33 Burst results for "Bloomberg Global"
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"Bloomberg Radio all day. This is a market that's much more from market news, conversation and insight from Bloomberg's signature radio shows, surveillance sound on and business week. We've got a rally in stocks. More breaking news today from the Supreme Court. Bloomberg Radio. Watch us every business day live on YouTube. Search Bloomberg Global News. Bloomberg. Changes everything. Hey, everybody. It's time for today's STEM tip. Want to know how to make your selfies even better? Okay, let's use science. The best time for photos is golden hour. That's the moment right before the sun sets when the atmosphere scatters blue and violet wavelengths, making perfect, soft and golden selfie light to show off that beautiful face of yours. Click. Check out can stem for more inspiration. A message from the Ad soul. The business news Wall Street depends on under surveillance this morning. China sliding into deflation and the insight that only Bloomberg can provide. The real news this morning is the German 30 year yield. Bloomberg surveillance with Tom Keene, Jonathan Farrow and Lisa Abramowitz. You have to look at the data as it is. It shows strength and it shows higher inflation. Listen to Bloomberg surveillance live weekday mornings at seven Eastern or on demand Apple, on Spotify and wherever you get your podcasts. Bloomberg context changes everything. Bridge Bank helps breakthrough ideas actually breakthrough and remains dedicated to providing financial solutions to the risk takers, the game changers and the disruptors. Those committed to making the world a better place. Bridge Bank has been providing financial solutions
Bloomberg Daybreak Asia
Fresh update on "bloomberg global" discussed on Bloomberg Daybreak Asia
"Us learn more at bloomberg new economy dot you com when get your news from bloomberg you don't just get the story you get the story behind the story how your evie's battery may not be as green as it seems why a decrease in global birth rates could send countries scrambling to increase immigration you get context and context changes how you see things how you change things because context changes everything go to bloomberg dot com. vacation the thing that drives me every day as a dad is darion we call him a day for short every day he's hungry for something whether it's and affection knowledge and there's this huge responsibility in making sure that when he's no longer under my wing that he's a good person i want him to be able to sit back one day and go we work together we did a good job that's dedication find out more at fatherhood .gov brought to you by the us department of health human services and the ad council news when you want it get the latest headlines with bloomberg news now apple taking the wraps off its latest smartphone former president trump has taken another legal setback the top from bloomberg's global team of reporters at the click of a button us officials pushing
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"Court. Bloomberg Radio, watch us every business day live on YouTube. It's Bloomberg Global News. Bloomberg, context changes everything. Bridge Bank helps breakthrough It is actually breakthrough and remains dedicated to providing financial solutions to the risk takers, the game changers and the disruptors. Those committed to making the world a better place. Bridge Bank has been to technology and innovation companies from inception to IPO and beyond for over two decades through its national network of banking teams and offices. Bridge Bank, a division of Western Alliance Bank. member FDIC. Bridge Bank, be bold, venture wisely. The Bloomberg Business and Sports Podcast, where the money is flowing inside sports around the globe. Balance of power in F1 might be shifting. a We look take at mixed martial arts. Who is the next US emerging rugby star? Michael Barr, Scarlett Foe and Damien Sessauer take you inside the decisions that power this multi -billion dollar industry. We talk tech and all. Bloomberg Business and Sports. Subscribe today on Apple, Spotify and everywhere you get your podcasts. Bloomberg. Context changes everything. You're listening to The Big Take podcast on Bloomberg Radio. I'm Wes Kosova. Today on The Big Take, there's Rosalind Matheson, Ben Sills and Mario Parker. Tell us what we need to know. Thank you. The world leaders arrived in New York for the 78th session of the U .N. Assembly. General Five Americans wrongfully detained in Iran are expected to be free this morning as part of a prisoner swap worked out by the Biden administration. Poland has suggested that it will no longer provide weapons to Ukraine.
Bloomberg Daybreak Asia
Fresh update on "bloomberg global" discussed on Bloomberg Daybreak Asia
"It takes only 60 seconds and could save your life. You took the first step. Now take the next visit saved by the scan dot org for a simple quiz to see if you're eligible and talk to your doctor about screening saved by the scan dot org is brought to you by the american lung associations, lung force initiative and the ad council, the global leader in business and financial news is now live on YouTube for our audience worldwide. This is Bloomberg exit and watch Bloomberg radio all day. This is a market that's much more bullish market news conversation and insight from Bloomberg signature radio shows surveillance sound on business week. We've got a rally in stocks. We're breaking news today from the supreme court. Watch us every business day live on YouTube search Bloomberg global news Bloomberg context changes everything
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"Strike? the auto That's companies why came in forward with this pay raises, in some cases 20 % We want 40 Plus, % and understand the that unions 20 want % five pay increase days is of a pay pretty for good pay increase, four Hey, days listen, of but work. the that unions that sounds want Hey, great, except it's really hard to operate a business and keep offering people jobs when you're demanding these type of concessions that are really put those businesses into bankruptcy. And so, you know, there are people throwing around a lot of numbers here. But But when you look at just the scale of what they're asking for, I think you kind of get a sense of why they were And that these companies couldn't meet and why now today we're facing the strike. Of course Sean Sean Fain would tell you that's because it has been so long since we've been able to renegotiate When The you world wait changes a around decade you and and the they're seeing technology change around them. He says we're tired of living off the Can an important you relate role with even that? though they're a Well small can part you of the sympathize workforce with they that? play an important role Absolutely and and so listen we unions play an We healthy want union management negotiations we want to get deals but I think what we We look at what really concerns us is that we've kind of reached a point in which both public policy and a lot of the narrative around unionization is really trying to tip the scales. hear the full on the latest edition of the Bloomberg sound anywhere else on you get podcast your podcasts subscribe plus on listen Apple anytime Spotify on and the bloomberg I'm anywhere business Emily. app and bloomberg Together, we have the opportunity to build a more sustainable the and future inclusive at the Bloomberg New Economy Forum. We help make this possibility a reality by cultivating That transcend geographies, industries and ideologies Learn more Because at when Bloomberg global new economy leaders work .com together, the outcomes benefit all of us. When you get your news from Bloomberg, you don't just get the story. You get behind the story the story, how your EVs battery may birth not rates be as green could as it send seems, countries scrambling to why a increase decrease in immigration. global You get context changes how and you see context things how you change things because context changes everything go to bloomberg dot com to get context. on my new And show The on Circuit. I speak with the big names in tech culture and innovation and ask what's next. you to hear from meet leading people tech in CEOs their and world investors and alongside find out what influencers drives them. and celebrity entrepreneurs. Watch The Circuit Thursday This nights is a from chance to Bloomberg go deeper Originals. and on Bloomberg TV and on the Bloomberg app and Bloomberg .com. And download the Circuit Looking to join forces with Are a successful you practice a aligned next -gen with your advisor goals? With new looking talent Or an that established shares your firm vision? looking to Let Commonwealth Financial Be Network part connect This is you of with a your like way team -minded built with to advisors Commonwealth. succeed who today are and To learn more for tomorrow. visit Member Commonwealth Evolve Fin Recipic, .com your Commonwealth a registered investment Financial advisor. Network It's time for today's STEM Tip. Okay, filling is you important. know recycling No one wants plastic in the ocean. Here's a cool way to repurpose a plastic bottle. Build an awesome from Terrarium. Cut a large plastic bottle in half and fill the base with sand, pebbles, potting soil, and your favorite I chose an African violet. Put the top of the bottle over your base and place it in the sun. Your plant will grow Field in its own ecosystem. Learn more at she can stem. Breaking news A 24 message hours from a the day ad council. at bloomberg .com Markets on Bloomberg television and the headlines Bloomberg Business and app. breaking This is a Bloomberg Business Flash. Mhm. Mhm. Bloomberg Daybreak Asia brought to you by Interactive Brokers. Interactive Brokers charges a dollar margin at loan .com rates ibkr from 5 slash .83 compare. % to 6 .83 Okay, well, we are % looking rates forward are to subject to a change.
Bloomberg Businessweek
Fresh "Bloomberg Global" from Bloomberg Businessweek
"Much more bullish. From Market News, Conversation and Insight. From Bloomberg's signature radio show, Surveillance, Markets, Sound On and Business Week. We've got a rally in stocks. More breaking news today from the Supreme Court. Bloomberg Radio. Watch us every business day, live on YouTube. Search Bloomberg Global News. Bloomberg. Context changes everything. AdoptUSKids represents what to expect when you're expecting a teenager learning the lingo. Jelly. Jelly adjective. Jelly is a shorter, better way to say jealous. As in, Chloe, I am so like jelly of your unicorn phone case. You don't have to speak teen to be a perfect parent. Thousands of teens in foster care will love you just the same. Visit AdoptUSKids .org. Brought to you by the US Department of Health and Human Services, AdoptUSKids, and the Ad Council. I'm Emily Chang, and on my new show, Circuit, The I speak with the big names in tech, culture, and innovation and ask, what's next? You'll hear from leading CEOs tech and investors alongside influencers and celebrity entrepreneurs. This is a chance to go deeper, to meet people in their world and find out what drives them. Watch The Circuit Thursday nights from Bloomberg Originals. catch You can it at 10 p .m. Eastern on Bloomberg TV and on the Bloomberg app and Bloomberg .com. And download The Circuit Companion Podcast wherever you get your podcasts.
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"Do you like just search Bloomberg Bloomberg global news on YouTube Bloomberg markets listen weekdays 10 a .m. to 1 p .m. eastern on Bloomberg radio or watch us on YouTube search Bloomberg global news you took the first step and quit smoking but even former smokers may still be at risk for lung cancer that's why saved by the scan org wants you to know about a new low -dose CT scan that can detect lung cancer early it takes only 60 seconds and could save your life you took the first step now take the next visit save by the scan org for a simple quiz to see if you're eligible and your doctor about screening saved by the scan org is brought to you by the American Lung Association's Lung Force and Initiative the Ad Council economics everybody's out there pounding the inflation bandwagon climate people just are not spending savings that they have they're saving more investment where do we bank and is that bank big enough? Bloomberg Tom Kean, Jonathan Pero, Lisa Abramowitz, and the names that shape the world's markets the chief executive officer JP Morgan, James Dimon, listen to Bloomberg surveillance live weekday mornings at 7 Eastern equities get bit a little of a lift the labor market seeming to lose some steam or on demand wherever you get the new deal created American infrastructure that unleashed new today we're doing it again with massive investment in modernizing our infrastructure to build for tomorrow at build America mutual we protect your municipal bond investments that help make happen it building a vibrant future for our communities and your portfolio
Sound ON
Fresh update on "bloomberg global" discussed on Sound ON
"Of six tenths of one percent down industrials down 244 decline of seven tenths a nasdaq lower by 74 a drop there of six tenths of one percent tenure yield 4 .62 percent with a two -year 5 .14 percent spot gold down $26 a ounce to 1874 lower now by 1 .4 percent west texas intermediate crude up 3 .6 percent 93 .65 a barrel on west texas intermediate crude as for the overall market backdrop Tony Dwyer is chief market that are just at can't -accord genuity our view is that you get three you get three parts of this cycle you get good news is bad news because it means a tighter Fed that was 2022 then you get bad news good is news because it means the Fed's done and rates can stabilize but ultimately the real time to buy the time to be aggressive is when bad news becomes bad news and I think we're starting to see the beginning of that with some of consumer the data and you can hear more of that conversation on the surveillance podcast you can download it wherever you get your podcasts again recapping stocks lower with the S &P down 25 down now by about six tenths of one percent I'm Charlie pellet that is a Bloomberg Business Flash all right thank you so much Charlie pellet in New York join us on YouTube if you're not already enjoying this on the radio I guess you'd need to be if you could hear me go to YouTube and search Bloomberg Global News our cameras are lit in studio as we say good day to Bloomberg's Kaylee lines just back from Capitol Hill that felt very formal but good day to you Kaylee you've been rubbing elbows with lawmakers
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-03-2023 18:00
"On weekdays 1 to 3 p .m. on Bloomberg Radio and starting Tuesday you can watch the show live on YouTube just search for Bloomberg Global News and that does it for this edition of Bloomberg Daybreak weekend join us again Monday morning at 5 a .m. Wall Street time for the latest on markets overseas and the news you need to start your day. I'm Tom Busby stay with us. Top stories and global business headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio.
Bloomberg Markets
Fresh update on "bloomberg global" discussed on Bloomberg Markets
"And that is a Bloomberg Business Flash. It certainly is. Charlie Pellet, thank you so much. We appreciate it. Matt Miller, Paul Sweeney live here in our Bloomberg Interactive Broker Studio, streaming live on YouTube, so head to youtube .com and search Bloomberg Radio or Bloomberg Global News, and that'll get you where you go. need to As Charlie was just reporting, red on the screen today. Let's see where the action is. We check in with Abigail Doolittle. She covers all the markets for Bloomberg Television and Radio. She joins us here on our Bloomberg Interactive Broker Studio. Abigail, what are you looking at? So, the small gain that we were looking at earlier, well, it's turned into a small decline for the S &P 500, so we now have the S and P 500 down. I believe it is six of the last eight days or maybe that's five of the seven last days, but in any case, the majority of the recent days are down. The S &P 500 at down three -tenths of one percent. The light volume we were talking about earlier, it's still below average, but by only five percent, which suggests that this little bit of selling activity we're seeing, the sellers are serious.
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"Chancellor Olaf Scholz hosts Intel CEO Pat Gelsinger. Meantime Intel also says it plans to invest more than four and a half million dollars to build a semiconductor assembly and test facility in western Poland and part it's of all Intel's efforts to shift the focus away from China. Denise Pellegrini Bloomberg Radio. Thanks Denise. Michael Jordan is finalizing a sale of the NBA's Charlotte Hornets to a group of investors led by Gabe Plotkin and Rick Schnall. The basketball icon will retain a minority stake in the team that he owned for 13 years. And those are the company stories following we're this hour. I'm Steve Rapoport and this is Bloomberg. Global market news changes in an instant, so don't miss a minute. Listen to Bloomberg Radio anytime, anywhere around the world on the iHeartRadio app. Tune in. The Bloomberg Business app and Bloomberg .com. No one knows where this market will go. Right now it feels like a wild ride. One thing's 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, there's a way. Find an iHeartRadio app. Investing involves risk. Merrill Lynch, Pierce, Fennard & Smith Incorporated. Register broker, dealer, register investment advisor. Member SIPC. To the area of Bank of America Corp. Your landscape business is ever changing. There could be a lot more selling to become. Ours is too. Just getting some headlines I want to bring to our audience. We also have the unknown of how much can financial assets take. We have something else in common. Small caps continuing to feel the pressure. We seek out the latest business news wherever we are. The deep drop in Asian equities overnight. US futures also pointing to the downside. Bloomberg radio, the Bloomberg business app and Bloomberg radio .com. Bloomberg, the world is listening. Hi, everyone. Al Roker here. As a guy with his own catchphrase, I appreciate that bookies only said only you can prevent wildfires. But I'm filling it because there's a lot more to report. Like when there are parched or windy conditions out there, you got to be extra careful with things like burning yard waste. After all, wildfires can start anywhere, even in your neck of the woods. Go to SmokeyBear Bear dot com to learn more about wildfire prevention brought to you by the U .S. Forest Service, your state forester and the Ed Council. The Bloomberg Talks podcast. Today's
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"On to some of the gains that we've seen over recent weeks, 1.2% higher this morning, $27,770 a Bitcoin. That's your Bloomberg radio business flash and let's get to James walcot for a global news briefing. China and Russia have reached a long-term deal to develop key nuclear technology as part of a series of agreements that were signed during Chinese president Xi Jinping's visit to Moscow, the U.S. have repeatedly raised alarm over what it says are Beijing's ambitions to beef up its atomic weapons arsenal. For its part, China has rejected those claims, saying it's focused on nuclear energy. Staying with that story, U.S. Secretary of State Anthony blinken has told senators that the State Department needs its full budget request to tackle threats from China and Russia. Senators said the 11% budget increase sought by the department will be a tough sell in the Republican led house. Blinken cited immediate acute threats from Russia while highlighting long-term challenges from China. And finally, the deadline forbids for Manchester United has passed. Alice estimates successful bids for the club would be above 4 billion pounds, making it one of the largest ever deals for a sporting franchise. While Sheik Justin and Jim ratcliffe are the only two parties to publicly declared interest for the club, it's still possible other suitors will enter the fray, according to sources who spoke to Bloomberg. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than a 120 countries. And this is Bloomberg. I don't know if you were put in a bid to be the next Delia Smith. Do they take, do they take a Bloomberg at max? I think it's honestly with all this, though, is the idea that the man united could be worth 5 to 8 billion pounds. When it comes to value in football teams, it kind of made up numbers because devalue anything. You've got to have a good deal of clarity on where the earnings are going to be in three 5 6 years. You can't wear the football team because if you stop spending on the pitch, if you start spending on the pitch, you don't perform as well. You don't make as much money. It means that they're valued as growth stocks, even though they can't just flick a switch and become profitable sustainably. It's like anyway, that's my hot take on it. I find it very puzzling. I mean, why not? Why not let's apply regular business as opposed to football and see what happens. And that's fascinating stuff. Thanks very much to James walcot for our global news briefing. Let's get back to our markets conversation though, of course. Still unpacking everything we heard from Jerome Powell and Janet Yellen yesterday as well. We've got way lead global chief investment strategy for BlackRock with us in studio morning. Great to see you. Talk to us about your feeling around the fair decision now. I hikes done now. Is this it? We are expecting one more hike later, but certainly we're getting close to peak, right? That was the message yesterday, and that's our sense as well, especially given the tighter credit conditions that we should expect giving what's been happening in the banking sector. But what is really, really clear, and I think it's so important that it bears repeating is that there is separation of tools dealing with financial stability and dealing with fighting inflation. That was the case last week from ECB and that is the case now this week from the fed. What is also really, really important that jumped out to me last night is how tough the tradeoffs are at this point between fighting inflation and the impact on growth that is facing central banks at the moment because what essentially they are forecasting at this moment is higher inflation for this year, but also a recession. So they are focusing very low growth rate for the entirety of 2023 and given how strong the first quarter has been essentially we are backing out of their forecast and expectation for recession later this year so that's really tough, which is why indeed we're getting close to peak rates in the U.S. but importantly, we're not expecting them to cut rates this year as opposed to market pricing because inflation is still very persistent core servers, inflation, ex shelter, very related to the tight labor market that is still very, very persistent. So they can not come to the rescue of the economy, the market is a hoping that they would and there is a disconnect. I think it's about a month since we had you here on Bloomberg radio and a huge amount has happened in that month in Silicon Valley bank, of course, Credit Suisse. Has that banking crisis had the equivalent impacts of a hike and actually to what extent has it just changed your view globally on the way things evolve? At this juncture, we do think that it will come in terms of the impact on the economy, similar to tighter credit conditions, tougher funding conditions for banks and higher cost of capital and all of that. I have heard estimates equating that to something like 50 basis points, rate hike. I've also heard even bigger estimates that kind of points to 1.5, which I think is a bit too aggressive. But ultimately, on aggregate, I do think that it perhaps lowers the terminal rate as the damage from title conditions to the economy becomes clear but for now, given the steel very urgent inflation fighting agenda, the fed is going to have to keep on hiking. So last night and then one more and then see how we get on through the long and variable lags, but what is very, very clear. Again, from last night's forecast is that they are expecting inflation to go back to close targeting 2025. So essentially they're saying that they are going to live with higher inflation and that is what we expect in as well. On the banking turmoil, is this under control now in your eyes have we avoided the risk of a repeat of 2008 or could there be other shoes waiting to drop? Yeah, that's a question that we've been getting a lot from investors and clients. I would say, though, yesterday Jay Powell was saying that the deposit flight has been stabilizing and there is corroborated with the analysis that our colleagues have been running by coming through a website and mobile deposits data as well. They're also points to somewhat stabilizing deposit flight trend. But then markets were shaking a little bit by the debate around the uninsured deposit last night Yellen's comment. I would observe this time round. Yes, bank ground is faster because it's digital, but regulators and authorities also have learned from the global financial crisis lesson that they have to advance, and they have been acting very fast. So this is the thing is fair to expect if there is sign of greater contagion, we could see support coming through in the form of liquidity, provision. But again, bearing in mind that there is a separation of two there is church and state, the more that they can remove the task of stabilizing sentiment and the banking crisis contagion, the more central banks can focus on fighting inflation and I think that's something they're going to painstakingly make clear. Very, very quickly, 30 seconds. Are you shifting more to mail in Europe when it comes to equities from the UK? Currently, we have a modest underweight in both continental European equities as well as UK equities. Obviously, the UK economy faces tougher challenge, but the aqui market does not represent the economy as you would expect. So it's minus one for both Europe and the UK on a scale of minus three to plus three. Okay, Whaley, global chief investment strategy for BlackRock. Thank you very much for your insights on all those various subjects this morning coming up next on daybreak, Europe will bring you our interview with the man group CEO Luke Alice speaking at a Bloomberg invest event here in London. This is Bloomberg
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"In 6 21, I'd Wall Street I'm Karen Moscow, shares a home improvement in retailer lows down a third of a percent in early trading, it reported comp sales that were down one and a half percent in the fourth quarter, analysts were looking for a gain futures higher S&P futures have a third of a percent or 14 points. Now, futures up a quarter percent or 86 points at NASDAQ futures up half percent or 62 points. And that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world, Michael. Karen a passenger train and a freight train collided in Greece leaving at least 32 people dead, cranes have been brought in to move the mangled train cars, FBI director Christopher wray says his department previously concluded that the COVID-19 virus most likely originated from a potential lab incident in Wuhan, China. NBA, the nets lost to the bucks one 18 one O four, the wizards and warriors one in the NHL, the islanders lost in the shootout bruins won an overtime, rangers have acquired Patrick Kane in a trade with Blackhawks, global news, 24 hours a day powered by more than 2700 journalists and analysts more than a 120 countries on Michael Barr, this is Bloomberg Nathan. All right, Michael, thanks for coming up to 6 23 on Wall Street. I'm Nathan Hager, and this is Bloomberg daybreak. And we're thinking about a master plan. That's what Elon Musk calls his visions for Tesla and he is about to unveil his third master plan for the electric vehicle maker at an investor day in Austin, Texas. It'll be a big test for the company and the 70% surge the stock has seen so far this year. Joining us for more on this, Bloomberg global autos editor Craig trudell, Craig, good morning, as I said, we've seen two other master plans for Elon Musk in the past when it comes to Tesla. What are investors looking for today? Yeah, I think it's going to be very interesting to see how much the new master plan varies if at all from the last one, which it's going on quite a few years since that came out. That was around the time that Tesla was acquiring SolarCity and that plan kind of reads in retrospect is sort of justification for that deal, which must more recently has said he's regretted that. A lot of what was in that plan also has not been accomplished yet. He hasn't delivered the self-driving capability or the robo tax fees that he talked about there. Tesla isn't in all of the segments that the company talked about like buses and is barely making semi trucks, but of course the company has achieved sort of the overarching goal of really accelerating the embrace of sustainable energy. And so this is to the extent that we have gotten hints from Musk of what he's talked about, you want to talk about a big addressable market he's talked about a fully sustainable energy future for earth. So that's quite broad. Yeah, to say the very least. And even since that first master plan we've heard Elon Musk talk about things like robots, artificial intelligence, of course, cyber truck as well at the same time, we're hearing reports that they could start saying more about finally a lower priced electric vehicle. Is that going to be enough for investors to see at least incremental steps toward something bigger from Tesla? It's going to be really interesting how investors sort of digest talk about a more affordable model because obviously they're going to need something much cheaper to reach the level of scale Musk has talked about aiming for. He's said that the goal is to sell 20 million cars a year by the end of the decade. That is far and away more than any company has done in the past. Tesla and Volkswagen for a time were routinely doing ten 11 million a year, but to do 20 would be absolutely unprecedented. And the extent to which the company is able to bring prices down while preserving profitability is obviously something that's going to be top of mind because I think we've sort of gotten used to Tesla not just talking about growth, but sort of pointing to its margins as being a reason to be excited, so excited about the stock. And so can they deliver a cheaper model that in the end the model three never really was $35,000 or got close to that and yet the company has expanded so much. It's just a question of how much longer they can continue to keep that up without making some compromises on price points and profitability. Just 30 seconds left here, Craig, is Elon Musk focused on Tesla after all the drummer on Twitter. I think we see evidence every day that he is still pretty distracted right with running Twitter. And just using the service himself, of course, I do think that Tesla has done a better job of getting its message out and that he has talked more about the company. I think a lot of his investors got kind of sick of him just talking to Twitter, Twitter, Twitter last year. And that maybe has contributed to the run up in the stock and some of the recovery that we've seen just in the last couple of months. All right, Craig, as always, thanks to this Bloomberg global autos editor Craig trudell and ahead of investor day Tesla shares are up one and a quarter percent they're the most actively traded stock in the pre market this morning. Up next, the latest on China's economy, a bigger bounce after the COVID reopening in the FBI sees a lab leak as the most likely cause of the pandemic that's coming up in our 6 30 news. First
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"Meeting coming out on Wednesday. Joining me to talk about it, Bloomberg's global economic and policy editor Michael McKay, Michael, thanks for joining us. Happy to be here Now these minutes from the FOMC from their last meeting, it's wrapped up on February 1st, the central bankers announced a pretty modest 25 basis point hike in benchmark rates. The key, of course, is what policymakers see looking ahead. So what are we hoping to see this time? Well, ordinarily, you'd say you don't get that much from the minutes because it's three weeks old and we've had a lot of data since then, and we have had a lot of data that may have changed their views, and this week we got some of those views start to starting to change in public with Cleveland fed's Loretta mester, for example, saying that she thought that they should have done 50 basis points at that February 1st meeting. That would have been something we were looking for in the minutes. Well, let's hear a sound from Loretta mester right now. On why she says the case was made for a much bigger basis point hike. So at this juncture, the incoming data have not changed my view that we will need to bring the fed funds rate above 5%. And hold it there for some time to be sufficiently restricted to ensure that inflation is on a sustainable path back to 2%. Indeed, at our meeting two weeks ago, setting aside what financial market participants participants expected us to do, I saw a compelling economic case. For a 50 basis point increase, which would have brought the top of the target range to pi percent. All right, Loretta mester there, and now let's go back. Some of the things that you just talked about, these data points that really may have been exactly what she was referring to about better than forecast jobs report for January, better than forecast, Q four GDP, better than forecast retail sales for the same month. And how that may have influenced the fed in the last three weeks. It's going to be interesting to see how it might have influenced the fed because we've seen inflation come down a lot in November and December and then rebound in January and both the CPI and the PPI. And maybe it's telling us what the fed has been trying to tell us so that the inflation Genie is still not back in the bottle. It's going to take a while to bring that down and they need to do more for longer, raise rates higher for longer, which is something they've been saying for a long time. The real dichotomy seems to be on the growth side where many of these fed officials, including master, including Tom bark and earlier saying that we think there's going to be a recession or darn close to it. Loretta mester said that business contacts in her district are preparing for one, and yet as you mentioned, the retail sales numbers and other signs of growth have come in fairly strong, so when does that happen? Right, and you spoke to Richmond fed president Barton just this past week and got some great insight from him. Let's listen to what he told you about fed rate hikes
Bloomberg Radio New York
"bloomberg global" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak weekend, our global look ahead at the top stories for investors in the coming week. I'm John Tucker in New York. Up later in the program, the world copy and Qatar is upon us and the event and politics surrounded getting a lot of attention. But first central banker is in Asia. Staring down inflation and for more or less go to Bloomberg daybreak, Asia host on Krishna. John, as you know, inflation has been at historic levels in many countries across the globe and the respective central banks have been fighting to bring those prices down. Well, in the week ahead, we have monetary policy decisions from the bank of Korea and the reserve bank of New Zealand. Now it's going to be particularly delicate for the BOK since South Korea has been dealing with a credit crunch. In the last week on daybreak Asia, we asked Rajiv de Melo global macro portfolio manager at gamma asset management, for his take. The bank of Korea somewhat more dovish than central banks in Latin America or the U.S. for many domestic business as well. But inflation has not only gone up for domestic reasons, but the ones being weak until most recently, and that's also not been very good for the Prius. The bank of Korea will high grades. We expected 25 basis points hike. That's Rajiv demelo of gamma asset management. So let's take a preview of the BOK meeting with Bloomberg's global economics and policy editor Kathleen Hayes. So this is the last rate decision that the BOK will have for 2022, a rate hike I think Kathleen seems to be a foregone conclusion. If there is a debate right now in markets, 25 or 50 basis points, is that fair? It's completely fair because they did a 50 basis point rate hike when they had signaled 25 basis points at the last meeting and they got a bit of pushback after that. That's one of the reasons why I think some economists have been saying that even with inflation still high, but with a property market under pressure and a credit market that has been gone through some major gyrations in the last month or so, it would be prudent to go back to the 25 basis point hike for now. That seems to be the consensus. It will be quite a surprise if they do the 50. And the yuan wanting to keep it stable might be a reason for them to do that because going into the previous meeting, that's one of the reasons why they're expected to step up a little bit more to put a floor under the currency. There seems to be this view on markets that the risk of corporate default is greater now and in particular concentrated in some segments of the business community within South Korea. Leverage we know is a problem in household activity, but I didn't realize that it was so critical on the corporate side. For step one, setting the whole thing up was the global bond route. Yeah. That's what pressured bond markets around the world. But then the funniest thing happened on September 28th, the developer of the legoland Korea theme park in gangwon province, missed its payments on its commercial paper repackaging loans there, these project financing asset bank commercial papers, what they're called. But the bottom line is the biggest shareholders is. There's a kind of a government side to this. There was the previous mayor, I would say the local government that was backing the developer, they wanted to bring in this, as finished, it's the second largest legoland park in the world. And then with a new president taking over, change of political power, the next administration didn't want to back the developer anymore. Anyway, it's a long story, but that default just shot through the corporate bond market, yields on 5 year corporate debt, rising more than a 150 basis points at one point, liquidity drying up. And then there was an insurance company that didn't call its perpetual bonds. Bottom line, they were going to just pull back their refinancing of the bonds. And that was another bank to the corporate bond market. And that's create a big loss of confidence. Worried about investors continuing to want to invest in their bond market. And it's not entirely settled yet. But it also doesn't in a way that hearkens to what we saw in the UK where suddenly a market that's been stable doesn't seem to be a problem. A lot of different things happen. Of course, it was the ill timed and ill designed package, budget package that Liz trusts had for a while. Anyway, I digress a bit. But is that kind of a thing for Korea? It seems stable for now, but talking about the bank of Korea. It's another big reason to say, hey, this is not time for 50 basis point high. So that's the corporate story. Then on the household side, we know that debt levels are pretty high and viewed as being maybe a little vulnerable, although I think Fitch ratings this week had a note said that that vulnerability can be managed, rising interest rates and the way that that correlates to mortgage rates in a different way than it does in the states puts even greater pressure on the households in Korea. Well, about 80% of Korean households have adjustable rate debt. So I believe it was one of the be okay officials who said so a 50 basis point hike by the bank of Korea is more like a 75 basis point hike by someone like the Federal Reserve. Remember, most Americans or at least many Americans have 30 year fixed rate mortgages. So it's a big difference when
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"I am duke chairs down now by about 6 tenths of 1% sources tell Bloomberg global blood Therapeutics, which makes a drug for sickle cell disease is attracting a takeover interest at stock surging today GBT on the ticker there global blood Therapeutics up now by 42% again recapping tenure yield 2.67%, stocks mix the S&P now negative. It is down by one point now industrials down 63, a drop there of two tenths of 1% while NASDAQ, higher by 46, a gain of four tenths of 1%. I'm Charlie pellet, that is a Bloomberg business flash. Thank you so much for that update Charlie palette. We're live in the Bloomberg interactive broker studios and as promised we're joined by Hannah leavitt who she's finance reporter for Bloomberg news. She's got one of the most read stories on the Bloomberg of the past day and in the past week. With her story that came out today, Wall Street bonuses are poised to plunge following a slowdown in deals. Hannah, great to have you with us. If we were talking a year ago, I think that we'd be even what's 8 months ago. We'd be talking about a windfall for traders on Wall Street. We've been talking about a windfall for the M and a folks because of 2021 was just such a banner year. What do we know about what's going to happen this year? Well, so it's super interesting, right? Because if you think about when everyone's kind of talking about their bonuses, it's really after the start of the year. So mere months ago, we were hearing about all the ten figure packages and everyone was bidding up everyone war for talent, all this stuff. And it's been basically a complete reversal since then now there's been a deal slowdown and we're looking at potential recession and that means banks are focused on costs and all of that adds up to potentially 45% or more decline in bonuses for these, that's for debt and equity underwriters. And then M and a bankers are looking at a 25% drop. Man, it's 25% still quite a blow. They're wrap that into what has been happening with banks and their revenues because you have in the story, for example, investment banking revenue fell 43% in the first 6 months of this year. Totally. So there's been a lot of volatility and I would say market turmoil this year, as you guys know, tied to persistent inflation, recession fears, Russia's invasion of Ukraine. And people don't like to do deals when there's a lot of uncertainty. So it really adds up to a huge slowdown there. The flip side of that, though, I would say the other side of the same coin is trading where these banks are boosted by volatility and they're trading units. And so that's where that's kind of a loan bright spot as far as Wall Street bonuses where equity and debt traders can see. Higher bonuses. So we're talking a lot about numbers in terms of percentages. But what are we talking about in terms of actual dollars here? And when we think about bonuses like the ones you're writing about. Yeah, I mean, it varies, but a lot of the comp is really heavily bonus. So salary is a really small portion of your overall comp. Yeah, so when you're hearing about these crazy millions of dollars or tens of millions of dollars, like a lot of that comes in bonus. Not all of it, but a good amount. So that's, you know, it's really, it makes a huge difference year to year depending on how much your bonus moves around. What does this mean for talent? You mentioned the war for talent that we've been talking about for months at this point. I mean, it was a big part of what happened at banks last year, especially with regard to the lower ranks because they had a really hard time keeping those folks on and we had the Goldman Sachs slide presentation. Where are we with that? That's a great question. I think, you know, first of all, some of the elements that we're driving the war for talent have gone away if you think about crypto, certainly we have not heard of people leaving for crypto firms at the same velocity as they were months ago. And tech the same way where there have been a ton of layoffs in tech. I mean, I think that when people look at might there be a recession and what should I do to weather that? I think staying in your seat, like being like, oh, well, at least I have a job is more looking to the end of the year. I think people are thinking that and even more so will be. So it's August. It's August 4th today. There's still a long way to go till the end of the year. Things could theoretically change. Yeah, I mean, I think that in on the investment banking side, it's not clearly the volumes are so much lower this year than they were last year, that we're not going to see some kind of great fantastic comeback that leads to a reversal of fortunes. I think if we were to see a trading, obviously very volatile, there could always be some kind of reversal or some firm could have something that really does move the needle one way or the other. And so that would be, I would look at trading and I'd be curious to see what Alan Johnson at Johnson associates is saying about trading, you know, 6 months from now or four months from now. Does the recent rise that we've seen in the S&P 500 just in the last couple of months? Does it change
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"Me now with a look ahead what to expect Bloomberg's global economics and policy editor Mike McKay Let me guess the Democrats are going to try to get him to blame Republicans the Republicans are going to try to get him to claim the Democrats You know too much about American politics Anything substantive coming out of this or what There will be substantive discussions but whether there will be anything we don't already know I would doubt because he just had a news conference for an hour last week and basically explained where the fed is Now he left some things uncertain One of the biggest questions is what do they do next 50 or 75 He said they could do either one To that he'll say we won't know and then maybe somebody asked him well what are you going to be looking at What will tell you that you need to go a bigger if that's indeed the case And so maybe there's something from the markets to learn there But other than that it's probably going to be more of an explanation of why the fed doesn't really know what's going to happen Okay that news conference is talking about some wise acre got up and asked if they can really control the type of inflation that we're seeing Yeah I wouldn't know that You know when I go to the gas station fill up for 70 bucks for my car and go buy groceries at the grocery store and that cost me $200 for a jar of peanut butter I asked him whether they were looking at the core rate or the headline rate because the headline rate I only buy and he said the consumer He said John Tucker in particular doesn't understand core inflation Because he pays for gasoline and food But that's really the argument is the has to look at the impact of headline inflation the impact of gasoline prices And food prices because they're particularly concerned about inflation expectations That's what drove them to change their minds and go 75 basis points to jump in the University of Michigan's consumer sentiment measure of consumer inflation expectations And can we stop there What's the big deal about the expectations from consumers far out The concern is that if expectations elevate and remain elevated then what people are going to do is expect inflation to occur and then take steps to mitigate it like going to their boss and asking for a raise and they'll say well the other cost of living sir I got to give you a raise but to pay for it I'm going to raise prices even more That's what we saw happen in the 1970s and central bankers everywhere have basically learned that less than and said we're not going to do that again You mentioned the 1970s There were some comparisons to the Volcker era We're not there Are we There are many differences between now and the Volcker era For one thing the central banks understand the problem better and are going to attack it Energy is not as central to the economy Yes you don't like paying 5 $6 a gallon For gasoline but in terms of the gasoline that you use you're using much less because cars are much more efficient And the same with power In our houses So there are differences between now and then The biggest difference that they don't seem to have been able to get across to the public yet is that they're coming out of the coronavirus pandemic And prices went up on a lot of things for a lot of reasons related to the pandemic When the pandemic shut everything down the rental car companies didn't need cars because nobody could travel So they sold off their car fleets And then we reopened And now everybody's going on vacation and needs a car And so rental car prices are way up And because they had to restock their fleets used car prices went way up Those things are going to disappear as inflation providers because the red car companies will have their fleets And they will have made back enough money when the fleets get big enough Somebody will start undercutting other people and prices will level off And that's what the fed meant by transitory The problem is COVID wasn't transitory It kept coming back And so the problem hasn't gone away yet Some of those things will disappear inflation will go down but is there a fundamental built in inflation that's what the fed is worried about that people are starting to think there's going to be inflation So prices are going to keep rising Yeah and there was a lot of spending on the part of the government and the Federal Reserve building up its balance sheet What was the alternative back in 2008 in the financial crisis What was the alternative Probably complete disaster There's two arguments One that there was no alternative at the time when they first started doing that And some people would say that when the Biden plan was put forward it was too large And they kind of knew that but as you said what's the alternative The other aspect and argument that's made is that even if you did that you should have recognized sooner that that was going to be inflationary and started taking steps to mitigate it The fed should have stopped buying bonds in QE much earlier and started maybe raising rates earlier So they wouldn't have to go as far as fast as they are now All right Mike always a pleasure Bloomberg global economics and policy editor.
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"Hepburn with this Bloomberg radio business flash U.S. equity futures are edging up this morning S&P 500 in many futures up by a tenth of 1% Asian stocks those struggling for traction ahead of the Federal Reserve decision Debt markets have been absolutely convulsed since Friday the bond route has eased a little bit this morning ten year U.S. yields pulling back below three and a half basis points at three 44 the two year yield down 5 basis points at three 39 elsewhere though for example the Aussie three year yield rising 20 basis points to 360 five to the highest since 2012 and overall if you look at Bloomberg global aggregate bond index it has slumped 19.7% from the record high in January 2021 so the sell off in fixed income is immense its wiped out almost $10 trillion of value Having said that will the fed chair Jerome Powell has been so careful in explaining to markets the policy that's coming from the fed will that will change will we see a bigger rate hike from the fed today or not Just lastly the other market of note I think is the cryptocurrency space Bitcoin this morning slumping we trade at $21,145 that has even been big radio business flash now his Stephen Cowell with our top stories good morning Thanks Caroline global bonds are on the cusp of entering a bear market that's after the fastest UN U.S. inflation in four decades fueled back to the Federal Reserve will make its biggest interest rate hike since 1994 in the coming hours The UK canceled its first deportation flight to Rwanda after an 11th hour intervention by the European court of human rights which rules there is a real risk of irreversible harm to the asylum seekers involved And the Russian army is continuing its assault on the Ukrainian city of Sierra Donetsk shelling the metropolitan area and surrounding villages as it pushes to capture the Ukrainian government's last major foothold in the eastern region of Luhansk 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 This is Bloomberg Caroline Okay so we know it's a very big day for the Federal Reserve but also we should look at things from the European perspective What would be the ECB's response to bond market panic here It would depend on the circumstances it's dealing with this according to the executive board member Isabel schnabel But schnabel did go further in a speech in Paris last night saying that the ECB's commitment to the Euro has no limit and that commitment is the bank's anti fragmentation tool Joining us now has Bloomberg economics reporter in Paris William harriman William really good to have you on the program this morning Schnabel's message to the market seems to be another repetition really of whatever it takes but the ECB doesn't want to reveal what it would do if there were another sort of Euro area debt crisis Why Good morning Karen Thanks for having me I think it's important to start by looking at what we've talked about fragmentation really is So in the Euro area in the Eurozone it is essentially a idea of unwarranted bond yields of certain unwanted riders on the other side of the country and that creates a market stress similar to the Eurozone crisis We had about ten years ago So why are we talking about this now and why was in Barcelona talking about this in Paris last night Well let's see European Central Bank sounds from this course to raise interest rates and end asset purchases borrowing costs are going up again and particularly for some stock in European countries And probably is and which is always the problem that we've got up against with ECB So they can't intervene to buy assets of one country to a greater extent than others but this would be considered monetary financing Yet to get around this in the past it has justified interventions by saying that this fragmentation is stress in the market But some countries means that their policy is no longer being used so they have an obligation to interpret Now so why forward to now Michael schnabel and debate is basically whether to make an explicit tool to do this or just have the implied threat to markets that they would do something And so last night made sort of two very important points firstly that for their it's probably going to be an implicit tool and something that would be structured to exactly the crisis at hand and on whatever they had whatever actually happens rather than having something predefined that markets can test And as you said in many ways this is a stronger pledge than having something very specific And she's sort of in some ways echo dragging whatever it takes last night by saying that if these commitments is stronger than any specific instrument and that commitment has no limits In that context then William how bad is the blowout and yields of weaker Eurozone economies and I suppose what sort of signals should we have expected or should we be expecting from the ECB in dealing with that I think it has obviously it hasn't got to the point where they think that we're on the verge of a full boat crisis right now But it's clear that since they're meeting last week when they started to chat with course of interest rate hikes investors have started to target the sell from European countries And there's always been this discussion of what to do about fragmentation and going on a long time And people have different numbers of the governing council have seen that this process of winding back stimulus coming And everyone sort of feels that there needs to be some kind of safety net So to enable it actually made interest rates at all Yeah I think that was my main question Can the ECB actually hike rates We're looking to the Federal Reserve that's going to raise rates That's going to have a global impact Can the ECB hike rate here without that tool that anti fragmentation tool as you say that that is the question And the answer may be yes if they have this no limit to commitment to ensuring transmission of money policy But it would be some curious situation so the least we raising interest rates at the same time as the boom for potentially at some point of positive easing for some countries Okay William harban our economics reporter in Paris Thank you very much for speaking to us about that Coming up next on daybreak Europe will be turning back here to the UK where Boris Johnson is claiming his new Brexit proposals are needed to make Northern Ireland's.
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"From Bloomberg's global headquarters here in Europe I'm Caroline Hepburn with this Greenberg radio business flash so Mainland China back after the lunar new year holiday We get something of a bounce to stocks not enormous so the Shanghai comp up just over 2% CSI 300 gaining one and a half percent but really it's the global bond route that is key to market and absolute pivot in terms of negative yielding debt diminishing and the ECB money markets now expecting the deposit rate to go up by 50 basis points in 2022 to take it back to 0% for the first time in almost 8 years So that's pretty significant German yields will start trading about 30 minutes time at .2% U.S. sales trade at one spot 9% down by one basis point Futures then for the European stock markets are by 7 tenths of 1% and in the positive up by three tenths of 1% for NASDAQ futures now The dollar pairing early gains actually flat at the moment the Euro underperforms despite the used to be class not who is one of the hawkish members of the ECB talking about rate hike potential for October are currently the U.S. bought prices softer a tenth of 1% oil pretty firm a Brent crude trading at $93 28 has gone up above 94 one point WTI crude futures at 90 one 88 of down by half of 1% but it has been 7 weeks of oil price rallies in a tightening market That is a Bloomberg radio business flash now here's the anger garands with all the top stories this morning come on Caroline good morning and.
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"Time since 2017 A senior administration official described North Korea's recent series of missile launches as destabilizing Republican senator Susan Collins a Maine says former president Donald Trump should not have promised pardon January 6th insurrectionists Collins also was asked whether she would endorse Trump if he decided to run again in 2024 Certainly it's not likely given the many other qualified candidates that we have that have expressed interest in running Senator Collins spoke on ADC's this week which can be heard Sundays on Bloomberg Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than a 120 countries I'm Michael Barr this is Bloomberg Nathan Thanks Michael 5 35 on Wall Street time for the Bloomberg sports update with Jon Stan shown Unlike the Super Bowl matchup the Bengals until this month had not won a playoff game in 31 years they had never won one on the road and they've never won a Super Bowl The rams have only one one That was when they played in St. Louis Bengals and ram both came from behind one by three they'll meet in two weeks in LA so after 54 super bowls without a team playing in its home stadium it'll happen two years in a row in LA the rams trailed the forty-niners by ten of the fourth quarter rally the wind 20 to 17 Matthew Stafford's third playoff win after having not won any first 13 years of his career Big games catching passes for both Cooper Cup and Odell Beckham the Bengals trailed in Kansas City 21 to three with the chiefs who scored touchdowns on their first three possessions did not score one in their last 8 Cincinnati went ahead with 21 points to the row KC forced overtime but.
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"Declined dealers struggling to get cars but it does appear core sales were strong Everything from toys to sporting goods and clothing Americans incomes were bolstered by government fiscal aid and rising wages particularly at the lower end of the income spectrum The not so necessarily good news is retail sales will also benefit from soaring inflation as sales are reported in dollar figures Michael McKee Bloomberg daybreak Michael thank you Earnings also come into focus today Big banks kick off the season with results due out this morning and Bloomberg global finance correspondent chenal bouncer has more JPMorgan is kicking off earnings and expectations are high that consumer loan growth is coming back and that trading will hold up even as it starts to moderate and even decline in many places on Wall Street With that said we're also looking at Citigroup and Wells Fargo earnings Not only to see that the consumer is returning but also to make sure that those banks can keep costs down as they are more under pressure with wages rising and more investment in technology Wells Fargo and Citigroup have regulatory risks as well that investors will want updates on In New York shonali Bassett Bloomberg daybreak Thanks Now to the latest on the pandemic and a major legal setback for President Biden the Supreme Court has blocked his rule that would have required large companies to mandate vaccines or weekly testing for employees We got reaction from labor secretary Marty Walsh We just have to continue our efforts with the present laid out Is this a setback I wouldn't say it's a setback Is it should be a disappointment Is what it is but we're going to continue to do everything we can I'm going to continue everything I can as secretary of labor for the United States of America to make sure every single worker in America is safe Labor secretary Marty Walsh spoke with our Washington correspondent Joe Matthew on Bloomberg sound on Catch the program weekdays at 5 p.m. eastern on Bloomberg radio Well when it comes to vaccinated employees Nathan Citigroup is out with its data The bank says 99% of its U.S. employees have implied with its vaccine mandate and the bank expects more workers to comply with its order before today's deadline Cities mandate is one of the strictest on Wall Street making COVID vaccines a condition of employment Lead time here in The White House is ramping up other plans to tackle the pandemic President Biden is doubling his order of rapid COVID tests to send to Americans He says he'll also distribute high quality masks where I'm making high quality mask available to American people in the American people for free You know I know we all wish that we could finally be done with wearing masks I get it But there is a really important tool President Biden says you'll have a formal announcement on distributing masks next week Turning to the markets now Nathan crypto is in focus today Dogecoin search as much as 15% this morning after Elon Musk said it can be used to buy Tesla merchandise Mosque is a frequent booster of Dogecoin on social media and has hinted at the move for some time And Tiger Woods is in financial news this morning Karen a blank check company backed by the golf stars filed to raise a $150 million in an IPO The company plans to seek a merger target in the sports or health tech sectors with an enterprise value of as much as a $1 billion Tiger Woods is the lead investor in the special purpose acquisition company Straight ahead your latest local headlines in the check of sports This is Bloomberg And at 6 O 7 on Wall Street where 40° in Central Park we got a broken down vehicle on the way to Kennedy airport westbound belt Parkway near the van wyck Details coming up from Peter van first Michael Barr is here with.
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"Including debt according to a statement The agreement was special purpose acquisition companies CC newburger principal holdings involves a total equity investment of 1.2 billion including funds raised by the spac and a $150 million private investment in public equity Greg Jarrett Bloomberg 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 am Susanna Palmer This is Bloomberg This is Bloomberg opinion on Bloomberg radio bringing you news comments and insights from Bloomberg opinions worldwide team of editors and columnists I'm June grosso Coming up on the show how hard are higher gas prices hitting Americans wallets Plus will young people soon be flooding to Arkansas There are signs they might will tell you more about it But first the Bloomberg editorial board argues that the drug pricing measure passed by the House might seem insignificant but it could have a major impact on many American families leading to lower prices for prescription drugs If signed into law the measure would allow Medicare to use its leverage to negotiate drug prices Marriage win wall is one of the editors of the editorial board's peace and she says the measure has bipartisan support among voters She joins me now to break down the details Tell us what's in the drug pricing measure that was passed by the House There's a provision for Medicare to negotiate drug prices This has never been in existence for Medicare before The part D drug insurance program which started under the Bush administration when it was passed they specifically disallowed any negotiation on the part of Medicare Medicare has 48 million beneficiary is in the program So it's a very large group of people and it gives the agency a lot of negotiating leverage but they've never been able to use it If this passes it would be the first time that they would be able to do this thing Why is it Medicare allowed to negotiate Why would they put that in the law I assume that's because the pharmaceutical companies are so strongly against it Republicans tend to support that pharmaceutical companies desire not to have that negotiating ability However there's nonpartisan support among Americans for Medicare to use that leverage Most people including large majorities of Republicans believe that Medicare should be able to use its negotiating leverage The pharmaceutical companies always say that that will cut back on innovation They do a lot of research and development to get these drugs that work so well Yes they may be right to some extent but not to the extent that they have always said that a lot of drugs don't start out in the pharmaceutical companies They start out in smaller drug makers or university or research labs And then the drug makers spend money to put them through clinical trials It's an important investment and they should be encouraged to do that It is a bit of a tradeoff However it's not a very big tradeoff The congressional budget office calculated that this drug negotiation measure would cause one fewer drug to come on the market in the next ten years And 9 fewer drugs in the next 20 years that's something you want but it's worth the price because if you have drugs that no one can afford what's the point of having them The drug prices in Canada and Europe are much lower than here The governments do negotiate there So if the government's allowed to negotiate could we expect to see a real drop in prices It's not clear that they would ever become as low in the United States as other places That's the aspiration however because this was a compromise measure Rather than allowing Medicare to negotiate the prices of all prescription drugs we're talking about drugs that are sold at the pharmacy not the kind that are administered in doctor's office although the bill does cover those too But just to talk about the prescription drugs the secretary of Health and Human Services under this plan would come up with a list of the drugs that cost Medicare the most money They also have to be drugs that have no competition on the market and they've been on the market for at least 9 years or longer if they're biological drugs There's a long list of drugs that fit that description and Medicare in the first year of this program would be able to negotiate the prices of ten of them As an example tell us about the drug that's used to treat macular degeneration What would happen to the cost of that This is a drug called eylea It costs 10,000 $851 per patient And there's enough people in America with macular degeneration on Medicare that it costs Medicare $3 billion in 2019 What Medicare could do now with this particular drug is negotiate the price down from $10,800 per patient Do you know is the Senate open to leaving this provision in the Bill It will be a controversial issue There are Democrats in the Senate who feel or say that they feel confident that it will get passed Thanks Mary That's married dwindled editor for Bloomberg opinion Coming up on Bloomberg opinion are driving habits changing thanks to gas prices And if you're considering moving why not give Arkansas a chance It could be a popular destination in.
Bloomberg Daybreak Asia
36 States, DC Sue Google, Alleging Antitrust Violations in App Store
"Of states are set to sue Google and an antitrust case joining us now, as Tom Giles, Bloomberg's global tech executive editor. Tom Tell us about this lawsuit. What's the basis of it? Well, this is yet another action by U. S. U. S regulators against Google And these this is yet another sign of concern. That Google has grown too powerful and that it's and that is wielding that power in a way that sports competition in particular. This focuses on the Google play store. So this is the store that you have to go to in order to download apps on your android device on And so the concern is the fees that they charge APP developers for distribution of your apps. And these developers have they've they've said Enough is enough. They've complained to to regulators. And so what you've got is three dozen states Attorneys general from 36 States and Washington D. C coming together. And leveling a lawsuit against Google alleging alleging anti competitive
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"1%. We've got real estate, consumer, discretionary and communications services shares leading this advance. Was a record setting session here in the states for the Dow. Not so much but the S and P the NASDAQ compound. The Russell 2000 all finished it all time highs. We had banks strong along with information. Tech stocks and industrial shares gained. There was evidence of an improvement, gradual one of that in the American economy weekly jobless benefits last week, dropping to the lowest level since the end of no member barren mind. The monthly employment report for the U. S is due tomorrow. That would be the January data. Also today news that U. S factory orders were up 1.1% in December that was ahead of estimates. Now the strong ICO data probably influenced interest rates up a little bit not by much. 10 Year Treasury last quoted in New York at 1.13%. Right now in Seoul, The Cosby is up to let's call it 3/10 of 1% in Sydney ASX 200 higher by just about 9/10 of 1% right now. Within the last couple of hours. Top financial regulators here in the U. S wrapped up a meeting on the recent market volatility related to that retail trading frenzy. They've concluded the core infrastructure proved to be resilient. Next step. SEC timely study of those events that will be interesting to talk about in the days and weeks ahead right now. Global news at Baxter in the Bloomberg 9 60 newsroom ready. All right, thank you. Douglas. Hong Kong government is released seven documents covering how Nearly all aspects of education should be conducted under the new Beijing New Security law. US House has voted removed Marjorie Taylor Greene from her committee assignments, Democratic leader Steny Hoyer says she is dangerous. This as she has walked back earlier in the day, her conspiracy theories saying they are talk of the past. US President Joe Biden says America is back and ready to assume or leadership in the world, saying China has to be challenged at the U. S will not roll over to Russia. He says no, Vonnie must be freed and the Myanmar military must hand the government back to Suki. Business insider is reporting that former President Donald Trump plots a comeback revenge tour to campaign against GOP defectors in the 22 election. Network of hundreds of Twitter, Facebook and YouTube. Fake accounts devoted to spreading pro China propaganda using videos of the January 6th siege to spread messages denigrating democracy. In San Francisco. I'm Ed Baxter. This is Bloomberg. Paul. All right. Thanks very much for that. We are seeing kind of a mixed picture on equities markets across the edge of Pacific right now they're here in Australia. We are higher by about 8/10 of 1% of the Nikkei better bye. 1% and we got the Cosby just turning into positive territory now as well. I believe we're about to be joined by Adam Hate. Bloomberg Global Markets editor to discuss The latest in that markets. Action, Adam, I just want to check of you with us or not. I don't believe we haven't yet. How you him. You are here. That's excellent. Thanks very much. That's a reassuring to hear your voice. Well, we're seeing markets up across the Asia Pacific right now. Another recall day in the U. S, some encouraging signs for the jobs market there as well. But Paradoxically, does this strengthen the argument against Blockbuster stimulus in the U. S. Yeah, I think that's really kind of that. What's focusing investor's minds? Really Paula's. We kind of wrap up the week because, of course, the key trend that's been happening this week. Is that strengthening of the U. S yield curve and of course, there's bean Some of the kind of the demanded auctions and the outlook for that fiscal stimulus, which is in there, but also we've had some very encouraging. Corporate data on the economic data out of the US this week and obviously going into Friday's U. S Key payrolls report. All of that is setting up, you know, reasonably optimistic tone. Investors they're getting on 20 towards the end of the week. So you know equities at record highs again is partly being driven by the by the earnings recovery that earnings recovery Now the question is how much that's already played out in prices. Interesting market action overnight was, of course, that you had Russell 2000 Small cap index Rising 2%, which was twice what the s and P 500 did. So you're even seeing Maura that more examples of that cyclical recovery coming through. You had that very strong. A deep in your report as well s. Oh, it's a recently you know, as we get further into earning season, a confirmation for some investors Of what they've been expecting. That coupled would virus news that continues to broadly trend in improving way That leaves people thinking? Yes, higher prices for now, But, you know, always starting to think about. Reaching a point where equities need to pull back at this point with so many so much of the positive news already in the price. Yeah, There's a lot of central bank action going on as well. And the Fed doing nothing Does the bird expectations is to George making reassuring sounds about things too early toe talk about tapering the bond buying. We'll hear from the BOJ little later. But here in Australia, we have heard from the Governor Phil Low today he doesn't expect to see inflation had it staggered. Before he was out of his job, Does he? Indeed, and his terms Jews through the end of 2023, which I'm not sure how clear your crystal ball is pulled, but trying to forecast just for six or 12 months is hard enough, let alone trying to think about what might be happening with the world. Come. The end of 2023 so clearly Low was making the argument to his testimony in Parliament today that rates will need to stay very low. For the foreseeable future that investors can kind of forecast and a company with that, of course, is very supportive Central Bank from a bond buying position there, of course. Increased the purchases and they told us about that on the Tuesday meeting, and it's kind of he was painting the picture of more of the same this economy in Australia that's still struggling to transition. Parts of the economy, like education and services that still can't get with the international borders closed. Can't get the light people back into the country. Of course, part of what the country policy seconds here have done of held back the Australian dollar a little bit so that helped And to some degree, but there's only so much that the album taken do Given that the pandemic is still such a creating such a fragile outlook for the global economy for the rest of you indeed, and we're seeing the.
Terry Meiners and Company
Stocks gain as China says fewer new coronavirus cases
"Limburg money his things or jump on again here's Donna Wilson yes they are Terry you when stocks are at record highs as the number of new and suspected coronavirus cases Paul in China the Dow was up two hundred fifty points at them via of nineteen the nasdaq climbing seventy four the Bloomberg global indexes also posting a
Bloomberg Markets
Murdoch Caps Long Career by Laughing All the Way to Bank
"R. a. dot net The brewing trade war is moving into currency markets the dollar weakening yet again after President Trump complained, on Twitter that the greenback is getting stronger is also. Criticizing the Federal Reserve raising interest rates Lucy. McDonald the chief investment officer, for global equities at Ali on. Global investors the timing that I would suggest is to, do with the concerns, about currency if there is a feeling that the trade tensions are moving into a. Currency war event he would definitely want to be involved in, that will say that from the reading. Of the timing that would, look to be the case, Federal Reserve has raised interest. Rates five, times since, President Trump took office and China's currency and focus again after the country's central Bank weakened it's fixing by the most in more than two years Leland Miller is CEO. China beige book, international it's definitely. Trade, were related but China's not, devaluing the currency. They're just not stepping up to prop it up six seven may worry markets but, it's not the place where, the PVC wants to step in to stop. This so I think the two critical number One six nine six nine. Is where President Trump. And, inherited that you want and if, it gets any weaker the NAFTA means if you want has weakened on his watch, that's not, a good symbol it's something that the Chinese would really be prodding. And poking President Trump if they knew that the Chinese Yuan has declined more. Than four percent over the past month j. p. Morgan Chase has the decade-long bull market, at US stocks has more room to run the banks asset management team forecast that US equities could keep gaining for another two and a. Half years at the same time, j. p. Morgan warns that returns won't be as high as in the past Rupert Murdoch cemented his reputation, as a great media dealmaker he's poised to complete a. Seventy one billion dollars sale of selected twenty-first-century. FOX assets to Disney now, that Comcast has dropped out of. The running Bloomberg billionaires index estimates Murdoch is worth eighteen, billion dollars he's dance, to add about three billion of business stock to that fortune at billionaire Peter Thiel. Is considering strategies to invest in Chinese Startups Bloomberg has learned that the oil is weighing different approaches for investment including raising a fund. Or entering a partnership feel was an early investor in Facebook and. Co-founder pay pal just ahead a check. Of the markets this is Bloomberg global news twenty four hours a day at Bloomberg. Dot.
The Spud Goodman Show
Susan Rice slams Trump for 'disgraceful statement' about Russia at G7
"Former australian prime minister kevin rudd i think the chinese are very keen to continue to reinforce a message through the symbols to the international diplomatic community under the americans that kim jong un union is their ally and nobody else's and therefore he arrived out of the air china charter jet meanwhile the us senator lindsey graham says he's asking democrats will support us efforts to use force as a last resort against north korea what i do expect to be done in a year from now is that does dismantle their nuclear weapons programs missiles off with tony manure raynham anytime anywhere inspections and we're not going to let them run out the clock again graham on abc and back to the fallout from the g seven president trump is suggesting that g seven g eight eight being russia on cbs national security adviser in the obama administration susan rice says the pattern here is very wrong the president of the united states to walk into that session and to essentially blow it up and disrespect our allies while embracing russia and and giving benefits to china but canada's prime minister justin trudeau the new trump target says the road forward is what it's most important all of us pulling together and doing things that matter for citizens and for the world and on that this was certainly a success and one more note here of latimer putin is repeated his desire to meet with donald trump a lot of moving parts global news twenty four hours a day on aaron a tick talk on twitter power by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries in san francisco i'm ed baxter this is bloomberg brian ed thank you so much eight minutes now past the hour and it's a big week for central banks we certainly been squawking about that a lot here over the past couple of weeks policy decisions coming from the federal reserve european central bank and the bank of japan joining us now to talk more about it bloomberg's global economics and policy editor kathleen hayes kathleen too many of us the may be the most interesting i could lose it it why but i know you can do it better because there's this whole draw about whether or not.
Bloomberg Daybreak: Asia
United States, Attorney and Trump discussed on Bloomberg Daybreak: Asia
"Radio kim trump summit officially back on the negotiations that continuing in public as well as private ed baxter is covering all the global news enough bloomberg nine sixty san francisco newsroom ed yeah right charge juliet us secretary james madison singapore meeting the fence ministers of south korea and japan korea will receive relief only when identifiable in your step david nice says the glow must continue to keep all forms of economic and military pressure up until that time this is at a time when president trump seemingly walked back his position saying the us might negotiate a graduated dismantling of the north korean nuclear program so hang in there bumpy road to come eight days away and there are media reports in asia that there may be an effort for peninsula peace deal bloomberg's stephen engle we're also hearing from south korean media that moon jae in the south korean president will indeed again it's a media report reportedly will attend the summit as well and that they will try to get a peace deal done between the three gentlemen and north korea's state run news agencies reporting serious president bashar assad is interested in visiting north korean visiting with kim jong un no indication that such a trip that has actually been planned to this point candlelight vigil hong kong tonight the annual event remembering tiananmen square it looks as china's becoming less tolerant of things like calls to end the one party dictatorship although not codified government officials have been threatening to crack down on those participating chris hang high profile pro democracy protesters saying that political space in hong kong is much tighter than it was three or four years ago the legal gymnastics over what power the president of the united states has to end an investigation into himself or pardon himself took a new turn today as trump attorney rudy giuliani said he believes the president could end the investigation but not of any crime such as murder as was purported in letters to the new york times when you argue army the broadest possible point we don't have to go there i didn't i wasn't there then yeah but the administration did now giuliani walking it back a bit he does also say the president does not plan on pardoning himself giuliani on abc has heard here on bloomberg global news twenty four hours a day on air and ed tech talk on twitter powered by.
Malaysia: Markets closed on Thursday and Friday
"One eight six six sectoretf we're at forty seven past the hour we're gonna be talking with bloomberg's global economics and policy editor kathleen hayes coming up about what's going on with em particularly given the fact that the bank of indonesia has signaled for the second time in two weeks it may hike interest rates we've got a weaker currency on that front not gonna steal her thunder we'll have details on that coming up we've got a weaker yen against the dollar here at one zero nine ninety and higher oil prices the combination i guess you could say is helping to send the nikkei up by about three tenths of one percent in seoul the kospi had one half of one percent and in sydney now the asx two hundred is better by about three tenths of one percent now markets in malaysia will be closed thursday and friday we had a stunning victory in the election in malaysia mahathir mohamed defeating the current prime minister do brazil created a bit of nervousness in the space during the new york session the ice shares msci malaysia etf down about six percents so we're not going to be able to get market reaction in malaysia until the monday session intraday in the bond market stateside we had the ten year above three percent we close new york trading right around two three percent yield we've given back just about two basis points right now in the tokyo session yielding two point nine eight percent let's get an update on global news now mark mills is in the global bloomberg newsroom with these headlines mark douglas state department says three americans held in north korean labor camps were free and back in the us wednesday afternoon they landed in anchorage alaska and route to joint base andrews near washington president trump said that he's looking forward to greeting the hostages when they arrive cnn reports that singapore has been chosen as the host city for the planned summit between president trump and kim jong un no comment from the white house on that report ninety two year old malaysian leader mahathir mohamad scores a shocking victory in national elections promising a return to the rule of law the israeli military says iranian forces based in syria fired twenty rockets at israeli frontline military positions in the golan heights early thursday triggering an israeli reprisal and further escalating heightened tensions global news twenty four hours a day on air an tick tock on.
Cfo, Benedict Benedict and Managing Editor discussed on
"The deal offered to president obama we already have bilateral deals with six of the eleven nations in tpp working to make a deal with the biggest of those nations japan who's hit us hard on trade for years building on our trade story trump also struck a more optimistic tone on china this comes as the country's exports posted a decline in march leaving a surprise trade deficit is bloomberg's bryan curtis where the details from hong kong exports fell two point seven percent after a whopping gain of forty four and a half percent the previous month a sizable miss here from the projected eleven point eight percent increase in a bloomberg survey imports to jump fourteen point four percent and that did beat estimates it left us somewhat rare trade deficit for china to the tune of four point nine eight billion dollars firstquarter data are often strongly affected by the chinese new year holiday and this time we had a fairly chunky currency effect the increased three point seven percent in the first three months of the year in hong kong i'm bryan curtis bloomberg daybreak europe london stock exchange group is hard goldman sachs's david schwimmer to run the two hundred and seventeen year old balsa ending a months long search he'll join the group in august off to a twenty year career golden's he takes up one of the most high profile jobs in the city of london schwimmer replaces interim chief executive david warren will retain his role as cfo and in other news some corporate news that i spoke about earlier volkswagen has picked a new leader in a management shakeup at the world's biggest carmaker as it is attempting to draw a line under the diesel scandal herbert dc they had vw's namesake brand will become ceo as well as oversee technology across the organization the moves come as the company prepares for wave of technological changes said to up end the industry's traditional business models let's get more on that story from bloomberg's global business managing editor benedict benedict how the.
Trump looking to re-enter TPP, says Sens. Pat Roberts, Ben Sasse
"Whole lot of change although the end did weaken lot in in new york session and looking at oil prices vary strong dwi crude was up over sixty seven dollars a barrel for much of the morning now at sixty six eighty five doug back to us all right brian well as you mentioned president trump making some comments on teepee he told lawmakers he's considering rejoining the transpacific partnership now you might recall that he withdrew from tree tpp shortly after taking office republican senator ben sasse of nebraska was part of the group that met with the president china cheats and lots and lots of ways their theft of intellectual property they're made in china twenty twentyfive initiative are a whole bunch of bad actions and that cheating needs to be countered but the single best way we can counter that is by leading all the rule of law nations in the pacific would rather be aligned with the us then be aligned with china well the president's news on tv p comes ahead of next week's visit to the us by japanese prime minister shinzo obey bloomberg's global economics and policy editor is kathleen hayes she tells us president trump's move will be welcomed by japan it seems to me that he may be also getting ready to take steps that are so important for asia ex china this again is something that japan and other nations want in place because they to want to counter china's rising power in the region particularly when it comes to trade trump and albay will also likely discuss the us tariffs on steel and aluminum and the possibility of japan being granted an exemption from these levees and on sunday japan and china will begin their first highlevel economic dialogue nearly eight years we have more from bloomberg's ramy inocencio chinese foreign minister wong e will visit japan for three days to meet as counterpart taro kono bilateral trade and investment is strong but the relationship has been plagued by problems in recent years including territorial dispute in the south china sea one topic that may be discussed is japan filing to join a us complaint to the.
Amazon, Tesla and Goldman Sachs Group discussed on
"Delivers for amazon amazon said the postal service makes money on its deliveries tesla said in the moments before a fatal crash involving a self driving model on march twenty third the auto pilot in the car was engaged with the adaptive cruise control follow distance set to minimum all that's according to a tesla blog post tesla said the driver's hands were not on the wheel at the time of the crash despite several audio and visual warnings the women of wall street got a boost yesterday judge's ruling allows group of as many as twenty three hundred female employees of goldman sachs group to pursue claims that they didn't get paid or promoted like their male counterparts the lawsuit dates back to twenty ten when two women accused goldman sachs of a culture discrimination and a boys club atmosphere that included client trips to strip clubs and eight billion dollar punitive damage award against j p morgan chase for mismanaging the estate of a wealthy client will likely be reduced to around ninety million dollars the bank would like to see it reduced entirely the family of the client said the bank ignored a state deadlines and took years to release basic interests in art home furnishings jewelry and more it was not a great quarter for david einhorn's main hedge fund at greenlight capital it fell one point nine percent in march extending its laws for the year to fourteen percent that according to a client update seen by bloomberg global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm susanna palmer this is bloomberg welcome to bloomberg view on bloomberg radio.
Tesla Says Driver in Fatal Crash Was Using Autopilot
"Delivers for amazon amazon said the postal service makes money on its deliveries tesla said in the moments before a fatal crash involving a selfdriving model x on march twenty third the autopilot in the car was engaged with the adaptive cruise control follow distance set to minimum all that's according to a tesla blog post tesla said the driver's hands were not on the wheel at the time of the crash despite several audio and visual warnings the women of wall street got a boost yesterday judge's ruling allows a group of as many as twenty three hundred female employees of goldman sachs group to pursue claims that they didn't get paid or promoted like their male counterparts the lawsuit dates back to twenty ten when two women accused goldman sachs of a culture discrimination and a boys club atmosphere that included client trips to strip clubs and eight billion dollar punitive damage award against j p morgan chase for mismanaging the estate of a wealthy client will likely be reduced to around ninety million dollars the bank would like to see it reduced entirely the family of the client said the bank ignored a state deadlines and took years to release basic interests in art home furnishings jewelry and more it was not a great quarter for david einhorn's main hedge fund at greenlight capital it fell one point nine percent in march extending its loss for the year to fourteen percent that according to a client update seen by bloomberg global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm susanna palmer this is bloomberg business of sports from bloomberg radio with scott saw schneck and michael barr thank you very much for.