18 Burst results for "Bank Of Japan"
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"That hybrids are the way forward. I tend to be a purist. I want to go all in. With Matt Miller in New York and Hannah Elliot in LA. When you let go of it, it just keeps going. I thought it was really nimble, really elegant. Listen for the latest trends. New car releases. And anything else that drives us. I've driven the Chiron and it's awesome. Bloomberg Hot Pursuit. Subscribe today on Apple, Spotify, and watch. Markets, headlines, and breaking news 24 hours a day at Bloomberg .com. On Bloomberg Television. And the Bloomberg Business Act. This is a Bloomberg Business Flash. Hi everybody, 20 minutes before the top of the hour. Let's take a closer look at some of the market action this morning. We begin in Japan where we're pouring over the core consumer price rises for the month of October, rising 2 .9 % year on year. That was slightly under the estimate of 3 % and core prices exclude volatile fresh food. Food prices were up 8 .6 %. We'll get some more data from Japan. Later this morning we'll the get Jibun Bank Japan manufacturing PMI for the month of November. Asian equity futures are mixed this morning. Hang Seng Index futures are down about a third of a percent. China futures off just a tad. Call it a tenth of 1 %. In the cash markets the ASX in Sydney is up now about a of quarter 1 %. Nikkei futures suggests some gains $33 ,735 for one futures contract and that would
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"Great week. The U .S. 10 -year yields at are 49777, so we're sort of off five the levels that we saw late last week. Your dollar -yen is 149 .94, close to 150. Then Brent crude off by nine tenths of one percent. RBC says that oil could gain $10 dollars or more if the Middle East crisis worsens, but the duration and sustainability of the rally is caught up in debate. Let's talk about gold falling from a five -month high with fears easing over the weekend, at least on the margin these tensions could boil over. On Friday, we then exceed $2 dollars announced for the first time since mid -May at the moment. We're 1973 dollars announced. So I want to get to this big, big overview in terms of the big earnings that are coming this and that includes $15 .8 trillion dollars worth of companies that are reporting and includes Apple and Amazon, JBMCs and options trading opportunity there. But on a more longer -term basis, Hypersandler says that the stage is set for a 14 % S &P rally by year -end. So little bit of a glass half full view on the remainder of the year. I want to get to the broader markets in Asia. Ever Hong Rob Hong joins us again from our Singapore studio. Thank you for joining us. Yeah, yourself. We're seeing that Bleed continue this Monday whether you're looking at stocks or the FX space and a lot of this got has to do with the conflict in the Middle East but also those elevated energy prices in the region's benchmark we're seeing the losses being led by the infotech as well as the material sector. Now particularly for the price of the stock that is the Hong high stock. If we can just take a look at how it's faring because it's slumped by the most in about three months and this is on the back of Chinese state media reporting that authorities are ramping up the probe into Foxconn. This is the biggest iPhone maker and this is related to some of the tax and the land news of the Taiwanese company. So you see here a biggest decline in three months but also on its Hong high listed arm that declined by the daily limit and its worst performance on record as well. And then there was growing speculation about a potential Bank of Japan tightening but the yen hovering is still near 150. Could you tie that together for us? Indeed yourself. I mean it kind of started over the weekend when we got that Nikkei report that the Bank of Japan policymakers are starting to discuss the possibility of a yield curve control tweak and let's not forget that it is meeting next week and we also have the results of the MLive pulse survey and that showed that the majority of respondents expect there to be BLJ tightening in the first half of next year but despite the upward pressure that the growing speculation going that to we're see going some form of tweak or exit from the negative rate policy and how that is putting upward pressure on the Japanese 10 year yield that's not really doing very much in terms of the yen weakness if we can take a look at as you mentioned earlier how the yen is faring against the green bag it did pop against the US dollar versus above the 150 level a while ago and it's moved back down again as traders are on intervention watch but this is mostly we're not seeing that further gain despite what we expect on those yields precisely because that chasm the persistent yield gap between the US and Japan a yield persistent of use yeah this is definitely going to be one of the big stories for the remainder of the week at the Bank Japan thank you ever all for the highlights that several home they want to get back to one of our top stories the timing of a ground invasion into Gaza remains uncertain as Israel's support for diplomatic efforts to release hostages is set to possibly delay or alter its plans meanwhile the US Secretary of State Anthony Blinken he weighed in and he says there is a threat of Iran and flaming that situation we expect that there's likelihood a of escalation escalation by Iranian proxies directed against our personnel we are taking steps to make sure that we can effectively defend our people and respond decisively if we need to this is not what we want not what we're looking for we don't want escalation I want to get back out to Bloomberg's Oliver Crook and Tel Aviv. Oliver what are you hearing from your sources about when they are going to announce the ground incursion which appears to be getting delayed with every hour this is the question that has been on everyone's mind really since the beginning of this crisis there was a moment where there was an if and then the question immediately went to when when will there be a ground incursion we should say that there have been Israeli forces that have crossed into Gaza we had it again this weekend and we know that people have been killed in those exchanges however we still have not seen that major ground offensive that is widely anticipated and there's a very complex equation with a lot of inputs that go into whether or not that's going to happen part of that is going to be about hostages part of that is going to be about diplomatic negotiations and what the you know the allies of Israel are saying whether that be the United States or others but let's deal quickly with the question of hostages right there were two over the weekend aid has started to flow through i think on both of those counts it's seen as not enough only two hostages have we understand more than two hundred potentially that are still are being held in terms of the aid those trucks twenty that were the initial that that went into Gaza is less than five percent of what Gaza was ordinarily receiving even before this war uh... began and then you have also the question of escalation where Anthony Blinken that saying the U .S. military installations are going to come under more fire the Israelis are warning very strongly Lebanon about not getting dragged into this war they've evacuated more civilians from the north and all of this again as you say you said is going to bear on the timing of the ground invasion in terms of what we're watching for for the rest of the day there are these diplomatic efforts we have Mark Rutte from the Netherlands coming to Israel today we have Macron coming on Tuesday but also today key Youssef that will be the IDF is going to release is going to screen some 40 minutes of footage from Hezbollah attackers that they have aggregated and put together for journalists and they're going to put that out that is going to inflame tempers that is a huge component this of story and later today also Youssef we have a central bank decision from Israel and we'll get a picture of the sort of economic picture after these two and some odd weeks of war yeah I've been in touch with the central bank governor in terms of potentially setting up an interview we're waiting on a green light on that front to be confirmed thank you for that Bloomberg's Oliver crook with all the updates from Tel Aviv I want to get to the potential investment implications Eric Swatz the vice chairman at Roswell Investment Bank joins us now from Dubai Eric you've through sent a chunky set of notes but you start off with an index in Saudi Arabia that's been relatively resilient since the start of the hostilities on October 7 and you argue that short -term volatility and dislocations in the Gulf is going to create opportunities in the coming days talk us through that yes good morning Yusef that's right the circumstances coming out of Palestine Israel is creating uncertainty it's also creating elevated oil prices elevated oil prices could well lead to increased inflation this is our expectation which is also feeding through into the bond markets and Fed policy yielding greater uncertainty with respect to how the bond market itself will find a solid footing and where the Federal Reserve will determine that they need to stop increasing interest rates so with all of this volatility there is opportunity now which is developing in the in the regional regional markets and something that we think investors with the right sort of time horizon are well to take advantage of I mean you've got to be really selective in the current climate and you could argue that with Brent crude being resilient or WTI as well for that matter not just resilient but with
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"Four basis points at 4 .84 % the two -year yields holding steady at 4 .16 % we have seen the yields yesterday up about 15 basis points on the day in late trading the biggest move in a year the sell -off gathering pace after an unexpected jump in job openings reinforced speculation the Federal Reserve isn't done raising interest rates we're seeing a sell -off on equity markets today as well the MSC Irish Pacific index 1 .5 % lower the Nikkei in Tokyo's down by 1 .9 % the Hang Seng 1 0 .6 % lower as the Caspian soul reopened after its holidays down by 2 .25 % European stock are futures in the red down two tenths of 1 % for Eurostock's 50 future its S &P E -minis on Wall Street are down by tenths three of 1 % that market closed down by 1 .4 % yesterday on currency markets the Bloomberg dollar spot index is a tenth of 1 % stronger the euro's trading at 104 .70 the pound at 120 .80 on cable the Japanese yen a tenth of 1 % weaker 149 .19 is where that is trading that's after we have seen movements on the Japanese markets the five -year yield rising to the highest since 13 earlier and 10 -year swaps hitting 1 % matching the effective yield cap in place by the Bank Japan on commodity markets oil prices are a touch weaker this morning Brent crude backup over $90 a barrel although $90 .79 or WTI is trading at $89 .10 that your is Bloomberg radio business flash now Bridgewater Associates founder Ray Dalio says cash is a good investment of the moment and that he doesn't want to own bonds right now he says that firms that really know how to use artificial intelligence will do well Ray Dalio has been speaking to Bloomberg's David Weston at the Greenwich Economic Forum US China relationship relations are in a number of areas on the brink of red lines so in other words these irreconcilable differences they're right on the brink so if I was to take let's say the Taiwan issue it's an irreconcilable issue and so on it's right at the line the the breaking point is if the United States said we are in favor of the independence Taiwan of that's the equivalent of a declaration of war and because of our political issues that are now you're internally going to be likely to push that because of the fact that in many Congress and so on would say we will defend Taiwan at all cost and we will give them this and you could even cross that line it's what my point is it's right at the edge that's that we have a chips issue and we have a technology and sanctions issue the reason in World War II war with Japan you had the cutting off of the oil and then the sanctioning them taking their payments so you have a somewhat similar situation chips is like oil back then and it's a very very delicate issue you have the geopolitical issue which also is manifest in each of them and so on supporting the supporting Ukraine and other geopolitical issues which are also right at the edge neither country wants to go to war everybody's afraid of what that war would be like because it would be devastating economically and politically so you will see the sort of the postponing these issues will remain and probably intensify over the next five to ten years but they will be at that edge there will be in San Francisco the APAC conference and you will see President Xi get together with President Biden but have we a political situation and so on that's it in China they are also dealing with a number of big problems as we're dealing with our problems they're dealing with their problems those problems are first the debt problem that has now been allowed to pass through the into the you system meaning have real estate and real estate counts for about seventy percent of savings people put their money in real estate and about twenty percent of their economy and there was a bubble and then that's passing through and that goes down to local governments that were living on debt and also land for real estate purchases and so that's a structural issue they need to do a debt restructuring and debt restructuring is a very difficult thing to do they can do it but it's also very politically impactful because those who are you determine whoever's making these decisions determines whose wealth and how they divide the pie so you have that going on you have a move to what president Xi calls the hundred -year storm on the horizon in other words he believes there's a hundred -year storm on the horizon that's the sort of things that we're now talking about and with that hundred year storm on the horizon you have a very autocratic in other words if you don't behave well you'll lose your head and so on and that kind of environment which by the way in war periods and so on has been what most countries have moved toward or something and so that's having an effect on the economy we have the US -China conflict itself which is affecting what countries what companies do. Do I want to be in China or do I want to be in Vietnam? That's one of the things that's benefiting neutral countries. So they think okay if the ASEAN countries India and other places can be a beneficiary of that where do I want to be but that's also hurting them and then then of course that we have a world economy which is relatively slow moving that affects their exports so they're going through a very difficult period. That is the Bridgewater Associates founder Ray Dalio speaking to Bloomberg's David Weston at the Greenwich Economic Forum. This is of course we're watching really high drama play out on global bond markets treasuries bulldozing their way through markets to the greatest extent since we saw the start of the pandemic traders bracing for 10 -year treasury yields to top 5 % they're currently at 4 .84 % but yields are rising further in trading today. this relentless sell -off in government bonds sparking trouble to cross major bond markets we've seen australia's 10 -year yields rising faster than their us peers over the past week despite the central bank they're remaining on hold as well and market analysts say speaking to Bloomberg saying that these moves are starting to cause worries across all asset classes global bonds down three and a half percent in 2023 so far and that really is a huge huge market story that's driving out so interesting in that context to see Ray Alio saying that he doesn't want to own bonds right now as we're seeing these big moves on markets as well we'll have a check of the markets and a reminder of our top stories for you coming up next this is Bloomberg Daybreak Europe if we want faster growth and also an to taxes ever ratcheting higher that is possible but there are no shortcuts but of course I want to cut taxes the best tax cut that I can deliver for the British people right now is the half inflation inflation is a task. Christine Lagarde and the European Central Bank are working hard to keep inflation under control. Bloomberg Daybreak Europe on Bloomberg radio good morning I'm Stephen Cowell you are listening to Bloomberg Daybreak Europe on London DAB radio it is 6 .30 here in the city let's get check a on where markets are moving for you so we're talking about the huge rise in treasuries continuing today with 10 that -year yield up four basis points a 30 -year yield also at four basis points a 30 -year yield now close to 5 % point 4 nine seven percent in fact as the sell -off in Asian equity markets is gathering pace the Nikkei in Tokyo down by 1 .8 % the Hang Seng is 1 % lower European stock futures looking at more more moderate losses at the moment european stock euro stocks 50 futures down two
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"24 hours a I'm day at Bloomberg Wes Kosova. .com and We'll be the Bloomberg Business Act. Music Broadcasting Music This is Bloomberg Daybreak, Middle East and Africa. Our top story is this morning. Our raft of central bank decisions are moving markets. The end weakens as the of Bank Japan holds. Who fails to give currency bulls any hope. Tension now turns to the news conference in around two and a half hours. Meanwhile, the global cross asset selloff defense in the wake of the Fed's Hockish Hold and signaling of a higher for longer scenario. The Bank of England however breaks run a of run 14 straight hikes and keeps rates unchanged. The risk of recession in the UK fast placing inflation as the chief concern for policy makers. And in Turkey, the lira All's falls despite another jumbo hike as a titanic cycle that would have been unthinkable just months ago and it's no longer longer providing enough in the face of an escalating cost of living crisis. Just got 8 a .m. across the embers Six a .m. in Johannesburg. I'm Yusuf Gamededine in Dubai. We have a Bank of Japan decision that came through in the last 90 minutes and this kind of spices up things as we head into the end of an already tumultuous week for global markets and the S &P 500 mini were called marginally higher. It all is all about rates and specifically U .S. 10 -year yields. We're back below 450. For
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"Tightness is there it's not going to go way in fact it's going to get worse because of the demographics so i think this time next year wage grows running at you know in nominal terms three three -and -a -half percent is a perfectly reasonable forecast forecast i guess we've just got a headline coming through from the finance minister shinichi suzuki speaking there to kissing there are he's of course compiling economic measures by the end of october talking about an extra budget based on economic measures here as well and talking about uh... the prime minister issue the ordering economic growth in a fiscal health pursuit here to make sense of that though it's the same thing same thing i mean you know look that fiscal policy you know throughout the nineteen nineties was all all stop go gold right they have these mega supplementary packages and they had or then the pullback afterwards prime minister kishida doesn't want to make that mistake he wants to keep the fiscal going of course there's a political angle to it because his support rate is not exactly particularly strong so he does need to have part of mucky he doesn't need to as it were sort of you know keep the household ticket the all the generation and you know happy with growing fiscal support but for the bank japan of is very important because in the nineteen nineties you know it was always stop -go stop -go on the fiscal policy which meant that the bank of japan had to come in as the safety belt now you've got the fiscal spigot continuing to grow that actually creates room for governor oeda uh... to normalize monetary policy very quickly desperate where will the yen be this time next year? The yen will be at yes but always great to have you on the program yes we hold there executive director at monix group japan we've got a lot more still to come out right here on the bloomer daybreak middle east in uh... including a full market the people who kind of person he gets nervous when there's no news what's the administration's message to you progressive members of the house then consider this your relaxation zone we're all looking to travel reopening the latest business and financial news doesn't it necessarily help your investments? why did it have the opposite effect for those who really really need it that's how we knew bloomberg radio the bloomberg business app and bloomberg radio dot com bloomberg the world is listening when was the moment you discovered that you were meant for the business world? have you been getting a lot of inquiries from employers? and
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"Headlines and breaking news 24 hours a day. At Bloomberg .com, on Bloomberg Television and the Bloomberg Business App. This is a Bloomberg news segment one percent higher. FTSE 100 futures are three tenths higher as well. The Cat Caron futures are up by three just over tenths of one percent as well. That is the picture as we're looking at European market trading today. On Wall Street futures are also positive. S and P is up by three tenths. Nasdaq futures are four tenths of one percent higher. Bit of a mixed session in Asia. The Hang Seng one dead point one percent. Of course, markets have been closed there due to the typhoon weather warning at the weekend. But we're looking also at the CSI 300 index of Chinese shares up by eight tenths of one percent. Some action from the PBOC and moving markets in terms of currencies, though, as we have that strong verbal warning from the Chinese central to bank the offshore. You want eight tenths of one percent stronger now this morning against the dollar. That's the offshore rate, of course, the big mover, though, on the currency markets has been the Japanese yen one point two percent stronger after comments from the governor Bank of the of Bank Japan over the weekend about the possibility of ending negative interest rates if inflation is seen to be on a sustainable path by the end of the year. The Bloomberg dollar spot index flipside of that trade is down by half of one percent. The euro is three tenths stronger at 107 .28, the pound four tenths stronger on cable at 125 .13. We are seeing a bit of a sell off on European bonds at the start of the trading session for fixed income in Europe. The 10 year one German two basis points higher at two point six three percent. That's your Bloomberg Radio Business Flash. Thanks so much, Stephen. So those are the markets up next. Meta's new A .I. and Baron Furnaces generation. That's it. Now, the paper review on Bluebird Daybreak Europe. The news you need to know from today's papers. Johnny's studio is remotely and therefore look through stories in newspapers that have caught our eye today. The Wall Street Journal headline first. is Meta developing a new, more powerful A .I. system as technology race escalates. More powerful. Yes, indeed, Caroline. Well, this is basically what they're touting. So what the plan is, is to have a new A .I. model ready next year and say it'll be more powerful and advance in Microsoft's chat to GPT. The plan system would help other companies to build services that do produce sophisticated text analysis and better and output Meta CEO Mark Zuckerberg is part
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"In the second quarter. And anywhere in the world news happens. Bloomberg's Anne Marie on the ground in the 20th. Bloomberg's Steven Engel has the latest from Hong Kong. Thank you for joining us from Bangkok Bloomberg chief international correspondent Haslinda Ahman. Bloomberg's Greg Sullivan begins our global team coverage from Budapest Bloomberg radio on the ground everywhere. Chainalysis is the premier blockchain data platform crypto businesses financial institutions and government agencies utilize Chainalysis data and services to make sense of what's happening blockchain on the as regulators and policymakers work together to pass legislation that provides clarity for crypto businesses and protects consumers they have the chance to do so with unparalleled data and research into the crypto ecosystem demystify cryptocurrency and gain greater visibility and insight by visiting Chainalysis .com slash radio The biggest issues on Wall Street the top names in finance and economics welcome now Sheila Bair we are joined now by Brian Moynihan the Bloomberg Wall Street week podcast with David Weston the Bank Japan of shook global bond markets the week's top financial stories along with analysis from the business world's most prominent voices inflation is coming down there's a reasonable probability of a soft landing Bloomberg Wall free week subscribe today on Apple Spotify the Bloomberg Business App this is Bloomberg opinion I'm Amy Morris new data show that more US women are dying from alcohol than ever before part of the problem pushing that boozy woman's rose all day lifestyle and and when you compare the numbers between women and men you might be surprised at what you find let's get details now from Bloomberg opinion columnist Lisa Jarvis she covers biotech health care and the pharmaceutical
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"It could be enough to get us back on the road again. The cool thing about treasuries is if to get in you at get a great rate? And what are you getting on the T -bills, like 5 %? I I guess in that sense, you have reinvestment risk. But if you go a little bit out the curve, you could top tick the the rate? And so not only are you getting a decent return, but you're going to get capital appreciation, for Don't hit into a recession and the market normalizes, the yield curve normalizes. I mean, I think you're still sort of where we are on the 10 year potentially? Don't we have to get into a recession? If the Fed really wants to control inflation, don't they have to to us push into a recession? I mean, that goes back into the optimism machine question. It's like so many people think maybe it's not going happen now. So I mean, look, it's the one thing that's interesting it's is so hard to make these market calls, these economic calls, because so many times, you know, over the last 10, 15 years, you something see seems obvious, and then it goes the other way. But you know, the most optimistic words in the English language. What are those? It's different this time. Oh, yeah, of course. No, I get that. I get that. Hear the full conversation on the latest edition of the tape podcast. Subscribe on Apple, Spotify and anywhere else you get your podcasts. Plus, listen anytime on the Bloomberg Business App and bloomberg .com The biggest issues on with no fees or minimums and no overdraft fees. Banking with Capital One is the easiest decision in the history of decisions. Kind of like choosing Derek is Jeter the pinch hitter for your baseball team. Jeter, you're in. We need a home run. I'll give it a try. I've swung a bat once or twice. That's out of here. Yep, even easier than that. With no fees or minimums and no overdraft fees. Is it even a decision? That's banking reimagined. What's in your wallet? Terms apply. See capitalone one dot com slash bank for details capital one and a member fdic wall street the top names in finance and economics welcome now I'm now Sheila Bair. We are joined now by Brian Moynihan. The Bloomberg Wall Street Week Podcast with David Weston. of The Bank Japan shook global bond markets. The week's top financial stories along with analysis from the business world's most prominent voices. Inflation is coming down. There's a reasonable probability of
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"Classes you near at finishyourdiploma .org. That's finishyourdiploma .org. Brought to you by the Dollar General Literacy Foundation and the Ad Council. The biggest issues on Wall Street. The top names in finance and economics. You're welcome now, Sheila Bair. We are joined now by Brian Moynihan. The Bloomberg Wall Street Week Podcast with David Weston. The Bank Japan of shook global bond markets. The week's top financial stories along with analysis from the business world's most prominent voices. Inflation is coming down. There's a reasonable probability of a soft landing. Bloomberg Wall Street Week. Subscribe today on Apple, Spotify, the Bloomberg Business App or wherever you get your cash. No one knows where this market will go right now. It feels like a wild ride. thing's One for certain. There's a way through it. And the experience and guidance of a Merrill Advisor can help you get there. Because where there's a bull, a Bank of America company. What would you like the power to do? Investing involves risk. Merrill Lynch, Pierce, Fenner & Smith Incorporated. Register broker dealer. Register investment advisor. Number SIPC. A wholly owned subsidiary of Bank of America Corp. Hi, I'm Danica Patrick. Watching my nieces grow, play and learn is amazing, but not every child gets to be carefree. One in six kids in the US are hungry. This breaks my heart and it's something that Feeding America is working to change. Each year the Feeding America network of food banks rescues billions of pounds of good food that would have gone to waste and gives it to families in need. To help, visit feedingamerica .org. Brought to you by Feeding America and the Ad Council. The news in Washington has a ripple effect on the country We bring you the top headlines from Capitol Hill every weekday. Redhead on the terminal. This is breaking right now. Still reeling from the Supreme Court's 6 -3 ruling on affirmative action. Bloomberg Sound On with Joe Matthew. The story has reached the White House briefing room. Should we eliminate the debt limit or reform it somehow? Listen live weekday afternoons at Eastern 1 or on demand wherever you get your podcasts. When news breaks across the globe. Bloomberg Radio is there. From Asia. We are officially in deflation in China. To Europe. UK The economy grew more strongly than expected in the second quarter. And anywhere in the world news happened. Slim Sanmarie on the ground in Lithuania. Bloomberg's Stephen Engle has the latest from Hong Kong. You're joining us from Bangkok Bloomberg Chief Bloomberg's Greg Sullivan begins our global teen coverage from Budapest. It's Bloomberg Radio on the ground everywhere. Access
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"As it was below but that is something to very closely watch and I don't think we spend enough time on it actually of how that may change in the next year or two okay so Bank Japan of something to think about and the corporate credit markets you know your mainstay where do you see the best opportunities now for investors in corporate credit markets we have we have seen a very strong rally that wasn't anticipated by most market participants that's also one of the reasons the rally was so strong we haven't fully participated in it either you know we had taken off credit risk already earlier in the year and we couldn't continue to keep this more or defensive stance and that is valuations don't look particularly attractive Europe clearly is more on a recessionary path and yes spreads are wider but all in we do feel that given the rally we have seen year -to -date and the performance that credit has managed to achieve year -to -date that there is a risk of profit taking before year -end as people are looking in those returns yeah absolutely and so for the next I mean beyond that what do you think is going to be the key driver then for for credit markets going forwards so one is where spreads are and you know re -evaluation if they still offer value or not the second is profit -taking and then the third is where will the economy go and yes the soft landing in the US is a very strong sort of you know view at the moment we think it will get challenged later in the year and then in Europe we already see PMI's industrial production yesterday and all those data pointing to a significant slowdown especially Germany which is about you know a third just under a third of the European economy or the European Union's economy and its connection also with China and the weakness of China so all this I think is playing a part in the slowdown yeah how good in terms I sort of want to get your views on the economic outlook and how think severe the you recession is going to be in Europe and also the UK is important on that but on China that is such a crucial driver to the global economy is the PBOC doing enough or indeed the Chinese government to try to boost economic growth how do you see their thinking how and does that affect the global market I personally I'm more cautious on the stimulus measures that you know the Western world is always asking for from China because I believe that the Politburo where she is seeing the world quite differently and he's so focused on his own power and on the power of the Communist Party and yes it has always been seen as you know the economy and economic development is keeping everybody on board but you know given that they can't continue to build more homes because already too many and then one sort of this uncertainties there is very difficult to force people to buy homes which sort of you know there is not quite force but they are trying to stimulate demand of home buying and has backfired somewhat and I think it's it's maybe harder to guide or to change then sometimes you know parties think that can they do you know one example would be one child policy and then trying to revert it people start having different priorities different concerns different fears anxieties and to turned it off is not so easy so I think we'll have to see but but I wouldn't look at it through the Western lens to sort of try to understand what the Chinese economy or sort of how it's getting stimulated or not I think there are the other priorities that go ahead of stimulus in terms of recession we I mean we probably already are a recession in Germany at least or and across Europe how bad do you think that the UK is is going to be I'd be interested in your recession for you for Britain given the aggressive kind of monetary policy tightening that we've seen from the Bank of England and still quite a lot of speculation about where the UK peak for rates is actually going to be yeah I think the UK economy is in a tough spot really with regards to the maneuverability of you know more indebtedness by the government's the current account the deficit so needing to attract more foreign investments you know what does that do to the owned and then they're clearly that would you know spiral again higher inflation so given that it is an island nation with which cut off to its closest neighbors inflation is very difficult to to bring lower and and yeah so we see we see the UK definitely as one that a higher risk of noticeable recession I don't want to say severe not nor in Germany but noticeable okay in terms of the refinancing so the debt wall coming that is towards markets how difficult is it going to be to get over that I mean interest expenses for corporate debt refinancing are expected to be very significant I mean is it how difficult is that going to be is that going to be an inflection point for markets it depends so clearly there is the yeah investment grade universe where they have enough cash flows and you know the time made for liability management but it is it is sort of they can easily deal with it then the BB rated space in the high -yield world can usually also deal with it you know be it the exception may be real estate where clearly there is you know quite a lot of burden on them and the engineering financial that they have done over the last few years and then the rise in asset value of real states and you know sort of this potentially turning or having taken full advantage with regards to additional indebtedness as as asset value went up in real estate you know is is causing clearly some concern and hiccup what we see is actually as a response is that Bonds are not getting repaid at maturity at par that they get exchanged in the longer dated one so you have a captive audience of current investors who own the bonds outstanding and rather than to go and refinance it as you would expect it to be the companies come and say would you agree to an exchange where investors situation is potentially improved not as good as if they were to get fully repaid but also the default is avoided and that is the thing I think that we see on the lower scale where to the extended is just refinancing risk but the company is in principle still you know sort of a worthy company that can survive then exchanges have become sort the tool the surer that
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"And I'm Caroline Hefker welcome to Bloomberg Daybreak Europe. On the markets This morning this we've seen an intervention from the Bank of Japan to smooth yields. The 10 -year JGB now at 0 .6 percent. 4 basis points higher but below that 9 -year high it hit earlier after the bank had tweaked yield curve control on Friday the Japanese yen half a percent weaker this morning the Nikkei in Tokyo up by 1 0 percent. .3 More broadly on Asian stocks we're seeing the MSCI specific index four tenths higher. The Hang Seng in Hong Kong is 1 .2 percent stronger this morning the CSI 300 index of Chinese shares is four tenths of one percent higher as we're just under an hour away from the start of cash equities trading in Europe. Euro stocks 50 futures are three tenths lower. FTSE 100 futures are three tenths lower as well on Wall Street S &P E -minis are down by a tenth of one percent and 10 -year Treasury yields below 4 4 percent 3 .99 percent up four basis points. One line of breaking news on the Bloomberg Terminal of Interest Atelier's CEO Alison Kirkby is leaving to become the CEO of BT Group here here in the UK so becoming the chief executive of BT Group of Interest. Let's go to our top stories now. The Bank Japan of has stepped into the bond markets with unscheduled purchases to bring down yields which are at the highest level in nine years. The central bank bought bonds worth 2 .1 billion dollars after the 10 -year yield yield rose above 0 .6 percent. It comes after the BoJ adjusted its policy Friday on to allow the benchmark rate to climb as high as 1%. Mastercard's Asia Pacific chief economist David Mann sees it as a slow move to leave yield curve control. As we saw from the moves today that they're looking to try and control the ascent of JGB yields because they know that the market clearing rate knowing where inflation is, it's above inflation US now would be much higher. The challenge is on exiting these sorts of policies in a relatively orderly fashion. Mastercard's David Mann adding that if the Bank of Japan succeeds it will have a big payoff for the yen's stability. The latest economic data from China shows further weakness in manufacturing and a slowdown in services activity, but investors are paying heed little to Bloomberg's Brian Curtis reports from Hong Kong. China's manufacturing shrank for a fourth month in July suggesting the recovery is weakening. Non -manufacturing activity expanded more slowly than expected. The official PMI coming in at 49 .3 that was up from June and in line with Many of the sub indexes contracted. Now the non -manufacturing gauge slipped to 51 .5 from 53 .2 in June. Despite the weakness stocks rallied as investors essentially front run more stimulus. In Hong Kong Brian Curtis Bloomberg Daybreak Europe. Investors are preparing for further volatility in the week ahead with rate decisions to come from Australia and the UK with global central banks shifting to data dependent rate pods the central bank were one of the most unenviable task remains the Bank of England Thursday's decision remains on a knife edge with money markets pricing and economists surveys are tilting towards a quarter point rate hike but not ruling out a surprise larger interest rate hike Minneapolis Fed President Neil Kashkari says the US inflation outlook is quite positive though rate hikes will probably result in job losses and slower growth speaking to CBS Kashkari said the base case is that the US avoids a recession but employment may quote up tick to as high as 4 % overall I think that the inflation outlook is quite positive that it should be slowly diminishing from here but again we've just continue to be surprised by the dynamics of this reopening economy and so we can't prejudge it we have to let the data actually guide us Neil Kashkari speaking there to CBS meanwhile Vanguard's chief economist Joe Davis isn't buying talk of a soft landing saying inflation will remain above 2 % for some time the ECB president Christine Lagarde says that European policy makers could hike interest rates again even after a pause Lagarde told Le Figaro newspaper that at the next meeting in September quote there could be a further hike of the debate or perhaps a pause she went on to say a pause whenever it occurs in September or later would not necessarily be definitive the ECB president went on to insist the bank would be data dependent we'll get the July inflation figures for the euro area later which are expected to show a slowdown and a continued slowdown in the pace of price rises here in the UK MPs have concerns about the government's plan finance to EDFs to nuclear reactors at Sizewell and Suffolk, Bloomberg's Ewan Potts reports it's the UK's first new nuclear power station in more than 30 years but MPs on the common science innovation Technology and Committee say the financing model for the Sizewell sea plant in Suffolk could expose taxpayers to cost runs and delays the government's trying to attract private investors through a mechanism that shares the risk of construction costs with the public but the report says that leave consumers unfairly exposed. The project by France's EDF is already over budget and taking longer than planned the UK has a target of building 24 gigawatts of nuclear capacity by 2050 a huge ambition that is already being met with skepticism. In London I'm Ewan Potts, Bloomberg Daybreak Europe. those are a few of today's top stories and for you and I must say envy I don't twenty -somethings coming into the jobs market right now certainly not if you read the latest piece on the Bloomberg terminal about just the bleak economic outlook for people coming into the jobs market you know after the yeah difficult on a whole number of fronts so first of all you've got of course the job market is now starting to tighten so we're seeing vacancies fall in many areas as well but just as average salary growth growth is now bumping as price rises picked up so real -term pay cuts fiscal drag means people are paying more tax because those shows aren't moving and it also of course is having an impact on those who are now paying more for their education the average cost of debt for students in england to start their course at sort of course last year is over forty five thousand pounds compared to thousand fifteen for those who started their course in 2006 yeah I think that's pretty staggering we and we have covered a number of times of course the difficulty of people getting onto the property ladder I mean the ratio for earnings to a property value in London is close to nine times is is pretty unbelievable so yeah I think I just wonder when does this become a real political force you know we understand that this is the these are the issues facing younger people I don't know whether the next election will be that moment or not yeah and will will people turn out to vote on these issues as well or will they think that this is the situation that is you know beyond help from from political leaders as well I mean the question of engagement is going to be key coming into that next election as well and something you can be sure that both parties both main parties will be watching very closely to to see if they can reflect those concerns that young people are facing yeah no absolutely I do think it'll one be to think about that story on the Bloomberg terminal this morning let's also turn our attention though to what's happening been in markets of course the Bank of Japan weighed it in this Monday morning announcing unscheduled bond buying as the 10 -year yield climb to a nine -year high near 0 .6 traders face It's another important macro week because of course after the Fed and the ECB and those BOJ decisions last week we get the Bank of England and the RBA to come so joining us now is Bloomberg's executive editor for Asia markets Paul Dobson great to have you back with us Paul how significant is it then the BOJ invention today after only announcing that tweak to yield curve control last week yeah hi there Caroline and so yeah as you say the BOJ not giving us much time to absorb or digest their new policy before they're already sort of acting on it what they'd said is that they're prepared to tolerate yields as high as 0 .1 % but that would be the new hard kind of line for the 10 -year yield whereas previously it had been 0 5 % so on Friday already that saw those 10 -year yields rise above the previous kind harder and cap they carried on going this morning until we had this announcement from the BOJ of the unscheduled purchases at just around the 0 .61 % level around there and so that tells us something pretty striking which is that the BOJ while it may be willing to tolerate yields as high as 0 .1 % over time it's not in any hurry get to there and certainly doesn't want to see the market get there too quickly either it wants to avoid any sort of disruptive moves in the bonds market and hence doing these purchases to kind of smooth that trajectory if anything I think the market also views fair value somewhere below 0 any .1 case % so in the BOJ is probably hoping its ultimate yield cap doesn't get tested anytime soon but on the
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"Going to Inflation Three 2 get to fiscal the two percent year, by .0 your measure % projection so 1 for .8%, has 24. uh... 1 for .8 uh... our projection headline, as this of makes April my job of justifying in inflation rate staying below two percent a bit harder uh... we keep saying that our we we don't have a lot of confidence in this twenty twenty twenty four forecast this may change depending on the date to come up do you guys feel um... relative you've been through a lot of hard moments you know covid and the challenge inflationary and and now we're trying to see economy's weekend do you feel like it's a particularly difficult point in your central bank journeys governor bailey yeah until we get inflation back down to target we've got a very big job to do and that's uh... it's a job we have to do well I know that's stressful but I think we we sign up for this job uh... and you don't get to determine the conditions that you do it in so I mean that's our job. For you president Lagarde? likewise man's got to do what a man's got to do we signed up for the job and a woman's got to do what a woman's got to do as well thank you. Chair Powell, haven't I seen you stressed. Sorry? I haven't seen you stressed. We have a job to do we know that we we know that know that society is counting on us to do this job and that it really matters. Price stability can matter for decades it can benefit for people over time I think we all know that and we'll do the things that we need to do to restore it. And governor Huerta is feeling good. I didn't know that there was going be to so much traveling and so many press conferences. Welcome to the world of central banking. Thank you all so much for All right that was the ECB panel from Portugal the central bankers from around the markets around the world including Fed Chair Jay Powell, BOE, Governor Andrew Bailey, ECB President Christine Lagarde and of Bank Japan had Kazuo Ueda speaking there so I think the takeaway here clearly from these central bankers is that they continue to fight inflation they continue to be hawkish on rates. Powell said the Fed won't take option of two consecutive hikes off the table. Lagarde said the ECB still has ground to cover while Bailey says the BOE has a a to job do so pretty consistent across the board. All right let's reset here at near the top of the hour. Go to John Tucker get a Bloomberg Business Flash. All right just looking at the major averages in the U .S. mixed right now the heads of the four most important central bank getting together for that panel discussion and as you mentioned Paul Fedschier Powell telling the central bank forum in Portugal there he's not going to take consecutive hikes off the table this is what he said if you look at the data over the last quarter what you see is stronger than expected growth a tighter than expected labor market and higher than expected inflation so that tells us that although policy is restrictive it's not it may not be restrictive enough and it has not been restrictive for enough long all right initially that put pressure on stocks then he said a recession is not the most likely case as the economy remains fairly resilient so they got a boost after that uh we are seeing a slide in chip makers nvidia leading the losses there the u .s reportedly considering new curbs on exports or it's to china a general mills that fell the food producer giving an annual guidance that suggested price hikes are no longer going to make up for slowing sales and netflix higher as opmheimer raising its price is target there right now the s p five
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"China and Europe are slowing down. So I do think it's a very important market to watch. I think it's the potential for one of the biggest macro surprises in the first quarter this year and the bank of Japan, the reason why people aren't buying what they're saying is because we're all reading the data and the data is telling us something different that at some point this quarter there's a really high likelihood. And that's something that goes terribly wrong with the global economy. It's a really high back because of the bank Japan. We'll have to make that hawkish pivot a lot more. And Jen is the ultimate winner from that. So for me, it's kind of a no brainer to be long again here because either we're going to get a global recession and exhibit its haven characteristics or we get the 6th of course sort of story coming through in Japan and the absolute value. So more sort of scenario has been they're not going to lead to high end and I think it's had a really bad year last year, has the potential to have a really big one this year. Just very briefly, then the most important currency pairs for the year ahead. I think there's going to be some, I think, just watching the dollar cycle. I think it's going to be an interesting one for the dollar stock. I do think dollar yen, I think CNH as well as a really important one, but also you're a dog, which is very large extent. The sort of epitomes that the dollar cycle. I think that the really when it comes to the dollar, it goes back to my thesis, don't get wet into view. I think do I think we're going to sort of 20% decline in the dollar throughout the course of steady one across the year absolutely. I think it's going to be cooled by quarter assessment, we're in this sort of phase where maybe investors are taking off their long dollar positions and starting to put risk in other currencies. But towards the last stage of the year, if we're in a global recession, you want to be earning the sort of stay safe and dollar against some of those risky currency. Okay, so well flagged recession, but still have to be very nimble for the year ahead. Thank you so much for being with us very interesting view. On 2023, virage Patel is FX and macro stresses that van der research. Let's get a reminder of our top stories. President Xi Jinping says China is moving into a new phase as the country continues its COVID pivot, his remarks come as China's economy ended the year in a major slump. Official data showing the decline in manufacturing worsened last month while activity in the services sector plunged the most since February 2020. A warmer than expected winter across large parts of the world is easing fears of a natural gas crisis. European gas prices on Monday briefly touch the lowest level since the war in Ukraine started as the future as features plummeted on the warmer weather, the impact of China's COVID surge should add to the muted picture for energy demand this year. And seasonally adjusted house prices in Sweden fell by 2% in December continuing they were slump for the market since the 1990s. State owned mortgage lander SBA says prices are now down almost 17% since their peak last spring. The country's market is particularly sensitive to interest rate changes as around two thirds owned their own homes, but most don't have long-term fixed rate mortgages. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries I'm Stephen Carroll, this is Bloomberg, interesting to see those numbers compared to we've had so much focus on how much prices will drop here in the UK. So we've already seen a 17% drop. It is, it's a global story isn't it? Canada, Australia, New Zealand, rates going up, but it makes it harder to repay that mortgage, right, coming up next on blue big day break you. As China prepares to reopen its borders we hear from our interview with the former U.S. ambassador to Beijing, max baucus, that's next. This
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"From around the world Here's Dan Schwartzman. Thanks, Doug. Sky Sports Germany reports that Bayern Munich is interested in a move for Tottenham star Harry Kane, although the price tag of around a €100 million may be too steep for the Bundesliga giants. Kane is expected to decide his future of the conclusion of the World Cup with Real Madrid also possible landing spot for the England captain. Speaking of the cup, Argentina has advanced the knockout round with a two zero win over Poland as Argentina overcomes a miss penalty kick by Messi in the first half. Meanwhile, Poland also does advance due to gold differential despite Mexico beating Saudi Arabia two to one as Mexico misses the knockout stage for the first time since 1990. After the match Mexico manager Tata martino announcing, he was leaving his post as his contract had officially ended. Tunisia shots France won nearest frames played mostly backups while Australia stuns Denmark one mill to move on to the round of 16. Saudi Arabian club Al nasr has reportedly offered Christiana Ronaldo a three and a half year contract value that more than a 100 million pounds per year for the 5 time the loan door winner will wait until after the World Cup to make a decision. Ronaldo left Manchester United by mutual termination and his free to sign with any club, but reportedly is still hoping to land within Europe. Finally, former New York Yankees great Don mantley agreeing to become the bench coach of the Toronto Blue Jays after 7 seasons managing the Miami Marlins. And we also managed the LA Dodgers for 5 seasons before heading to Miami. I'm Dan Schwartzman that's your Bloomberg world sports op aid. Markets, headlines, and breaking news 24 hours a day. At Bloomberg dot com, the Bloomberg business out and at Bloomberg quick take. This is a Bloomberg business flash. Well, we had some weak economic data right across the region today, South Korea's exports fell the most in two and a half years in November. We had the South Korea PMI for November at 49. That was a little higher than the 48.2 in October, but still disappointing as it's in contraction. The Taiwan that PMI was at 41.6 and the algebra bank Japan PMI fortune 4 November was at 49 also in contraction. Yeah, we see rallies in equity markets right across the region, so what is going on? Well, China is amending its COVID approach. The vice premier sun chunlan said that the battle against COVID is at a new stage as omicron becomes less severe, so they're giving you a reason why are they are changing COVID policy and has huge implications for the economy as so much of the country as we heard from Nomura yesterday a quarter of the country is under some form of lockdown. So that's one of the reasons we're seeing rallies throughout China throughout Hong Kong and the rest of the region. The nikkei F 1.1%, the tye X in Taiwan up one and a quarter percent the CSI 300 up 1.8% and hangs index up 1.7%. Let's take a look at currencies the dollar sharply weaker today about a full percentage point if you take in the U.S. and the Asian session together. Dolly N one 36 73 yield on the ten year treasury, 3.62%, a huge drop in yields there. The two year down to four 32 and WTI crude at $80 and 52 cents, we had the China signals as well as data showing a steep drop in U.S. inventories. And that is a Bloomberg business flash. Let's get headline news with Ed Baxter, Ed. All right, thank you very much, Brian. Beijing officials are saying that China's entering into a new phase
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"If young keeps on falling, he's going to fall more given the divergence within BOJ policy and other central banks. At some point, inflation is going to become a problem for the BOJ and they're going to give up on their zero policy rate. If you go well above one, 40, BOJ will have to change policy and the first change is going to be to change the yield control curve policy and go above the 0.5 on the GPG. It is what we try to do each and every day at Bloomberg surveillance when news breaks. We can go worldwide with Bloomberg from Doha and the cutter economic forum, nor were being this morning modeling out one 40 as weak yen is a point of breaking for the bank of Japan of course with rubini macro associates and someone who has helped us out so much over the years, helping out as well with a visual here perfect for radio, critic Gupta on weekend. Yeah, well, if an oil were being called for one 40, Tom, well, we're already at one 36. Of course, it's the highest levels that you've seen for dollar yen, going all the way back to 1998. When remember, we did have that coordinated currency intervention. When I say coordinated, I mean the United States was on in on it, Europe was in on it as well. Do we see that coordinated reaction again? Here's the problem with that two things. One, you're looking at a $4 trillion daily turnover market. And two, you're also looking at a race to a strong currency. What's the incentive for currency intervention, which really brings me to my chart of the day here, that's what's making her traders extremely nervous. We're looking at implied volatility one week implied volatility for dollar yen for our radio audience where you need to know is it is a straight shot up when you look at the regression from that December low to where we are now and once again, Tom says this all the time, it really is that rate of change that matters. But Lisa actually talks about bond auctions so much in the United States and got to bring the bond auction from Japan here, seeing their worst bond auction for their 5 year since get this march of 2020. If the fear is that the bond market or the JGB market is going to break how much further can the currency really handle time. Pretty good to thank you so much. He is with brun brothers harriman is head of global currency strategy, but far more his definitive on the international relations is work at brandeis and on to Columbia as well. Winston joins us now in the span of the Pacific Rim in what it means for Tokyo. When thin, I'm going to go back to a September of 1992. Where George Soros made history with a breaking of the Bank of England. Who right now is trying to break the bank of Japan. At first of all, thanks again for having me. It's always a pleasure. I do admit that I love this 8 45 slot more than 6 30 FYI. She's awake by now continue. Call me, call me any time, honestly. Anyway, here's the interesting thing. The markets are testing the bank of Japan yield curve control as opposed to the currency. I mean, the currency is obviously a byproduct of this whole system. But we've been hearing reports, obviously, covered by Bloomberg and other financial reporters that a lot of hedge funds are going short JDB on the assumption that the bank of Japan can not hold the yield curve control. To me, I think they can sustain this. I think they're in my last appearance, a week or so ago, is that there's dislocations in the JGB market, some arbitrages and speculators get dislocated. I think the bank of Japan is going to accept that. The bank Japan right now is getting two things that they've been trying to for decades and that's a weekend and higher inflation. And I think if you look at the official comments, especially from governor road, they don't want to pull the plug early. Any sort of reversal on this easy monetary policy, easy Dolly and fall ten, 15, 20 big figures. It's anyone's guess. But that is the real fear from the Japanese policymakers why they are maintaining the current policy. Okay, so if we don't see a policy shift from the bank of Japan or other sorts of intervention, is there a path to a stronger yen and alternate scenario? Unless they until and unless they change their monetary policy stance, I think it's a one way bet. You know, again, I keep bringing this up, but I admire a professor Robert mindell so much, but his work back in the 60s. This is during the era of fixed exchange rates, but basically set forth what he called the impossible Trinity. That is a country can not have open capital flows independent monetary policy and target the exchange rate. And as long as the bank of Japan continues to run ultimately policy, this monetary policy divergence is doing the major driver costs most FX markets are particularly here for Dali yen. And that's the thing they had a chance last Friday to make a statement and perhaps step back from this, but they want double down pretty much and went full in on this. And they can't be surprised at dalian is up here. This is, again, a natural byproduct of their easy money policy. Okay, so if we widen it out and look at Asia more broadly, how for example is Beijing likely to look at this week again. Well, that's just funny. You bring that up. Interesting because if you talk about my past divergence, I think that's another story with people's bank of Japan. They are actually an easy mode. Japan bank Japan is in easy mode, but staying steady. But people's bankers plans actually easing. So to me, that's another signal for dollar yen to go higher as well. This is, again, a natural byproduct of and that's something I think will continue to see. When we're out of time, we've got to get you back here to discuss this and of course we do it with many on the street looking for continued weakness in yen. Doctor thin is with Brown brothers harriman in New York Caylee. I got 18 things to talk about, but I got a pitch to crypto show. Tuesday today is Matt Miller in the building. Is he going to be with you on this game? Of course he is 1 p.m. Eastern Time. He'll be joining me. We have a lot to discuss today, talk. Do we have a why it went down this weekend? I mean, it's not like Kellogg's where it goes down or goes up because they have a press release. Was there a press release that moved bit dog down this weekend? It's always hard to understand the drivers in this asset class in particular because it is historically so volatile and clearly that isn't something that has changed recently. It's actually become more so, but a lot of the conversation was that this was forced selling, taking place that you saw one event happening in May with the collapse of Tara USD, then you saw Celsius freezing holdings add on the broader or withdraws rather add on the broader macroeconomic environment of tightening policy of money no longer being freed, liquidity being less abundant. All of that caused a lot of selling pressure. The question is, is the rebound we're seeing over the last couple of days, one that's going to stick around, that's something we'll be digging into later on. How are the beautiful people rationalizing this, the gazillionaires that are like three weeks out of school and they've made more money than any of your soul may combine in her lifetime and their wallets a little lighter this morning, isn't it? Oh yeah, the crypto billionaires the likes of Mike novogratz are steezy over at binance. She's easy. Does he know Jay-Z? Good question. I bet he does. Jay-Z's in on crypto as well. No, he and Jack Dorsey actually are bringing financial education about Bitcoin to certain housing projects, so that financial literacy conversation obviously something entirely different. But yes, Tom, to your point, there's a lot of big names in evangelists in this space by and large the faithful angelus. Stay faithful. Tell me Ed Sheeran's not into crypto. That I don't know, Tom. You should ask him. See if we'll come on the show to talk about it. I crypto. This is what an hour program or do you go out two hours and extended crypto. It's only 30 minutes, but if you'd like to talk to management about extending it and be an advocate, be my guest. Seriously, it was really interesting to see I watched the move to 17 ish. This weekend, like I watched the end of Lehman Brothers or bear Stearns every tick was absolutely fascinating on the Bloomberg crypto right now. Bit dog rather, I call it tulip coin. I'm sorry. 21,084 on
Bloomberg Radio New York
"bank japan" Discussed on Bloomberg Radio New York
"Pandemic break Crazy that after two years life is coming back again and I feel everyone is excited to be back And possibly excited the conglomerate finally found something to spend its money on Berkshire made $41 billion in net purchases last quarter including a massive investment in Chevron vaulting it to a top four holding It also boosted its stake in Activision Blizzard a nudged its Apple holdings higher Buybacks slowed though a Berkshire squeezed out a three tenths of a percent gain in operating profit compared to the quarter a year ago Denise Pellegrini Bloomberg Debra Keisha Qantas airways has revived the plan for the world's longest direct flights Here's Bloomberg's Paul Allen This would connect Australia's east coast directly with New York and London the flight time 20 hours the planes would include well-being zones for passengers to a combat the physical toll quantities of buying 12 a three 50s that can fly nonstop from Australia to any city in the world and the airline said commercial services will start from Sydney in late 2025 That Bloomberg's Paul Allen By the way Qantas had planned to begin the 20 hour flight in 2023 internally the project was called project sunrise however it was derailed by the pandemic and with today's news we're looking at quanta shares up by 2.4% That's exciting move Well let's move on to China again China's banking and insurance regulator has ordered an investigation into problems and hint on province local media had reported three rural banks in the area suspended withdrawal services in a WeChat post China's regulator said it will defend the rights and interests of financial consumers at present cash deposit and withdrawal business at those banks are said to be back to normal Gaming revenue in Macau plunged 68% during April compared to last year total revenue $331 million That is the lowest level in 18 months Macau is the world's largest gambling hub and it goes without saying it suffered through a drought of tourists even though Macau did ease some border restrictions as a result of the pandemic and the near term outlook really not looking so bright China's 5 day Labor Day break is normally a peak season Macau has relaxed quarantine policies as it struggled to improve visitation however this recovery is going to depend squarely on China's outbreaks and its lockdown measures since visitors to Macau face onerous curbs in trying to reenter the mainland Okay we got you up to date on some of the latest business news Let's take a closer look at market action trading getting underway Bloomberg's Brian Curtis is back Brian a lot of markets closed but the three that are open are in the red They are and let's start with Australia the 200 down 1.5% Interestingly we had some interesting data there The S&P Global Australian PMI was 58.9 that was higher than the 57.9 in the prior Sydney house prices did slide in April as that rate rise looms Policymakers in Australia do have this challenge of sort of political challenge whether or not to get into the mix and raise rates in the middle of a highly charged election campaign In Japan PMI data as well the Al jamun bank Japan April a p.m. I was at 53.5 That was weaker than the 54.1 in March And it was the lowest reading since February of 2022 We also got the PMI in South Korea 52.1 stronger than the 51.2 the prior month in South Korea's April semiconductor exports advanced 15.8% year on year And if you look at the way that the Cosby's trading right now it's actually down by two thirds of a percent dropping 17 points and the nikkei is trading down about a half a percent So definitely investors very much selling stocks here with the idea that a lot of these issues that are out there having to do with the COVID situation in China the slowing economy inflation pretty much in some of the biggest markets in the world just to maybe lighten up a little bit All in one 30.10 And the offshore Chinese currency 6.6686 weaker by four tenths of a percent against the greenback And the time is 35 minutes past the hour Kathleen back to you Time for global news then Head Baxter's in the San Francisco 9 60 newsroom looking at COVID cases in China decreasing but restrictions remaining in that still looks problematic for the economy Ed Oh absolutely Beijing will close Jim's and sinema's Kathleen over the Labor Day weekend holiday Beijing reporting a 41 new cases day to today just a few minutes ago meanwhile Shanghai will keep virus measures in place despite falling cases and continued effect on the economy And this says no new cases were reported for the first time outside the lockdown areas since the recent outbreak started health officials say they are at a crucial stage U.S. House speaker Nancy Pelosi has led a congressional delegation on a surprise visit to Ukraine pledging continued support To say thank you for your fight for freedom And says a U.S. will be there until the fighting ends Ukraine's president volodymyr zelensky A.
Power 106 FM
"bank japan" Discussed on Power 106 FM
"Everyone that I say is coming shape, so trying to leave the Mama, leave that. Get your feeling The feeling a woman. Tell me that you come true girl. Make your baby I got to see I'm a bank, Japan the wealth feeling your woman love you too long. Tell me just, uh, daily dose on power mornings, right? If you're heading into the office If.
Bloomberg Daybreak: Asia
U.S. stocks close sharply higher as markets look beyond Election Day
"This election that is going down to the wire with Joe Biden looking like he may be just about ready to pick up that that victory. Or ring that victory bell. I guess I'm trying to say Doug is really affecting the markets. I wanna get right back to you to talk about stocks today and we're seeing now is this carries over to Asia right? And the fact that this blue wave that everybody was talking about last week failed to materialize, and it looks as though it least at this point that we're going to get A Democrat, Republican controlled Senate. And if you're right, Kathleen, and at this point, you're probably close to being right. If you look at what the data is saying so far on a Biden presidency It yields divided government right and that's a good scenario for the market is one thing that it does. It's reduces the chance that we're going to get any rollback in corporate taxes. At the same time, it kind of reduces the bet for a massive stimulus program. And if you're a fiscal hawk, this is good for you. And if you're the bond market than you have to take out that reflation trade, which is what we saw today, the yield on the 10 year falling 12 basis points and if you go back to, I think where we were in the last 24 hours on the 10 year. A 20 basis point moved from the high to the low. That's like the Fed cutting rates by a quarter point nearly right now in the Tokyo session where it's 75 basis points, we had a rally in US equities today, the S and P up 2.2%. Let's pivot to Asia very quickly. The Nikkei higher by 1%. Right now, we are also seeing much stronger. Japanese CNET 10 for 30 against the dollar The G bone bank Japan, October Services. PM I above the number that we saw in September. The current reading 47.7 and you look at the composite PM I also up from the September reading. The current reading at 48 W T I crude oil showing some weakness here at 38 70. So Kathleen, There is a lot going on my favorite