17 Burst results for "Axel Weber"

"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:27 min | 4 months ago

"axel weber" Discussed on Bloomberg Radio New York

"Monetary Fund Headquarters the speech of the secretary of treasury yesterday and let me cut to the chase Janet gallen said everyone grow up this crisis is worrisome brambles is about trillions not billions Her issue is the scale and magnitude is different than we perceive Especially at a time when people are still trying to grapple with whether they actually want to give more money She also had some pretty harsh words for China This to me was fascinating coming out and basically saying national security is no longer just considered a military thing It is very much the financial implications And frankly if they continue to back Russia there will be consequences I'm looking at my watch right now the surveillance watch as we've got to get to the ECB guy Johnson is with us in London we're thrilled he could join us this morning Guy on the ECB I'm going to stay flat out This is an original meeting for Christine Lagarde So many challenges so many things that she's got to be thinking about The governing council has got to be thinking about what is happening with the global picture on inflation The ECB obviously not immune to that challenge Then you've got to focus in and factor in what is happening with the war Tom The ECB leaving its main refinery refinancing rate unchanged no surprise there at zero the estimate zero the depot rate the deposit rate left at negative 50 how quickly does that close is the question here that a lot of people are asking themselves how quickly do we get back to neutral A zero how quickly do we go beyond that A lot of challenges the data since the last meeting obviously has maybe lent some credibility to the idea Tom that we are going to be seeing a lift off from here The rates will rise quote some time after net bond buying ends any rate increase the ECB says Tom will be gradual Lisa what we've got here is asset purchases should be concluded in the third quarter The rates at present level until inflation outlook meets its goal rates at the present level until the inflation outlook meets its goal Underlying inflation must be in line with the medium term goal data reinforce expectations that the APP should end in the third quarter Remember the sequencing here guys AVP has to end then we can get to rate hikes The conclusion therefore should be that we should get rate hikes for four year end The market is currently pricing in 71 basis points of hikes by yearend so that will take us beyond zero into positive territory on the deposit rate just in terms of the market reaction here guy Guys and then we'll get your thoughts on this We are seeing the Euro down Italian bonds are pairing their gains and we just take a quick look at the front end of the BTPs Yeah yields coming sharply lower on the Italian two year Tom and Lisa that's what we got from the ECB right now The ECB is going to be reinvesting the APP bond purchases for an extended period We wait the press conference 45 minutes time Tom If you got Johnson thank you Please stay with us right now if you would I think this is so important guy of this sea change seen in the markets of the yield John farrar of course folks has always focused on Italy is not the roulette wheel of Europe but the most supple yield indicator of a sea change Johnson this is a sea change announcement Would you suggest it was driven by the uproar of the bundesbank axel Weber talking in recent days in critically issing with a blistering essay in the Financial Times the other day Clearly the Germans are nervous about what is happening with inflation Tom and to be honest the Germans probably haven't fully felt the inflation story Yet because of the unionization process the second round effects will take much longer to seep into the German economy Once they get there they will be much stickier And I think that's the fear in Germany right now The ECB is saying it will do whatever take whatever action is required Tom two fulfill its mandate 2% inflation is the mandate We are at four times that level The core rate is a full percentage point above that level The ECB has got work to do here if it is going to get that rate to come down Tom Clearly the data since the last meeting Lisa has maybe added some credibility to the whole argument that earlier policy action is now required But guy to that point they will take every action required to fulfill their mandate Their mandate yes is 2% inflation but when at what cost How much are you looking at the potential for them to delay even though inflation remains above that How much do you expect them to redefine their mandate as we know in the United States It often toggles between the importance of a full labor market as well as a low inflation rate The ECB doesn't have that dual mandate Lisa It only has a single mandate The ECB's job is inflation That is very clear Now it's got financial stability around that but nevertheless the mandate is inflation It needs to get to that 2% target There is some suggestion that maybe the fed decides that ultimately it can live with 3% Maybe the ECB can as well But certainly there is this idea that we are going to be seeing rate hikes coming through Maybe by yearend What I think is interesting is the fact that the Italian yields have come down a sharply as they have the Euro is down a sharply as they have as it is right now Certainly I don't think this redefines anything in terms of the current timeline I think there's probably basically is in line with current thinking around what the ECB is going to have to do But clearly guys the ECB is going to have to take action 71 basis points is currently priced We are likely judging by what we've learned today to get rate hikes by year end This is a guy Johnson Thank you so much Someone of a surprise there and I'm really watching you're all again I don't have the trading envelope in front of me of two standard deviations but certainly a one O 7 handle on Euro would be something We are advantaged by over the years wonderful guests who have provided us with decades of perspective on their changing views on what matters to you on radio And on television One of those is Adam posen of the Peterson institute one of the great German authorities of American academics but far more at the Peterson institute looking at the things that matter.

ECB Tom Monetary Fund Headquarters Janet gallen Lisa Johnson brambles Christine Lagarde John farrar axel Weber treasury AVP Russia China London Financial Times Italy Europe
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:53 min | 4 months ago

"axel weber" Discussed on Bloomberg Radio New York

"Would help the short Euro dollar trade All right Stephen so that's the fed's relationship with the ECB What about the BOE versus the ECB Where does that leave your Sterling Well if you're talking about the fed and the BOE the primary one you have to look at is cable I think this issue of the BOE not having monthly meetings is a bit of a headache for the NPC right now because there is clearly a risk of the bank falling behind the fed So for example if the fed goes an additional 125 basis points by the end of July 50 50 25 and the BOE moves an increment of 25 basis points at the next few meetings it will be something like a 50 basis points or so below the fed by the end of July which is probably going to mean that one of these next meetings for the BOE there is a considerable risk of a 50 basis point move And I think this situation for the BOE also ties into the dynamic for the ECB I mean the central banks don't want to be caught too far behind the fed If the fed is going to pay in faster and it's not going to pause any time soon that potentially puts these currencies under pressure versus the dollar If we have other factors aligned which prompts FX investors to get more long of the dollar So they certainly don't want to be too too far behind the fed Well Steven the fed tightening the BOE tightening the ECB may get there with a rate hike by yearend The BOJ is decidedly not In fact actually intervening in the bond market becoming even more supportive Dollar yen at one 22 we've been basically in that range for the last two weeks or so What is your best guesstimate on the trajectory given a bank of Japan and a Corona that is really committed to easy policy Yeah that's right Committed to easy policy inflation at the moment is not a significant problem in Japan and that's certainly the way that the BOJ has behaved Our three month view on dollar yen is one 24 So rather than position for a massive breakout of the one 25 level in dollar yen Our preference would be to continue to buy the dip So down toward in low one 20s positioning for a move to one 24 Looking at the pretty tight relationship between dollar yen and the USD 5 year rate not a bad relationship to be looking at But you're right I mean for the moment the DoJ is in a position to defend the upper end of its target range for the ten year JDB yield And we think that's what it will continue to do It also looks like Japanese officials have put one 25 as a line in the sand for the time being Hi Stephen Always awesome to catch up buddy Good to see you Stephen Canada of BMO on the ECB the PRG and the fed to the ECB next week April 14th just around a corner caddy lines That's what I'm going to be an interesting meeting That's for sure Given the recent data and recent developments that there's well for that matter across the continent Well 7 and a half percent inflation in Europe really beating across the board when you look at the different countries within the European economy John What does Christine Lagarde do in this situation in which you are seeing really dramatic pricing powers in a consumer across Europe that is really feeling the pain of a cost of living squeeze at the same time that that potentially is posing a risk to growth How does the central banker walk that line and what does fiscal policy have to do with that factor in that equation as well I don't know what she'll do Tom but I'll tell you what the market thinks she's going to do and that's hike and you can see that in just the way the two year yield has changed in Germany from negative 50 60 basis points and sometimes more And back to zero at one point last week Tom That's pricing against some movement some action And the voice is percolating out there axel Weber This is our bright special car riding this morning central banks too slow to counter inflation says the former head of the bundesbank axel Weber now with a small Swiss bank John I look at the dynamic in Europe and frankly it's more interesting than the fed It's going to be fascinating German yields come in three or four basis points today at the front end with negative ten basis points on a German two year counting up 8 15 Eastern Time So an hour no Tom not even there 35 minutes away the smallest going so quickly Because we're having so much fun Thank you so much Time flies Santana bam Global sanctions head at Oliver Wyman joining us very very shortly Futures up a little more than a tenth of 1% This is Bloomberg.

BOE ECB fed BOJ Stephen NPC Stephen Canada Japan headache axel Weber Steven DoJ BMO Europe Christine Lagarde Tom Germany John Oliver Wyman
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:34 min | 8 months ago

"axel weber" Discussed on Bloomberg Radio New York

"Been a great pains to stress to the public that we have to watch where the pandemic is going We take whatever steps the necessary to protect public health best thing we can do to protect ourselves our country and ensure that we have as normal a Christmas as possible is to get boosted now At the same time you go Goldman Sachs telling their staff in London their employees look work from home if you can the question Rachel is of course this is London It's one city but is that narrative playing out globally work from home a demonstrative shift back to where we were in 2020 Yes Absolutely I mean I think there is a sense of disappointment that kind of once again a year later there is from home again There's all these restrictions coming through people are getting cautious Again maybe it's another COVID Christmas At the same time I think the situation is not as bad as a year ago We do have substantial vaccine coverage Governments health systems even genomic surveillance are all a much more advanced level now that we've gone through two years of this pandemic Omega is not yet circulating at the level that delta is So we do know the current vaccines are still very effective at preventing severe disease and death against delta And so people go forward and get that boosted They should be sufficiently protected against our economy as well So it's a bit disappointing It's sort of just one step forward which is that kind of situation But it's not as bad as a year ago And I think people should hopefully keep that in mind Okay Rachel thank you very much Our adaptability and adeptness never ceases to amaze our Asia health coverage team leader there To UBS a record penalty for tax fraud it's been slashed by more than 50% at a Paris appeals court The bank will not have to pay around $2 billion for helping wealthy French clients to stash undeclared funds in Swiss accounts A finance editor Adam hey has the details out of a huge fine but it's certainly not as bad as what was initially feared a number of years ago on the first the first number And I suppose that's in a sense why you saw the reaction that you did in the stock price on Monday Yes you saw a two 3% rally when the initial headlines came out That did kind of dissipate as you went through the session And ultimately the Swiss bank is still being found guilty of both not just promoting a legal banking services but also the money laundering So you still have that assumption of what that means to its reputation But of course the fee itself and the fine itself is significantly lower than what people had originally thought And it is a material difference Obviously to what people have backed in So that's I think why you saw that kind of really rally in the stock The question now becomes what the bank does from here I think therein lies the point When we were written to be there a little bit earlier on this was something that axel Weber really wanted to put to bed before the end of his tenure But it doesn't sound like the lawyers are going to give up at UBS What is it you think that perhaps irks them the most Because there's not just there's damages but there's also a certain proportion of money that the French authorities will sequestrate Well indeed And as you mentioned acts of where the yeses are going but it's not finished yet and having set this as one of his priorities It doesn't look like a legal team that's willing to just roll over an asset being ruled by the court on Monday So you would expect although they have been clear in their wording and Dennis Chandler the lawyers the UBS spoke yesterday said listen on the appeal We've got this down to 3.75 million from the €3.7 billion originally And the court did consider that there wasn't any truth on the amount of taxes available but there's a lot that still rests in terms of how the leader came back and can go back and potential recourse to try and find other avenues And in a sense it's a big win for them in that respect But this might not be the end of this story It's one to what's probably pretty placing coming months Okay pretty big shift there Adam thank you so much Finance editor Adam Hayek on the very latest from UBS Let's get your first word headlines from around the world Juul yet Sully.

Rachel Adam hey UBS London Swiss bank Goldman Sachs axel Weber delta Asia Paris Dennis Chandler Adam Hayek Adam Sully
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:44 min | 9 months ago

"axel weber" Discussed on Bloomberg Radio New York

"On markups Learn more and I became a dot com slash crypto What do we got Brian in terms of some of the market music and perhaps like a choppy start Yeah it looks like we'll open lower throughout the Asia Pacific rish as we had weakness in the U.S. markets on Friday and the main challenges at the moment do appear to be about the same inflation COVID-19 Also the announcement of the next fed chair and on Friday we did have the tech heavy NASDAQ 100 outperforming but the Dow on the S&P 500 were down the Dow down about three quarters of 1% On energy Japan and the U.S. role reportedly announced the release of oil reserves as soon as this week we'll get you details on that Also the Chinese government sounds a little nervous about the yuan's gains as you heard in our headline there Currency watchdog has told the banks to limit speculative FX trading So more on that in a moment Hank singing next future is down about four tenths of a percent China futures down about a tenth of 1% EK futures down just a small margin S&P E minis last traded at 47 O three up about two tenths of 1% Looking at currencies the dollar is little change The boomer dollar spot index $1179 again one 14 O 6 In some quick news notes UBS nominated former Morgan Stanley president colm Kelleher to succeed axel Weber as chairman and in the UK economic activity slowing there supply side issues are stoking inflation The Bank of England governor Andrew Bailey said it is not the bank's job though to fix supply chain issues All right we'll get you more on markets in about 15 minutes Rich shot Absolutely I'm just picking up on what's going on in China with an organization formed by key participants in the country's currency market being urging banks to limit speculation on foreign exchange trading Let's get details from resolution We're told that China foreign exchange committee encouraged lenders to be risk neutral when trading foreign exchange for themselves and for clients Sources or Bloomberg that banks were advised to better track their propriety trading and improve risk management This includes conducting internal reviews when trading volumes that propriety desks deviate significantly from the norm The proposal is targeted at more than 50 Chinese and overseas banks operating onshore It covers over 90% of the country's foreign exchange market The move could be the latest sign that Beijing has grown uncomfortable with a rapid ascent in the yuen The currency is the best performer in emerging markets this year I'm Rosalind Chen Bloomberg daybreak Asia The Federal Reserve may consider a more rapid drawdown of its mammoth Bon buying program We get more on that from Bloomberg susannah Palmer Just weeks ago the Federal Reserve put a plan in place to scale the purchases back in a methodical manner Now a trio of policymakers vice chairman Richard clarida governor Christopher Waller and St. Louis Federal Reserve bank president James bullard have signaled that the topic of a faster taper might be on the table when the federal open market committee meets December 14th and 15th A faster reduction in the so called quantitative easing program would give policymakers an earlier opportunity to increase interest rates from near zero That's if they think it's necessary to keep the economy from overheating Susanna Palmer Bloomberg daybreak Asia All right well the United States rating for a possible quick large scale move into the Ukraine Let's get that another global news out there as we get into a Bloomberg Denise Pellegrino That's.

Chinese government colm Kelleher axel Weber governor Andrew Bailey Federal Reserve United States China foreign exchange committ Asia Pacific China Brian Hank UBS Morgan Stanley Bank of England Rosalind Chen Bloomberg Japan
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:56 min | 9 months ago

"axel weber" Discussed on Bloomberg Radio New York

"All the money sees by the services criminal investigation unit over the past fiscal year was cryptocurrency Brian shook reports The unit recovered $3.5 billion in crypto over the fiscal year which equals to 93% of overall seizures This comes as crypto has become the main form of payment in criminal related cases from which the agency sees money Most of the $3.5 billion is from a select handful of high profile cases The IRS said next year the agency could seize even more cryptocurrency than this fiscal year I'm Bryan shook A New Yorker is netting tens of millions of dollars for a first edition copy of the U.S. Constitution Jim Forbes has the details Dorothy tapper sold it for more than $43 million through an auction on Thursday The new owner remains a mystery Seth of he says it's one of only 13 surviving copies of the constitution from the first printing and believed to be a record high sale for any document Sotheby says the money will go toward the foundation named after tapper that promotes the understanding of democracy I'm Jim Forbes President Biden on Friday upheld a long-standing White House tradition by pardoning a Turkey before Thanksgiving Peanut butter and jelly were selected for the two turkeys The one named peanut butter got the official pardon while jelly became the understudy Both birds will live out their lives at Purdue university in Indiana Biden noted that pardoning Thanksgiving turkeys dates back to the Truman administration Martin Scorsese is making a film about the Grateful Dead The untitled biopic will star Jonah Hill as Jerry Garcia the last time he worked with Scorsese in The Wolf of Wall Street he earned an Oscar nomination for best supporting actor Hill and Scorsese will also be producing the film for Apple the Grateful Dead's bob wear Phil Lesh Mickey Hart and Bill kreutzmann will serve as executive producers on the film I'm Julie Ryan And I'm Susanna Palmer in the Bloomberg news room Two of Europe's banking giants picked the leaders who will help them navigate their next era UBS group today nominated former Morgan Stanley president colm Kelleher to succeed axel Weber as chairman next year A day earlier Deutsche Bank proposed a Dutch insurance veteran Alexander wyden's four chairman replacing Paul ack leitner Patrick Orlando whose status as an operator of blank check firms skyrocketed last month when he reached a deal to bankroll former president Donald Trump's media company is scrapping one of his earlier ventures for hunting such transactions Orlando's special purpose acquisition company Yong Hong international plans to dissolve and liquidate It will redeem public shares at 10.31 cents apiece that according to a regulatory filing on Friday Yong Hong based in Wuhan China basically said it couldn't drum up enough business ahead of a deadline in the company's by laws Milk output in the U.S. is on an historic week streak potentially signaling climbing costs for dairy products More from Bloomberg's Charlie pellet Production per cow was less than a year ago for the third month in a row according to government data the last time that happened was more than 20 years ago according to Nate Don a director of dairy market inside its StoneX Group He says farmers are probably feeding their animals less the cost of grains like corn is soaring because of drought storms and robust demand labor and energy costs are also more expensive It's all hurting farmers bottom lines making it more difficult to afford feed Charlie pellet Bloomberg radio Amid the inflation surge that's rippling through the U.S. economy one of the more obscure products seeing a surge as the price of firewood Talked to firewood vendors in state after state and they'll all tell you the same thing sales are booming on the eve of winter and prices are soaring Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This.

Jim Forbes Brian shook Dorothy tapper Biden Grateful Dead The untitled bio Scorsese Bill kreutzmann Susanna Palmer Julie Ryan colm Kelleher axel Weber Alexander wyden Paul ack leitner Patrick Orlan seizures Sotheby New Yorker Jonah Hill
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:08 min | 9 months ago

"axel weber" Discussed on Bloomberg Radio New York

"The difference Bloomberg markets extensive essential and endlessly entertaining I'm not a pet person I'm a financial analyst By the way someone writes in and says I didn't realize Paul hated American values Week three mornings at ten eastern on Bloomberg radio the Bloomberg business app and Bloomberg radio dot com The White House says President Biden is healthy and fit to execute his duties following his annual physical doctor Kevin O'Connor determined Biden to be an overall good health the day before his 79th birthday Biden visited Walter Reed medical center on Friday for a colonoscopy and routine check up Democrats are celebrating house passage of a $1.7 trillion social spending bill House speaker Nancy Pelosi called the bill monumental the leader of the Republican National Committee however is calling it wasteful spending by Democrats The spending package will expand the social safety net while combating climate change Kyle rittenhouse is speaking publicly after being acquitted of all charges in his murder trial The 18 year old was found not guilty on all counts Friday for fatally shooting two men and injuring a third during protests in Wisconsin last year after the verdict written house spoke to Fox News host Tucker Carlson about the jury's decision and said quote I believe they came to the correct verdict That's the latest I'm Julie Ryan And I'm Susanna Palmer in the Bloomberg news room Two of Europe's banking giants picked the leaders who will help them navigate their next era UBS group today nominated former Morgan Stanley president colm Kelleher to succeed axel Weber as chairman next year A day earlier Deutsche Bank proposed a Dutch insurance veteran Alexander Wyatt's four chairman replacing Paul ack leitner Patrick Orlando who status as an operator of blank check firms skyrocketed last month when he reached a deal to bankroll former president Donald Trump's media company is scrapping one of his earlier ventures for hunting such transactions Orlando's special purpose acquisition company young Hong international plans to dissolve and liquidate It will redeem public shares at 10.31 cents apiece that according to a regulatory filing on Friday Yon Hong based in Wuhan China basically said it couldn't drum up enough business ahead of a deadline in the company's by laws Milk output in the U.S. is on an historic week streak potentially signaling climbing costs for dairy products More from Bloomberg's Charlie pellet Production per cow was less than a year ago for the third month in a row according to government data the last time that happened was more than 20 years ago according to Nate Don a director of dairy market inside its StoneX Group He says farmers are probably feeding their animals less the cost of grains like corn is soaring because of drought storms and robust demand labor and energy costs are also more expensive It's all hurting farmers bottom lines making it more difficult to afford feed Charlie pellet Bloomberg radio Amid the inflation surge that's rippling through the U.S. economy one of the more obscure products seeing a surge as the price of firewood Talked to firewood vendors in state after state and they'll all tell you the same thing sales are booming on the eve of winter and prices are soaring Global.

Bloomberg President Biden Walter Reed medical center Biden Kyle rittenhouse Julie Ryan Kevin O'Connor Susanna Palmer UBS group colm Kelleher axel Weber Alexander Wyatt Paul ack leitner Patrick Orlan Republican National Committee Tucker Carlson Nancy Pelosi young Hong international White House
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:29 min | 9 months ago

"axel weber" Discussed on Bloomberg Radio New York

"In my view there is some structural elements that are not just transitory or temporary If you assume as in aid that monetary policy and government spending remains extremely expansionary then I think we get more structural problems that we run into So that was axel Weber there Now the DBS group CEO bus Gupta says that inflation is getting a lot more structural And yet even more reactions searching inflation in the United States these St. Louis fed president James bullard says the Central Bank should speed up its reduction of monetary stimulus The inflation rate is quite high the core PC inflation rate that committee's favorite measures about 3.6% That's the highest it's been in 30 years So I think it behooves the committee to tack in a more hawkish direction We could move faster We kept optionality on this that we could speed up the taper If it's appropriate speaking to lumber surveillance bullard said the committee would also have the option to raise rates while the taper is going on If it wants to move faster Well let's just stick with the fed for a moment because President Biden has told reporters to expect him to announce a nominee for chair of the Central Bank in about four days That story from Bloomberg's Charlie pellet Biden is weighing whether to reappoint Jay Powell as leader of the Central Bank He is also interviewed fed governor lael brainard for the job who is preferred by some progressive lawmakers and activists A source says the president has not yet made a decision and The White House is seeking input from senators to insure either Powell or brainard will get the votes needed for confirmation In New York Charlie pellet Bloomberg daybreak Europe And back to Bloomberg's new economy for him because a particular focus of the world leaders gathered in Singapore is the growing U.S. China divide and the outlook for the relationship China's vice president Wang ishan opened the forum calling for the world to work together to boost global economic growth China can not develop in isolation of the world And nor can the world develop without China China will not waver To deepen reform and expand opening up Wang said Beijing would continue opening up to foreign investment at a time when more countries are raising barriers over national security concerns Yeah we'll also speaking at the new economy forum we've mentioned this Henry Kissinger who said that the Biden Xi summit is a good beginning for both nations to avoid a conflict and will have to be followed by concrete discussions And staying with China sources say Beijing is stepping up its plans to replace American and foreign technology A panel leading the effort is vetting global suppliers run local suppliers in areas from the cloud to chips here is Bloomberg's Peter on what triggered a plan Tensions certainly rose pretty sharply during the Trump administration and in particular they blacklisted Huawei They even pursued this legal case against the CFO of the daughter of the founder That was kind of an alarm bell going off for the authorities in Beijing that they really could not rely on supplies from the U.S. 1800 Chinese suppliers of PC's chips and software have been invited to join the committee so far with hundreds of local companies added just this year Those are a few of our top stories for you this morning Let's get over to Bloomberg's.

Central Bank axel Weber DBS group St. Louis fed James bullard China President Biden Charlie pellet Biden Jay Powell lael brainard Bloomberg Charlie pellet fed Gupta Wang ishan bullard U.S. brainard Beijing
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:57 min | 9 months ago

"axel weber" Discussed on Bloomberg Radio New York

"It's all about inflation and we have some fresh data hitting the ticker Yeah and it's red hot we were expecting UK inflation to be strong but it comes in at 1.1% month or month for the CPI reading here in Britain The actual number for the year on year inflation print is 4.2% even the survey numbered only expected inflation to come in at 3.9% So those are significant beads Yusuf this as we were expecting the spike in energy costs to drive up inflation October and April are the only two months in the year when the energy price cap is set by the regulator off gem but that print on UK CPI is even hotter than many had expected Yeah let me get you some of the market action right off the bat of this into the cable trade at one 34 60 we're up about a 5th of 1% just giving back a little bit after the numbers hit the wire In terms of the broader market so that stay would form currencies to Bloomberg dollar index is just a marginally higher on seams coming off a one year high Remember that we had comments important comments from St. Louis president James bullard saying you know what Maybe it's time to speed up the reduction of monetary policy in response to what is being seen around inflation in the United States You have the pairs you're the only one 1301 also a little bit of downside there In terms of stocks in Asia trade the nikkei down two tenths of 1% and Hanks saying down a third of 1% stocks in China just barely above the flat line U.S. equity futures on the S&P 500 looking for direction after the notable moves we saw overnight currently just barely above the flatline on the S&P 500 mini Euro stock future are just a little bit lower indicated as we speak I want to get to the rates markets as well U.S. tens at one 64 foreign holdings of treasuries are near a record in September and commodities just coming off here across the board that includes precious metals and it includes Brent at 81.96 cents a barrel down 6 tenths of 1% mister Biden and his counterpart in China they've spoken about a potential coordinated release of strategic reserves That's getting factored in Carolyn Yeah absolutely So that's a look at the markets more broadly Let's delve in with a bit more detail in terms of the UK inflation picture and bring in our markets live editor nor Al Ali So as yussuf was mentioning the powdered extending gains this morning October consumer prices rise 4.2% year on year even hotter than the prediction 3.9% Yeah absolutely and good morning Caroline and you said well this is a near ten year high and obviously it's very relevant when it comes to the rates debate The pound is I mean if you see the cost against the Euro that is at the lowest in 21 months So that's quite a drastic move this morning to the year And we've been looking at the foot to 100 futures and they're down And this is the market looking at the hot inflation print that we've seen down time again in the U.S. and other developed economy and it's a very big deal a few to really think about what that puts the BOE at the moment Yeah so why don't we flesh that out then in terms of the labor data we had overnight from the United Kingdom Now you have this particular inflation print Is there likely to be a shift in terms of what economists are expecting come December Well look I think economists are so even though the range even though the expectations were at 3.9 the range put them at between the highest was 4.1 So it was one tenth of a percent higher than expected And this is something that we've seen constantly now with inflation even under the U.S. last week Now what are more interested in seeing is where money market sales start pricing rate hikes They are pricing a 15% rate hike in December We have seen the Bank of England Bailey and the monetary policy panel really pushed back on raising rates because you've got two problems currently impacting the economy We've got breastfed We're still really from the also have COVID So those two things with supply chain concerns are the even putting the brakes on the recovery There are very few signs of easing And now we're even expecting demand to soften over the winter because you've got little fiscal support I mean the view is really started withdrawing that court and inflation is rising So I don't expect the situation where the Bank of England can act as soon as this but this is quite worrisome Yeah October factory input into the UK in terms of prices rising 13% versus a year earlier So that is the inflation story here in the UK Thank you so much for being with us No I'll Ali feel our market comedy and analysis check out markets live ML IV on your blue bed terminal Yeah it's a regular destination for me as well every morning Let's get to the Bloomberg new economy forum now taking place in Singapore this week Bloomberg economics chief economist Tom or electron joins us from the event Tom what are some of the big themes taking over the conversation at the forum on day one Is it inflation supply chains So there's some big conversations going on here Yusef We've got China and the United States in the frame with vice president wearing qishan dialing in from Beijing and Henry Kissinger dialing in from the United States and comma secretary ramondo here in Singapore All sharing different views on how that relationship is going to play out Another big conversation going on is around inflation And we've had the chairman of UBS axel Weber and the CEO of one of the biggest Singapore banks DBS both expressing concern that you know what inflation doesn't look transitory to them They anticipate high prices sticking into the months and maybe even years ahead Okay Tom just in terms of the rhetoric from China the vice president speaking with an address to the new economy for him how much of that address around keeping China open to the world is seen as rhetoric versus versus reality on the ground where you are in Singapore So there were some familiar themes from Wang Xi Shan He talked about maintaining China's openness to trade and investment But of course for many of the people from the U.S. there's now a certain amount of skepticism around that We had commerce secretary ramondo questioning whether China was living up to its commitments to protect intellectual property and boost their imports from the United States And strikingly we had Henry Kissinger who don't forget was the guy who opened China to the world without historic Nixon marrow meeting saying that China and the U.S. now stood on the precipice And there were two possible paths a cooperative path and a conflict path And the cost of that conflict Kissinger said would really be catastrophic Tom a great catching up thank you for giving us some of the highlights from the Bloomberg new economy form that is taking place in Singapore It's going to continue over the next few days Yeah absolutely Three day event just want to bring you though a little bit more sound from the new economy forum because actually we've had some interesting comments from the heads of a couple of global banks predicting an uncertain time ahead for the world economy because of rising inflation which have been talking about two here in the UK this morning So according to the UBS group chairman axel Weber the world may see uncomfortably high rates of inflation for one to three years In my view there is some structural elements that are not just transitory or temporary If you assume as in aid that monetary policy and government spending remains.

U.S. UK China James bullard BOE mister Biden Al Ali yussuf Yusuf Hanks Singapore Tom Britain
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:37 min | 9 months ago

"axel weber" Discussed on Bloomberg Radio New York

"Doing They got lean They were able to be very productive They got efficient They're squeezing out very very good profits And maybe it's elevating equities as an asset class smart I think that's an excellent point So it's standing for because you're right it's not just the fact that there's been pumped in liquidity We have seen just an incredible strengthening in corporate profits The one big disclaimer around that is that we've seen that from some of the big names or things that are leading names really do better and better The problem is without a better liquidity that system with that credit backstop provided last year by the fed And of course that support around the world We are seeing the survival of more zombie banks Now they're not showing up as strongly in indexes because these are smaller companies They're not growing as fast They're not as efficient And therefore they're not doing as well But we are creating a bigger terrorist So yes some of the biggest and best companies are doing even better But there's lots more zombie companies that are really struggling Okay Mark cuddler thank you so very much We will let you get back to the new economy forum there in Singapore and see what more ideas you can glean He's global managing editor of Bloomberg markets live And speaking of the new economy form just about an hour ago Bloomberg's Eric schatzker sat down with Stacey Cunningham president of NYSE group piaget Gupta CEO of DBS group and axel Weber Chairman of UBS group on a panel of the Bloomberg new economy forum They talked about the new paradigm for global business Stacy Cunningham started the conversation by telling us what she thinks it's like Well there's definitely a new paradigm for global business And I'm not sure that any one of us up here can tell you exactly what that's going to look like just yet because there are so many unknowns And there are so many things happening at the same time And their interaction is really what is going to decide and determine what the future of business looks like And in so many of the topics that Eric mentioned are related to that and woven into that but it's other things as well And some of them are driven by the consumer consumer wanting a more direct impact on their choices employees wanting a more direct impact on how they decide what they want to do what flexibility they want the wages where they're working what industries they're in There are so many things happening at the same time with also looking at the global D globalization of so many industry So it's definitely going to change but I'm not smart enough to tell you what it's going to look like Who is Well Eric I think we've also now first of all I think we've seen the dots but we haven't it's going to take us quite a few years to be able to connect the dots to see what the new paradigm looks like I do think though following on Tracy's comment about the individual I think one of the things this whole debate about climate reaction COVID is really the first major sustainability crisis And it's game changing But I think that also reintroduces this whole discussion of the common good And I think the expression of the common good is something we're very conscious of but it varies culturally and it's something that the Americans talk about And it's obviously something now the Chinese very much talk about in the context of common prosperity And the recent plenum So I think we need to add to Stacy's point the individual and this sort of me orientation particularly in very much in the American economy to the notion of the common good and how the new business model is going to address the common good Senator if I can come in So first of all I'm not in the camp of the world as D goal blessing and maybe we'll talk about that separately One of two messages First is I don't think there's just a new.

Mark cuddler Bloomberg markets schatzker Stacey Cunningham NYSE group piaget Gupta DBS group axel Weber UBS group Stacy Cunningham Eric fed Bloomberg Singapore COVID Tracy Stacy
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:33 min | 9 months ago

"axel weber" Discussed on Bloomberg Radio New York

"Two years ago in 2019 Some of the major names speaking of the Bloomberg new economy forum including the former U.S. Secretary of State Henry kissing just saying the U.S. China relations are at the foothills of eco as we go into the Xi and Biden virtual sum of this evening These are some of the names that will be joining the Bloomberg new economy form this week Gina raimondo Henry Kissinger Noel Quinn and axel Weber to name but a few as well as policy makers Discussing where we are I mean if you look back and I printed it off two years ago this was the new economy brief China cautiously optimistic on a two year deal You flick it over Tech sectors under strain with a trade war and Paulson calls the D list in a terrible idea I mean it's hard to imagine what progress we have made over the past two years but these subjects will come to light over the next couple of days with no axle and Gina ramondo But markets are what perhaps will drive the narrative as it always does Where do you invest going into 2022 I take you to DA YB go It's on your Bloomberg terminal Yes it's Boris Johnson reeling this morning under political pressure But if you go into the depths of day this is the narrative This is about dividends and equity markets going into 2022 Maybe you want to be assured on this $1.46 trillion worth of dividend to come to birth This will be from the mining industry from the banking industry These will be the stalwarts that will deliver.

Gina raimondo Henry Kissinger Noel Quinn axel Weber U.S. China Biden Gina ramondo Bloomberg Paulson Boris Johnson
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:02 min | 2 years ago

"axel weber" Discussed on Bloomberg Radio New York

"Chairman Axel Weber says the newly appointed CEO rob Thomas is the right person to drive the land into digitalization as I've done with lab on the sidelines of the G. twenty to discuss the plans this is for us the right point to make the change and if you asco CEO he said that in a press conference this is the right point what you need to make a change but he also said there's never a right moment and we're been into bank post nine years we decided it's good for the bank business as usual to do a stage transition and that's what we're doing we did this you know most of what we did over the last few years we did together we were in complete alignment on this and so this is this this was pretty well agreed between us senator if you harmoniously agree that this was the moment or it was it was a meeting of minds we deserve what is more important for surgery hi is can we embedded in the culture of UBS some of the changes we made beyond our own time there we felt that both from was was a very good culture fit for the bank he's somebody who's very entrepreneurial he's also somebody that has a high energy level is very driven and to to basically innovate and his innovation skills are more into digital part and I can tell you finance and investment in wealth management are changing as much as retail banking move into more digital markets and that's what he has an expertise that's why he hasn't matched his negotiator in digital innovation and you might have seen some of our competitors have just moved into more digital wealth and asset management services that's what we need to go to court clients are changing to become younger to becoming more digital more transactional and we need to respond to that you had a very strong internal candidates a number of internal Candace but some in kind of assess the CEO was one of those why do you not she's she's been tastic the person died I had a conversation with her immediately afterwards like always there is a race and somebody makes the line but they're very good people that follow on the the places and I'm I was absolutely sure both for her for a Buck on for payroll and drop for Tom all of the executives I talk to in the aftermath of the decision we communicated to them that we rely on them to drive forward the future of the bank we've we've been tested people you're absolutely right what did you did you miss an opportunity to make history of her woman in that position a qualified woman absolutely we have I'm I'm very strongly in the gender of the gender balance I I you know I run the conference every year well basically it's called women in finance were we trying to mentor women in finance for us the issue was we're going through massive changes at the bank we need an experienced seo to navigate that extraction to basically write the next chapter of the bank and he is somebody that in particular in the area where it comes to moving more often world's management onto platforms has some experience and to.

Axel Weber rob Thomas Chairman CEO
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:57 min | 2 years ago

"axel weber" Discussed on Bloomberg Radio New York

"I was actually for no for playing PTO bag of delays with the smile on your face for all the diseases have been taken off I'll take a tax welcome back to the best of daybreak Middle East Australia says the economy is pretty resilient despite the effects of the corona viruses having on its biggest trading partner China the country's treasured Josh Frydenberg spoke to my co anchor years ago Malden on the sidelines of the G. twenty in Riyadh in the March quarter to the treasury still working through the numbers of issue that will depend to some extent on how long the travel restrictions are in place but are we ready saying an impact on the strand economy in terms of international tourists in terms of international students to major sixes across the economy there's also some disruption the international supply chains with a number of Chinese factories remaining close so we'll continue to monitor the situation but we do know that he's trying to call me is remarkably resilient what some of the voices coming out of the T. twenty saying that this might be a chance to reflect on some of the developed economies dependence on China what's really is arguably one of the one of the countries at the top of that list would you agree actually with with the assessment to begin with is Australia too dependent on China we have embraced China's economic success and they would be a great beneficiary of it and so to have the Chinese people I mean hundreds of millions of people have been lifted out of poverty and destroy it has been able to export to China not just resources in agriculture but increasingly a services well and we welcome the fact that China has become such an economic powerhouse in terms of our exports about a third of those go to to China in terms of international students and the number one source of international students into a strain so too with the international and tourists and we have seen since the sars epidemic back in two thousand three the Chinese economy is now four times because of the impact of the crying of ours will be more significant obviously the global economy in two on the strained economy but we have done this fund in terms of and our relationships with countries like Indonesia we recently have into free trade agreement with them with supported and embraced and concluded the multilateral trans Pacific partnership as well as having free trade agreements with Japan and Korea you mentioned the you came into the E. U. give a timeline in mind for reaching an FTA with a look in terms of the United Kingdom following brexit you know I think will be a very early cab off the rank in terms of working through the details through a formal negotiation process both prime minister Boris Johnson from the Cisco Marcin have talked about the priority of that deal and I think our economies are complementary in in many respects and already in the United Kingdom is S. second biggest investor and that relationship is very strong with the European Union we've already concluded a number of rounds of trade negotiations no doubt that will accelerate over the period ahead and again that relationship is an important one it's a diverse one and a free trade agreement will be in the interests of both the European Union and stress and with the U. K. what is realistic in terms of a time line is that something that's going to be by the end of the year maybe by twenty twenty one I think as soon as possible and with as you know with all these agreements there obviously issues that both sides want to push and they have to be negotiated the RBA has delivered three rate cuts and the conversations we've had suggested it hasn't really come through with the kind of results that investors were hoping for yes it's invigorated price growth a little bit when it comes to housing unemployment up five point three percent or two five point three percent last month is it time for the government to start taking more steps on the fiscal side well in terms of monetary policy a run is being combative with the catch rate coming down the point seven five percent which is the lowest on record in terms of the housing market stabilizes and it is stabilize prices have started to rise and that's a good thing because household consumption is around sixty percent of GDP and if people are confident in the value of their homes the name of confident to to spend across the economy in terms of fiscal policy which is the remake of the federal government and and me particularly as treasurer we have brought forward infrastructure spending just over four billion dollars in now I mean G. economic and fiscal outlook statement which was done prior to Christmas I will announce the more than a billion dollars of extra funding and support in relation to the draft since the last election and we recently announced a two billion dollar national bush fire recovery fund without increasing taxes which is over and above existing payments and allowances we provide to the states so there is a number of programs which has seen the government spend in the areas of Nate but we've also being successful in bringing the unemployment rate down coming up T. V. S. Chapman gives us more details around the landers succession plan our interview with acts of that but that's next this is been UBS chairman Axel Weber says the newly appointed CEO rob Thomas is the right person to drive the land into digitalization as I've done with lab on the sidelines of the G. twenty.

"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

11:20 min | 2 years ago

"axel weber" Discussed on Bloomberg Radio New York

"Our breakfast at the Bellagio in Las Vegas looking forward to that but much more on global Wall Street UBS with management changes we spoke Axel Weber he said all that matters is wealth management in this bomb shell trade we'll talk a lot about in the hour postmedian time kings futures it negative eight yen one twelve I believe the market out of it right now it would Carol do great data checks through the hour as well should only bass circle speak with James Gorman look for that later a Bloomberg radio Bloomberg television at worldwide before we get to David Wilson Paul I want to go to the fabulous top live blog on the Bloomberg folks yeah I say use of you so Michael Bloomberg last night in eagle what is a terminal why do people have the terminal that is made Michael Bloomberg get on stage and topple live blog is truly one of those differentiators of white people by a Bloomberg yeah we have so many smart people in Bloomberg news that focus on you know particular beats in it so in this case Morgan Stanley it's called the big day yeah exactly as we have a lot of great reporters who cover the financial services beat and the really giving us their thoughts real time on the deal on the details of the deal on the conference call as it okay but it's like lemmings off a cliff somebody does something and everybody else closely to the points of the top one blog do you just assume is gonna be a feeding frenzy in asset management I think you do I mean I think you know you look at the Legg Mason exactly right you look at the pressure on fees Tom marks consolidation on the cost side and I think we're seeing a little bit of that today what's amazing is he of the first count cursed account in New York City with Charles Schwab and seventy five we bring in David Wilson David if only I had it back then I was barely paying attention I was in high school use three D. trades up more than twenty four percent in early trading after accepting that takeover offer from Morgan Stanley the deal that a thirteen billion dollars in their mind it's only been about three months since Charles Schwab agreed to by TD Ameritrade for twenty five billion dollars a year you mentioned Legg Mason and certainly what's going on the discount brokerage industry is is made very similar now Morgan Stanley shares are down four and a half percent in early trading interactive brokers still out there independent up three and a half percent so there you go yeah hi you could call it a takeover Thursday if you like we got a couple more deals to mention marathon petroleum's up four percent people familiar with the matter said the owner of convenience store chain seven eleven is an explosive talks about Americans gas station unit speedway for about twenty two billion dollars they said the deal may be reached as soon as next week we're talking about Japan seven I holdings by the way okay they own several I thought of wisdom today try hands down eleven percent the retailer Riel fifty five percent stake in a laundry chamber Tory secret to private equity firm sycamore partners the deal that is the business of one point one billion dollars and L. brands founder Leslie Wexner will step down as chairman and CEO in the same store sales just one happened right what happened to that brand I mean it was power house for so many years and then things changed other than me to wear and certainly Victoria's secret has suffered no from the way that site is shifting right was continuing Viacom CBS down nine and a half percent the music of the fourth quarter revenue trailed analysts Lois testament a Bloomberg survey and bear in mind is the first results since Viacom and CBS reunited after fourteen years apart why is it CBS side Viacom side now I think it's just get kind of advertising in general these some of these brands here in the cord cutting is a kind impacting the cable and cable network business yeah Michael Nathanson I'm sure yeah yeah opinion on that yes to actually also by the way down to percent they also had four hundred and sixty eight million dollars in restructuring of the corporate cost so there you go quick run through earnings you've got the real estate companies two classes of shares both up more than forty percent they had a narrower loss and higher revenue last quarter the else expected domino's pizza up eighteen percent the restaurant chain's fourth quarter results showed sales beat the average as for the first time in seven quarters are results top projections pizza do we just find beer not so much specifically bossing their pizza and beer well you know Boston beer the owner of Sam Adams and truly hard sell to by the way down five and a half percent fourth quarter earnings lower than estimates so is a proper forecast for the year one more all right since we started with deals will end with the deal a desto technology so most active stock in early trading up fifty five percent they make chips that are all about the internet of things I yes I exactly exactly I TS a desk to agree to be bought by the U. K.'s dialogue semiconductor it's an all cash deal valued at three hundred and eighty million dollars David Wilson thank you so much this is a joy he is a former chairman of the securities exchange commission but it's in the heritage of our political system as well with his father the former controller for New York state Arthur Levitt senior we welcome the junior last time we talked too was on the fractious nature of the Westminster dog show you've been affiliated with democratic politics I'm I'm just honored to ask you this question how did we get from Kennedy Nixon to what we observed last night Arthur Levitt I guess we got to it by virtue changes in technology and a much more fractious environment Kennedy and Nixon was absolutely apple pie yeah compared to the kinds of feelings raw emotions out last night this was a this was a tough night for all of the participants are this was in the trenches battling for survival yeah I need to sing and we saw this last night folks and we'll do it again on Tuesday Kevin's really the join us later in the hour Arthur Levitt there's any number of ways to go on Morgan Stanley any trade I don't ask about the minutia of and I know you're not focused on that but you can be focused on this wonderful desire to do digital banking in the pending or rollout of global Wall Street in search of profits or the marginal profit do we do we have risk or harm if we execute a did you a rollup of global Wall Street I don't think so I think there's the normal harm of any any change or any role but I don't see it as being significant enough to say be careful were about to go on the rocks hi you you've got a discount broker merging with the Wall Street firm I think it's it's our very special occasion I think it's going to work because this great talent on both sides of that deal so I think this represents a sea change so Arthur you know what and I know you said you so many so many years on Wall Street when you think about Goldman Sachs when you think about Morgan Stanley you think institutional investment banking you know corporations governments you don't necessarily think retail but we're seeing these big institutional investment banks really embracing the retail side of the business what do you make of that that's where the money is and I think they recognize it they realize particularly at this time in history where our markets have never been more enthusiastic more favorable that's where the money's going to go Wall Street if anything is opportunistic and they see that individual investor is trumping everything trumping you know to tional investment and that's where they're going that's why we're seeing these changes we make note Arthur of your commentary to that believes in the times will talk about that next time Arthur Levitt from an elevator we think of today because he's a former chairman of the securities exchange commission and Bloomberg LP board member as well I want to focus in for him to get a little geeky here you can go to the Bloomberg and go in a a P. L. equity W. A. C. C. and you get this glorious screen of CFA level three weighted average cost of capital and all you got to know is it's a matrix of about five studies of the return of the profitability of the good news for any given corporation impose you know there's a little chart you click on the buttons get in instantly I get the return on investment capital for giving company eat trades vectored back nine years of are all I see is really pretty good I mean it's not like a terrible companies Arthur mentioned there that you know it's a hell of a franchise but there's no revenue growth future what's it mean for company when there's no revenue growth futures interesting timing think if it can take a look at this discount brokerage business and you see the likes of Charles Schwab going to essentially you know zero cost for a lot of equity trades anything about where is that revenue visibility but it comes down to you know they're sitting on so much of investors cash that they earn a return earn on that cash and they get the the the structure but you know it's interesting it's it's about one of your favorite words scale scale is showing is nineteen twenty thousand employees he tried his four five thousand employees the management has to fold in the medical costs the the medical costs of those four thousand employees that alone to feature revenue build yeah it's interesting if he you look at each trade it's a company that it's just a you know they got about almost about two point nine billion two point eight billion of revenue but I'm looking at the the FAA screen on the Bloomberg terminal I don't see a lot of revenue growth there and and forecast you know this profits they're certainly but I think he will if you're Morgan Stanley you're saying Hey we have to double down on the retail side of our business should only be a sick with James Gorman later today Bloomberg radio Bloomberg television with the news in New York City here's Michael bar John Paul thank you very much Michael Bloomberg came under fierce attack from senators Elizabeth Warren and Bernie Sanders within the first few minutes of the democratic debate in Las Vegas last night they took hits on the amount of money Bloomberg has spent in the presidential race some comments he made about women meanwhile former vice president Biden talked about healthcare policy changes I don't want.

Bellagio Las Vegas Axel Weber
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:21 min | 3 years ago

"axel weber" Discussed on Bloomberg Radio New York

"I'm Karen Moskow. It is eight seventeen on Wall Street futures this morning are moving lower. But you go to the first word breaking news desk for today's morning call. Here's Bill Maloney. Good morning Bill. Good morning. Karen, US futures have added to their losses since the last time we spoke after the Caterpillar results Dow futures down one hundred and seventy four points has dropped fourteen and NASDAQ futures declined by forty one the US ten year that you point seven six percent and trading lower Asian markets were mixed overnight. While European markets are also trading lower led by losses in Italy. And Spain back in the US on the economic front at eight thirty Chicago fed at ten thirty the Dallas fed regarding earnings this morning. Caterpillar EPS missed the lowest estimates shares it down six percent in the pre market and in deal. News integrates and versa. Materials to combined in eight nine billion dollar merger of equals and in other news Microsoft's price. Doug it raised through street. High one fifty at Bank of America and Wells Fargo said the ultra. Reids selloff is overdone wrapping things up Wayfair was upgraded to outperform at Credit Suisse to an upgraded to neutralize J P Morgan. And you steel upgrade its equal weight over at Morgan Stanley live from the first year breaking news desk. I'm Bill Maloney. Karen? All right Bill. Thank you. And to hear live breaking news of your Bloomberg type squawk on your terminal s-q-u-a-w-k. That's a Bloomberg business flash. Tom, and John Sharon, thank you so much. Eliza Martinuzzi joins us now with Bloomberg opinion Eubanks in Davos, it was painfully painfully evident the frustration over EU banking to find that frustration. Why are people saying let's go about e you banking? I guess if couple of numbers, you know, the European banks trading on a at a fraction of the of the book value an indication of just little confidence. And that comes as when you look at that. It's quite possible that profitability may have peaked for the site. So if you look at those two together, that's the reason to be pessimistic. I would agree. I would I would argue a little bit of hope this morning Elise around the deutchebanks story in the potential of them securing funding. Can you walk us through what we've learned in your team over the last couple of days? What would it seems as the tires have been talking about putting more money in Deutsche Bank for some time? Now, of course, they came in a few years ago and been losing a lot of money on those on that investment and the chatter in the last few weeks have been there is intensifying discussion that involves the government about a potential deal combat combination with comets Bank. So it's possible that the Qatari investment would be a part of that. It's not really clear. Yes. I would say. But it does seem as if discussions are indeed exonerating and something may may be coming to fruition for many of our listeners with that story. Recycled many many times over the last few years. Why is it more serious this time around the real potential? The you have these two big German banks get together and finalize what many have speculated to happen for many many years now for now, it's hard. It's a little bit difficult to tell because as you'll recall in two thousand sixteen when Deutsche Bank faced a large fine from the US. There was talk about liquidity starting to leave the Bank, and it certainly felt that there was the tunnels Oni hours a lot faster. Then now just seems that you know, the the Bank could just continue as it is for an indefinite amount of time. Yes, it does sound as if Germany is isn't isn't comfortable with sitting around watching how that might unfold or there may be an exaggeration shock is just our understanding St.. Errands, and our other reporters that is this institutional sovereign wealth fund slash nation cutter deals with the Bank of Germany. What's the stance of the German government? I mean, are they actively involved in this negotiation or they invited to the soiree to understand that discussion or they removed? Well, they are involved insofar as if discussions. Involve the comments of which there still a shareholder by default. They will definitely be involved. And what we picked up in the press of the last few weeks is that, you know, the diaries of the various German government officials have been very busy with me sings with various members in financial services industry can cutter demand a merger of Deutsche Bank and Commerzbank. Qatar is one key investor and Deutsche Bank. I don't think they have. They don't have the power to do. At least it can we say why Deutsche Bank and Commerzbank a better together than apart. Well, you'll find a lot of disagreement on that actually because you know, for for starters to ailing banks together, I don't make a strong Bank as we all know. And it also doesn't really address the competition issues in Germany. That comes from the publicly by publicly backed lender. So it's the publicly lenders that undercut competition, and they're quite happy to do away with the margins off achieve funding and putting together Deutsche Bank, a comeback isn't going to address that having said that if you are able to. To put together a large cost cutting program. Then certainly insofar as Deutsche Bank of Commerce, Bank, prospects, go could improve. And it was fascinating in in Davos, just hear the undercurrent on the Eubanks. Lisa martinuzzi. Here's a Bloomberg opinion for decades, helping us Eubank. She's a font of wisdom. She is on E U banking in the whole thing and axel Weber. Again, was brilliant on this. What's it gonna take to fix this? It's so different. It's so foreign to be clear here. I don't want to make this very clear. I'm not talking about the banking situation. In germany. I'm talking about the whole situation as always with Europe. It's the next crisis. The pushes the Europeans to do the right thing. The problem on the European banking side after the first financial crisis and used the word I because they had a second one in the eurozone debt crisis is the Europeans believed, the growth would ultimately bail out the banks. Exactly, and they didn't recapitalize the banks in the way the Americans did. And it just turns out every year that passes the European solution to both crises was a total mess. Outgrew them. Joe Stiglitz was very pressured on this writing about the little g the growth rate of these nations the gross rate of these industries, including banking, and as you say, it just has been there are we right John? We go into February with a one or one point. Ex- real GDP. Nearly no let's be clear on year. I mean, it's it's pretty ugly. Percent nominal GDP and one can president. Mario Draghi to about it. He's talking about another round of potentially another round of long term refinancing operations for the banks. I don't know if that gets sit down German two year fractionally better than it was a week ago negative point five seven and German tenure John been watching daily.

Deutsche Bank Bank Bill Maloney Bloomberg Germany US Karen Moskow Bank of Germany Deutsche Bank of Commerce Bank of America Davos comets Bank John Sharon Eubanks Commerzbank Italy Morgan Stanley Microsoft Spain Chicago
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:12 min | 3 years ago

"axel weber" Discussed on Bloomberg Radio New York

"We welcome Jonathon Farrow, and Tom Keene here really day one of these meetings as well and every year, John there's there's losers people struggling there's always one person with a jump to their step in investment. And it's gotta be reykdal. Alert a hedge fund trauma this year and with a cautious view in October. In December radio Bridgewater associates. Look here is Mr. Delio. I think over a period of time there's productivity and the growth rate of productivity is the most important thing. You learn more you invent more you become more efficient in that rises. Then we have cycles around that we have a normal business cycle short-term bad cycle. And then there is a longer term debt cycle, which has to do with the capacity of leveraging up being limited when you approach zero interest rates or limitations in terms of the effectiveness of quantitative easing. So that framework is what I use when I'm looking at China when I'm looking at any country. I think we make. Bigger picture. I think we are in the later stages of the short term that cycle. Meaning maybe within the seventh or eighth inning of that. And that there was an inappropriate mistaken desire to tighten monetary policy at a level that was faster than the capital markets could handle and as a result, we had a correction we had seventy basis points change in rates. We had a an important change in fed policy regarding the what the direction of fed policy will be in that tightening. But we're in the later stages of the cycle when asset prices are fully were fully priced and Stiller somewhat fully priced. I think the key question like women look at each country when we look at China look at Europe look at the United States. We will be nice slowing economic environment. That growth rate will slow. Probably in the self-reinforcing process. I think but the question really is whether monetary policy is denominated one's own currency. These are all cycles the cycle in China. I agree. It's one of those cycles people pay attention to but they have the power of the debt is in their currency. They can handle that that cycle. But there is a weakening there. There is a slow a slowing certainly sub-standard growth rate in Europe, and in the United States, there will be significant slowing in that particular period, which would warrant an easier monetary policy, the bigger issues, so these are the cycles, and then there's constraints a monetary policy for being able to deal with that. Then the bigger issues really connected to politics, and the economic policies associated with that, for example, when we. Cut corporate taxes, and we also made interest rates low enough that it was attractive to borrow by financial assets. Particularly by companies having mergers and acquisitions that caused a lot of growth in corporate debt, and that growth in corporate debt was used to finance those purchases which supported the financial markets. So that is going to be less. So I I think that probably next year the slow up, and then the beginning of thinking about politics, and what that might affect economic policy beyond something like the talk of the seventy percent income tax, for example, will play a greater role. So I think that that's covering the world you as we are live in a world economy, US Europe, China, all of those will be experienced a greater level of slowing probably a greater level of disappointment. I think there's there's a reason. Chance that by the end of that. Monetary policy and fiscal policy will become easier. Relative to what is now discounted in the markets. Radio Bridgewater associates, John, you're looking at a single digit world in the psychology of poor returns away from Mr. daily ios success. What I noticed I might trip in Europe is some double digit excitement. There's a small group of people here in Davos in London worldwide. Say wait lose the gloom equities are priced out before let's talk about some of the gloom. I'm not relying on the intent attendees to tell us that global growth is slowing down market is might that conclusion this once again, I want to know for the World Economic Forum how policy makers are going to respond and not find right down. He goes comments. Interesting is the idea that fiscal policy and monetary policy needs to be easier. Now who has the capacity to have easier fiscal and easy a monetary policy in the near term future. I would say the United States army has won its monetary policy. And I would say Europe doesn't have either. And that's why I'm much more worried about the Europeans the Americans right now if we do get a co nounce deceleration in global growth in the coming years. I would agree completely with that. But it falls right over today. One here Donald is going from economics monetary fiscal over to banking and the urgency that we heard in conversations once again, Europe's gotta get is banking act together axel Weber was heated it's not like America is it to to get their act together. We're talking about consolidation. Have we've been talking about that Brian Bloomberg J screen on toners. You and Brian Moynihan talking let's go on US mergers in Europe, you think that's likely no. Demand for that to happen. For some time. So there is a concern in Europe at the moment and that plays into the mixing lights this week. And then this China what I find really interesting about the policy response in China so found on monetary policy to heavily it's not about infrastructure spending in years gone by one we've had serious allegations. It's about tax cuts and very incremental the steps taken so far the market through twenty nine thousand nineteen in the early part of it. And the first couple of weeks has basically placed the bet that global growth is going to stabilize look at what's happening in markets. Look, what is happening in China. I haven't seen that in the the idea that things are starting to stabilize the market started to the big question for this year is whether the data validates was happening. And again was so important about this. And this is a chart made perfect for Bloomberg radio. Is this a straight line and the straight line for China growth over the last x number of quarters has been lower. And there's no indication of that vector turning around vectors math talk. Oh. The dean of the Princeton engineering school. So we're using vectors a word today. Okay. Can we save that for the rest of this program? Also for those of you on radio, the sodas said the temperature. Here's dropped what forty two degrees. It's going to Kelly. Joining us in the phrasing. Kelvin interview with David Abney, the UPS CPO he's coming up very very shortly in markets right now, any Addicott of this session in New York City. Let's get you up to speed on some of the price action just task of risk aversion out there at the moment with equities a whole of softer through the morning over in New York City down by nine hundred. Frost wasteland for New York and for audience worldwide. Oblivion and on Bloomberg radio. This is the violence. This is book. Adopt US kids presents what to expect. When you're expecting a teenager learning the lingo Hon, do undo p short for being one hundred percent, sure or certain as in if we get a puppy. I'll always walk it. You don't have to speak team to be a perfect parent. Thousands of teens in foster care love you just the same. Visit adopt US kids dot org..

Europe China United States Bloomberg John New York City Mr. Delio Jonathon Farrow United States army Brian Bloomberg Brian Moynihan Stiller Davos Tom Keene axel Weber Princeton engineering school
"axel weber" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:47 min | 3 years ago

"axel weber" Discussed on Bloomberg Radio New York

"Is here. It's ten below zero Fahrenheit. I don't know. What that is celsius you here early in the morning. This show folks Fahrenheit and celsius together with says a lot about our relationship you add some important early morning interviews, didn't you. Yeah. So I know the main theme that you've been also talking about global slowdown. We'll talk about banking and the need for cross-border consolidation. Look we talk about it almost day in day out to Tom brings deutchebanks charged up every couple of days. In the beginning consolidation just because Europe is over Bank. So we all see gentium, whether we're always at some point going to get emanate and he says not yet. And he says he's been right so far. Yes. Tom axel Weber was heat. I was stunned it out axel ever talked about greater European banking. And the challenges ahead is chairman of UBS, Switzerland. Yeah. And you tried to push ups by what is ups by? But is you BS buying and he wouldn't go there. But if you look at, you know, the pitfalls of the NPL's in into the you can look at Europe is definitely banked. Yeah. But but do you have the stomach if you're a big international Bank to buy one of the smaller banks or do you need domestic consolidate the loudest, the big issue isn't as the perennial question. I want to pick on any single Bank, but due to bad banks may good Bank in Europe. I'm not sure they do know they probably don't and actually unless you have government support or the government forcing them to buy. They just don't want to go there. Now when we spoke to Degen t I'm this is what he said about cross-border consolidation. Sort of political issues and vendor is regulation, which needs to contributed to European level. About. From bankruptcy lose to the capital requirements. Until we.

Tom axel Weber international Bank Europe NPL UBS chairman Switzerland
"axel weber" Discussed on KQED Radio

KQED Radio

02:59 min | 3 years ago

"axel weber" Discussed on KQED Radio

"Now at five thirty. And we are having a little difficulty. Getting that news update on the air doesn't appear to be after the congressional race from last November's midterm elections NPR's. Joel Snyder reports that judge in Raleigh is hearing arguments in that case today on the way for the upper half of the country. Forecasters expect another cool down at the end of the week following the possibility of more snow from the storm developing over the Rockies NPR's John Snyder. Ostra nominations are coming out of Beverly Hills, California at this hour in the supporting actress category, Amy Adams, marina de Tavira for Roma Regina king. If Beale street could talk Amazon, the favourite and Rachel Weisz in the favourite world leaders and CEOs gathering at Davos, Switzerland for the forty eighth annual World Economic Forum NPR's, Gregory Warner reports with a lot of the western heads of state not coming to Davos this year. President Trump pulling out his whole delegation because of the government shutdown the DeVos's vent is tilting. A little more south and east. The opening address today will be. Given by the Brazilian president and China's making a big showing bringing their entrepreneurs and investors speaking in Davos, Swiss Bank, BS, chairman, axel Weber said, it looks like central banks in Europe and the United States are on hold in their interest rate hike cycles. This is NPR. Day thirty two of the partial government shutdown with no deal in sight, the Transportation Security Administration reported that on Sunday ten percent of TSA airport screeners called in sick. If the shutdown doesn't end early this week affected. Feral workers will miss a second paycheck. Tokyo judge has again denied bail for former Nissan chairman Carlos gone the second time in a week. John Matthews reports gone had offered additional collateral to show. He's no flight risk. Carlos gone was taken into custody at mid-november on suspicion of concealing millions of dollars in compensation. He offered the court passports and to wear an ankle tag in his newest petition for bail. But a judge says even that could eliminate the risk gone could conceal evidence. The new decision means the former executive probably be in police detention until at least March denied all charges against him in a public hearing earlier this month and his family and others close to Nissan have called his arrest part of an internal conflict at the automaker for NPR news. I'm John Matthew. Use in Tokyo and northern New Mexico. A second person now has died from injuries sustained in an avalanche last week. The victim was one of two people pulled from the snow after the Thursday avalanche in towels after finishing well behind in World Cup skiing this weekend in Italy. Ski racing legend Lindsey Vonn says she's seriously considering immediate retirement from the sport skiing with braces on both legs. She says her knees are bone on bone. I'm Louise Schiavone NPR news, Washington..

Davos NPR Carlos Lindsey Vonn Nissan John Matthews chairman Tokyo Transportation Security Admini John Snyder Joel Snyder President Trump Rachel Weisz Louise Schiavone axel Weber skiing Amazon