guy punches out. We don't even know why he punched out, but that plane could have easily hit a building. It didn't, thank God. But the wingman didn't follow where his buddy went. So what is he doing? He just kind of went on and did his own thing. And now the Marine Corps put a Facebook post like a dog is missing. We're expecting the Ukrainian farmers to carry the F -35 out with their tractors. I don't know what the point of it's wild. Look, stop embarrassing us. Just stop humiliating us. That's all I'm asking. Just be the army and the Marine Corps that we know our men and women are capable of being. Get out of their way. This gender garbage, this social experiment nonsense, stop humiliating our military. That's all I ask. Why can we not get the... I mean, I know why we can't get the answer, but I'm asking this to you. But why can't we, at a press conference at the White House, why can't we say, I want to talk to the guy that was in the other plane, or you can tell us the transcript of what happened when that happened. Talk to the guy who jumped out of the plane. Why did you do that? And again, I'm not trying to put our military on the spot, but these are kind of big questions to ask, right? I mean, if I do something in my business, I have to go face the music on that. Why doesn't everybody have to face music for their decisions or why things are happening? I think it's kind of important. Well, you don't want to talk to generals because they're going to tell you the truth and they won't be generals anymore. True. And you don't want to talk to enlisted people. Because look, I mean, let's be honest. How many people are... Is this a merit -based military anymore? Do we have a meritocracy? Are we promoting people based on pronouns? Go figure. When we're putting politics above military strength, accidents happen. We don't know the facts, but the fact that nobody cares about getting to the bottom of it, the day of the Pentagon paper reporters are gone. Yep. Yep. Let's just talk about the 2024 race quick, and then we will wrap up for today. So your thoughts on the Republican primary so far, I'll stay away from the Democratic side till the very end, but your thoughts on, you know, there's obviously Trump who is now in a, has a huge lead. Ron DeSantis seems to be crumbling underneath himself. Vivek Ramaswamy has jumped up in the polls. Nikki Haley's there. Tim Scott's there. A few others that probably aren't going to get a lot of votes. Chris Christie's the anti -Trump candidate. Mike Pence is, I don't know what Mike Pence is. I'm not really sure. Your thoughts about the whole field so far? I mean, look, it's impressive. They've got a deep bench. There's a lot of diversity. I, you know, none of it matters. Trump is the guy. The more you indict him, the more you empower him. You know, I'd like him to work on his communications a little bit better. You know, but if Trump is Trump, Trump is a Frankenstein monster of Barack Obama. As long as you have that faction, you're going to get, you know, Trump is going to be empowered. I just don't want to see Governor Noem anywhere near the White House. And I, if he's going to pick a running mate, you know, it's hard to find an ally here, you know. But it would be nice to find a governor. I don't want to take anyone from the Senate. I don't want to take anyone from the House with the margins that tight. But I mean, the idea that Governor Noem is being floated right now. I mean, I'd rather take North Dakota. Yeah. A little sled there. You know, it's funny you mentioned that because I saw a lot of that this weekend. I mean, can we just, for lack of a better term, keep it in our pants for about a year and then do what you got to do? It really is. I mean, every time you turn, somebody's doing something idiotic, whether it's Boebert. And again, I say this, David, a lot of people know who you are. A lot more know who you are than they'll ever know who I am. But when you go out in public into a movie theater like that, and I'm going to Boebert, not Noem for a second, you're, you're extremely well known. I don't care if it's dark or if it's as light as it is in the studio right now. What are you thinking? I, you know, she's, she's, she's an embarrassment. She is. She's bad, too. Who would have thought that Marjorie Taylor Greene would have been the, the oasis of the Maryland? I mean, seriously, I, again, you're, you're in Congress every day. You're out in public, you're on the job. You know, at least she wasn't wearing a hoodie, you know, that's all in shorts. She was at least dressed for the occasion, but I, it was, it's wildly embarrassing. Vaping, singing, whatever you're doing. Getting groped. Yes. Who is your VP candidate then? Because I think, you know, you have names thrown around. There's, there's, the vague has been thrown around in there. You know, Byron Donald's has been thrown around in there. Carrie Lake has. I don't know. I love Carrie Lake. I just don't know that Trump needs to go with somebody so divisive there. I think he's got to go with somebody that's, that's firm in their beliefs, but also not maybe going to turn off half the country. Well, you know, it's, it's impossible. One of the, one of the problems with making Trump, you know, the, the enemy of the state that the left has done is that you've really made it difficult for him to even put a cabinet together. You know, I mean, what are you going to do with it? You've got a lot of loyalists out there. You know, the vague is, is I think maybe the most intelligent dynamic candidate we've ever seen run for president, but experience does matter. But you know, I love the way he thinks. I love the movement. I don't know if he would even take the job to be honest with it. I don't think he needs it. But you look at a Tim Scott, I think Tim Scott is, you know, there's a whole lot to his message and I think he's, he's got the experience in the Senate, but honestly, you could literally take the Clint Eastwood chair and, and throw it in there as vice president. I'm going with that because this, this from top to bottom, we have to have seismic change in 24. Do you think he would ever choose Kristi Noem at this point with all that now? Yeah, no one knew Mike Pence was a, was a 24 hour story and then he was the vice president candidate. So who knows? I mean, a lot can happen between now and then, but I just, I don't need, you know, let's just pick people on their merit. Let's pick people that are ready to be the president. Imagine this, imagine picking a vice president that can lead the country. If something happens to a 75 year old president, you know, like Kamala Harris. Yeah. Someone like that.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Relief in Bitcoin Pressure, Stablecoin Concerns, and South Korea's Offshore Holdings
"This episode of Markets Daily is sponsored by Kraken. It's Thursday, September 21st, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Crypto's Macro Now newsletter on Substat. On today's show, we're talking about some relief in potential Bitcoin selling pressure, renewed concerns about crypto's largest stablecoin, and South Korean offshore crypto holdings. So you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Assets around the world reacted with surprise yesterday at the FOMC statement that left U .S. rates unchanged, but that also loudly signaled that U .S. rates will remain higher for longer. Among the more surprising moves was the lifting of the FOMC projection for the Fed funds rate at the end of 2024. This has moved up to 5 .1 % from 4 .6%, effectively taking two rate cuts off the trading at $26 ,415, according to CoinDesk indices. Ether was down 3 .3%, trading at $1 ,577. Despite declining correlations, macro sentiment still weighs heavily on crypto markets. Higher rates weaken the short -term investment case by reducing overall monetary liquidity. This especially hurts long duration, high volatility assets. A stronger dollar further impacts the crypto market by pushing up the denominator of the most often traded pair, which is Bitcoin in U .S. dollar terms. And low -risk yields of over 5%, such as those available in some U .S. treasuries and money market funds, are likely to incentivize a preference for safer assets. In traditional markets, U .S. stocks and bonds moved to a higher -for -longer stance. The S &P 500 closed down 0 .9 % yesterday and looks weak in trading today. It is currently down a further 1 % from yesterday's close. The Nasdaq is faring somewhat worse, down 1 .4%, while the Dow Jones is down 0 .6%. Bond yields shot up yesterday in reaction to the FOMC messaging, with both the two -year and ten -year Treasury yields reaching their highest levels since 2006 and 2007, respectively. After falling in sympathy with their U .S. cousins at the open today, U .K. stocks have largely been recovering this morning, with the FTSE 100 up almost 0 .5 % from the open. Investors appear to be encouraged by the Bank of England's decision to cause rate hikes for the first time in nearly two years, despite inflation at 6 .7%. Concern about the state of the U .K. economy no doubt weighed on that decision. Last week, we saw U .K. GDP and industrial production data amid notably worse than expected. And while inflation is still a serious problem, it seems to be heading in the right direction. European stocks have unfortunately not had a similar boost. Both the DAX and the EuroStock 600 are down over 1 .1 % on the day. In Asia, Japan's Nikkei index followed Wall Street down, dropping 1 .4%. The Bank of Japan announces its decision on rates tomorrow, but consensus forecasts are signaling no change. China stocks were also weak. The Shanghai Composite fell by almost 0 .8%, while the Hang Seng fell almost 1 .3%. In commodities, the Brent crude benchmark slid earlier this morning, as concerns about global economic growth weakened the demand outlook. At one stage, the price had dropped to below $93 per barrel. It has since rebounded, and is currently just above $94. Gold took on board the climb in the U .S. dollar by retreating off its multi -week highs. Earlier today, it was trading at around $1 ,925 per ounce. Stay tuned. After the break, we'll take a look at Bitcoin's sellering pressure, weather concern again, and offshore crypto holdings.
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Asia for this Thursday, February 23rd in Hong Kong, Wednesday, February 22nd in New York coming up today. U.S. stocks finished lower after the fed signaled interest rates will keep moving higher after the bell Nvidia gives a bullish outlook for revenue as the company pushes further into AI computing chips, China urges some state owned firms to let contracts expire with their four biggest auditing firms. Putin says he's waiting for she visit to stabilize the world. Biden says Putin has made a big mistake by pulling back on nuclear treaty. Hong Kong rearranges some COVID policies. I'm Ed Baxter with global news. Manchester City struggles in a championship ground to 16 draw versus Leipzig. I'm the Schwartzman. I'll have that story more coming up in Bloomberg's boards. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Little after 6 in the evening on Wall Street, we had a mix day for the equity market and some early session weakness right now in Sydney. If you're joining from the Asia Pacific good morning, I'm Doug prisoner at the Bloomberg interactive broker studio in New York. And it says just go about 7 o'clock right here in Hong Kong. We are looking, of course, that the brand new trading day penultimate of the week, perhaps one that Asian investors
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"Daybreak, Asia for this Thursday, February 2nd in Hong Kong, Wednesday, February 1st in New York, coming up this hour, chair Jay Powell says the fed has made progress in fighting inflation, but more rate hikes are likely warranted. Met a platform's reports better than expected sales as Facebook gains more users, and a Donnie enterprises will not go ahead with its record $2.4 billion share sale. McCarthy says he feels he and the president can find common ground on the debt ceiling. U.S. UN ambassador claims success of isolating Russia over Ukraine, former U.S. defense secretary says plan for a real possibility of conflict with China. I'm Ed Baxter with global news. Tom Brady announces his retirement seemingly for good. I'm Dan Schwartzman. I'll have that story more coming up in Bloomberg's boards. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. 9 o'clock in the morning in Tokyo, the equity market is trading now and we have trading in U.S. sovereign debt as well if you're joining from the region, good morning Let's get you caught up on market action. Brian Curtis is in Hong Kong, Brian. Thanks very much, Doug Asian equities are higher at the moment, not rip roaring, not off to the races, but definitely in the green earlier U.S. stocks rose with treasuries, so yields down in the dollar down, but stocks up in treasuries up. Fincher Jerome Powell said that the Central Bank has made progress in its battle with inflation. We'll unpack this for you in a few moments. The S&P 500 jumped more than 1% after Powell said that the disinflation process had started. So more on that coming up, the S&P 500 and the end was up 1.1% the NASDAQ gaining 2% and interestingly the Dow Jones Industrial Average was flat, energy was the one sector that did not move higher. In terms of Asia and the futures, the nikkei is trading up three tenths of 1%, the ASX 200 up about a half a percent, and even bigger gains in Seoul, the Cosby, with a jump of 1.1%. I wanted to mention that adani enterprises stock was down 28% yesterday. We'll also unpack this story for you in a few moments. The problem with the stock dropping like that is that adani was offering shares to investors at 3112 rupees to 3200 and the stock closed at 2100 yesterday, meaning if you were buying, then you'd already lost 30% on your shares and hence this was pulled. Details coming up, but now let's get over to Doug Chris. All right, Brian, thanks, well, as you mentioned, the fed throttled back on the magnitude of those rate hikes. We got a 25 basis point increase right in line with market estimates. The fed also noted inflation has eased somewhat, but it remains elevated nonetheless, and after today's decision chair J Powell was asked whether he was worried about the recent rally in stocks creating looser financial conditions that could potentially hamper his inflation fight. He chose not to push back hard. It is important that overall financial conditions continue to reflect the policy or strength that we're putting in place. In order to bring inflation at 2%. And of course, financial conditions have tightened very significantly over the past year. I would say that our focus is not on short term moves, but on sustained changes to broader financial conditions. And it is our judgment that we're not yet in a sufficiently restrictive policy stance. Which is why we say that we expect ongoing hikes will be appropriate. So he went on to say that it's gratifying to see disinflation now getting underway, but he said that officials are still in need of more evidence substantially more evidence, I think that's the way he put it of inflation being on a sustained downward path before the fed could declare victory. After the bell we heard from meta platforms, the company reported better than expected sales for the fourth quarter, we have more from Bloomberg's Charlie palette, Mehta saw strong demand for advertising as it attracted more users to its Facebook social network. It said revenue for the fourth quarter was $32.2 billion, that compared with Wall Street estimates of 31.6 billion. CEO Mark Zuckerberg said meta is making progress with its investments in artificial intelligence, particularly for improving the videos it shows users on Facebook and Instagram, the company is recovering from the worst year for its stock in history. In New York, Charlie pellet Bloomberg daybreak Asia, another big story today, a Donnie enterprise is not going ahead with its record $2.4 billion share sale. We have that story from Bloomberg's annabelle drew's. The sale was withdrawn after a renewed slump in shares of adani enterprises and its sister firms. Those declines accelerated when Bloomberg reported Credit Suisse stopped accepting a Dany bonds collateral for margin loans, adani enterprises said it pulled the sale to insulate investors in the offering from potential losses. The sale had been slightly oversubscribed as of yesterday. Thanks to the backing of institutional investors, many of those bids came in the offerings final hours. It was seen as a victory for a Donnie. Shares in the group's companies have been under pressure since the release of a critical report by U.S. short seller Hindenburg research. Adani is working to refund any proceeds of the sale received in escrow. In Hong Kong, I'm annabelle drawers, Bloomberg daybreak, Asia. And we're coming up on 6 minutes past the hour as we update global news. In
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
", and the nzx 50 in New Zealand down about a half a percent, but if you put them all together, the MSCI Asia Pacific index up about a half of 1%. Now the outlook for earnings, valuations, and flows are all pointing higher for Asia. On earnings, 12 month forward profit estimates for the MSCI Asia benchmark have risen about 6% since the end of October that compares to a drop of about 1%, at least 1% for U.S. and European gauges. And we do have a rally in Bitcoin as well this morning, Bitcoin is at its highest level since August. Ahead of the celebrations of the lunar new year holiday Bitcoin right now trading around 22,000 790. We have markets closed in China, Hong Kong, Taiwan, South Korea, Singapore, and a few others. And that's a check of markets. It is now 19 minutes before the top of the hour list get headline news with Denise Pellegrini and the Bloomberg newsroom Denise. All right, thank you, Brian, at least ten people, fatally shot in Monterey Park near Los Angeles multiple other injuries at a ballroom dance studio or waiting for more information about a suspected connection between a body found in a van in torrents outside LA and that mass shooting. Republicans ramping up talk about investigations after more documents were uncovered at President Biden's home in Wilmington, Delaware. Sources say President Biden is about to name Jeff zients his next chief of staff science was president's former COVID-19 Tsar. Hong Kong could be about to drop COVID PCR test requirements for travelers to Mainland China, and treasury secretary Janet Yellen says she does expect Congress to eventually reach a bipartisan solution to raising the debt ceiling. In the newsroom I am to these Pellegrini. All right, let's get you sports and Dan Schwartzman did. I know you're going to talk about the NFL and also the Australian open. Absolutely Denise one day after top seeded iga fiance went down in straight sets at the
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"Asia. 28 minutes past 7 right here in Hong Kong 28 minutes past 6 in the evening on the Atlantic seaboard of the United States and Richard salami. Head on Brian Curtis trading is underway in half an hour in Tokyo and Seoul and then a couple hours out will get Hong Kong and China markets up and running. We had U.S. listed Chinese companies sell down pretty aggressively overnight with a drop of well over 3%. There's something they didn't like in the numbers that we saw in China yesterday. Although at the moment, China futures are up a little. We'll get details on market action with Doug Christian in about ten minutes or so, but now the top stories of the hour. Trade between the United States and China is on track to break records the U.S. government data shows through November that imports the exports in 2022 will add up to an all time high or at least come very close to it to that. It's fine to report coming out of the 7th of February. Separately Beijing just published its own full year figures that show record trade of around about $760 billion. There are some caveats though, trade did slow down toward the end of the year and U.S. import demand cooled and China struggled to manage its COVID restrictions. The trade data isn't also adjusted for inflation, which means higher dollar figures may not translate to more goods shipped, still the numbers do illustrate how deeply entwined the United States and Chinese economies are despite recent tensions. Credit Suisse is warning employees that they should brace for cuts to their bonuses. It comes as the bank is in the early stages of a costly restructuring. This includes cutting some 9000 jobs across the country. Here's our company. Here's Credit Suisse chairman axel Lehman. I think people have realistic expectations that it will not look great. On one hand, you have that topic of retention. And then look, we have plenty of parts of the group that is doing extremely well. So you need to compensate somewhat fairly, but you obviously need to look also the shareholder perspective that is clear that the budget cut also on
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"Asia. Just gone 28 minutes past a 7 o'clock in the morning right here in Hong Kong and in Singapore, it is 6 28 on the Atlantic seaboard of the United States and Richard Salomon. Hey, I'm Brian Curtis licking in markets. We do see China futures up a little up about four tenths of 1% and looking at trading in Australia looks pretty well supported today. Also hangs in index futures will be interesting to watch the latest quote 19,558 market was closed yesterday for holiday. And so it was not able to really embrace those changes in isolation for China. So we'll get to the markets in a few short moments, but looking now at some of the top stories of the hour. Here we go, the Kremlin banning exports of Russian crude oil and refined products to foreign buyers that adhere to the price cap. This is seen as a response to that particular sanction that the G 7 put in place earlier this month on the 5th of December, the group of 7 industrialized nations imposed a $60 per barrel cap on Russian oil. That was put forward in an effort to target Moscow's ability to finance the one Ukraine Russia's new ban and restrictions will likely begin in February. Tesla has seen its steepest one day drop since April, it also marks the EV makers longest losing streak since 2018. Shares of the company closed down 11% at $109 and ten cents. Here's Bloomberg's esche day. In the Shanghai production plans combining with another news that we had last week that Tesla was offering this actually pretty hefty and pretty red is count on its cars in the U.S. for the year end. All of this taken together is really fueling concerns that demand is our maybe faltering for EVs Bloomberg's esche day. Tesla has lost just under 70% of its value as a result of related distractions here of late as well as Elon Musk's takeover of Twitter. The carmakers market valuation is now shrunk to about $345 billion as below Walmart Nvidia and JPMorgan. Look at Apple shares as they close to their lowest level since June of 2021, that partly due to an ongoing sell off of big tech stocks as concerns grow over iPhone supply in the key holiday period. Now production, stopping at an iPhone plant in China, which has caused a shortfall in supply JPMorgan saying it's expecting results in apple's December quarter to be quote muted relative to consensus expectations. At the same time, Apple remains a modest outperformer for 2022. It has lagged the tech heavy gauge over the past month with the stock falling 1.4% in its third straight negative session. Japan's prime minister fumio kishida is replacing a fourth minister in two months since taking office. Reconstruction minister Kenya akiba resigned on Tuesday with allegations of inappropriate use of political funds. He told reporters that he had not done anything unlawful. Akiba stressed that it's important that reconstruction is not impeded and that discussion in the parliamentary session next year goes on smoothly. He will be replaced by hiroichi watanabe. Keisha has seen his approval rating fall to the lowest level since he took office. It follows a series of cabinet scandals and some criticism over a proposed tax hike to help fund a historic overhaul of security capabilities. Last week, Japan unveiled a record initial budget for the upcoming fiscal year of a $114.4 trillion. That's about 860 billion U.S. dollars and it's up from the 107.6 trillion in the current year. Okay, let's just check you in with global news now
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"In Bloomberg sports. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco. Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Hi everybody, just gone 9 o'clock here. This is our four of Bloomberg daybreak. If you've been with us all four hours, you are hardcore, a very good morning to you. I'm Brian Curtis. And I'm Paul Allen in Sydney, where it's just gone at midday, Monday afternoon here, seeing a little bit of selling on the ASX, but of a weird day here today, Brian, we've got a public holiday here in the state of New South Wales, the rest of the country up and running though. What's going on in the market? I saw that. I saw that with the holiday and had to double check to make sure the ASX ASX doesn't take all that many holidays. But yeah, so we are trading there and trading down 51 points here off about 8 tenths of a percent. The nikkei down a full percentage point, and we get some market action here in Singapore and right now the index is down 8 tenths of a percent and in Taiwan down 1%. So the trend hasn't changed. It's just really blood on the tracks. People are just getting out really of equity. A lot of that could be the fed and we'll get to that with our guest in a few moments. Is the fed doing too much now? It just seems to be squelching the markets to a certain degree. A lot of other central banks having to follow along. Investors grappling with the high levels of inflation yes, the surging dollar and jumbo jumbo interest rate hikes. And it's feared that a lot of that will just simply choke off economic growth. We should mention, by the way, in addition to solving on holiday today, the Chinese markets are closed for the whole week for the golden week holidays. The big mover this morning is really oil, WTI is up 2.4% trading at 81 40 of barrel after spending most of last week in the mid to high 70s and OPEC plus to consider cutting output. We'll get you details on that in just a few moments. Bank of America says credit stress is at a borderline critical level now. Beyond which, dysfunction begins another question we can put to our guests. A couple of quick numbers, the offshore Chinese currency at 7 1357, and Bitcoin is trading at $19,098. Paul to you. All right, thanks, Brian. What do you mentioned oil there the OPEC plus group of oil producers scissors going to consider cutting output by more than a million barrels a day. Bloomberg's Richard Henderson has got more context. That move is done in response to concern that we might slip into a global recession. And obviously those concerns have consistently built placing downward pressure on the price of oil. Brent crude soared above $125 a barrel following Russia's invasion of Ukraine back in February. It's since dropped to $85 a barrel Brent trading at 87 21 right now. Then this is tempered the spectacular windfall enjoyed by Saudi Arabia, Russia, and the United Arab Emirates. Banks, including JPMorgan Chase, have said OPEC plus may need to lower output by at least 500,000 barrels a day to stabilize prices. Delegates say a final decision on the size of OPEC's production cuts won't be made until ministers meet in Vienna. And they're going to meet on Wednesday in person for the first time in more than two years. Tesla's worldwide deliveries missed forecasts in the third quarter. The company warned of challenges in getting its cars to customers. Let's get the story from Bloomberg, Susanna Palmer. Tesla delivered a record 343,830 cars worldwide in the third quarter, which sounds good, but fell short of analyst estimates by more than 13,000 vehicles. The shortfall suggests that supply chain snarls remain a problem. Tesla has said that its delivery count is conservative and that the final numbers could vary by a half percent or more. The company made nearly 366,000 vehicles for the quarter. Susanna Palmer, Bloomberg, daybreak, Asia. All right, foreman has passed the are now time for check of global news
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Asia for this Monday, September 12th in Hong Kong, Sunday, September 11th in New York, and coming up this hour. Treasury secretary Janet Yellen says the U.S. can't have a strong labor market if inflation runs high. The Biden administration reportedly plans to broaden curbs on U.S. shipments of semiconductors to China. And Japan warns again if possible intervention to prevent a further drop in the yen. Ukraine's leader says the war is at a turning point as Russia withdraws from dozens of cities. President Biden vows the U.S. will stand firm against any new terror threats and China apologizes over lockdown shortages in Xinjiang. I'm Denise Pellegrini with global news. Carlos sacres winning his first Grand Slam taking the U.S. open over Casper rude. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three zero New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Hi everybody, good Monday morning to you if you're tuning in from the Asia Pacific good day if you're listening elsewhere, I'm Brian Curtis sin Hong Kong. And I'm Juliet sali in Sydney where we do have markets trading here and Singapore where I normally am coming online Brian sings some pretty good green shoots today. Yeah, especially in Taiwan with the Thai eggs they're jumping 1.6% in the early going. Other markets such as Hong Kong China and South Korea closed for the mid autumn festival, but the markets that are up and running plenty of green here, the nikkei rallying 1.2%. That's 345 points, the ASX up about 8 tenths of 1%. And in Singapore, the streets times index moving up about four tenths of a percent. It's not only dollar weakness and perhaps slightly oversold conditions. I think we have to say that investors may be digesting the impact of Ukraine's counter offensive against Russian forces and pushing them back, making strong advances in the kharkiv region, something to keep an eye on. And right now we see the Ural hire, the yen higher, dollar yen, one 40 to 79, the Euro trading at 1.0072 against the green back in the Aussie dollar, 68.43 U.S. cents, yields preset, not racing to the upside, so that's all well and good. Yield on the ten year at 3.31% and oil is down, oil WTI trading off 1.3% at 85 66. So it's a little bit early to say it's an early Monday morning here in trading across the region, but solid gains so far, Juliet. All right, well, we will get a fresh read on inflation Tuesday with the release of the consumer price index for August, Bloomberg's Susanna Palmer takes a look. Economists surveyed by Bloomberg say U.S. inflation likely slowed for a second month in August down to 8% from 8 and a half percent year over year. But that probably won't be enough to stop the Federal Reserve from delivering another jumbo rate hike later this month. Investors are still betting the Federal Reserve will lift rates by 75 basis points for the third time in a row at the meeting on September 21st. Last week, fed chair Jerome Powell said that policymakers won't back down and some other officials voiced their support for another large hike. Susanna Palmer Bloomberg daybreak Asia. In the meantime, the US Treasury secretary Janet Yellen says she's hopeful that the U.S. economy can avoid recession. Yellen told CNN State of the Union that Americans understand the urgent need for the fed to fight inflation. The fed is going to need great skill and also some good look to achieve what we sometimes call a soft landing, which is bringing inflation down while maintaining the strength of the labor market and my hope I believe there is a path to accomplishing that and my hope is that we will achieve a soft landing, but Americans know that it's essential to bring inflation down and over the longer run we can't have a strong labor market without inflation under control. Yellen says the Biden administration would leave monetary policy to the fed saying that both of their interests are aligned and coming up. We'll have George Barbara with us executive director and head of research at K two asset management. George always with a little twinkle in his eye, Jules. Yeah, he's in the Singapore studio. We've done it. We've done a location switch, all right, coming up to 5 minutes for the hour time for global news
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"Asia security initiative he's also Mansfield fellow at the university of Montana Tiff is also an author and former Bloomberg businessweek China bureau chief And he says the about face in Beijing was to be expected I'm not really surprised because as you said it's been so it's been almost a bloodbath for Chinese stocks in Hong Kong and Shanghai and I think they became concerned So Xi Jinping's right hand economic person Leo he met with top finance officials and basically said it's time to market stability is what we need to focus on now and promise to ease up on the regulatory pressure that's been on the tech stocks that's brought down brought down so many of them in terms of their value So I wasn't that surprised I guess the question is how long or how sustained will this rally be I think there are continuing issues particularly on the regulatory side I don't think China is backing away from its desire to deal with what they perceive as national security concerns related to online data which many of the companies that have been hit very hard have been in one way or another involved in that business Tiff is China it all starting to back away from its relationship with Russia too 'cause that is also been something we all are watching very very closely I think that China wants to signal to us that it's backing away from its relationship with Russia I think they are disturbed by how long this war has been going on They are definitely disturbed by the degree to which their international reputation has taken a beating for this perceived support in this real support for Russia during this during the invasion in the war So I think that's the message that they're trying to put out that they are actually stepping back I'm not so sure for a whole variety of reasons that they're going to actually just create real distance between them and Russia What would real distance look like And I mean could China actually afford to do it especially if Russia is so cut off from the rest of the world that China is really the only country that can supply it with higher end technology Yeah I mean I think for China the trade relationship you look at the Russian trade relationship I think it's about $147 billion last year For Russia it matters a whole lot China is their number one trading partner for China not so much I think it's about 2% of China's trade that compares to roughly 1213% each for the U.S..
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Asia for this Friday November 12th in Hong Kong Thursday November 11th in New York coming up this hour U.S. stocks rises invests Mel fears over higher inflation Alibaba singles day hits a record and SoftBank says it can invest 5 to $10 billion in India next year She granted indefinite rule by the leader of the party U.S. warns of potential Russian invasion of Ukraine Cop 26 may run into the weekend I'm at Baxter with global news Will Barcelona have any money to spend during the January transfer window I'm Dan Schwartzman I'll have that story more coming up in Bloomberg sports That's all straight ahead on Bloomberg daybreak Asia On Bloomberg 11 three zero New York Bloomberg 99 one Washington D.C. Bloomberg one O 6 one Boston Bloomberg 9 60 San Francisco Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app We had a little pop in the U.S. equity market today We are getting set for the final trading day of the week in Asia Early going in Sydney has the ASX 200 pushing higher We'll talk more about the market in a moment If you're joining from the region in the apec good morning I'm Doug Chris at the Bloomberg interactive broker studio in New York which I am indeed done I'm Rashad Salaam at Hong Kong Linda de brig presented by IBKR investment adviser switch to interactive brokers for lowest cost global trading and turnkey custody solutions no ticket charges and no conflicts of your interests that I became a dot com slash IA Doug you saw this pop up in stokes and got all the dollar index continuing to go higher Definitely the Bloomberg dollar spot index was up about three tenths of 1% and much of the equity market was able to recover from that tell off yesterday but to be fair the sting from that hot rating on October retail inflation lingers as does the possibility of the fed becoming a little more hawkish as our opinion columnist John authors was saying today the narrow issue of whether this inflation is transitory has now been settled It isn't John says the much tougher questions are how long will it last How bad will it be and what can we do about it Well today we had the S&P 500 up just a tenth of 1% Gains here led by material and information technology shares the NASDAQ comp was up about a half of 1% on that tech strength however the Dow lower today by about four tenths of 1% What a rally we had in U.S. listed Chinese shares the NASDAQ golden dragon China index finishing up about 5% The blowout sales numbers for singles day for Alibaba helped to drive that stock up about 2.4% rival JD.com rallying by more than 8% and we got reports on DD preparing to relaunch its apps in China shares in the U.S. on duty were up about a tenth of 1% today No trading in U.S. treasuries the market closed in observance of Veterans Day will get the Tokyo session underway in about an hour from now the ten year was last quoted in New York yesterday at just under one 55 frisch Absolutely And of course so one of the reasons why we're getting that pop in Asian or Chinese stocks This is in New York as you mentioned Doug is Alibaba and singles day and that shopping festival hitting a record $84.5 billion worth of sales He has Bloomberg's.
The Chinese History Podcast
"asia" Discussed on The Chinese History Podcast
"It was a very lucrative business. So to be able to associate with these people to make them look good to write poems, compose poems with them, that was good for business. So it was definitely advantageous. I'm not sure if it was required or if it was necessary, but it certainly did help. So up to this point we've covered the sources we've covered who these merchants were, why they're going out to see where they're coming from. And as a final closing question, I was just wondering, in your research in your opinion, do these merchants have a bigger role to play? Earlier you had said that during the Tang dynasty trade was more tight, diplomacy, whereas after the Tang dynasty, private trade becomes more for the sake of private trade. So did these merchants have a bigger contribution aside from simply trading goods? In terms of their role in society and between societies and across regions, they were doing a lot of a lot of different things. So first of all, they were trading prestige goods. Very, very expensive items. It seems that early on that was mainly what they were trading. Do you have some examples of what these prestige goods were? Yeah, so from Japan, Japan would just be giving gold straight up gold, gold dust, some other products as well, even some manufactured products from fairly early early on. But gold, that's what the Chinese and Korean merchants wanted from Japan the most. And in return, they would get ceramics. That was a very big item, silks, they would be getting medicines, foodstuffs, it was mainly prestige goods, probably from the 9th century on but afterwards and around the 11th century and afterwards you see more commodities. Japan starts trading sulfur, sulfur becomes a very big export, China starts shipping out lots and lots, tens of millions of copper coins to Japan and what they're trading what's important begins to change. So in terms of trade goods, those were the hot items, but it was not only that there was also an exchange of religion. So Chinese and Korean merchants were shipping monks back and forth between the Korean Peninsula and China between Japan and China and along with those monks were texts, sculptures, Buddhist images. That was also important. There were ideas. So books probably about one or two centuries before private trade began, the embassies were bringing back books about Confucianism and Chinese philosophy. So ideas were going back and forth as well. And one final thing that hasn't gotten a lot of attention is that immigration was a big thing too. We know that Chinese were going to the Korean Peninsula since the fall of the Han dynasty and earlier. And Chinese were also setting up communities in Japan as well. At first, there was one main community in hakata, which is present day fukuoka. But then you see indications of Chinese setting up communities on that same island and later in other areas as well. And then, of course, in later centuries, there's Chinese communities in Osaka and ryukyu and Tokyo and whatnot. So the flow of people was also important. And a lot of these people moved on merchant ships. Yeah, I mean, we're not just going to Japan, right? But also to Southeast Asia where you see all these Chinese merchant colonies popping up, especially when we get to the early modern period in the 16th and 17th century, and even the initial arrival of the Europeans didn't disrupt this dynamic and destroyed. In fact, the Europeans got very much involved and they helped push it along..
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"Wright says the Asia Pacific gets underway U.S. cash markets quite a massive pop there Doug where you are and looking at futures right now Slightly bit I see you have been up here Definitely a lot.
Historically Thinking
"asia" Discussed on Historically Thinking
"Might we do a lot of forgetting and and it doesn't seem that people who study the history of a much better vision of what to do than other ones other people zelko demure and he said it wasn't question stained patterns or templates. It was a question of sitting problems and of how other people confronted problems which is very interesting way. I think of looking at them at sure. I've heard people talk about like that before And of course the whole this whole book is is about People can russians confirming the problem of asia credit problem russian nece and many in some ways and then trying to making hatching grand plans to deal with it. All of which either don't work at all or as said with the bolsheviks and china worked in the most unexpected ways do you. I mean what is it like. Study history of failure or an accelerated. Victory i mean what's the value of that why i would say a couple of things i think. I is is a realization of limits that are likely to be binding or at least might be binding in many different contexts. I i'm struck by even in a study. That is fundamentally about politics. Which which this book is the ways in which geography and logistical factors. Just fundamentally important at every step of the way and it's easy. I think to today to think we've somehow got got past limits of geography in our age of zooming. But that certainly not true. I and so i think that's that's one thing that really does stand out to me. There's always a new technology. That's promising to abolish distance and transform. Logistics i mean you begin the book with peter the great dream of going through the arctic ocean to china. And guess who's dreaming about that now. Currently the russians awesome about this. And who's to say this time. He might have global warming inside. But i kind of thinking he'll be no more successful than all the previous people for complex reside. I would be with you on that bet absolutely absolutely so did it by broken did you. Did you finish your thought. Well as a second way we can try to learn from from studying the history to me. I think the key thing we can drive may be this maps onto what what zelikow talking about is is trying to see the world through the eyes of people in the past because it's hard to see the eyes of the world is people in the present since we've got so many preconceptions about people around us in how they think it's in some ways easier to put on the lenses of of people who live two hundred years ago i find Although you know less about how they thought you've got fewer preconceived notions. You've got to a work through before you can see the role honestly i. I think that's quite helpful. In in envisioning how others see the world from the perspective of of moscow or saint petersburg or or or the pacific coast of russia. Silent was thought experiments. I don't tell you exactly how anyone to interact today. But they they get you in the the rhythm of of putting yourself. Misuse of other policy-makers. Mama yesterday has been chris miller. He's the author of we shall masters russia's pivots to east asia from peter. The great to putin chris. Thanks so much for once again. Being part historically thinking. Faith having me.
Bloomberg Radio New York
"asia" Discussed on Bloomberg Radio New York
"Asia for this Tuesday, June 29th in Hong Kong Monday, June 28th in New York. Coming up this hour. U. S stocks finished near all time highs is tech companies outperform to US antitrust cases filed against Facebook have been dismissed and the biggest Wall Street banks announced plans for distributing capital Biden depends air strikes on Iran backed militias. Address from China's leader to the Communist Party and Delta various causes more headaches signed to these tell equity with global news, an upset at Wimbledon. His third seat Stefanos types of this is eliminated. I'm Dan Schwartzman, I'll have that story more coming up in Bloomberg's force. That's all straight ahead on Bloomberg. Daybreak Asia on Bloomberg 11 3 Oh New York, Bloomberg, 99, 1, Washington, D. C. Bloomberg, 161. Boston, Bloomberg, 9, 60, San Francisco, Sirius, XM, 1, 19 and around the world on Bloomberg Radio Common via the Bloomberg business out. We'll get markets in Tokyo, Sydney and soul up and running in about an hour from now, if you're joining us from the APAC region. Good morning, I'm got prisoner at the Bloomberg Interactive Brokers Studio in New York and in Hong Kong. I'm Rishaad Salamat. Bloomberg Daybreak Asia presented by interactive brokers, I bkr charges Margin loan rates from 0.75% to 1.59%. Great subject of change. Learn more at I b kr dot com slash Compare Well, Brian Curtis is where there's the moment having a look at how things are shaping up for this this Tuesday session in the Asia Pacific, Brian Yeah, it looks like we're going to trade a little bit lower today. If you look at most of the futures across the region and the only one that's higher of note is hanging index futures up a scant 2/10 of 1%, but We're down a little bit in a number of the other markets. The reflation trade or reopening trade that has been stumbling over the past many weeks is is partly because of Asian and European economies actually tightening restrictions due to the delta variant and vaccination rates here in Asia have been lagging, and that's just leading to a little bit of caution. Earlier on Wall Street was tech companies leading stocks to a new record, the NASDAQ Up 1% to 14,500. It's rally that's already added some $6 trillion in value to the equity market this year. S and P 500, Also moving up to a record high renews that Facebook one dismissal of two monopoly lawsuits Facebook up more than 4% in the session, both the NASDAQ and the S and P again heading new highs, But Amazon, Amazon and Apple did well. On the other hand, cruise operators airlines sinking as governments do impose those new limits and other value trades like energy, financials and industrials fell. And it shows you the weight of the macro that financials would fall on a day when they announced increased dividends and buybacks. The guys will tell you more about that. In a moment. Some of those stocks moved up pretty handsomely in after hours. Morgan Stanley, for instance, up 2.6% after the closing bell, the dollar here. Dollar yen 1 10 60, the euro trading at a dollar 19. We've got the yield on the 10 year 1.47%. Check of markets. Doug. Good to have you back? Yeah, thanks, Brian. Drop in long term interest rates today. That's kind of interesting, isn't it? All right, let's get to these anti trust lawsuits. Two of them filed against Facebook. Well, today, they were dismissed by a federal judge. They were brought against the company by one, the federal government to a coalition of states. Let's get more from Bloomberg's Charlie Pellet. U. S. District Judge James Boasberg in Washington granted Facebook's request to dismiss the complaint filed last year by the Federal Trade Commission and state attorneys general led by New York's Leticia James. With the ruling Facebook has escaped, at least for now, the most significant regulatory threat to its business to emerge out of the wider crackdown on American technology giants. In New York, Charlie fellow Bloomberg Daybreak Asia Well the biggest U. S banks announcing plans for distributing capital last week. They all parts of feds stress tests. It means that lenders are free from pandemic era restrictions on payout, so able to resume dividend and buyback increases. Bloomberg's Nabila Emma told us the highlights. Morgan Stanley doubled its quarterly dividend and they've announced as much as $12 billion in stock Buyback Moments Act is going to $2 a share, basically lifting that dividend by 60%. J. P. Morgan is going to a dollar from 90 cents. It says that it's going to continue its existing buyback plan. Then you've got Wells Fargo, which boosts dividend and announced $18 billion in buybacks. Basically, what it's showing is that U. S banks are very well capitalist. All right. Well, this is welcome news for investors but could put big banks on the defensive in Washington, Senator Elizabeth Warren is condemned buybacks and dividends for enriching executives calling for banks to use excess capital to do more for employees. Five minutes past the hour as we get caught up on global news next to.
The Economist: The Intelligence
"asia" Discussed on The Economist: The Intelligence
"First up though across southeast asia. Governments are finding new uses for age old laws on treason blasphemy and sedition to keep their critics quiet online leaders in singapore malaysia. Myanmar cambodia or imposing novel regulations or cutting off internet access entirely now indonesia's joined the trend new legislation orders online platforms to remove so-called prohibited content from their sites within as little as four hours of it going companies had until last week to comply though that deadline has now been extended by six months. How or indeed whether content providers follow the law could set a standard for online censorship across asia. Indonesia is southeast asia's biggest most robust democracy. It might have been expected to buck this trend towards digital censorship. Charleena can is the economists southeast asia correspondent and his based in singapore but instead the country is succumbing to kind of knee jerk authoritarianism as are many of its neighbors. That's really worrying for the whole region and tell me a bit about this new law in indonesia. What exactly does it stipulate. Well it's called. Ministerial regulation number five or are five for short. So the government is really worried about misinformation and disinformation on indonesia's internet as the government put it the laws opposed to preserve protect the country but because of the many flaws with this law a lot of people think actually it's really designed chiefly to preserve and protect the government. The law applies to what it calls. Private-sector electronic system operators and it requires these companies to destroy what the government to remove content that the government teams prohibited and also turnover sensitive information so these companies could include social media platforms search engines cloud computing services. But one of the problems with this law is that the wording is super vague and critics worry that that makes it right for misuse. So one journalist. I spoke to is really worried that this could have a devastating impact on her profession. Because if electronic system operators are deemed to include online media websites they may be required to register and potentially ordered take down stories of the government. Just doesn't like and so what exactly counts as prohibited content than that is a good question. The law defines as anything that violates an asian law incites unrest or disturbs public order so when the communications ministry issues takedown notice firms have to comply with that request within twenty four hours or four hours when it comes to certain types of prohibited content so child pornography material it's terrorism or quote content which disturbs society. And what meet that definition then. What would disturb society. The wording is very vague but if we look at the past history shows the government is interested in removing content which is critical of it. A passed in two thousand eight which was extensively to protect digital consumers is commonly used to silence critics of the government and twenty nine the government the internet in jakarta the capital and response to riots. That were ginned up by a defeated presidential candidate. The mccue nations ministry frequently orders internet service providers to block websites it deems false or indecent among them gay dating apps like grinder so we'll the various platforms tech companies content providers. However they're more precisely defined. Actually play along here. We'll be pushback. I think it's likely there's certainly not happy. The asia internet coalition which represents big tech companies like google. Facebook and apple has said the five is deeply concerning they don't think it will be possible to comply with the requirement to remove material within twenty four hours let alone four and if companies don't comply with those orders. They'll be wacked with a big fine or even have their websites blocked and they're also worried that because the penalties are so stiff and the law so vague. There's a big chance that companies will effectively self-censor to stand the right side of the law. And there's another headache are five requires companies to give law enforcement agencies direct access to their systems and data what that means in practice is not clear but it would likely expose these platforms to all manner of legal and business risks one thing that the asia internet coalition has raised. Is that how can they be sure that the devices used by the government to access their systems and data are secure. The government would also be entitled to access user data and so that raises really big privacy concerns and as you say indonesia is one of the region's most healthy democracies. I mean how does this look relative to what's going on elsewhere in the region. It's very much in keeping with what we're saying elsewhere in southeast asia two years ago singapore passed a law banning what it calls online falsehoods ak fake news malaysia. Do the same thing just last month. Some governments are more heavy handed. Cambodia for instance plans to set up a government controlled gateway through which all internet traffic would have to pass. Myanmar has been even worse. It's choked off. Access to the internet and response to the mass protests that have the country in the wake of the coup there so we see this wave of digital censorship sweeping through asia citizens of.
The Signal
"asia" Discussed on The Signal
"So we are still learning about the delta variant but we know so far about how transmissible it is should worry us. An ansi says there are few easy lessons. Australia's shoot one from the rest of the world's experience so far we don't have the same margin of error. We just can't make mistakes because it'll take advantage of those mistakes. Just because it's so much more transmissible one mistake becomes amplified too much greater degree than it would have earlier variants so we need to focus on things that can help us control an airborne virus. Everyone has to get on the same page that it is airborne. That's the dominant way of transmission. And that we need to manage it. The other thing is our hotel. Quarantine system is still not perfect. We still haven't focused enough on on ventilation and the airborne nature of this virus and we all need to get serious about vaccination. We need to get vaccinated. I know people have concerns about astrazeneca. And i understand their concerns but no right now Every week that goes by we are at risk of a major outbreak in australia. And by that. I don't mean a major outbreaks leads to a lockdown. I mean an outbreak that leads to a lockdown and a lot of illness and death. So we need to get vaccinated as soon as we can and you need to take the vaccine that's available. We need to get serious about it. We.
Adventures in Finance: A Real Vision Podcast
"asia" Discussed on Adventures in Finance: A Real Vision Podcast
"At a at a premium. Getting the money back from from unsheltered to do Financial korea to back to back to singapore. And that was how we started. It was up to play will doing that for year. And that's actually how we got starting capital together. Why the church exist mean. Firstly as in asia one of the biggest themes around asia is capital controls and If you're korean it's difficult for you to bind markets you know you typically contained within your market And banning korea of was this clown. Sixty seventeen right. Crypto was crazy in korea. People will going on the speculation It became a social problem right You're hearing that kids in university university libraries and all the kids will be there of open and they all trading crypto. No-one is studying right And and you know. Koreans many comes to speculated boba. It's really korea. The moment popular training crypto. They had to actually put in measures to reduce trading. Because it was it. Was that much of a social problem. So they kind of crazy cripple. Bitcoin isa trillion korean. One was easier at a premium the time it. It'll be a time for that premium to die down and it was a large premiums be restarted trading. Bitcoin as julia financial play Before even knew much about it and then slowly deep into the space Solid can't go. We won't bullish view but it was just a pure rb. Trucked funnily enough from korea being the most attractive place to now will be one of the most recruiting with taxes on corrupt though one of the least attractive place is to trade. So just what did you see all of this. Why did you hook up this crazy trader. And think this is something he wants to do to stop. Qc capital eleven. It was an introduction from common friends. And i don't think there was any particular y'all war right now we're gonna go do this And was more an opportunity but came along at the right time And to me you know. I heard about bitcoin By eavesdropping on someone else at a dinner conversation. Now's back in two thousand fourteen. So i don't feel like my path into crypto was particularly well like laid out is pretty typical story But i think the timing made a lot of sense and what happened at that. You know sort of late. Twenty seventeen picture was i was working. Go jek at the time and it's familiar with that. It's a super up in indonesia now Potentially worth twenty plus billion dollars and It's a fourth most populous country in the world. Most people don't look at it as that and they're e-money product. The go pay is so ubiquitous there. It just became clear to me that you know it's a. It's an incredible user feature for people to be happy trading closed loop walled garden environment digital rupiah For like thirty plus different services like paying your bills..
Monocle 24: The Globalist
"asia" Discussed on Monocle 24: The Globalist
"Today's special edition of the globalist we are going to focus on asia and what two thousand and twenty one might hold for the region. The obvious answer might seem and will hopefully be almost by definition what with one thing and another a vast improvement but even when asia does not find itself at the epicenter of a global health crisis it remains a complicated part of the world bringing their hostages to fortune to this look ahead to ages. Next twelve months are monocle. Hong kong bureau chief. James chambers monica's. Tokyo bureau chief. Fiona wilson a little later on monaco's bangkok correspondent gwen. Robinson will join us. But first to james and fiona fiona. Let's start with you. In japan as we mentioned in that introduction a new prime minister in office seeking to fill the big shoes and follow the tough act of shinzo are has yet figured out. What kind of prime minister he's going to be is a very good question. I mean i think he's been quite difficult for serger. Falling shinzo obey. Shinzo abe's for all his faults. You know longest serving prime minister in japanese history. So you go quiet trot record. He knows how to win elections. And you know. He survived an awful lot of ups and downs. Scandals also had to deal with the pandemic and ultimately how to deal with illness as well so yeah so quite challenging to come into that role. He started off pretty well. I think his ratings quite good. But i think as people have seen ways handled the pandemic <unk>. Impressed is ratings have dropped. There's also the issue about the olympics. Will it happen waiting to happen. And i think so. Go really backing this. Huge domestic tourism tourism campaign encouraging. People around the country has gone down pretty badly although it has to be said <hes>. Tens of millions of people have been guy around the country so they liked that bit of it. But so i think it's quite a tough time for him and interesting. He has to have an election by next autumn. And i think he's in for a pretty rough ride few under just to follow that up. You did the mention the oh word. If there is one thing that japan hopes it can look forward to in two thousand and twenty one it is the two thousand twenty <hes>. Tokyo postponed because of the obvious right now on new year's day. How likely do they look. It really depends on you. Talk to to be honest. The government would love it to happen. They really wanted to happen dog to the saying we absolutely have to vaccinate everyone. And that's not guaranteed yet. Japan's rollout of vaccinations will be in the spring. And they say you know. We'll have everyone backs in asia by the summer. And if not. I think they are going to have a problem on their hands. There are so many vested interest in the olympics in definitely. The government is under pressure from tv companies. Advertises they want it to happen. Population is still quite lukewarm. I think many people feel it puts this unnecessary pressure on the country. At a time. When is trying to deal with the pandemic. we're still dealing with that joins in hong kong or bring you in now. It being new year's day let's at least out <hes>. Attempting optimism <hes>. As we were just discussing. Japan has one great big blue ribbon event to look forward to hopefully in two thousand and twenty one. Two thousand and twenty was a tough year for hong kong for the same reasons. It was a tough year for everybody but for other reasons. Besides is there anything in particular vet. People in hong kong are looking forward to this year. Yes well we've had a rough couple of years here in hong kong so <hes>. You know when you've hit rock awesome. Which i think that's not hong kong. Has i mean the only way to go his up. So i guess people are looking at s- an economic recovery an a return to business as usual in terms of an making money and getting on that side of things but <hes>. In looking ahead the the rest of the year. I mean there are few big dates to <hes>. To look forward to the the first one would be at the end of this month on the polls in january when the <hes> the uk's visa essentially for the hong kong people comes into play and up to three million on congas could suddenly decamp to britain. So if that happens if the floodgates opened not lovely be a huge event we've oils essentially being stuck in vung most of twenty twenty so <hes>. It's been difficult to town at the moments <hes>. How big that exodus will be. And there's no no re- odds on dejean that which you know. Every time i do meet with hong kong peasant they do generate trying to ask me once. Lights live in the uk <hes>. Just like an schooling an election. Step in where they should live. What's baath liken. Is it better than oxford as there is. There is a genuine interest. But i guess we're waiting to see how many people actually all through with all of the with these <hes>. These moves