38 Burst results for "Bloomberg Interactive Broker"
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"In the Bloomberg interactive broker studio in Hong Kong. We update markets all throughout the day on Bloomberg radio. We're seeing shares of Japan's biggest banks fall this morning after the nikkei had reported that masayoshi amamiya was approached by the government for the role of bank of Japan governor that would likely extend the current policy the easy ultra easy monetary policy and Mitsubishi ufj down about 3.2% Mizuho trading off about 2.8%. We saw a lot of weakness in the yen as well, dollar yen won 32 18 now. Quite a lot of strength in the dollar beating up in a lot of other Asian currencies, for instance, the Korean won had traded down about 1.4% the last 1247 against the greenback. The Aussie dollar is now at 69.15 U.S. cents. In terms of equities, the ASX 200 down about two tenths of a percent. We see the tye X in Taiwan trading down 1.1%. It cost me off 9 tenths of a percent and a pretty big sell off underway in Hong Kong. The hang seng index down 2.5% so that continues the hefty selling that we saw last week. The one market is trading up in terms of equities the nikkei rallying about one full percentage point. Australia's Central Bank is all but certain to increase interest rates tomorrow by a quarter percentage point. That's what the thought most likely to 3.35% would be the highest level since September 2012. In 19 minutes now before the top of the hour and that is a check of markets. Let's get headline news with that Baxter in San Francisco, Ed? Yeah, right, Brian Ukraine says you can end the war if it gets more fighter jets to patrol and protect its borders. The hackers behind the recent ransomware attack on ion trading UK claim the extortion payment has been paid cyber specialists say it'll take some time to get the system fully back up. The Koch network has signaled it wants to move on from Donald Trump. Charles Koch conservative GOP contributor on the large side says the GOP needs a candidate who can lead the country forward and who also can win. Hong Kong's biggest security trial to date is set to start. It is a mass trial of 47 prominent pro democracy advocates. China's reaction over the shooting down of its alleged spy balloon has shifted to threaten retaliation today would have been the meeting between China president Xi Jinping and U.S. Secretary of State Antony Blinken, the U.S. postponed, U.S. senator Marco Rubio questioning the delay in shooting it down and former joint chiefs of staff chair, admiral Mike Mullen, says the timing was exactly correct that bringing it down over the country could have caused major damage on the ground, could have damaged the equipment so they'd be hard to analyze it and says this was a planned act to see what the U.S. response would be. Global news powered by more than 2700 journalists and analysts in over 120 countries in San Francisco, I'm at Baxter and this is Bloomberg. All right, let's check on sports now and rock and roll
Bloomberg Markets
Fresh update on "bloomberg interactive broker" discussed on Bloomberg Markets
"A lot of green on the screen here for the volume is light under promise over deliver always been a great strategy. This is a market that's much more optimistic for bullish than maybe it's central bankers are. Breaking market news and inside from Bloomberg experts. There's still some concern out there in the market that there is room for things to deteriorate a little bit more than what they're indicating. A small and medium sized businesses struggle, they don't present as much competition. The supply chain is still got dislocations globally and here in the U.S.. This is Bloomberg markets. With Paul Sweeney and Matt Miller on Bloomberg radio. Good Monday morning from the Bloomberg interactive broker studio in New York City to our worldwide audience Matt Miller off on a well earned holiday. He's so overworked, but pretty good to sitting in for Matt. As always, we're here every day, pretty. Totally. This is called a perfect attendance record. Exactly. Exactly right. So we're going to have some good stuff coming up. We're going to check in with Alison Williams and Tim Craig head other from Bloomberg intelligence
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"From the Bloomberg interactive broker studios as his Bloomberg day break for Thursday, February 2nd, coming up today. Stocks extend the fed fueled rally. Now it's Europe's turn with the ECB and Bank of England set to raise rates. Meta shares surge on track for their biggest gain in a decade. And decorating continue with Apple and Amazon reporting today. There has been an arrest in the attempted firebombing of a New Jersey synagogue. Plus, the U.S. says it will increase its military presence in the Philippines. On Michael Barr more a hand. I'm John Stan Shaw and sports reaction to the Tom Brady retirement and that's got blown out in Boston seaton hall beat St. John. That's all straight ahead on Bloomberg daybreak. On Bloomberg 11 three zero New York, Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Good morning, I'm Nathan Hager. And I'm Karen Moscow, U.S. stock index futures on the rise this morning. We check the markets all day long here on Bloomberg with S&P futures up half percent or 19 points. Now futures are lower down a tenth of a percent or 46 points and NASDAQ futures are up one and a quarter percent or 158 points, Nathan. Karen, it's all about the fed this morning, chair Jay Powell is vowing to keep raising rates, but it looks like the markets don't believe him. Stocks are rising. Instead, investors are hearing a more upbeat outlook on inflation. And they're keying in on Powell's failure to push back on the recent rally. Michael gap and his head of U.S. economics at Bank of America securities. If they really, really wanted to push back and get expectations of easing and financial conditions or cuts later or just if they wanted to reassert their intent, they could have gone 50 and they didn't. Bank of America's Michael gapen says the fed could hike one more time before pausing, former Atlanta fed president Dennis Lockhart says that next policy meeting will be crucial. In March we'll learn a lot. We'll learn a lot about how they actually see this play ending, meaning how they actually, when they're closer to it, see a stopping point, a hold period, and then ultimately a pivot to easing. Dennis Lockhart points out that Jay Powell did not say the fed still has a long way to go. Right now markets are pricing in just one more rate hike this year. Well, interest rates are also in focus in Europe, Nathan, we have a pair of policy decisions set for this morning and we get a preview from Bloomberg's Leigh Anne gerrans in London. The Bank of England and European Central Bank are both forecast to raise interest rates by 50 basis points. The BOE is expected to lift their main interest rate from 3.5% to 4%. Now this will be its tenth consecutive rise. The debate within the ECB may be more finely balanced, however, Euro area headline inflation slowed in January by more than expected, but the core measure of prices held at an all time high in London, I'm Leigh Anne gerrans, Bloomberg daybreak. Leigh Anne, thanks, staying in Europe, shares of Deutsche Bank down 2% this morning. Fourth quarter pre-tax profit and revenue at the firm fell short of estimates, but chief financial officer James von moltke says he is still optimistic going forward. We're still very pleased with the performance and don't see that as any signal about 2023. In fact, the momentum is really continued strongly into 2023. Deutsche Bank CFO James von moltke made the comments in an interview with Bloomberg Deutsche Bank's gains in fixed income, trail Wall Street for the first time in ten quarters. I'll be back here in the U.S., Nathan shares a Facebook parent meta are surging. There are more than 19% following earnings, you may get the details live with Bloomberg, Steve, a rappaport, Steve good morning. Good morning, Karen and Nathan met a stock soaring in early trading after Mark Zuckerberg touted reforms for the platform. I just think we're in we've entered somewhat of a phase change for the company where we just grew so quickly for the first 18 years of the company's growth. And it's very hard to really crank on efficiency while you're growing that quickly. Zuckerberg telling investors those changes include removing some layers of middle management and the use of AI to increase productivity. Sales of Facebook's parent company fell 4% last quarter, but still beat expectations. Live from New York, I'm Steve rappaport, Bloomberg daybreak. Thanks, Steven. This is another big day for tech earnings in the U.S.. We get a preview from Bloomberg's Jeff Bellinger. Apple and Amazon.com are both scheduled to open their books after the markets close. Apple has been dealing with supply chain issues that may have driven iPhone revenue down and sales growth may have been muted by the strong dollar, but Bloomberg intelligence says the negative foreign exchange impact should fade as the year goes on and lost iPhone revenue should recover in the second half. Amazon's fourth quarter sales may have risen an anemic 6% gains from Amazon Web Services have slowed, likely offsetting some of the strength from online advertising and Prime Video and the lists are expecting to hear that Amazon had its first unprofitable year since 2014. Jeff Bellinger, Bloomberg daybreak. Right, Jeff, thanks. We turn to India now where shares of a Donnie are down another 20% today. More than a $100 billion has been wiped off Guatemala Donnie's empire, begin more from Bloomberg finance reporter Tom Metcalf. I think we are probably now in meltdown territory. So they sold $2.5 billion worth of shares on Tuesday and then they actually canceled that share sale because the share price had fallen so much after that, basically the share sales underwater, but this for me says so much about India, enduring and obviously this whole kind of massive, hugely wealthy industry. It's built up around the Adonis. And Bloomberg's Tom Metcalf says a Donnie's bonds are now hitting distressed levels. Let's turn now Karen to the debt debate in Washington, President Biden held his first meeting on spending in the debt ceiling, sitting down yesterday with House speaker Kevin McCarthy. President I had a good
Bloomberg Surveillance
Fresh update on "bloomberg interactive broker" discussed on Bloomberg Surveillance
"Absolutely necessary. This solution is the takeover of credit suites by UBS. This was not the best solution, but it dominated the other two, which was added nationalization. We're trying to wind down the bank. The banking sector runs on confidence. We just need to see what the sentiment is out there. The system is very fragile in the banking system, right? Companies are levered. I think they're well managed, but when things get exposed or moved, it moves quickly and for sure, it's going to bring down inflationary pressures. I'm anxious to see what the fed does on Wednesday. Bloomberg surveillance with Tom Keene and Paul sweep on Bloomberg radio. Good Monday morning from the Bloomberg interactive broker studio in New York City to our worldwide audience Tom Keene is off today, but not to worry, as Lisa promise will be sitting in for time for the next hour. Equity futures. They point to a higher open this morning yields. They're steady, ten year
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"In the Bloomberg interactive broker studio in Hong Kong. The shaping up is a pretty positive day here ex Japan for Asian equities, all the equity futures are up except the nikkei two two 5. It's at 26,230. That's a couple hundred points below the cash close yesterday. And part of that is because of a really a lot of weakness in the dollar and considerable strength in the yen. So dollar yen one 29 19, that was a very big move overnight. The Bloomberg dollar spot index dropped about 9 tenths of 1% treasury yields down as well. Inflation, showing signs of easing. Bets have increased now that the fed will slow its pace of rate hikes and stocks edged higher with the S&P 500 up about a third of 1%. The full set of CPI numbers were essentially in line with estimates. However, the fact that we didn't see a shock number higher seemed to comfort markets and it continues the trend of better numbers here in terms of controlling inflation. Even though these numbers didn't show a real dramatic decline, the takeaway seems to be that inflation has peaked, and that's the message we see in the swamp market shows just 50 basis points, even a little less than 50 basis points of tightening that's left. In the fed's outlook for the next couple of meetings. Here are some of the numbers hanging index futures up 7 tenths of a percent FTSE a 50s up four tenths of a percent and the cash market in Sydney now up two thirds of 1%. The yield on the ten year 3.44% so a significant drop there almost ten basis points in crude 78 23 a barrel. And that's a check of markets. Let's get a headline news within backstreet San Francisco head. All right, gotcha Brian
Bloomberg Surveillance
Fresh update on "bloomberg interactive broker" discussed on Bloomberg Surveillance
"Him. My parents weren't coming home at night ever saying oh, do you know what I had to do today? They were just going, boom. Let's get it done. Let's have a good life together. Let's be nice to each other and maybe I got it from them. Sandler says his brother talked him into doing stand up. A new Pentagon study has found high rates of cancer among military pilots and the ground crews as well. Live from the Bloomberg interactive broker studios, this is global news 24 hours a day. Powered by more than 2700 journalists and analysts in over 120 countries, so Michael Barr, this is Bloomberg. Your business landscape is ever changing. There could be a lot more selling to come. Ours is too. It's just going to some headlines want to bring to our audience. We also have the unknown of how much can financial assets take. We have something else in common. No small caps continuing to feel the pressure. We see count the latest business news wherever we are, a deep drop in Asian equities overnight. U.S. beaches also pointing to the downside. Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Bloomberg, the world is listening. Not completing high school is more of a social thing than it was an academic thing. Even though all these years have passed, I still had that longing to have my
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"The Bloomberg interactive broker studio in New York City to our worldwide audience coming up, we're talking retail, we're gonna round table this thing with the Bloomberg poonam Boyle, she's Bloomberg intelligence. She's our retail analyst. And John Edwards is the third team leader for U.S. consumer retail. He's going to join us as well. We'll talk. Amazon, they're laying off some folks, Bed Bath & Beyond's got some problems with kind of get to the bottom of that. Plus, consumer electronics show in Vegas CES have been in many, many, many times. We're going to check in with some of the folks out there and see what's going on in the world of technology, but first let's go to John Tucker for the Bloomberg business. All right, Paul and mat data and fed speak driving stocks lower right now. You had an applications for jobless benefits falling to a three month low. So that suggests the Federal Reserve needs to remain hawkish to slow down growth, bring down the rate of inflation, and then the Atlanta fed president. Raphael bostic among those speakers, he said the Central Bank still has, in his words, much work to do. As Stephen Bailey the chief economist at Columbia threadneedle says the labor market continues to present a conundrum for the Federal Reserve. Despite all the slowdowns and the fed tightening that labor markets too tight, where inflation is too high, the fed have to keep the pressure up. Right now the S&P 500 of the 11 industry groups only energy is higher, that is a crude oil climbs higher right now by mix up 28 cents a barrel, 73 11 a barrel. Tesla, most actively traded in the S&P 500 four point four percent lower, Apple shares right now, they're up about 1%. The overall index S&P 500 thirty four points lower than down 9 tenths of a percent. The Dow Jones Industrial Average is 328 points lower than that's down 1%, but NASDAQ 199 points lower. That is down 9 tenths of a percent ten year yield 7 basis points higher at three 75. We check the markets for you. All day long right here on Bloomberg radio. I'm John Tucker, and that's your Bloomberg business flash, Matt and Paul. All right, good
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"The hour we update markets every 15 minutes on Bloomberg radio. I'm Brian Curtis in the Bloomberg interactive brokers studio. Well, Asian stocks are mixed now. A couple of issues, the fed committing to raising interest rates further and also this wave of COVID cases in Beijing, dampening sentiment, but then we do have the gains in the Hong Kong market at the moment. A lot of that is tied to China just wrapping up its two day central economic work conference and top leaders saying that they will focus on more business friendly policies going forward and thanks hang index is now up 1.3% the Hanks hang tech index pardon me as rallied 2.7% and some gains in Alibaba up four and a third percent, Tencent has rallied 3.6% JD.com about 3.4%. Also, Citigroup's top trade over the next few months is by the Hans index and sell the S&P 500. At the moment, S&P E minis are up about a quarter of 1%. We do have some losses in the Asia Pacific, the nikkei is down more than 1%. The ASX 200 is flat to slightly lower, and it costs me is down a tenth of a percent, but one of the gainers is in Singapore the straits times index up 9 tenths of 1%. The Bloomberg dollar is spot indexes down about two tenths of a percent. Yield on the ten year treasury 3.51%. And that's a Bloomberg business flash. Headline news with Ed Baxter, Ed. All right, thank you, Brian, U.S. is welcoming Japan prime minister filming Acacia's call for a stronger military saying it makes
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"Some more time. Senate appropriations vice chairman Richard Shelby says he's more optimistic now of getting an omnibus deal through. He did not say how far apart the two sides are. Learning more now about that breakthrough regarding nuclear fusion at the Lawrence Livermore national lab in California National Geographic science writer Michael Gresh co tells ABC what it could mean. We're not yet at a place to we can generate power off of this, but before you roast marshmallows at your campfire, you need to start the fire. And so what they've demonstrated here is this sort of first step toward ignition. We are waiting for a formal announcement later today from the Department of Energy. Live from the Bloomberg interactive broker studios, this is global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I'm Amy Morris. This is Bloomberg Tom and Paul. Amy Morris of the quantum mechanics there. Did you see that? I saw the physics. It was just, you know, it was bones. Just nailed it with the natural geographic guy. Yeah. I've had so many emails on fusion. Yeah. Anymore. Thank you. Greatly appreciate it. This morning. The fusion thing, I grew up on a periphery of it, not directly involved. In Rochester. Andrew got occurred. It was directly involved with Lawrence Livermore. I can't remember who he worked for him. I want to say Xerox, but he was directly involved in this hope and prayer. It was sort of like a Red Sox baseball before they eventually won. It was a open prayer like cubs baseball. And as Amy just beautifully had there, it's like, well, okay, there we are. Yeah, maybe we're having fusion in the market this morning. We are. We've got the S&P up now 3% here, Tom. And the NASDAQ. And that's just about 4% and I'm going to call out the vix because you called it out earlier. We're back down to 21 and change here just below 22. So the vix coming in here and then you look at the treasury, the yields are coming in, got the ten year treasury, the yields off 15 basis points or three spot four 5% on the ten year. What's real estate doing where you live? I mean, I'm in? Yeah, it's come in big time. And you know, I just saw my first price reduced sign that I've seen in years. And it used to be like when I sold my house, we didn't even get to sign in the ground before. And that's two years ago. So now I think 6, 7%. From the peak down about 7, make it 8% in the Bloomberg dollar index. As well, these are markets on the move. We're going to have to cover this through the day and of course 15 minutes away from getting the market open. Again, important testimony made ever more important in the last 24 hours. On FTX, I keep wanting to say FDX. Yes. Thank you. On FTX and crypto and we'll have all that coverage for you as well. S&P futures up one 24. Dow futures up 813. This is Bloomberg. You're never completely ready to adopt a teen. For a late night's writing English papers. Are your teens music taste? For dinners, where they talk more on their phone than with you. For the first
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"In the Bloomberg interactive broker studio here in Hong Kong. Well, lower valuations, hopes for a China reopening and seasonal factors are offsetting the major obstacles that have been with us for a while aggressive, Central Bank tightening, and COVID zero in China, and this offsetting this big bounce to the upside is happening even with China coming out over the weekend and reaffirming its strict COVID policies. So right now we see the hanging index up nearly 2% tech index rallying two and three quarters was percent. The CSI 300 in China up about three tenths of 1%. In fact, every market that we tracked on this program is higher at the moment, the Nike with a gain of 362 points. That's 1.3%. We see half a percent gains in places like Sydney, three quarters of a percent in Seoul, and about 1.1% in Taiwan. So it's definitely a positive day, and there really isn't anything in the way of good news that is driving this. It's really just hope for the future. And as mentioned, those lower valuations and seasonal conditions. We had a negative from Apple. It said he'd expect lower shipments of its newest iPhones than previously expected. Some of the earnings have taken a hit, and even China's export growth numbers, which will be getting shortly slowed in October, and that is because weakening demand abroad consensus is for a gain of four and a half percent. That would be down from 5.7%. The dollar is still stronger up three tenths of a percent yield on the ten year treasury, 4.14%. And that is a Bloomberg business flash. Head back to a headline news in San Francisco Ed
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"And the Bloomberg interactive brokers studio in Hong Kong. Two major themes dominating markets. It's been this way for some period of time. The lockdowns in China and the COVID zero policies being won, and an aggressive Federal Reserve being the other, a big mover today was probably treasury yields probably the biggest of the day, the two year yield jumping up to 4.72% at the moment in Tokyo trades and the ten year is up to 4.15% and that has driven a lot of weakness in tech stocks and NASDAQ trading down 1.7%. A couple of stories that all feature here probably won't do a whole lot else because of time constraints. It kind of gives you a little bit of a flavor of how things are moving. Tiger, global management, a big hedge fund pulling back from China now, pausing future stock investments. The adjustments reflect the firm's view that geopolitical tensions and China's zero COVID policy are all the more likely to persist even after president Xi Jinping last month rose to a precedent defying third term in office. And then there's this one. Apple's latest iPhone generations having a tough time in China. It's the world's biggest smartphone market. The most recently weekly sales for Apple, according to Jeffries, were down by a third compared with last year. China sales of the four iPhone 14 models over the first 38 days on the market down some 28% compared to the iPhone 13 family of products with the most recent data showing that deteriorating all the way to that figure of one third down -33%. So looking at futures, we are seeing China futures tick up a little bit. We'll see once we get the market opening in about 40 minutes or so. Dolly in here, one 48 11, and the CNH, the offshore Chinese currency, 7 32 85 against the green bag. And that's a check of markets. Headline news with that Baxter in San Francisco. All right, thank you very much
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"The Bloomberg interactive broker studio in New York City to our worldwide audience. We're going to have a big opening half hour for you. We're going all Federal Reserve all Bank of England. We're going to do it on a round table with Neil Grossman former CIO, a TK NG capital. He's going to join us also Danielle dimartino booth of quill intelligence. They're going to be both of them in studio and we're going to be talking the fed, we're going to be talking inflation. We're going to be talking about a recession and what it means for these markets. So all star roundtable coming up. But first, let's go to John Tucker and get a Bloomberg business. All right, Paul, thanks to the S&P 500 dropping for a fourth consecutive session. Ten of the 11 industry groups and the broader index they are lower right now, being led by tech, information technology, communication services, there is some green energy is actually the best performing group right now. Well, of course, a day after the fed decision to deliver another jumbo sized industry rate increase traders of betting rates will now be held at a higher level for a longer period to not down inflation. You look at the swaps markup rates for swaps that reference future fed meetings rising further with the May and June 2023 contracts indicating that expected peak rate of around 5.2%. Economists Caleb Pickering at barenberg says short term gain from the fed, the pain for the pitch short term will lead to longer term gains. Fed is seems to be determined to bring down inflation. This is actually a short run problem for markets, but probably I think over the next few weeks it becomes something that helps us a little bit. The two year yield right now up 7 basis points four 69. The ten year yield, that is a 5 basis points four 15 right now, the spread between the two, a negative
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"At the Bloomberg interactive broker studio in New York. We've got trading underway now in Sydney and the ASX 200 is ahead by more than one and a half percent, trading will begin in Tokyo and Seoul at the top of the hour and boy it's not the type of day that you want to fight the tape at all we had a powerful rally in U.S. stocks. Brian Curtis will join us momentarily for a closer look. Right now, a few of the sours top business stories. The feds fight against inflation has veteran fund manager Mark Mobius warning that interest rates will soar to 9% here as Mobius speaking earlier on Bloomberg. Anybody sitting on debts high debts are going to be in trouble because of the higher interest rates I see interest rates in America is going to 9% because the fed is going to have to keep on raising rates 9. Simply because it's because if inflation is 8%, the playbook says you've got to raise rates higher than inflation, which means 9%. Of course, that theory will go out the window if CPI goes down, but I don't see that happening anytime soon. Still, maybe this is warning goes far beyond what the fed and rates markets are now envisioning, trade isn't fed funds, futures, pricing and that the rate will peak near 5% in March. Credit Suisse is considering a sale of its U.S. asset management business. We are told a Swiss bank has recently begun a sales process for the U.S. operations of Credit Suisse asset management or Bloomberg explains why this could be significant. If they are able to pull this off, plus potentially a sale of the securitized product group, which we've reported, has been drawing interest from different buy side firms, including pimco, 6th street, and Apollo. That could start to help them raise the money if they need to do something more dilutive, such as a capital base. Now, a final decision has not yet been made on pursuing a sale and Credit Suisse could opt out or even hold on to the unit meantime Credit Suisse's investment bank chief Christian messner was saying or is set to leave the company I should say in the coming weeks, it's part of a broad overhaul of the group that will likely see the unit ceased to exist in its current form, shares of Credit Suisse are down so far this year by roughly 48%. Stellantis may stop manufacturing cars in China, CEO callous Tavares said the company is now taking a look at its remaining brands and the Chinese market. Those brands include Peugeot and citron, Tavares said Stellantis may implement a quote asset light strategy for those brands, auto manufacturers have been increasingly taking into account what's happened with the war in Ukraine as of late they have been considering whether the list of sanctions targeting Russia would similarly apply to China, and that's if the country were to assert itself in Taiwan. Still had us recently closed its only Jeep plant in China this past summer. We were 33 past the hours we crossed to Hong Kong Brian Curtis is looking at market action. You don't want to get out in front of this train today, do you? I got four reasons why we had a big rally today. And yeah, you're probably right. One, oversold conditions, two seasonality coming into a pretty good time of the year. Three, Bank of America is strong earnings, definitely gave people some confidence. And four, the Chancellor of the exchequer in the UK basically ripped up most of what was left from trust and right now investors, they want inflation targeted, but they don't want rampant government spending. And so all those things played into it. But there were a couple of other interesting lines. And so we've got markets running up today. As mentioned, the S&P 500 was up 2.7% and futures up right across the board and the ASX 200 is up 1.4%. But a couple of other interesting lines. Allianz adviser Muhammad el Arian said that the fed an independent fed is actually critical to the U.S. economy, but it's getting harder to justify that that independence should remain after four big operational errors. He cited analysis, forecasts, actions, and communications. And he says that's all accompanied by lack of accountability. Now the other interesting line. And this would be really big for iron ore producers in Australia is that China is denying that self sufficiency as a goal for the Chinese economy. Reporters, pummeled at Chinese officials after the party Congress with questions about how would China reduce its dependence on foreign supply of iron ore of crude oil of natural gas and soybeans. To achieve a stand-alone economy. Self sufficiently was mentioned 6 times in president Xi's speech, but Chinese officials rejected it and said, China's goal of opening up is unchanged. And so that's what we're looking at today, looking like we might see some gains in the China markets, the futures are up about 9 tenths of a percent hanging index futures up 1.8%. Dalyan, one 49 O one creeping toward that one 50 level. If we get there, maybe you can bet on intervention from Japanese officials, yield on the ten year at 4.01%. Paul back to you. All right, thanks very much, Brian. 25 minutes to the top of the hour. Now let's get a check of global news
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"So much, Charlie pellet from the Bloomberg interactive broker studio in New York. This is balance of power. I'm David Wesson. President Biden has announced his new policy, which is to pardon all prior federal convictions for marijuana possession. And something that is met with a lot of acclaim from a lot of people across the country, but some people really question the wisdom of the policy, no matter how popular it might be. One of those is asa Hutchinson. He's the governor of Arkansas, governor Hutchinson earlier served as the head of the drug enforcement agency, and we welcome him now to Bloomberg governor. Thank you so much for being with us. You have been very outspoken in saying you really take issue with this decision of President Biden. Tell us why. Well, first of all, I've issued hundreds of pardons to drug offenders in Arkansas. And I look at each one of them individually. Whenever they've got a good post conviction record, their law abiding citizens, their ripe for pardon and I issue that. People deserve a second chance. But at the same time, this blanket idea of a blanket pardon takes away from that individualized look. And I think it's important, regardless of whether they've been convicted of a drug offense, but what has been their conduct since then have they gone back into criminal enterprise? Have they been charged with domestic violence? Everything should have individualized look. So that's the number one point. Secondly, he also makes the case that we somehow have all kinds of simple possession folks that are incarcerated and the fact is that not get really incarcerated for a simple possession charge. Generally, whether it's distribution, it is combined with selling and possession of a firearm. That's what leads to prison. And so I think it's misleading to the American public that this is going to somehow write our criminal justice system and I think it takes us in the wrong direction. And it just helps us actually moves us toward decriminalization and I don't believe that's the right signal for our young people or for our country. Well, it certainly sounds right that it does move us in the direction of decriminalization, which has been done in a lot of states. Obviously, there's a federal statute still in the books, and a number of states still outlaw marijuana. But a lot now make it legal, do they not? What's left of our policy on marijuana? Is it working at this point? Well, it's hard to say it's working whenever you have multiple states that have tied federal law and moved to either recreational use or medical marijuana or some other type of change. And in fact, Arkansas, we have medical marijuana here in our state. We've worked to implement it in a safe way. There's going to be recreational use on the ballot. So as long as we send these inconsistent signals, we're going to be moving toward more confusion and more decriminalization of marijuana. I think that's the wrong direction for our country, but that could be the will of America, but right now we have a conflict between conflict between federal and state law and to say that we're going to not in wink and let the states utilize recreational use is just difficult for our country whenever you're trying to strengthen workforce when you're trying to discourage drug use among young people, you look at Alaska, they decriminalize marijuana in the 70s and then they saw an increase in use among the young people and they re criminalized it in the 90s. And so we do have some evidence from history that the decriminalization will lead to increased use. I think that's bad. Other people think that's good. So I'm going to go to that point specifically because you have a lot of experience with law enforcement and specifically in the drug area as well as now being governor of a state. Why do you think it's bad? Is it the gateway drug argument that will lead to more powerful drugs that are obviously very, very harmful? Or does marijuana in it and a self potentially harm people? Well, I think there's both factors in there. First, on gateway drug, for some people, it absolutely is. They have a more of an addictive personality. They're more challenged in that area. And so marijuana leads to methamphetamine. It might lead to prescription drug abuse. And we see that regularly. And if you talk to drug counselor, addiction counselors, they will tell you that. They're not for legalization of marijuana because they do see it that way. And for others, though, it's not necessarily a gateway drug. So it depends, but in many cases it is and that's problematic in and of itself. Whenever you look at the substance itself, whenever you're looking at industry, why does industry not want to have marijuana users running heavy machinery? It's because it's a risk. It slows down their response time. The same thing with driving and we do not have a good task for like we do for alcohol for those who are driving under the influence. And so it's problematic in terms of a substance itself and how that impacts performance, how that impacts work and safety. Finally, governor tell us about the politics of this, particularly in Arkansas. You said it's on the ballot to decriminalize. Is this a big issue for voters in Arkansas? What is it looking like in the midterms? Will it affect people? Well, it's just a lot of money behind it whenever you have the marijuana growth industry, the millions and millions of dollars is at risk for them. And so they're investing heavily in a major advertising program. And so just because of the money behind it
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"In the Bloomberg interactive broker studio in New York. Katie, I continue to think about this tension between all of the dour economic data that we've been getting. You talked about the Michigan consumer sentiment data that we're going to be getting later this week and the way that fed shared J Powell last week, specifically called that out. It's one of the reasons that he changed his mind from 50 to 75 basis points for the latest hike. At the end of the day, we're still seeing though, and I got a lot of flack when I say this. 1.9 jobs available for every person in the U.S. who's actually looking for a job right now. But think about the direction of travel. I mean, pal himself has said that that's probably unsustainable. Gay said it's really hot. Yeah, so we know that that's going to crack. We know that growth is going to slow. I mean, the huge question that we just can't answer right now is to how much enough to tip us into a recession. I don't know. And I go back to this notion of the fed's blunt instruments. And I got a reply on Twitter earlier today that said basically it's a shame that economic theory in this day and age and it's worth revisiting that we have to have 10% unemployment in order to bring inflation down. And I think that it speaks to the notion that the fed can only do so much. It can't drill for oil. It can't refine oil and it can't build houses. I think it's a fascinating economic experiment that we're living in. Of course, that's somewhat of a privileged take, but from the perspective of a financial journalist, absolutely fascinating moment. May we live in interesting times. And we certainly do from an economic perspective. Let's do a quick check of what things are looking like on the S&P 500 higher right now by 2.8% as we get under an hour to the close. The Dow Jones Industrial Average higher by 2.5 and the NASDAQ is higher by 2.9%. Let's go now to a check on the latest world in
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"The Bloomberg interactive broker studio in New York City to our worldwide audience Matt Miller's out today but not to worry pretty Gupta star Bloomberg television or radio and digital other stuff She sits in the power chair here exactly in the Bloomberg interactive broker studio Coming up in just moments Eric schatz or he's out in LA at the milk and conference He's going to sit down and chat with Mark Rowan marks They found her cofounder and CEO of Apollo global get a sense of what's going on in the private equity market Huge cash in the PE market these days we'll get the latest there But first let's go to Greg Jarrett Bloomberg is going to do more business training Just got ourselves a hot headline ball April ISM factory gauge falls to 54.55 .4 from 57.1 The estimate was for 57.6 analysis of that coming up We also just moved from the red to edge into the green on the stock markets This is likely to be weak marked by global round of rate increases with the Federal Reserve's widely expected to deliver the biggest hike since 20 or since 2000 Brian levitt and vesco tells Bloomberg he had thinks that markets have yet to bottom A lot of pain has already been brought to these markets We don't think a recession is in the offing So we should start to see some signs of equity markets Bottoming but again it's going to be a challenging process Ultimately I think we'll find our way through it but investors should expect more volatility along the way The S&P is now up to tenths of a percent up 8 the Dow is up two tenths of a percent up 56 and the NASDAQ's up four tenths of a percent up 55 The ten years down 9 30 seconds the yield 2.97% West Texas intermediate crudes down 3.6% at $100 92 cents a barrel comics gold is down two and three quarters percent at 1858 70 announced the dollar yen one 29 96 The Euro a dollar 5 28 in the British found the dollar 25 42 Tesla needs more time to file a regular disclosure ahead of its annual shareholders meeting pushing back a potential plan for issuing new shares Let's look at Tesla right now Currently up 7 tenths of a percent That's a Bloomberg business flash Bloomberg markets is on now fall Sweeney and today pretty Gupta Absolutely.
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"In our Bloomberg interactive broker studio on this Wednesday slew of earnings reports continuing to track them In the meantime continuing to track how we are increasingly going out into the world experiencing things And we're going to find out more about that when we check in with the CEO of fathom events He's our guest in just a moment First up though back to a really busy man Charlie pellet I indeed speaking of tracking a look at Facebook metal platform surging after ours up now by roughly 13% Facebook's main social network added more users than projected in the first quarter potentially staving off concerns that the company is losing momentum as a new generation of users flocked to younger sites like TikTok Dan Morgan is senior portfolio manager at synovus trust he was our guest right here on Bloomberg business week The big thing too was just the Ford guidance in terms of revenue I think the street was looking for 30.74 and they guided between 20 and 30 So it's like a little bit below right And mandeep Singh is an analyst with Bloomberg intelligence He was also our guest here on Bloomberg business week The core Facebook and Instagram engagement seems to be holding up quite well So I think these are definitely good numbers They missed on the top line but we know it's because of the ad pricing And I think that was sort of expect Qualcomm the biggest maker of chips that run smartphones surged in late trading after giving a strong sales forecast Qualcomm QC OM on the ticker up by about 5 and a half percent While as for the broader earnings picture Nadia lovell is senior U.S. equity strategist at UBS global wealth management Exactly round out the earnings season depending on how the forward guidance come in and also we have these rolling lockdowns in China that can cause some screening in the market but we do think that once you get into back half of the year we'll have a little bit more clarity and we should be able to grind a bit higher over there And moments go hurt from PayPal Holdings that reduce guidance for full year performance Stocks finished mix NASDAQ late day fade there we ended well off session highs S&P up 8 up two tenths of 1% now industrials up 61 up two tenths NASDAQ though as I mentioned falling today by just about two points Ten year yield 2.82% on the ten year spot gold down $19 ounce down 1% West Texas enemy accrued up four tenths one O two O 8 a barrel I'm Charlie Powell that's a Bloomberg business flash Thanks Charlie and those.
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"The Bloomberg interactive broker studios this global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts to more than a 120 countries Michael Barr this is Bloomberg call creedy All right Michael Barr that's some good stuff there We appreciate that You know we had some of the big banks report today I guess what struck me is the capital markets business for these guys I was coming into the quarter saying this is going to be a tough quarter We had markets down Commodity markets were certainly strong but bond markets equity markets But they did pretty well Yeah they did pretty well And remember when you look at banks you have to look at the 7000 things that they do right Because it's not just about capital markets or their banking revenue it's also about their trading revenue that you see that have really been really high flying And a lot of that to your point comes down to volatility The other part that really caught my attention was JPMorgan authorized $30 billion in buybacks yesterday You were not seeing or hearing the same thing from the other banks this morning Yeah although city there's some news out that they're considering it which would be interesting for city shareholders there But again it's just that during this whole pandemic it's really pleasantly surprised me how well these financial institutions have kind of gone on with their operations particularly the trading businesses in the face of for a couple of years most of their traders actually working from home but they've been extraordinarily productive And so if I'm a manager at Morgan Stanley or Goldman Sachs or JPMorgan I think I got a tough time trying to force my employees back to the office because they're saying hey I just had record years in 2020 2021 I can do this stuff from home It's a tough discussion I'm guessing Yeah and this is really where varus kind of comes into play as such how much volatility are they taking how much risk are they taking right now It's working in their benefit as you see a lot of these big banks step in especially make markets for a market or for financial markets that have largely been trading on thin liquidity Yep absolutely So again we've got lots of results coming out of these big banks this week and we have the full coverage there Looking at the markets here kind of red and green on the screen the S&P kind of unched I'll give it that a soft.
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"I'm Brian Curtis in the Bloomberg interactive brokers studio Well Asian equities are mixed this morning We do see gains in Tokyo and in New Zealand Right now we are seeing the nikkei crack up about a half of 1% That's a 120 points higher Again communication services leading the way the ASX 200 in Sydney is down about three tenths of a percent in New Zealand trading up about 7 tenths of 1% U.S. stocks rallied on Friday and part of the reason for that was strong earnings from big companies like Apple actually attracted in investors buying on the dip at offset some of the concerns about the fed Then through the weekend we heard from Rafael bostick who is the Atlanta fed bank president talking about a 50 basis point increase the possibility of it in March or hikes at every meeting that all of these are options So that may cast a little bit of a ball but as mentioned we have a mixed to slightly higher market in the Asia Pacific Well we're also hearing this that the fed actions may prompt conservative investor bias in Asian credit in amundi is saying that investors in Asian credit are likely to take a very conservative approach now and lean more towards shorter maturities or those in the belly of the curve This has the await more clues on the fed's policy Demand according to one analyst may increase for floating rate instruments as investors look to play the rising rate environment The yield on the tenure at the moment 1.79% so we've picked up two basis points this morning WTI crude $88 and two cents a barrel that's up 1.4% And that is a Bloomberg business flash.
Bloomberg Radio New York
"bloomberg interactive broker" Discussed on Bloomberg Radio New York
"From the Bloomberg Interactive Brokers Studio in New York. Bloomberg 11, 3 to Washington, D. C. Bloomberg 99. 12 Boston, Bloomberg, one of 61 to San Francisco Bloomberg 9 16 to the country, Sirius XM, gentle 1, 19. And around the Globe, The Bloomberg Business and Bloomberg Radio. Com. This is Bloomberg best I'm Ed Baxter and Angelis Pellegrini, you know, and we've been talking about interest rates and inflation risks in this special edition of Bloomberg best coming out of the Qatar Economic Forum. Indonesia can't get out of the conversation about that, without also asking about the impact of the dollar. That's right. And we heard from Larry Summers, former Treasury secretary about all this and also from Ray Dalio, founder of Bridgewater Associates, and Stephanie Flanders, a senior executive editor for economics at Bloomberg. Ask Dalio. If there's a fundamental threat to the dollar and all this. Let's listen in. Yes, uh, the way. I mean, I'm just dealing with the mechanics. You know, the way it works is you sell a lot about bonds. Oh, So now who do you sell the bonds to and when I look around and calculated ones, the bonds and what they have to buy and what the incentives are buying. Uh, they're they're bad, and in fact, you can see dollar selling of bonds. What That means is that the Federal Reserve is in a position of either seeing rates rise because there's not enough demand to meet that, In fact that they start selling. It would be a very bad situation and that they can't let that happen, because that would be very bad for the economy and markets and all sorts of things. So we have to keep in mind where we are. We're at the West end of a long term debt cycle, and that means that the Federal Reserve will have to do what they did last time, which Is to buy a lot more to prevent the interest rates from going up. That's very non cyclical. It's one of those cases where you know in reserve currencies. It's a it's a very dangerous thing. Now. You compare that with alternatives, first best alternatives or other asset classes, but also let's say China, for example, I think the situation that we're in Is quite similar to the going from the late seven late sixties into the early seventies, when there was a different core inflation rate in the United States versus Germany and Japan. Different balance of payments situation. We're in a basically a balance of payments deficit there in the balance of payments, surf bus position. That means that they chronologically worried about imported inflation. And this favourable capital flows, So I think that that's negative for the dollar, particularly against Asian currencies. I I have raised instincts. But considerable agnosticism on timing. There are classic periods in the early 19 eighties is the one that comes survive. Where large budget deficits spurred growth, sucked in capital and were associated with an appreciation of, uh, the dog. So I am not sure of, uh, timing here. But I think the risks are substantial. And one of the things that I hear people say that seems most bizarre to me as they say, No, you don't understand. Now we're in an era of globalization and so the inflation process is much stickier, or we can't get rapid inflation because of globalization. I think the opposite because of globalization were much more like a small country that we used to be. And that means that the dollar gets into trouble, which is usually could That the pass through inflation is going to be more rapid than it would have been decades. Uh decades ago. I think the Fed will argue that they are actively looking to have that overshoot and inflation change of approach in terms of the average inflation model in order to sort of reset the system and indeed get that wage growth through two parts of the economy that perhaps have not seen it. Over the last few years, and that that could be more politically sustainable. Long term. So so, raid do you see that that that is an argument that the the Fed could make? That it's worth some short term risk to achieve that more sustainable. The whole shift in terms of the quantity of debt money that's being produced that goes into create bubbles creates an enormous amount of liquidity and that I think will be manifest by either a rate rise, tracing inflation or a dollar decline. And I think then we also have to deal with the changes in the political situation. The wealth gap situation with the wealth gap is the left right question. There's a lot of conflict in terms of left right politics. There's a big move pretty much, probably two more left politics, believing that there's not enough fair share of Incomes and and so on, and those will great structural changes that will have effects. I think those are the bigger issues that and the rise of China and what the rise of China means those I think of the bigger issues. You've been listening to. Ray Dalio, founder co chairman, co chief investment officer at Bridgewater Associates, along with Larry Summers, Harvard Economics professor and former Treasury secretary. Coming up from the cutter Economic Forum,.
Bloomberg Surveillance
Pfizer to supply U.S. with 100 million more vaccine doses
"With the U. S to provide millions of vaccine doses to Americans in the first half of next year. Wiser said it would supply the United States with enough Corona virus doses to vaccinate 100 million Americans. There are already millions of doses of the visor and now Madonna vaccines in circulation. At last check the U. S had vaccinated less than 700,000 people. Dina Brown University's school of public health doctor, She's John says That's something to keep an eye on over the next several weeks. I'm hoping that pace picks up this week and next, But if it doesn't I think we're gonna start getting concerned about whether we can get all these vaccines out to people. Quickly, you know or not. As for holiday traveled. The essay is screening more than four million people since Friday live from the Bloomberg Interactive Brokers Studios. This is global news 24 hours a day on the air and on Bloomberg Quick take power by more than 2700, journalists and analysts in more than 120 countries on Michael Barr, and this is Bloomberg.
Bloomberg Businessweek
An index of small-cap stocks just notched its first record-high close since 2018
"Look at some of the stocks on the move and the sectors of the move on Carol Master along with Bloomberg News process that reporter Sarah Pounds Act, both of us in our Bloomberg Interactive Brokers studio. Let me just do big picture. Definitely risk on trade 473 names in the S and P 500 higher today 31 lower to unchanged And if I take a look at those major industry groups in the S and P 500, there are 11 all of them up. For the day energy at the top of the pack of 3.8%, followed by real estate of about 2.3 bottom of the pack information technology, but still up about 9/10 of a percent Sarah Ponds Act, Man, It wasn't the week. Well, maybe it's starting more like the week. It's ending. More like the week it started. See, that's what kind of weak it's been, and there's been a lot of stuff in the middle, right. We have come full circle. Granted, Today's moves were not as drastic or as large as Monday's, but they were reminiscent of them in the middle of the week. We saw that Monday rotation, Fayed was attacked, Take the lead once again. That was not the case today. At the end of the day, we just heard it. Russell 2000 more than 2.3% today at a record high. This is the first record high for the Russell since 2018. We had not seen it. It really is. It's been got. It's getting close, right and just never breaks it right, exactly exactly have been getting close. But we have not been able to see small caps really breakthrough. While today was the day also a record high for the S and P 500 today, as well as the equal weight version of the S and P, So we're seeing breath come into this market. Well, that's what I was going to say. What's the significance about the small caps in the large caps right to see the Three indexes that you just put it point out there all hit records. So the idea is that sure you can see the SNP it records. You can see the NASDAQ hit records, but they're very, very top heavy. So what that means is that it's really representative of just a few stocks, many of them tech thing, names all year long pulling higher seeing Russell 2000 at record seeing the equal weight version of the S and P. It records What this shows you is that it's not just a couple of stocks pulling you hire. Rather, it is many more and you are seeing more participation, which is seen as a healthy climb. What's the fundamentals behind it? You know, it's a great question. So a lot of hope this week on the optimism over the visor vaccine is truly It's unbelievable. When you see these stark comparisons between the Fizer vaccine news, then you see Record covert 19 cases. You see restrictions coming in what the reality is and what investors are saying is that the vaccine news helps you look beyond all of this. That helps you realize that there will be an end. At some point. I hear it all The time. Markets are forward looking mechanism, and that's exactly what they're trying to do what you got visibility right? And even if it's still a few months away, or maybe it's into next year well into next year. At least we have an idea of when this will end versus some of the conversations we had earlier this year when we like We don't know. We just don't know
My new show2
Bloomberg - Short - 1 - burst 2 - Selected1
"How many Financial policy and medical experts are working on answers 24/7 what about public debt? We are listening to those experts 24/7 is the phone effectively widening this wealth Gap with its programs because you want answers to What's the most important the trillions and stimulus the economy's reopening or the infections curved ending Bloomberg took the Bloomberg business app and Bloomberg Radio., Bloomberg. The world is listening capital of the world 24 hours a day at bloomberg.com on the Bloomberg business app and and Louise quick take is is Bloomberg Radio. Live from the Bloomberg interactive brokers Studios is Bloomberg Daybreak for Wednesday, July 8th, 2020 coming up. The shower has coronavirus infection surge the government Rampage testing across the South the Trump Administration gives notice to the UN saying it's quitting the World Health Organization and the White House takes aim at Hong Kong with a push to undermine the city's currency Long Island beginning of days for reopening today. Plus President Trump pushes for schools to reopen in the fall on Michael. Barmore ahead. I'm downstairs shower in sports. The Ryder Cup has been postponed and another net won't be proud to be a restart petrol straight ahead on Bloomberg Daybreak on Bloomberg. 11300, New York, Bloomberg. 1991, Washington DC Bloomberg. 1061, Boston, Bloomberg 960 gianfrancisco, SiriusXM, 119 and around the world on Bloomberg Radio., and via the Bloomberg business hour off.
Bloomberg Surveillance
Trump says U.S.-China trade deal will be signed on January 15
"Trump I will sign a phase one trying at China trade deal January fifteenth so there you have it president trump phase one China trade deal will be signed at the White House that is per president trump tweet so we have a little bit of clarity on the trade phase one deal gonna be signed on January fifteenth at the White House take a look at futures not much movement there S. and P. down six downtown sixty one Mike Regan Bloomberg stocks reporter joining us in a Bloomberg interactive brokers studio he's a warm body is gonna try to make the success where I'm kind of might want to be I mean that I know of a phenomenal year we're just gonna kind of close out today's trading right yeah you know what's it saying like you just read out that headline about president trump get ready to sign the trade deal January fifteenth not even a quiver in futures side just staying exactly where they are so take that for what it means you know and actually another to another hello I come across the Bloomberg from a trump says he will go to Beijing later for take face to talks were
Bloomberg Businessweek
An interview with Huawei USA's chief security officer Andy Purdy
"With any party is chief security officer while a technologies USA he is joining us in our Bloomberg interactive brokers studio in New York of course while a very familiar to her audience I feel like amid the US China trade tensions that we cannot forget the commerce department blacklisted while way back in the spring to stop American businesses from selling components to the company the White House for a while is accused of the company being a threat to America's national security let's kind of roll it all together any good to have you here with us because I feel like the more conversations we have on on these types of issues the smarter we all gatt the recent bands that have come out from the administration what has that done to you guys as a company and in terms of interacting with American businesses well there's certainly been an impact on while a we've got nearly three hundred American companies that want to sell to us the supply up to twenty five or thirty percent of all of our global components so we've had to move to what they call plan be something that IBM and recommended we start we did start sometime ago so we have had to find alternatives to those and right now we're able to ship our five G. technology with no American components so we're not entirely sure the impact on us but we do know that over forty thousand American jobs hang in the balance for no good reason so we hope that these issues can be put aside this effort to attend an effort to hurt China wear them hurting America we're cutting off our nose to spite our face and what sort of progress if any are you making in Washington to get that message across or they'd listening or are you sort of shouting into the wilderness here we're not making any progress I mean the fact is and I think the existence of the US trade talks the geo political situation although everybody says if we're not connected to it of the government won't even talk to us they won't talk to us about the kinds of things that allow Nokia Erickson do business in United States despite their deep ties to China so we hope that if that if there is some kind of a trade deal it may be that the government will talk to us about these negative on Telefonica the German company just came out the side to do a five year contract with us despite the pressure of the U. S. on Germany so we can address real cyber security risk and we'd love to collaborate with the US government what's the future though I do think because we have a ton of conversation the magazine just this week has a story about Chinese Americans who are be called especially those who work on government projects and have high security clearances where they're under heightened scrutiny and sometimes wrongly so and so I do wonder like what is the future in the in a world we talk about a bifurcation where it's kind of the U. S. versus China what does that mean for a company like you guys in the Verizon CEO recently said we want to avoid a five G. Cold War brightness came out and said it did it it just doesn't make any sense we see very important things happening in Europe for example in Germany with a telephonic announcement but the government is working hard the European Union is working hard to try to come with objective and transparent basis for knowing which products are worthy of trust because the bad guys out there have great skills we have to use very good technologies to address the rest that that comes through all products so any of I want to ask you because your background you worked in the White House mean you understand the other side of the table in many ways how surprised were you that all this went down essentially knowing how the sausage is made on the other side well there's been some longstanding concerns you know and although the terrorists help obscure these fundamental agreement among the Republicans and Democrats the concern about theft of intellectual property the concerns about forced technology transfer the threat that the US sees from China as China has grown economically and militarily these are things that the the cut across the board and so and legitimate concerns well let's put it this way our government the American government has to make sure that we address the rest to this country we've got to learn lessons like from the seventy five years ago DJ in cyberspace we have to be ready much more ready with we were when the Germans and the **** swarmed over Europe we have to be ready to address real rest and we think it can be done that it has to be done with standards and conformance programs for the operators as well as testing independent testing for the equipment we love the participate in those conversations but it is interesting too though that if there is a division of technology division and the world going forward we talk about a lot about five G. maybe there's going to be two standards are you know you do wonder what what what does that mean for global security concerns well it is a life what it means is a real threat to competition and and competition is critically important it's important for security it's important for resilience it's important for innovation we need to make sure that we have competition when you look at the equipment vendors there is not enough competition I hope no key is strong enough to to survive frankly hope that they're strong enough to do the are you D. that they need to with your expertise in understanding where you are currently and then as Jason mentioned you know having spent some time you know along the beltway and I just do wonder so what what is the answer because we do know in terms of our relationship with the Chinese that there has been problems with intellectual property and there has been a lot of technology transfer or if you're starting up a business you've got to do it along with a Chinese company you know it's very clear that the Chinese you know have a mission to be very dominant and I don't have a problem with that because I feel like that's capitalism a play but because of the past how do we know who what we're dealing with as as a country the United States well I'm glad I had the option to participate in discussions the United Nations here in New York last week with governments and private companies it's a combination of we need enormous for government we need benchmarks that we could hold governments accountable we could have mechanisms to create incentives and consequences of government if governments violate the rules but also unique companies you need independent standards you need independent testing so we can address the rest is the combination the shared responsibility that's gonna help us just thirty seconds what would be a great incentive for the two I needs to really make sure that turns the government conformity that it happens as quickly well I mean I think the global community holding them in other countries accountable the World Trade Organization to standards on the theft of intellectual property on forced technology transfer we have to have the visibility and then make clear when when a country whoever it is is violating those norms but it's interesting in a week where we know the WTO right wrist is weekend yeah to say the least any party we hope you'll come back we were only able to scratch the surface of a really important topic chief security officer at while way technologies here with us in our Bloomberg interactive brokers
Bloomberg Businessweek
Slack stock surges at debut, values company at more than $25 billion
"Well slack technologies, of course, making its debut as a publicly held company, and that was at the new York Stock Exchange stock. We heard from Charlie up about forty eight percent here in its first day of trading or Emily Chang, on Bloomberg television, cut up with the CEO of slack, Stewart Butterfield. And they talked about the business, bringing in more cash than me, put out on a non going basis is a priority because it allows us to control their own destiny. The ideal for us, though is that we continually find new ways the new opportunities to invest to further the business that we don't need a lot of free cash flow. But just a little bit. All right. Well investors seem pretty excited about what they heard from slack. Let's understand what they're seeing in this business a little bit about how they got to market, as they say, Mendy, sing senior tech industry analysts for Bloomberg intelligence. He's back in our Bloomberg interactive brokers studio. Mandy, you're our expert on these things. What did we see today once slack was really out in the public a one thing is fairly obvious that there is a lot of investor in two zero around, you know, cloud subscription businesses, especially on that deprives side, because the revenue stream is so predictable these in case oh slack. It's growing top line at over fifty percent. So there is demand for P. I think the concern for single product companies, you know, on the cloud is how sustainable that top line growth is. And you know once you hit a billion dollars. I think you're going to see growth taper down. So, but investors aren't focus. Passing on
Bloomberg Businessweek
Chevron, Occidental Petroleum And Bloomberg discussed on Bloomberg Businessweek
"Today. I major bidding war has broken out. No doubt about it in the Permian after being rebuffed several times Occidental Petroleum making public a thirty billion dollar offered by Anadarko petroleum as it looks to break up a proposed takeover offer by Chevron. I find this interesting. How this is all play out because it's a it's a very aggressive. It's not it's good to be the king. It's a very aggressive Bidin. It's going to be interesting. How in Dhaka handles it? The seventy six dollar per share cash and stock bid for the Texas based oil natural gas producer. It's twenty percent more than chevrons thirty three billion dollar agreement. So the gloves are off seven Casey is following it. All he's energy, America's team leader at America at Bloomberg news in our Bloomberg interactive brokers studio, where are we surprised that somebody else came out knowing? No, if you look at the Chevron bids was announced on April twelve and I think part from the first day everyday since then the Anadarko still has been trading slightly above that offer price. So it was it was it was in the price expecting for you. I mean facts on the morning of that deal. It was announced. We also reported that Occidental citing anonymous sources that Occidental had made an ova chill. So they just come and today. That's what that's what the news is so expecting Chevron to step up to the plate again. Well, perhaps. It's not a certain this is a Bloomberg market minute. After what
Bloomberg Markets
The future of Star Wars: All the known movies and TV series coming your way
"Disney is trying to reshape the media landscape this morning, and at least it's reshaping the picture for a shares. Shares surging more than ten percent to a record high. Joining us in our Bloomberg interactive brokers studios. I'm so pleased to say terror Lachapelle who covers all things media and deals and telecom for Bloomberg opinion, terra, I find this deal fascinating. They unleashed Disney. Plus, which is the answer to net flicks. But can we start with just how limited is this offering at first I mean, this offering six ninety nine a month and a lot has been made of the price. But it's because there's not going to be a whole lot on it to begin with. If you're a really big Star Wars fan, perhaps there's a dry there because they are going to be able to have all the old Star Wars films. Which wasn't a sure thing we didn't know that. There was a big surprise last night because doesn't it actually sold the rights to those movies to Turner awhile back? So they probably had to pay big time to get those rights back for the Disney plus app. So if. Star wars. Okay. You've got that a Star Wars series is going to be on it the mandatory orien-, and then a lot of old Disney movies. So if you have young kids, perhaps it's good for that. Because we know kids don't mind watching the same movies over and over again. It's a great way to keep them. Busy. That you know, it's it's build a sort of the family app compliment to ESPN, plus and Hulu, which are the sports and more of the content. I guess you could say, but to me it really is forced to per fans of Disney and six ninety nine you know, you really not getting a whole lot for that price at first what's the vision for Disney? Plus, I think Disney plus is the product of the center of the future of Disney, which is kind of amazing. And I made the point in my column today that that's why the name kind of concerns me because Disney plus implies it's sort of like an add on as supplement to the real Disney. When really they're sticking their future on this app. And it's not gonna be profitable. And until two thousand twenty four which is going to be a few years after CEO Bob Eiger, who's leading this mission as long gone. He's retiring in twenty twenty one. So there's still a lot of questions about what this is going to look like how it's going to disturb the rest of the empire as an increasing amount of content goes to the app and not to. Sneeze other properties. How's this going to be the future though? I mean, I assume that eventually it will have more content. You're talking about the limited offerings at the initial out. What is the content eventually? And how does this end up being the monster revenue driver that Disney really needs? So I think what they're envisioning is as we've sort of seen this bulk innovation of the TV industry that Disney is increasingly going to keep anything that comes that's made by Disney on Disney. Plus, that's where you're gonna have to subscribe to get it or ESPN, plus and Hulu, and maybe they'll be some sort of bundle of those three apps. But basically, if if you're a Star Wars fan, if you like marvel movies, if you want Pixar movies, National Geographic content, you're gonna have to subscribe to Disney. Plus, so they're really sort of. Monopolizing that content for their own app. And it's not going to be available in other places. I mean, you can still, you know, big big films. We'll still go to the movie theaters, and maybe people will still pay to go. See those marvel productions maybe that still draws people out to pave and go to the movie theaters. But at the end of the day, I think what they're saying is the app is going to be the new home of Disney, and you need to subscribe. If you want anything Disney, so people are focusing on Netflix today. Netflix shares are slightly lower. But to me the real losers here, potentially the big cable networks. Absolutely. I mean, Disney right now is very dependent on the traditional bundles still, and they're not fully moving away from that by any means with Disney plus app yet. They I hearing from keagan part of peak global market intelligence that Disney gets about fifteen dollars a month per subscriber from its top twelve TV networks, which is a ton of money, and they're gonna have this app for six ninety nine. They generated about three billion dollars in box. Office ticket sales last year from its films and eventers endgame opening later this month could be the biggest opening ever. So they are still very dependent on these former revenue streams, but I think Disney possible accelerate this court cutting trend because if you are such Disney fan, why would you subscribe to cable one hundred dollars hundred dollars a month or you could just get Disney for six ninety nine. And I think that's what they're really hoping for. Although can you really get it for six hundred nine. My question is when they actually start to incorporate more offerings onto Disney, plus can they possibly stay at this price that undercuts net flicks. I mean, that's the reason why people were so odd by it because it just blows that flex out at the water in terms of in terms of discounts. Right. I mean, they've left themselves a lot of over to raise the price at six ninety nine. It's much cheaper than net flicks at twelve ninety nine, but again, Netflix has more I would say diversity of content for adults at least. But yeah, they've left themselves a lot of room. And I I would imagine the company hasn't said anything about this. But I would. Imagine that over time as bigger hits make it to that app. And they're increasing number of originals. They will have both the wherewithal and the need to raise the price. Okay. So going forward four net flicks. What is sort of the key test about whether this will actually draw people away from it? Yeah. Because I think right now the draw. Netflix is good enough for the price. Right. Maybe it doesn't have always the the best quality movies. And it doesn't have some of the TV shows you like to watch on cable. But at the end of the day at thirteen dollars a month. That's kind of a great deal. The question is over time. Does it lose that appeal as Disney plus comes on board, and then AT and T launches some apparatus HBO and the other assets bought from Time Warner, and there's all these other free ad-supported apps coming coming out. Now this year. That question is do people still need to pay for net. Flicks. I think for a lot of people it's going to be sort of the base case. It's kind of like what you need. And then what else can you afford to pay for? But for others for parents, maybe doesn't plus a lot of their problems, and they don't need flex, and that'll be interesting to see over time does that flex sort of that that premium. I honestly want to use that quote for the rest of my life, maybe for parents, plus solves all of
Bloomberg Businessweek
Pinterest and Lyft move closer to IPO
"So twenty nineteen was eagerly anticipated for some of those unicorn IP as it would finally finally become public. Just this week. We heard from Pinterest, and they're expected to file confidentially for its IPO valuation of about twelve billion. Then you've got lift we're talking about maybe evaluation of. I think I don't have a number. I can't I don't have. But anyway, the other one is Uber and we're talking about one hundred twenty billion. So we're talking about finally, maybe some of these IPO's kidding the market and becoming public entities. Let's talk about it with Jeff Grebo. He's America's venture capital leader at Ernst and young based in San Jose, California in our Bloomberg interactive brokers studio in New York, and yeah, if you went late last year, this was going to be one of the big themes of twenty nineteen and then when the markets fell apart, everybody got a little worried, but nonetheless, we're starting to see league at IPO's. They will be coming. They will say, well that's going to be one thing. Leads nineteen two thousand eight. Eighteen was a phenomenal year. We had one hundred thirty eight billion dollars put to work which crushed whatever we saw in terms of what was put to work in the venture space in the dot com era. And so. And get your head around that everybody just sit with that was really great. Yeah. And and a big trend that drove that which is something that's also you'll get your head around was it was driven by mega rounds. So and we define a mega around is any company that's raised one hundred million dollars or more. There were two hundred and twenty one companies it raised one hundred million dollars or more in two thousand eighteen which is significant say the lease up from one hundred twenty nine year before right? And you do the math. That's there's two hundred sixty one working days in a year. That's almost one hundred million dollar deal a day for a year in the venture space. Where is all the money coming from or rather not where it's coming from per se to do the to do these deals, but what who's the loser on this end? Because if it's going into all this IPO, it's got to be coming out of somewhere. Well, the money. So you were talking about a little bit yields and whatnot. So we've been in an historic low yield environment. And what's happened is to get yield investors? Have had to assume more risk and that has pushed a ton of capital into the venture space. So other asset classes are buying down. That has ballooned the amount of capital that we've seen what's been in comparison. Right. We talk about whether it's family wealth offices. Whether it's instant pick your institutional investor right in that seat seeking yield. They have moved into other areas and big time in terms of providing money for startups and venture. Yeah. Because you go back probably seven or eight years, and we wrote something on this that what you if you look at other asset classes IPO's at that time were crushing other asset yields, and so a lot of these sophisticated investors buy in across multiple asset platforms, and so really even by IPO's. And so they decided to say, hey, why instead of just by why do we buy a little earlier, maybe we'll get more on the IPO? So in general as you say they're chasing risk if you will to to get yield these have you the rest of the stock market how how these performed I mean investors made the right decision. By putting money into into. I if you well, I mean, that's interesting phenomena in an interesting asset class not for everybody. I mean, I I can't tell you. I think year to date last year. IPO's worry pretty good bet. RIP Bloomberg IPO index was up five percent last year. Okay. And I'm trying to see what was going on that. Right. Let me just see my track record. I'll tell you that actually forgive me. That's for twenty seventeen. So let me see if I can get the I don't know. I don't have the two thousand nine hundred. But yeah, I think you're right that it was a better year. And so what happens is when yields are up in those markets more buyers come in. And so and you do have large buyers. It's just not mom and pops that are buying it. There's large institutions that by significant positions of these that actually mom and pops have exposure to you wanted to minimus basis through. Mutual funds and other types of things and other types of instruments. Well, it's interesting too. I do wonder now the renaissance IPO ETF it was actually down seventeen and a half percent last year. And I'm thinking that they probably if you take into account that December month really kind of change the overall indices, maybe some of it was then I'd have to take a look and just see how what the history was. But we are in a volatile environment. Yeah. It was up twenty nine percent of you ticket. I think till a little bit early. Sorry. I'm just playing around with. And so what I am curious about is because there's so much money flowing around. Jeff, I mean, it does allow I do wonder about the IP alternately come to market are they stronger are they healthier? Well, these companies are much older than they were you compare. Everybody loves to compare dot com. Era versus today and the companies today have have significant top line numbers and they've been around for quite some time. And they've got the other got some real beef to them and their and it gets to be more. A question of. How much is there there versus is there? A there there and back in the dot com era. It was a basically a lot of these IPO's were public venture capital. And now it becomes a bad on. Okay. How big will these companies be and can they with girth and the breadth in the meat that they've put on the bone? Can they get to be profitable? You've mentioned essentially will it slowdown. What is twenty nineteen go to look like a week going to keep going at that twenty eight thousand pace or we're starting to hit a wall somewhere? Nothing can continue to go up into the right forever. Find you know looking forward into twenty nineteen. I would find it hard to believe we would be twenty eight. But I think twenty nine thousand nine can be a fairly substantial year for a variety of reasons. One is we talked about the that is gonna shine. You're gonna see some significant companies go public in the next six months. That's that's gonna shine a bright light on the asset class, and there's gonna be some real money return to investors, and so that's gonna keep that piece of the equation going. What's the next round like after we get through the Uber's the lifts the pinta rests and a few others Airbnb. What are the ones that are kind of? What's the next round of now? I'm just curious like, what are you looking at because we've been looking at these I feel like for so long, and if talking about that, well, I mean or even just industries like where you're seeing kind of interesting developments. Well, there's a lot going on in fintech. There's a lot going in healthcare. I'm assuming with technology enabled one of industries, which is also another tale when helping to push all this money into venture capital and also helping to. Areas like New York, which was not a big venture capital place. But now it's got a significant start up, and he started PICO system and environment. Do you get nervous at all about in terms of the the market volatility? We've certainly seen increased volatility in the last year or so how does that impact? What we're seeing in terms of the world or does it just operate separately? These are ten plus your asset classes, they don't correct day-to-day monta month quarter to quarter year year, these are long term asset classes, you know. There was fifty five billion dollars raised into venture funds last year to be deployed over the next ten years. So there is significant dry powder. Now, if a substantial event or nuclear winter were to happen economically. Yeah. People will slow down. But there's also the old adage of hey recession is never a better time to start a company and to put money in the ground in venture capitals may got to put it to work right now. Otherwise, exactly their investors. Get frustrated they are on a timetable to deploy capital. And so, you know, so the IPO's are going to be one thing there is a significant number of companies out there. We're tracking over eighteen thousand venture backed startups in the US that have raised over half a trillion dollars at book value. So yeah, when you look at the pipeline, there's a lot to be fed there. So regardless of what happens a lot of these companies, raise capital Soleil will be coming back to market, you know, and to your point earlier, you know, up into the right forever. You know, people are starting to think about well. You know? It won't go up into the right? So should we start to think about being prepared for something? And so we're starting to hear about investors talking about, hey, we have other investors who want to come in. Why don't we do a preemptive around and just sit on it just to make sure what there's nothing wrong with having nine to twelve months of cash. The I was just gonna ask you that. How do you how to have your hedge that bet? So if you're in an initial investor, do you sort of let other people in and sell some of your shares to to hedge that if you will and just let more people in and spread your risk out. Well, that'd be that would be secondary. At actually have friends in the angel market who have done that who have taken money off the table. But primarily what it's doing. There will be some dilution especially because a lot of these are going to be growth rounds, which you'll be substantial amounts and certain of these investors that we talked about that are buying down or from other asset classes, we'll want to have a certain sluggish capital. And so and that also may give. Founders and employees and opportunity to give a little bit of
Bloomberg Businessweek
Fixed Income: Definition, Types, How It Affects Economy
"Let's talk fixed income Alex Harris bond reporter for Bloomberg news is in our Bloomberg interactive brokers studio, Alex so nice to see you. What are some talk about a crazy busy week free? But what are you looking at the markets today today, thankfully was a little bit calmer. You said it was boring. We're a little more come on. Let's just be relative to what was happening yesterday with the FOMC minutes. And there was a lot packed today. A little bit calmer was seen a backup and yields however, still range-bound because again, there's all this uncertainty floating around. So I think really today's move was driven more by the investment grade corporate bond calendar. You know yesterday you had alive lily come in with a with a big bond issue. Tens and out the curve and their funding an deal Tae, Boston scientific four point three billion. They were across the curves. Five cross the curve excuse me, five years to thirty years or bond market alive and kicking alive and kicking as long as there's day where you're not getting a whole lot of fedspeak and things are relatively calm. And there's not a lot of volatility. I think they can come in. And that's what's pushing the market a little bit. You have the five thirty s curve is steeper today. It's round fifty three basis points. So in on the new issue market what's the reception in there? And what's liquidity in the marketplace? Mean you're still getting people taking down these deals in clearly they're coming and they can come with four point five billion yesterday from Lilian then Boston scientific and follow up with another four point three reception is still good and as long as follow Tila ty- remains somewhat subdued and now the feds on hold. I think it just gives you a bit of an opening and the long end is an attractive place. For issue. Just because investors want that yields. So they're gonna pick up what they can get. So, but again, you know, ten year thirty year treasury yields still rangebound, we have trade uncertainty. We have Brexit uncertainty. We have all these issues on the table that have yet to be resolved. And until we get a resolution. A can't see the treasury yields breaking out one way or
Bloomberg Daybreak: Asia
Tencent shares jump 3 percent after Chinese regulators approve new games
"Twenty two down one tenth of one percent. Nasdaq up forty seven up seven tenths of one percent in New York. Charlie pellett. Bloomberg daybreak Asia. Thirty three minutes past the hour. Let's take a look at the Asia Pacific. What to expect today? And what's happening at the moment. Here's Doug krizner. Let's begin with the euro, Brian because we were down quite a bit of New York trading at one point we actually dipped below a buck thirteen that in afternoon trading, which coincided with a report on German or the German government, reducing its twenty nineteen GDP forecast to one percent earlier in the day ECB president Mario Draghi intensified. His warning on the challenges facing the euro area right now, we're dollar thirteen zero six so with euro weakness, the dollar strengthened against the majors. Bloomberg. Spot index picking up about three tenths of one percent on the day slightly. Weaker yen one oh nine fifty three in spite of that pullback, though, we're not seeing a lot of support for futures on the Nikkei trading in Chicago. We're only about twenty points above where we finished in the cash market yesterday in Japan, and in a little while we're going to get the Japanese CPI for the month of December want to get you to Sydney now, we've got Paul Allen. They're looking at the early goings down under and maybe a little taste of what's happening in New Zealand. Good morning, Paul. Yeah. Morning. Doug, gambit of a mixed bag in this part of the world, the dole is continuing its slide. Seventy eighty one the six high by one percent, but I wanna tell you about one of the worst performance today. I am he offers seven percent. This is after the wealth management warned the full year earnings are going to slump another thirty five percent costs piling up there from the financial advice scandal. I am going gonna take another one hundred and sixty million AUSSIE dollar hidden fiscal twenty nineteen on top of an earlier too. Hundred million dollar hit. So those shares easing off today over New Zealand daddy. So looking pretty flat right now dR, all right? Thanks to Bloomberg's Paul Allen here in New York. We had crude oil picking up about one percent. There was a report from the government. The energy information agency actually came out with a rather bearish view on the shale, boom. However looks like the growing instability in Venezuela is carrying the day helped WTI finish above fifty three a barrel right now, we are at fifty three o nine in the electron accession. I'm Doug krizner at Bloomberg. Interactive brokers studio in New York rish. Yeah. Thanks, the two bills aimed at ending. The US government shutdown has failed the two sides in anti gay shading at banks is go global news. And he's in the Bloomberg nine hundred sixty San Francisco newsroom. Yeah. Rish. Thank you. It's back to square one. Well, with the exception that both sides now. No there are two options compromise or leave the agency's shutdown. Bloomberg's Marty Shankar says the two sides now have gone back to the bargaining table. The outlines of some sort of a compromise that would continue that would open up the government for three weeks contain some semblance of border security. And the president says he is open that it will compromise reasonable agreement. I would support again, maybe a pro rated deal on a Wally says, but that a wall has to be part of it earlier in the day Chuck Schumer said he needs to know that the president will sign something that they negotiate last month. The Senate unanimously passed the short term Bill to keep the government open. It was leader McConnell's idea. Everyone thought the president would support it. But President Trump buckled to the most extreme voices in his party. So the talks are still on Japanese whalers say they will form a fleet of at least five vessels to resume commercial whale hunting, July first it says exact locations will be determined by research in June. It says catch quota and hunting scheduled not scheduled and decided North Korea's Kim Jong UN has ordered preparations for a second summit with Donald Trump. He says he will wait with patience and in good faith to work toward a common goal. The issue is what Cam needs from Trump to make any moves toward denuclearisation. The US has ordered non-emergency government employees out of Venezuela and the Trump administration trying to clarify statements made by commerce secretary Wilbur Ross about government workers thirty days of that. Some people will be out. There's no real reason why they shouldn't be able to get a loan. Against. So the president asked about it today, and he efforts what he was he being Ross was trying to say banks are working along. If you have mortgages, the mortgage is the mortgage the folks collecting the interest in all of those things, they work alone. And that's what happens in down like this. They know the people they've been dealing with them for years, and they work along the grocery store and explanation of why they really don't need to rely on food banks global news twenty four hours a day on Aaron a tick tock 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. All right. Ed. Thanks very much. Thirty eight minutes here past the hour. It's time for global sports. Dan Schwartzman
Bloomberg Businessweek
Intel misses revenue targets and issues weak outlook amid record revenue
"Semiconductor and hardware. Analysts for Bloomberg intelligence. He has made his way into our Bloomberg interactive brokers right now he's in high demand. Just saw you up there on the TV. And here you are with us. Now, what do you make of this because investors don't like it? Look, I mean, the bar was set pretty low for from an expectation standpoint. The recent few week rally here and Intel failed to care the bar rate. So if you have strength yourself from the from the last few weeks, the expectation was that data centre was going to be week. We know the cloud demand is weak, particularly in the first half Seagate has told us that western digits told us that. So this is unsurprising we hope that expectations may have been low enough that they would have been able to clear that low bar and that did not happen, right? The data center seals being week has a disproportionate effect on earnings because the sales of the serotypes carry higher margin. So that's unsurprising earnings miss is substantial particularly in one q. So again when you step back and look at it is causing a disproportionate amount of harm. We hope that it comes back in the second half of the year. That's where all the other companies in the space. They're saying they also missed but the expectations in their cases TI esky ki-hyon slum research where low enough that they were the stocks rallied right in this case that is not the case because the bar was low, but they went lower. What's what what I was just going to say because we saw those other results as we go into tomorrow. Is there a little bit of a contagion that goes through the rest of the chips? So this this sort of rights itself, right? Don't let we are not in the last few weeks. We've been taken aback way the strength of the of the rally, and we're we are setup into Allie. The chip Rodney and are set up into twenty nineteen is we we want this love hate relationship with semiconductors to go way. We weren't apathy. Right. When people don't care about semiconductors anymore. That's when it's an interesting time to look at it. Right. When companies are still trading adroitly fifteen times, it's a median multiple the large gap semiconductor group from Bloomberg intelligence and earnings have been cut only seven percent or twenty nine hundred then earnings needs to be cut far more dramatically in multiple needs to come down a little bit more. But more importantly, we warned expectations to going, right? And I just want to point out some other players Texas Instruments down point three percent as a. Applied Materials trading down about two percent in the after hours. Just quickly sheera twenty thirty seconds here. I mean, their CEO though is facing challenges they've got an acting CEO. Right. And so we're still waiting for the new guy. Yeah. I mean, I think that that is really that's the big pain. Here is that this company has been operating with an interim CEO since June,
Bloomberg Daybreak: Asia
Asia stocks calm as China slows
"What's happening in financial markets as the Asian trading day gets rolling. Let's get it over to Bloomberg's Doug krizner. You were talking earlier about one of the components. I guess a foundational component for this optimism being optimism on U S China trade, given the fact that is Bloomberg news reported last week. The Chinese were making some kind of offer on a path to eliminate the trade deficit with the US. But now we're hearing that the US and China have made very little in the way of progress when it comes to the issue of IT, we are told Chinese officials have denied IP theft, and they have asked the US for proof. So in turn the US T R, the office of the trade Representative of told US lawmakers of the lack of progress on the issue of IP. This may have been one of the factors helping to take equities from session. Highs here in the early asiapac session. We also have negative South Korea neck port export data for the first twenty days of the month of decline of nine and a half. Half percent. If you look at semiconductors by themselves. Semiconductor exports in the first twenty days were down twenty eight point eight percent. The Korean one right now against the dollar weaker by four tenths of one percent. Let's look at the equity picture very quickly in Seoul, the kospi down two tenths of one percent, Sydney. Asx two hundred is better by two tenths of one percent. In tokyo. The Nikkei still holding onto a gain of about four tenths of one percent. We had been higher by about one percent earlier. But the yen has strengthened now against the dollar to one oh nine fifty five in that has helped to take some of the wind out of the sales of the Nikkei in Hong Kong hang sang up three tenths of one percents. Shanghai composite. Meantime, better by about three tenths of one percent. Now, we have a holiday in the states markets will be closed in observance of the Martin Luther King junior day. So as a result, no trading in US treasuries in the Tokyo session. The ten year was last quoted at a yield of two point seven eight percent. I'm Doug krizner at Bloomberg. Interactive brokers studio in. New York, Paul. All right. Thanks very much. Doug. Well, the second Trump Kim summit is expected to be held in Vietnam. Baxter's. Global news in the Bloomberg nine sixty San Francisco newsroom. Ed, exactly right, Paul. That's the word today from the Trump administration. Anyway, vice President Mike Pence on FOX saying the US goal to begin to make real the denuclearization. That can Jong on committed to the first word is location Hanoi. But that hasn't been firmed up. We're told denying hokey men city also appear to be in the running. He you nations are split and disagreeing over how long they think the UK could delay Brexit how some of them pushing for up to a year. Others want pressure applied to accept a deal as soon as possible it's up to the UK to ask for a delay. Something Prime Minister, Theresa may has adamantly said she will not do you k- trade secretary Liam Fox in the BBC says the message to the EU is that there is a real possibility of Brexit without a deal there watching my message stem is I hope you've understood from this program that new deal is a real possibility at least put the African. And may is preparing to set out where Brexit goes next in parliament tomorrow MP's are already preparing to take control of the process. She's had a call with her cabinet today. Japan's Prime Minister Shinzo Abe's heads for talks in Moscow this week. The hope is resolution of the seventy year old dispute over Pacific islands, but Russian rhetoric has turned strident as foreign minister Sergey Lavrov says Russia will not surrender any territory and is publicly offering a pointed reminder of Japan's World War to defeat. Japan's hope would be that this is just pre negotiation rhetoric. US house leadership is how the Trump announcement over the weekend of a compromise which would give some dreamers, DACA. Three years to stay in the US. They say, it's an odd started. But Republican James Langford says it is a very good approaching the presents put a reasonable compromise on the table. Everyone knew we're going to go through this process. We're gonna end up compromising on multiple different areas to be able to resolve it. But the core elements are there that we all strongly believe about. But democratic Senator Mark Warner says this announcement by the president could be a starting point. But the government has to be opened. I what we cannot do. And I've actually had Republicans as well recognizes is that we cannot reward the kind of behavior of hostage-taking because if the president can arbitrarily shut down now he will do it time and again warned her on NBC and the House Democratic whip James Clyburn on FOX says he has a path forward temporary protective status for all people sick in the come to this country and the Trump Tower Russia talks didn't end until November election year. That's a far later than has ever been admitted by the Trump administration personal attorney Rudy Giuliani and CNN saying yes, November. But I'm not I'm not at all concerned about that. He gave a full and complete answer to it. I can't share the whole thing with you. But I can't share the conclusion, which is he had conversations with Michael Cohen. But it was Michael Collins driving the project says he never ordered him to lie to congress in San Francisco. I'm Ed backs. Stir? This is Bloomberg Bryan, sir. All right. Ed, let's move on to sport Donna pages with
Bloomberg Daybreak: Asia
Bloomberg, New York And US discussed on Bloomberg Daybreak: Asia
"All right. Let's get a closer look at what's expected here in the Asia Pacific. And in fact, what's happening here. Doug, I mentioned a five percent rally and just an full of days in Hong Kong, but still down fifteen percent over the past year and the CSI three hundred and China down thirty percent even after the gains of late. Yeah. Right now, hang sang is up about one point five percent in the Japanese market. The Nikkei is higher to where seeing the trade essentially flat against the dollar here. One. Oh, eight. Eight seventy infotech the only stock group within the Nikkei, that's showing weakness energy shares are being helped out a bit by a rise in the price of crude oil WTI right now in the electron accession fifty thirty to the game. There is about one percent during New York. Trading crew had been up for a seventh straight session. The bet here is for tighter supply, given the OPEC cuts we've been talking about and consider what may happen to the growth story. If if we do get traction on a U S China trade deal right now in Seoul, the kospi is up by about one point four percent in Sydney. Asx two hundred ahead nine tenths of one percent. And on the mainland. Shanghai composite is ahead about six tenths of one percent. Long term interest rates relatively stable here in the Tokyo session. If you're looking at the US ten year treasury we've backed up about three basis points in yield in New York on Tuesday to seventy two right now is kind of where we are trading. The dollar is pulling in about two tenths of one percent. If you look at the Bloomberg dollar spot index. That's about the same degree that we were up in New York. If you look at the Bloomberg dollar spot we were hired by two tenths of one percent. Offshore Chinese one right now six eighty four forty so we're a stronger against the dollar by two tenths of one percent. I'm Doug krizner live at the Bloomberg interactive brokers studio. Juliette? Thank you, Doug. And is apple story going to get worse or to set a report coming through from the Nikkei on the Bloomberg that apple will cut production of three new iphone models by ten percent will US President Donald Trump will take a tight to the era. I should say in about half an hour to present his case to build a border barrier. Ed Baxter is covering all the global news in the Bloomberg nine sixty San Francisco newsroom. Ed, Juliet, he's hearing voices in his head from from outside his conservative allies are pushing to have him declare a national emergency and use those dollars. Bloomberg Joe subject says that's not what we're hearing that he will say we're told that the Trump will offer something of an olive branch in some form or fashion to the Democrats who have been at at stalemate with it. He's also. Oh invited the top leaders of both parties in congress to the White House tomorrow, and he's going to talk to. Republican senators at their weekly lunch. Tomorrow's no, of course, all of that can change with a tweet and the president's case already being made by vice President Mike Pence today, we need new resources we need to build a wall. But we
24 Hour News
China: October money and credit data both surprise on the downside
"Markets up and running Doug krizner is tracking them for us. Fairmont of weakness with the exception of Tokyo where the Nikkei is now higher by four tenths of one percent. Some of this may be due to a weaker yen at one thirteen ninety four against the dollar wanted to get to our bureau in Tokyo, bring in Bloomberg's Jeff Sutherland for a closer look at what's happening on the ground there. Good morning. Jeff good morning. Well, we did get a report on GDP this morning and as expected Japan's economy got hit from several sides during the third quarter with GP shrinking one point two percent. That's the second time. Here we've seen a contraction of discount around because of the earthquakes and typhoons and heavy rains shut down factories and airports, but also experts weekend because of softer globally demand in that may reflect the impact of a trade war. And the overall result was a bit worse than economists had expected, but they're senior recovering the fourth quarter. Meanwhile, stocks are positive after yesterday's keep declined the Nikkei after about point three percent, and automakers are providing the biggest boost on hopes that the Trump administration will hold off on new tariffs for autos, but energy shares are down that dot yes, indeed energy. That was the same story. We had here in the states with a collapse in the price of crude oil WTI during New York trading fell to a nine month, low the drop was greater than seven percent and a lot of factors going on in the oil. Patch? Not the least of which all the latest tweets from President Trump with respect to being critical of Saudi Arabia on reducing output for the kingdom. In Hong Kong. Hang Seng down three tenths of one percents. Shanghai composite is off about two tenths of one percent right now in Seoul, the kospi down one tenth of one percent. And in Sydney, the ASX two hundred is weaker by eight tenths of one percent US ten year treasury in the Tokyo session, yielding three point one four percent. I'm Doug krizner in the Bloomberg interactive brokers studio in New York. Juliette? Thank you, Doug. We'll as the SEM meetings continue today. What is the prime focus? Ed Baxter is covering all the global news in the
Bloomberg Best
"Its Business Time" for Rocket Lab's first commercial flight
"Like the giants. Launched by Elon Musk's. Spacex rocket labs electron is just fifty six feet high. And it carries a payload of just five hundred pounds. Peter back, the founder of rocket lab describes his firm as the FedEx of rockets just a little man that delivers a parcel. He believes with the miniaturization of spacecraft at rockets and entirely new part of the economy has access to the final frontier advances in technology me that smaller satellites can perform as well as their bulky predecessors. And what once took the size of a car is not the size of a microwave oven. And with exactly the same kind of capabilities. That is today's Bloomberg small business report. From the Bloomberg interactive brokers studio, this is Bloomberg best. It's forty eight minutes past the hour. And now, it's time for Bloomberg opinion. Here's
Bloomberg Daybreak: Asia
Trump says 'I think we'll make a deal with China' on trade
"Adviser. Larry cudlow said that he was not as optimistic for a deal as he once was but then a short while later, President Trump said he does think that a deal with China's going to be reached you'll recall that last Thursday, we had that report of President Trump asking officials to draft terms for a deal ahead of that meeting with Chinese president Xi Jinping at the end of the month. So take a deep breath step back and remember we've got an election here in the states on Tuesday. Now, there's also the issue of rates this Thursday. We've got the fed meeting. And you look at the employment report that we had last Friday. The numbers were above estimates annual rate wages rising over three percent nothing to dissuade the fed from it's tightening path ten year treasury intraday Friday hit a yield of three point two two percent last quoted at three twenty one. We also have the US sanctions on Iranian oil. Officially resuming in six hours WTI in the New York session down nine tenths of one percent Friday right now, we're trading sixty three oh four. I'm Doug Christner live from the Bloomberg interactive brokers studio, Brian to you in Singapore. Well, Doug, thank you. And as you suggest investors will be keeping a close eye on a
24 Hour News
GE falls below $10 for first time since 2009 after analysts say dividend cut may not be enough
"Its first earnings under its newest CEO. Let's get into this with Jim corridor equity analyst over at CF are a research on the phone in New York City. He cut his twelve month price target in two thousand eighteen EPS estimates on GE also carrying Ubale heart is our senior industrials analysts at Bloomberg intelligence. She's here in our Bloomberg interactive brokers studio, Karen I want to start with you. We mentioned this stock tumbling to a two thousand nine low below ten dollars. And that's where it sits right now. Ninety six we expected there to be a lot Latin this quarter a lot of bad junk, if you will is it worse than we expected. Walk walk us through it. I think people wanted more. There's a first of all the investigation. Now, people are like how big is that black? All the additional DOJ investigation, adding the goodwill charge that black hole is what scared people for awhile. And now, it just got bigger, and they also said that they have to help fund put more money into GE capital. The DOJ has been looking into that twenty two billion dollar charge that she took in connection with its power you. Yes. Okay. And so sorry, Jim. I it's you take a look at this worse than you expected. I mean what what was the big surprise here? Because we knew that there were some things that obviously got Larry Culpepper predecessor fired. So what really caught people off guard. I think it's the combination of the announcement of the DOJ investigation coupled with the cutting of the dividend by almost ninety five percents wiping out the dividend investors that were in the stock for the dividend. Even though it was reduced from earlier this year already. We're exiting at one cent per share at the same time that investors that were holding on with hopes for restructuring are disheartened by DOJ an SEC investigations. So are we missing something? It's an eighty six billion dollar market cap company. That's expected to have one hundred and twenty billion dollars in revenues. I mean, Karen, it's not like there is value in General Electric in. I think it's it's the unknowns that are scaring people if I look at the aerospace business is an unbelievable business, and it blew this things away in this quarter healthcare is good. I mean, standalone the company certainly got a lot of value in it. But it's just how big are the charges. How much will they pay? I have a thought on the goodwill right off. There's a lot of flexibility on when you have to recognize a goodwill charge. Caterpillar? Four years losing seventy five percent of their revenues in their mining business. And we kept saying are you going to write it down? What are you gonna write it down? There was a clause in their ten. K that says basically as long as you think there is value there over the long term, you don't necessarily have to write it down. I don't know what GE will decide, but we were badgering them to do it. And guess what they were right? The businesses rebounding. It's up twenty five percent from the bottom. And it's not back where it was. So there's that's what I learned. Oh, there's a lot more flexibility in this. So I wouldn't think they're going to necessarily. Have to take an a bigger hit. So Jim what do they need to do? Now. What do you need to hear from call to give you confidence that he's got this ship closer to to write than before? Number one. We need to have these restructurings and he's right down. Stop. We can't have a twenty two billion dollars here. Fifteen billion dollars charge in January and have it keep going on. And on we need to have stability. So that we can have some faith for the future member to Mr. call past set some targets, which they are setting. Are they need to hit them execute on these targets? So you can't really even figure out how to value a stock. Like, gee, you have some kind of firm financial data you could trust that when they tell you a credit revenue or earnings guidance. But there's a good chance they might hit. And they've missed target after target. If the target had endless restructuring, so they need to put a stop to that and start hitting at executing again. Well, okay. But do you expect that Jim to start next quarter? I'm just curious if they haven't given the new guy kind of time to get settled in a seat and really figure out where all the problems are buried so that it can come out and say, hey, folks, here's here here. It all is are we need to be patient and could be expect maybe another couple of quarters where things. We're going to be you know, we're gonna have some surprises coming out. So yeah, I would argue for patients, but if you look at GE investors, angry they didn't give John Flannery six months to to to restructuring program before they start in the door. So you know, it's gonna take awhile to take six months to a year before you can get a ship. The size of a turnaround, but investors are angry at impatient. And they're unlikely to give the company much time. They're worried about the financial side. And they didn't tell us away. They're going to generate real cash. You know, they said we're not doing Baker Hughes. The sale of Baker us shares earlier where we're not selling G casts were not, you know, they haven't given us a way we're not doing an equity offering then how you going to get out of this cash Meyer. So do you think I'll tell you? They change their mind on that. And what's the most likely scenario to raise that money? I think they do change their mind on on some of this. First of all Baker us announced today that they're halting their stock repurchase. Waiting to see what GE is gonna do. Gee, said they're not changing the. Timeframe. So there is some kind of conflict there Baker uses that basically saying, we'll take it. We'll take it. And yeah, we'll take it off the market in advance of the John July twenty nineteen lock-up period. Also GECAS they love that business. I'm not so sure they're ready to do something with that. But they're getting knocked on the door. You know, the doors get knocked down on that aircraft air aviation finance business. I don't think they're ready for that yet. But but hey, Jim just quickly got about thirty seconds. You kept your hold rating despite cutting the price target and the full year EPS estimate why just quickly. There's a lot of value. A lot of value at the company. They have great assets. They are leader in aviation transportation is doing great even though they're spinning it off healthcare is a leader in oil and gas showed stability this quarter. So there are some great assets at GE, and if they could just get they're restructuring halted get the company back on firm footing. There's going to be value there. But it's just a matter of when. It's tough to put a sell on of stock is down there. Thirty seven percent is industrial do want to rotate into the stock. You've seen. The soccer hour over time. And if they could just get some good news going. Rotate back into the sheriff down about ten percent today down forty three percent so far in two thousand eighteen Jim corridor equity analyst oversee far a research on the phone in New York. Karen, you will heart. Thank you senior industrials analyst at Bloomberg intelligence in our Bloomberg interactive brokers studio, you're listening to Bloomberg BusinessWeek, Carol Massar and Jason Kelly. This is a Bloomberg.