23 Burst results for "Bonnie Quinn"
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"I'm Bonnie Quinn. And I'm Doug Krisner. We're coming to you from the Bloomberg Interactive Broker Studio in New York. Quite the day in terms of U .S. equities. A rally in the S &P 500 led by Information Technology. Microsoft at a record high 377 in change. We were up about 1 .9 percent. We'll take a closer look at all the insides on market action momentarily. Right now we begin by updating a few of the hour's top business stories. Open A .I.'s investors are still trying to return co -founder Sam Altman to a leadership role. We hear Thrive Capital, Coastal Ventures and Tiger Global Management are looking to secure their investment after the Open A .I. board forced out Altman on Friday. And Microsoft has signaled that it wouldn't oppose such an outcome. Microsoft's shares surged after news that the company is hiring Open A .I. co -founders Sam Altman and Greg Brockman. We heard earlier from Bloomberg Emily Chang's interview with Microsoft CEO Satya Della. We really want to partner with Open A .I. and we want to partner with Sam and so irrespective of where Sam is, he's working with Microsoft and that is the case on Friday and that's the case today. And we absolutely believe that will be the case tomorrow. That's Microsoft CEO Satya Della there. Meanwhile Open A .I.'s board replaced Sam Altman with Emmett Shear, the former CEO of Twitch. Citigroup is cutting more than 300 senior manager roles. We have that story from Bloomberg's Jenny Sarain. Citigroup has been telegraphing this for some months now. Back in September they announced that they were going to embark on this huge and Food restructuring at that point it was basically Jane Frazier, their CEO, had kind of laid out what her executive management team would look like and had basically directed those folks to make sure the that rest of the company looks like are EMT and so we have the next phase of those changes today. Bloomberg's Jenny Sarain there. Now even before the restructuring plan began Citigroup was able to rack up about $650 million dollars in severance charges. This was part of cutting 7 ,000 positions in the first nine months of this year. Richmond Fed President Thomas Barkin says U .S. economic data point to an economy that's expanding while price growth is slowing. But he says the progress isn't sufficient enough for the Fed to declare a victory on inflation. Here's Barkin speaking earlier on Fox Business. The economy is still growing. Unemployment is still at 3 .9%. Inflation does seem to be settling. So all that's good. But the job's done not and so you have to keep on until you get the job done and we'll see where we land. And that's Richmond Fed President Tom Barkin. Barkin who will be a voting member of the FOMC next year has previously said some economic slowing will be required to bring inflation down further. The Fed holds its final policy meeting of the year December 12th and Global News is next. The US is saying it's looking much better for a Hamas hostage release very soon. Ed Baxter with more from the Bloomberg News. Yes, that's exactly right Doug. One of the things that is apparently holding up the hostage release is how to safely get them out. NSC spokesman John Kirby says more humanitarian pauses are definitely needed. Hamas has control here over where they are and how they are. So it could be an issue of Hamas holding that kind of access up. Yeah, now that's something Israel has been hesitant to do. Kirby says the Red Cross has not even been given access to get the hostages. And on Bloomberg's balance of power retired Brigadier General Mark Kimmett says, Make no doubt Israel could move at any moment with special forces. Opportunity arose for Israel to spend their special operators in to get these hostages, that they would wait for negotiations. Now, regarding the tunnels under Al -Shifa Hospital, Kirby says after viewing the video and receiving intelligence says it is clear Hamas has been operating from under the hospital. You a got group that seems to think it's okay to bury themselves in the basement of a hospital and use it to command and control their operations. And that presents a viable, legitimate threat to the security of the Israeli people. So it's about striking that back. And the Israeli government spokesman, Amli Vihi, saying that the video is pretty stark. It then extends for 55 meters until you reach a blast door with a hole gun in it. Now, I don't know whether you've ever seen a blast door with a gun hole in an underground tunnel in hospitals near where you are. We certainly don't have them here in Israel. And that's in addition to the evidence that Hamas used the Sifah hospital on October 7th in order to hold hostages. Israel also saying though the hostage release could come soon. Australia has made clear its strong objections to Beijing after Chinese destroyer disregarded warnings about personnel in the water and used sonar pulses that injured a Navy diver. Prime Minister Anthony Albanese says this was dangerous and U .S. Defense Secretary Lloyd Austin is reassuring Ukraine today that more aid is coming, $100 million. It will provide additional artillery munitions, additional interceptors for air defense and in a number anti -tank weapons as well. And that as they head into a long cold winter and federal prosecutors in Washington announcing a major drug bust involving hundreds of thousands of allegedly fake containing pills lethal doses of fentanyl. Authorities say more than two dozen suspects were charged in the D .C. metro area and as well California where the fentanyl was allegedly being shipped after being smuggled into the U .S. from Mexico, U .S. Attorney Matthew Graves. Just two milligrams of fentanyl in a pill is a potentially lethal dose. And the DEA reports that seven out of every ten seized pills contains at least this amount. Yeah Graves said the fake pills shipped being through the mail. And Transportation Secretary Pete Buttigieg says one of the things that is being done this holiday season to make it smoother for travelers is the prioritizing of commercial flights. In words, other you won't have to wait on somebody who just hopped on a private jet for a golf trip cutting in line ahead of your passenger aircraft. Your flight to go see your family will be the priority. I guess doesn't it do any good if they just stand outside their lir and yell for. Buttigieg says as well airlines have done a better job of organizing things this year. Global news 24 hours a day and whenever you want it with Bloomberg News now in San Francisco. I'm Ed Baxter. This is Bloomberg Money. Ed, thank you so much. Well, do stay tuned. to be We're going talking more about this open AI story. Sam Altman, is he there? Will he be there? Is he at Microsoft? Is he going somewhere else? The whole thing is just so fascinating. Rachel Metz is going to join us with her latest reporting. Thanks for watching. Thank or obligations. Bond Marketplace. Search their deep availability of over 1 million bonds globally. IBKR has no markups or built in spreads and low fully transparent commissions on bonds. IBKR displays the highest bids and lowest offers received from the electronic venues they access. In addition, clients can interact with each other by placing bids and offers online to execute their trades. Learn more at ibkr .com Access a vast selection of global fixed income securities at interactivebrokers .com. We'll see you next time. We'll see you next time. IBKR at ibkr com slash When bonds.
Bloomberg Daybreak Asia
Fresh update on "bonnie quinn" discussed on Bloomberg Daybreak Asia
"Europe as well as domestic decent numbers in Japan and we did see China reopening from January and traveling more so for March but it was mostly to Hong Kong Hainan Macau Japan and part other parts of Asia and so we miss them come in long haul and more than that as we've pushed forward through the end of the first first half and into the beginning of the second half we've really seen the macro backdrop political backdrop fall away and much more restrained sentiment on spending globally one of the luxury companies themselves saying about 24 in terms of China did they expect a Chinese traveler to come long haul to Europe to North America they do I if we look towards September period we're hearing from companies that there are more visa applications more flight availability more load factor availability into aligned 2024 however to the rest of the global economy there is is more hesitancy on booking flights too far out so some of our surveys carried out in September versus those carried out in June and highlight that there's not so much I not so much optimism for how much would be spent when they do travel hear the full conversation on the latest this tradition of the Bloomberg intelligence podcast subscribe on Apple Spotify Plus listen anytime on the Bloomberg Business App and Bloomberg markets headlines and breaking news 24 hours a day at Bloomberg .com on Bloomberg television and the Bloomberg Business App this Business Flash I'm Bonnie Quinn in the interactive brokers radio studio in New York City and we are looking at the markets we check the markets all day long here on Bloomberg radio The Nikkei 225 off its lows but still down about two -thirds of 1 % the topics down about 1 % in
Bloomberg Radio New York - Recording Feed
Monitor Show 19:00 08-13-2023 19:00
"The PVOC these days, but it doesn't look like the PVOC is going to do much this month, at least, Brian. Yeah, we also have big investors selling more properties in Hong Kong. Li Ka -shing, she's got a piece as well, she really does. Li Ka -shing selling more flats at a big project from CK Asset. So that's something that we'll also be focused on all throughout the morning's program. Well, the next hour of Bloomberg Daybreak Asia begins right now. Many thanks to Bonnie Quinn. At Bloomberg .com and the Bloomberg Business Act, this is Bloomberg Radio. This is Bloomberg Daybreak Asia for this Monday, August 14th in Hong Kong, Sunday, August 13th in New York. And coming up today, Asian equities may struggle after U .S. stocks cap the week with declines following mixed data on inflation. China is issuing a plan to attract more foreign investment to bolster its economy. And Country Garden will suspend trading in at least 10 onshore bonds. Maui Fire now the worst death toll in the U .S. in over a century. The recovery process in Lahainotown is slow work. China says Taiwan's vice president's stopover in the U .S. violates its sovereignty and expectation of another Trump indictment this week. I'm Ed Baxter with Global News. Could PSG superstar Kylian Mbappe actually remain in Paris? I'm Dan Schwartzman. I'll have that story more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington, D .C. Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM119 And around the world on BloombergRadio .com and via the Bloomberg Business App.
Bloomberg Daybreak Asia
Fresh "Bonnie Quinn" from Bloomberg Daybreak Asia
"About one percent and we have the Korean won at trading stronger by about eight tenths of one percent now versus US dollar at 1294 .60 Asia's ASX is up 1 .2 percent we have S &P futures pointed lower fractionally in the early going and then plenty of action in the energy and also in the commodities space WTI crude up eight tenths of one percent trading at 74 .68 gold though earlier hit a record it it was up more than three percent per ounce it's at 2107 .90 now of 1 percent per ounce and that's your latest Bloomberg Business Flash Bill Gates co -chair of the Melinda Bill Gates Foundation says the world probably won't meet the Paris agreement's goal of keeping temperatures rising Gates talked about tackling climate change Celsius however he praised the COP28 summit for making progress on climate change Gates talked about tackling climate change earlier with Bloomberg's Francine Lacroix we're here COP28 are you optimistic about our future? I'm optimistic in general a lot of the power of human innovation is showing here and in all the work I do what does that mean does that mean that you measure success as in pledges do we measure success as trying to do better and putting more money where it should be? well in the human condition you know more people are living longer you know we've cut childhood death in half climate is this negative thing that's slowing down that progress and so in mitigation you know we want to make sure the temperature doesn't get too high and then in adaptation we want to make sure that the ill effects that whatever we can't mitigate that it doesn't reverse this incredible rate of human improvement but what are you most optimistic about is it business or is heaters coming together with pledges? well climate change you know overall it's a challenge to the world hydrocarbons have been very cheap our economy is built around you know coal gas oil and we have to make this change the progression of inventing new approaches green and then implementing them and over time scaling them and getting them so cheap what I call zero green premium you first have to have risk then you have to have bigger amounts capital eventually as they say trillions of dollars to get every country to replace its steel plants its cement plants and so depending depending on the emissions area some of these things like steel and cement were at the very stage early some like electric cars at least at the high end the green premium you could say zero not for for low -cost cars where you park on the street but you know so all these things and and the faster we go the less temperature increase we'll see. But do you think we're going fast enough to actually hit the that targets were set out of the Paris Agreement? No we won't hit the aspirational targets. Well you can do the math on 1 .5 and isn't 2 .0 that likely. Now fortunately if you stay below three a lot of the ill effects that people have heard about don't happen unless you really are responsible and let it get up to the higher range. I mean many people say it's innovation but also it's with making sure that we don't waste energy in in the things that we have now. How are we doing on Like that? again if you see all of the different components to trying to stick to the Paris Agreement is there any low -hanging fruit that we should be thinking about? Well there's lots of things in energy efficiency but that's primarily in rich countries where energy's been so cheap that you know we leave the lights on at night we construct things where you have to drive long distances. Most of the emissions are coming from middle -income countries and what they're doing to build roads and shelter is providing sort of the basic level that I think we'd all agree everyone should have access to and so you know we can't rid get of that we can make it we can some efficiency. A good example of that is the current windows were never designed to avoid the heat leaking out and so if you're willing to pay for this approved window, it's called Luxwall and there's others, then your heating bill goes down. That's Bill Gates there speaking with Bloomberg's Francine Lacroix. Live from the Interactive Broker Studio broadcasting coast to coast Bloomberg 1130 New York Bloomberg 99 .1 Washington Bloomberg 1061 Boston Bloomberg 960 San Francisco Sirius XM 121 The Bloomberg Business App and Bloomberg dot com. This is Bloomberg Daybreak Asia. And it is 8 in .28am New York 8 .28am in Hong Kong I'm Bonnie Quinn and I'm Doug Krisner were coming to you the from Bloomberg Interactive Broker Studio here in New York City. We're looking at markets in Asia right now where it's just about 9 .28 in the morning in Tokyo and we've got the Nikkei lower by about 1%. stronger A yen here at 146 .34. That's a weak dollar story and we'll take a closer look at market action for you in about 10 minutes or so. We begin right now by updating a few of the hour's top stories. Is this funny? Well Doug, Alaska Air Group has agreed to buy competitor Hawaiian Holdings Hawaiian Airlines in a 1 .9 billion dollar deal to combine the two carriers.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"I'm Bonnie Quinn. Bloomberg opinions John also has continues with me now as we shift to something largely overlooked by investors it seemed this week. The GOP's difficulty electing a House speaker. John, does the market care about the speakership chaos? Generally speaking, I think it's over. There's a cliche that markets actually like gridlock. Because it tends to mean that students. This is real I mean, this is not even people can't even get sworn in gridlock. Yes. I am somewhat concerned that the market isn't reacting somewhat more negatively. The single biggest reason for this is I have a horrible feeling I'm going to have to write a lot about the debt ceiling. Over the next 12 months. And one of the big arguments the debt seating imply if Congress refuses to raise the debt ceiling, then it's conceptually possible to refuse to give the government the money it needs to pay off debts. It's already incurred and already promised to repay. So Congress can theoretically force Uncle Sam to default. Which would be at least as bad as what happened in 2008. Probably worse. The reason people have played brinkmanship with this in the past in the Tea Party era, but not gone all the way is because you would need to be stupid to do this. Absolutely. Plenty of good arguments in favor of being fiscally more conservative raining in the deficit. Doing it that way is literally indefensible. Just madness. Remember the scare when the S&P, I think it was downgraded to the United States. That was a very major market turning point. But that was terrifying. That was the last really major tremor of the whole Lehman crisis. Yeah. It looks to me that if there are really 20 people on the Republican Party who are mad enough to do this, and you don't seem to be actually having any kind of a sensible debate. They're just saying no. All of these people are people who are philosophically against raising the debt ceiling. So, yes, the risks are horrible. I mean, the Democrats are going to vote to raise it. So you don't need too many Republicans at all to vote for it to come in. The issue is that you'll have a speaker who's so weak that he can't even bring it to a vote. I myself think that the risk of a U.S. default is still tiny. I also think, however, that it's risen in the last two days because it really does look like they might be stupid enough to do this. It bothers me that that's not clearer in the markets. And we do have to watch for tail risks, right? I mean, base case scenarios are just that. They're just base case scenarios. 'cause the market should be worried about it. No, I mean, a voluntary U.S. default is as classic black swan, as you can imagine. There's no precedent for it. Because people always know, there are money printing authority. They can always pay their debts if they want to. It would be a totally voluntary thing that they did this. It's an extremely unlikely, extremely extreme. Too many extremes there, but extremely extreme events. Probably called for it. And that's a classic black swan that's exactly what markets find it very difficult to price. Obviously, at Evans, I would still bet that it doesn't happen, somehow or other since will prevail. But it might, I'm surprised that there isn't a little more work trying to. Just trying to deal with that tail risk and also trying to sort of prompt Republican refuse nicks that the good market capitalists in Wall Street. Do not want you to do this. The people with four-o-one-ks really don't want you to do this. It doesn't seem to matter though to a faction of Republicans. It's difficult to be polite about them. You try to be politically as neutral as you can be, and a lot of their philosophical points are things that I can find quite sympathetic. Their way of going about their job is just beyond beyond any defense. It's not. It's not a good faith way to go about being an elected representative. Jonathan Bernstein would make the point that they don't actually want anything. They just want chaos. It's a reality TV type approach. It's not even like the Tea Party a decade ago really were fanatical about the deficit in a way that was perhaps extreme, but that you knew what they wanted and they were trying to get that and they did indeed succeed in getting Barack Obama to be much less fiscally generous that he wanted they had an ideology. Yes, they had an ideology they had some policies they wanted to do and they had some success in executing those policies. This obviously has similarities to the Tea Party a decade ago in terms of in terms of the people who are involved some of their motivations, but it's much more diffuse. It's much less coherent. And it's much more destructive. I think. John a quick word about China. Maybe we'll end things on a positive note by talking about China because we are seeing a rally. We've seen COVID rip through the economy and it does seem like, I mean, we don't know what's happening over there. We don't know how many people are dying, but it does seem like we'll see at least some kind of herd immunity or the end of at least huge outbreaks at some point. And for the lunar new year new year. I think the issue is the lunar new year. Chinese people really like going home for the lunar new year. The last thing epidemiologists would like Chinese people to do is embark on large trips in public transport in the next few weeks, which is what they want to do. So I do think the timing of going away from zero COVID and so close to the big new year holiday is potentially dangerous. I'm talking about I'm not an epidemiologist. So many of us have ended up talking about epidemiology. We know what we're talking about. But we have seen waves of COVID. We know how it goes. Is it possible that maybe bi lunar new year, which is another three weeks away, the damage will have been done that everybody will ever have us? That would be one. Find it from my recollection of previous waves of COVID. That's possible, but unlikely. But I think it's when one has to maintain a certain
Bloomberg Daybreak Asia
Fresh update on "bonnie quinn" discussed on Bloomberg Daybreak Asia
"Crown is yours gambling problem call 1 -800 -GAMBLER or visit 1 -800 GAMBLER .net 21 and over age varies by jurisdiction void in Ontario bonus bets expire 168 hours after issuance see sportsbook .draftkings .com slash basketball terms for eligibility and deposit restrictions terms and responsible resources droughts wildfires wars and floods there's no doubt that 2023 has been a tough year and the challenges continue what are the tools we need to build a more resilient future find out in the next episode of the risk opportunity a series brought to you by Bloomberg Media markets markets headlines and breaking news 24 hours a day at bloomberg on bloomberg television and the bloomberg business app this is a bloomberg business flash I'm Bonnie Quinn in the bloomberg interactive brokers radio studio in New York City in bloomberg daybreak Asia is you brought to by IVKR investment advisors switch to interactive brokers for
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"I'm Bonnie Quinn. The defining event of 2022 was undoubtedly Russia invading Ukraine, February 24th. The war of course continues, latest tallies estimate more than 41,000 people dead, more than 15,000 missing and about 14 million displaced. The invasion that shocked the world saw Russian troops entering Ukraine from the north, east and south, two months following that I spoke with Ukrainian philosopher volodymyr milenko in an effort to grasp the enormity of what had happened. How do Ukrainians understand Vladimir Putin if he were to be removed by his own people or an outside force, would Russia look different? Not sure, not sure it will look different obviously the problem is not only put in it himself and if there is a replacement for somebody else, most probably will have the same personality or even worse personality. Although it's difficult to imagine worse. So Ukrainians do not have any illusion with regard to this. We understand that Russia in its current form is seeing itself as a wounded empire which tries to regain what it understands its past glory and conquering you crane or even annihilating Ukraine, Ukrainians independents. And Ukrainian self consciousness is one of the key elements for restoring this empire. So for us, it's a real existential fight. We understand that Russians want to conquer these territories and have the Ukraine without Ukrainians. You wrote a thread attempting to put into words why Russians hate and dehumanize Ukrainians so much. It's producing a lot of cognitive dissonance that Russia wants Ukraine to sort of come back into the cradle and at the same time, there's so much hatred directed at Ukrainians, which Vladimir Putin maintains come from the same Soviet nest, if you like. I think we have to understand that Russia is not a nation. It's an empire. So an illusion that sometimes you see it in America in Europe is to consider Russian consideration as a kind of a nation state where, for example, there are Russians living with certain homogeneity, ethnic cultural linguistic, et cetera. It's not the case, especially a continental empire, which conquered so many different ethnicities, which has its colonies inside its body. So it also considered Ukrainians and Belarusians as part of this kind of imperial body. And when it, for example, sees Ukrainians saying that now look, we are not Russians. We are different nations with different organizations of society, culture, language, et cetera. This produces very difficult feeling in Russia because it believes that Ukrainians and Russians and Russians is the same construct the same nation and every deviation from this Russian nation as they say is an example of Nazis. So I think that they are lagging behind in developing their own nation identity. They are concept of empire means that in fact it doesn't have borders. It's always expanding. Ukrainians develop this idea that, well, this is our land. We have certain borders. We don't want to go any farther this borders, but here inside our borders, we organize our society in the way we like. And we don't want to expand anywhere. And so Vladimir when people talk about a Soviet identity as a Ukrainian, what does that make you think? Is that relevant to the current Ukraine? Well, in Ukraine, obviously there are people who have some kind of nostalgia about Soviet Union. But much less than in Russia, Russia really developed a political project of coming back to this glorious Soviet past. Ukrainian political imagination is not centered on the past, it centered on the future. For Ukrainians to pass is a very traumatic thing. So basically, Russian slogan was we can do it again, meaning the victory in the Second World War, our major slogan is never again, which is kind of a slogan also come up with Europeans. Why Russians have developing this idea of ruskin or Russian world? It's also an artificial construct to replace this idea of Soviet people. There is a kind of artificial invention in which every particular group will be just assimilated into some kind of utopian Soviet people, which is very much artificial. Let's talk about NATO for a second. Do Ukrainians accept that Ukraine can not be at least as the world is now part of NATO. Well, public opinion polls show support of NATO membership is very high. It has never been as high as now over 70 80%. But at the same time, what is NATO NATO is a security guarantee. And Ukrainians do need this because they are living with such a monster neighbor. We understand that NATO is composed of many different countries and you need consensus to get Ukraine into nature. Maybe it's better to have bilateral security agreements with United States with United Kingdom with Poland. The second thing is that Ukrainian army can be very efficient. And in a way, Ukraine can turn into kind of a security provider, not only security recipient for other countries. So I imagine, for example, Ukraine in the future to be a kind of a country which will share its military and security experience with other countries of the world. Maybe with NATO members. Do Ukrainians understand why Vladimir Putin might feel threatened by NATO. No, Ukrainians don't understand it. We just look at the map of Russia and we can't understand how Russia can be encircled as they say or fear the attack of NATO or whatever. But the problem of Putin is that he creates a reality which he constructs in his imagination. So he's propaganda was saying that Russia is not waging war with Ukraine on Ukrainian territory, but the United States and NATO. This was his propaganda for the past 8, ten years. So basically, Putin created a reality which he first invented in his head and now this is the reality that Ukrainians do have military support from the west. Vladimir has the west lived up to its expectations and the eyes of Ukrainians. I mean, they're obviously have been attempts from the very beginning to punish Russia and to help Ukraine, but has it been enough, particularly since Ukraine has always looked west has looked for leadership and guidance and inclusion. Look, Ukraine was not taking seriously all those years. Our warnings were not heard. So when we were telling the west that after Russian invasion of Georgia, Ukraine will be next after Ukraine later countries will be next. When Ukrainians were warning Europe that dependency on Russian gas and oil exports is very bad, we were warning Europe at least since 2006, we were not very much hurt attentively. And I think that Ukrainian self description is a kind of borderline of the western civilization, which is fighting against something. Our body and democratic and the enemy of the civilized democratic war. This self description is now more and more accurate.
Bloomberg Daybreak Asia
Fresh update on "bonnie quinn" discussed on Bloomberg Daybreak Asia
"And is For And it's in the all the Bloomberg background part more Business of education with this Act. the continuing U .S. and China. sort Alright, of thanks. Thanks, tit -for -tat news Vani. on tariffs And and the next trade and hour to that of continues This is Bloomberg Daybreak Asia for this Monday, December 4th in Hong Kong, Sunday, December 3rd in New York. Coming up this hour, Fed Chair Jay Powell pushes back against market expectations of great cuts in the new year. Alaska Air agrees to buy rival Hawaiian Airlines a in 1 .9 billion dollar deal and China Evergrande has a final chance to avoid Israeli offensive moves south with force. Houthis attack ships in the Red Sea. Wins from Modi and India's state elections. Kiss avatars to take over. I'm Ed Baxter with Global News. Liverpool jumps ahead of Man City for second in the Premier League table. I'm Dan Schwartzman. I'll have that story up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia on Bloomberg 1130 New York. Bloomberg 99 .1 Washington D .C. Bloomberg 1061 Boston, Bloomberg 960 San Francisco, Sirius XM 121 and around the world on BloombergRadio .com and via the Bloomberg Business App. little It's a past nine in the morning in Tokyo so we have trading in Japanese stocks and in U .S. treasuries. It is the Monday edition of Daybreak Asia if you're joining from the APAC region. Good morning. I'm Doug Krisner at the Bloomberg Interactive Broker Studio in New York and I'm Bonnie Quinn right alongside him and we do have some fresh markets opening as you say Doug. a So let's look have at what's happening. Yeah a little bit of weakness out of the gate here in the Japanese equity market with an EK down about four tenths of a look. Thank you for joining five thereabouts. You mentioned last hour, Von, that the Fed is now in a blackout period ahead of that December 13th, a rate decision. I think it's fair to say that markets are convinced that the Fed's next move will be a cut. When? Well that's up for debate as well as the magnitude of easing and we'll be taking a closer look at that momentarily here on the
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Opinion. I'm Bonnie Quinn. This week. You know it's always easy to tell what the bottom looks like after the fact. And it always feels like there's something waiting in the wings. Barry riddles on the last 11 months and markets and what we may not know may be coming. History caution strongly against prematurely loosening policy. Despite some promising developments, we have a long way to go in restoring price stability. We also review the year in fed decisions and previewed 2023 Central Bank choices. But first to China. Visible mass anti COVID lockdown protests broke out this week in major cities and universities, after nearly three years of rolling lockdowns, I spoke with Bloomberg opinions at Clara Ferrera Marquez. Clara will obviously be seeing references to Tiananmen Square in 1989 for the foreseeable future as this continues. Are those comparisons warranted? So I think it's important to understand the context of protesting an authoritarian system and protest in China. So protesting China is actually this unusual people think. So it does happen. It is tolerated, but in very specific circumstances. They tend to be around live these issues. The bread and butter issues where the government does allow people to put a space. It also tends to happen within particular groups. So students, workers, I think minorities. What's spectacular about the last few days is really that all of this is happening simultaneously. So all of these groups are processing at the same time, united by the COVID fighter and also importantly in dangerously for the government, you have livelihood issues overlapping with political issues. They're very quickly the slogans you hear on the streets are not as shock mass testing. It's become a Xi Jinping stepped down. A very quickly. And I think that is what creates a combustible situation. I really think that comparisons did 1989 are very premature, it's a little bit hyperbolic, but easy, especially from the western point of view, to see these images on Twitter and elsewhere on social media and really jump to that. Well, I wouldn't take anything away from the incredible bravery of people who were standing outside deep in the blank sheets of paper. That's a very, very difficult thing to do. And I would also highlight the small numbers are still significant in authoritarian systems in a way that a hundred people might not be much of a protest in Washington, D.C. or in Paris, but it certainly is. And I think it's really too soon to get to that sort of 1989 stage. But it is particularly striking that they are actually targeting season ping himself right after he's consolidated power and has never been in a more powerful position in China in some ways. Well, it's striking in this note. I mean, if you're a highly personalist, highly centralized you're ultimately the person responsible. I said, I think you're the target. And I think that is both the strength of the weakness here. And it's obviously where people go in terms of attributing blame, which makes the situation dangerous. It's also what's made the COVID situation very difficult to handle because it's quite hard to be responsive and remember China was famous for responsive authoritarian system. It's very hard to be responsive when you're taking all the decisions in Beijing. Very distant from a lot of yours and 1.4 billion people. So it's also very hard to modulate. So if you look at countries that have done well in their COVID responses and done well and emerging from reasonably draconian regime to manage COVID, they've done well because they have been responsive. They have done it in question, but surely they've managed education. There is absolutely no way that China can do that without empowering local government local officials neighborhood committees to some extent. And that isn't happening. The incentives of those people have not changed this is still COVID zero. How will the Communist Party and president Xi deal with this? How long will they let it go on foreign build? Because I'm sure if something isn't done, then it will continue to build. And obviously, media coverage of it and so on will build. And that's not good for she's reputation. People in China are not seeing exactly what we are seeing. I suspect the government would very much like this to fizzle out. I think it is unlikely to do so without some sort of COVID response. I think they have a number of levers that they express. Obviously exactly how they respond is the $1 million question. We do not know the answer to that. I would just point out that they have a lot of people still at their disposal, including the responsible force, a response using either COVID or just police forces they used in Hong Kong in 2019, but the precedents are not good here. And all of that remains in Xi Jinping arsenal as it were. I mean, all of that remains at his disposal. He has not used those responsive yet. They're really hoping that with a few tweets here and that they can get it through. But I think that's quite hard to see. It's very hard to get inside his head, obviously, but I mean, what do you imagine his instinct would be? Would it be to be harsh and crack down on this in a harsh way immediately or to respond with some kind of, as you say, COVID response? In other words, more easing, giving people what they want. Well, they so desire, even if it means additional deaths. No, I think it is very unlikely that he will give people what they want. I mean, there is two things that I would probably thinking around that. So one is for she thinks there are very few events more important than the collapse of the Soviet Union. And the way he always looks at that and he gave a famous speech after he came to power, the way he basically said, it collapsed because the party didn't control the military and because and I think his exact words are something like no one was man enough to stand up. So I think given that and given what we've seen elsewhere, his instincts are absolutely to deal with this the repressive way. And when I say a COVID response, I actually mean exactly that. So extra lockdown extra testing, other ways of repressing people that are not police forced. You can still do that with the structures that are in place in China today. I think it would be very dangerous for somebody in his position
Bloomberg Daybreak Asia
Fresh update on "bonnie quinn" discussed on Bloomberg Daybreak Asia
"A record now almost approaching $2 ,100 an ounce $2 ,098 an ounce right now up one and a quarter earlier we saw bitcoin pass the $40 ,000 mark it's up seven tenths 1 of % and as for how equities are opening across Asia and Australia we have Australia's ASX of 1 .2 % New Zealand's NZX up about a tenth of a percent futures are a little bit mixed futures in Japan pointing to early gains the Nikkei 225 indicated about a quarter of percent a higher at the open right now Hong Kong futures appointed to losses it should be an interesting week though across Asia the Fed blackout period started Saturday so you won't get much Fed speak if any at all we will be watching for the Friday jobs data however now that is your latest data check let's get to Alaska Air Group agreeing to my rival Hawaiian Holdings Hawaiian Airlines in a 1 .9 billion dollar deal to combine the two carriers joining us is Mary Schlangenstein Bloomberg US Airlines reporter joining us from Dallas Mary thanks for joining how much overlap is there between Hawaiian and Alaska I'm asking because I'm curious as to how Lena Khan's FTC particular combination well the airlines themselves are saying that there's very little overlap right that now if you combine their two or overlaid their two networks they would only overlap on 12 routes or about 3 % of their total seats which is a very small amount they say they are instead of you like know competing networks that they're very complementary businesses overall this is quite an interesting offer I mean it's $18 per share in cash is like almost four times the last close of Hawaiian Airlines price so why the the sharp premium well what Alaska says is they're looking at it this way the Hawaiian market has always been a really strong travel market it they believe it always will be a really strong travel market it's worth about six billion dollars a year they believe and that they could right now excuse me right now worth it's about eight billion dollars a year and they think by putting a hub in Honolulu they could really make that a huge hub that would come close to rivaling their Seattle hub it would give really extend their network and give people in Hawaii more choices to fly to the United States and beyond the West Coast it actually could be a lifeline to Hawaii and it seems to have really been hurt by the lack of tourism and the difficulties following the pandemic and of course also all of the troubles that Hawaii had earlier this year could it survive if for some reason the FTC doesn't allow this to go forward well Hawaiian has really been struggling you're correct they have the issue with the you know tourism to Maui the slow low return of Asian tourists to Hawaii and then they've also been caught up in the whole issue with the Pratt & Whitney engine problems that's grounded some of their planes so they have been facing a really tough go but Alaskan as said today that they believe that all of those problems are temporary that you the know Asia traffic is going to come back the business traffic is going to come back the Maui traffic is all going to come back so they think those are temporary problems they don't see those as big obstacles. Which airlines might be the most threatened by this? Well it's interesting because you know Hawaiian has also struggled since Southwest Airlines entered the Hawaiian market and the neighboring island Hawaiian market several years ago they have really caused some trouble for Hawaiian competitively and so you know this might be a bad sign for Southwest Alaska seems to be saying they can't think they can do a whole lot more in that market and they can be a better Now Mary Alaska already acquired Virgin America back in 2016 so it has experience some at deals would it be able to take on the 1 .9 billion dollar total add to its difficulty you know in terms of how much debt outstanding it has for example? They say they're in really good shape financially that this is a very manageable amount for them they said they have 10 billion in untapped assets and they also have never leveraged their loyalty program so they don't think they're going to need to do that they can think they think they can handle this really well they think they can also handle a debt, Hawaiian's debt really well as well without having any you know substantive problems from it. Let's just go back to the earlier deal that got squashed between JetBlue and American Airlines I know you touched on this just briefly but are there much in the way of parallels here? Well it's a really an interesting situation you know the Biden administration has come out pretty strongly opposing a lot of mergers and acquisitions that they think give companies dominance over a particular industry or a particular area and so the government has challenged the JetBlue American venture and that was just a partnership it wasn't a merger but then the government has challenged JetBlue's acquisition of Spirit Airlines and you know that has been the subject of an antitrust trial that's supposed to wind down this coming week and so it's really interesting for Alaska to try to do this at this time they say of course they're not worried it's a but minary combination you know a lot of that sounds a lot like what JetBlue said when they proposed taking over Spirit they still ended up the focus of an antitrust trial so although Alaska sounds really you know confident today we'll see what the government says when they review it. Mary thanks so much for joining us. Great to have a story like this on a Sunday there and a Monday here. We appreciate your coming on Mary Schlongenstein there Bloomberg's U .S. Airlines reporter 28 minutes past the hour this is Bloomberg. Live from the Interactive Brokers Studio Casting Coast to Coast Bloomberg 1130 New York Bloomberg 99 .1 Washington Bloomberg 1061 Boston Bloomberg 960 San Francisco Sirius XM 121 The Bloomberg Business App and Bloomberg .com This is Bloomberg Daybreak Asia. And it's 728 a .m. in Hong Kong 628 p .m. in New York I'm Bonnie Quinn. And I'm Brian Curtis We are looking at markets in the Asia Pacific that are seemingly tilting a little to the upside here. We do have futures for the Hong Kong and China markets broadly higher last numbers we have on Nikkei futures 33 than that 420 would be kind of a standoff with the latest cash close and we do see some pretty strong numbers in Australia details on that coming up but now some of the top stories on Friday Fed Chair Jay Powell back pushed against
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Is Bloomberg. Welcome to Bloomberg opinion. I'm Bonnie Quinn. This week. The political scientist John sides and his co authors talk about a cycle of discovery scrutiny, decline. Jonathan Bernstein on the start of campaigning for 2024. Also, Justin Fox, on the curse of the Warren Buffett comparison. First though to the markets, macro man columnist Cameron Christ joined me to discuss what's starting to look a lot like short covering. Cameron, so typically a 1% move is considered, you know, a fairly decent move, but we've seen a lot of 1% and way more than that moves this year and yet it's difficult to know whether we're hitting bottom where we're heading to. You have a great column about how you distinguish between short covering and a regular if there is everyone rally. What are we seeing right now? Yeah, I think you can look at the performance of individual securities within an index to get some sort of insight as to what's driving the index level price. I mean, I think the theory here is that if there's new money coming in, it should really benefit all of the securities in the index. More or less equally. I mean, it isn't necessarily the case, but you would expect to see a broadly comparable performance across all of these individual stocks. Whereas if it's a short covering rally or a rally it's driven by a reduction of risk positions, what you would expect to see is sort of the worst performers suddenly being the great beneficiaries of that flow. And the strongest performers suddenly tailing off. And that's exactly what we've seen since the U.S. CPI figure. So if you sort all of the stocks in the S&P 500, for example, buy their performance over the last year and then you look at, say, the ten worst performers will they returned an average of just under 8%. If you look at the ten best performers on the other hand, they've actually fallen by one and three quarter percent. So the good stocks have been sold and the bad stocks have been bought. And that naturally suggests that what's been driving the price act has been risk reduction on the part of portfolio managers and investors. If that's the case and much risk has been reduced, are we sort of at a flat level here, or is there more to be done or how do you know about that? Yes. I mean, it's difficult to say. It's the sort of thing that you can only know to some degree in hindsight. That haven't been said looking forward. I mean, what have we got on the horizon? We've got Thanksgiving week in the U.S. next week. We just typically quiet period or at least a period with low participation and poor liquidity. We've got the football World Cup starting this weekend. And while some people may be boycotting that on human rights grounds or whatever, it's still the sort of event that draws a lot of viewership quickly in Europe, Asia and South America. And again, an environment where you'd expect trading liquidity to be poor. And all of this takes us sort of into the end of the year. Again, we're trading liquidity as poor. Now, given the volatility that we've seen throughout the course of the year, I think it's certainly reasonable for anyone who's had a half decent year to sort of think about, well, liquidity is bad now and it's about to get worse. Why not just tighten up the ship a little bit, reduce some risk positions, particularly given that sort of the macro currents are shifting a bit in the sense that we have that lower inflation figure last week. And why not just run a lower risk profile when things are more likely to be erratic? Now you do say that poor trading liquidity can be both an ally and an enemy. So for those who maybe didn't have the best of years, might they be trying to take advantage of jobs? Yeah, I mean, I think there are certainly an element of that. Roll the dice buy a view lottery tickets and hope for the best. Yes, that's certainly the case because if you're, I won't name any names, but there are some high profile fund managers that are down 50% plus on the year. I mean, is there much difference between down 50 and down 60? Not really, but if you can sort of recover to down 25, all of a sudden, that doesn't seem so bad. So yeah, I mean, I guess there could be an effort perhaps to try to push things some of these poorly performing names trying to push them higher. But it remains to be seen how successful that might be. Cameron, what about correlation because it does seem like stocks really around the world are so correlated right now are people doing the same thing in every trading environment? Well, certainly the phenomenon I've just described in terms of risk reduction that does seem to be evident in other markets as well. I'm not around the same analysis on the Euro stocks on the FTSE and on the knee cake and they've all exhibited broadly similar behavior where the performance over the last week or so has been sort of negatively correlated with that of the last year, which really captures the sort of thematic trend of 2022. So again, that is consistent with some risk reduction, short covering whatever you want to call it. As we enter this period where liquidity is likely to be even worse than it's been recently. Cameron, you know, it's impossible to tell, obviously, in advance, but if we get another CPI or a PPI that shows inflation moderating slightly, could that be another catalyst for a 5 day period like we just had? Absolutely. I was particularly in the U.S. where obviously that wouldn't influence the fed, it was after all the world's Central Bank. That having been said, the UK on Wednesday, we had CPI figure that was above expectations. So the notion that we're going to have downside surprises on inflation from here on out is probably more hope than a reasonable expectation. The retail sales in the U.S. were super strong. So clearly, the demand side of the inflation equation isn't moderating to the degree that the fed would like. Macro man columnist Cameron Christ, stay tuned. No more opinions just on Fox next on why comparisons to Warren Buffett and Berkshire Hathaway are so easy to make, yet so difficult to meet. And later. The main thing Republicans I hope take away from this is that opposing democracy is dangerous, running on a platform without having any policies to address the problems that they point out is not necessarily a plus with voters. And having a bunch of flakes and otherwise
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"You are listening to Bloomberg opinion. I'm Bonnie Quinn, and we're back talking markets with Bloomberg opinions near ksar. Near John alter said on the program recently that market wobbles, or even worse, tend to happen in September or October, should we be more concerned given the months that we're headed into, or should we treat past experiences more like tarot card readings? Probably the latter. I don't think it makes a lot of sense, for example, to look at how markets did on a particular month or whatever and make investment decisions based on that. However, I think it does make sense to look at how investors have priced assets and to ask yourself where are the risks price state or not priced in. And there, I think we have some relatively good information, looking at the S&P, it's trading at roughly 19 times earnings to put that in perspective. The historical range has been somewhere between the high single digits. Let's call it 7 8 to the low to mid 30s. On the high end. And so we're roughly in the middle of that range, which tells you that it could go either way, that's a bit concerning, I think, because you have a lot of uncertainty and depending on where that uncertainty breaks inflation supply chains, the war in Europe, you could imagine valuations contracting or expanding. The reason I bring that up is because that is not true for a lot of assets around the world. If you look at, for example, where international and emerging markets stocks are trading, particularly the smaller and value companies in those regions, they're trading at ten times earnings or less. It's hard not to look at that and say, a lot of the risks are embedded already in these asset prices and they're closer to the lower end of the range. That seems to me to be a much safer play than going all in on U.S. stocks, which I think could go in either direction. Speaking of emerging markets and I guess frontier markets as well, the dollar is hurting them badly. If the fed gets this right and it did sound like J Powell was going to do everything in his power to get this right. Doesn't the dollar keep strengthening and doesn't that give us problems around the world which might provide a feedback loop to the U.S. eventually? I think that's a reasonable assumption to these to consider. One is ultimately currencies are going to go up and down long term and if you are investing in emerging markets because you ultimately believe that there's an inverse relationship between valuation and expected return, which I believe there is. And because you think you're going to get a better than average long-term return for emerging markets getting in here, which I also believe, then I don't know that it's worth focusing on the dollar too much except to say frustratingly, you might be buying emerging markets and then watching prices go down even further. But ultimately, there's no way to time these things. And I think there's no way to say where the bottom is. I think the best you can do is say, am I getting an entry that's going to give me a good long-term return? Or in this case, in my opinion, a better than average long-term return. And I think that's true in emerging markets. But near what emerging markets are we talking about because some countries are having a really difficult time with inflation they don't have the types of tools that the Federal Reserve has, their central banks are doing what they can, but they're rapidly running out of reserves in some cases. Well, you probably should not be in the business of picking individual countries. You know, there's developing countries all over the world. I think a broad basket of emerging markets is useful because you take away some of that individual country risk. But also, you know, there aren't any free lunches here. I think the reason that emerging markets are beat up is because we have all these risks on the table that are well-known. And ultimately, markets are really good at pricing risk. And so when you look at the U.S. relative to emerging markets, what that's telling you is that the risk in this moment in emerging markets is higher for all the reasons you mentioned Bonnie. And I think investors have to be cognizant of that. They're going to have to decide am I willing to take on more risk, particularly near term risk in order to get possibly a higher expected return over the longer term. Well, let's take one of the largest and that would be China. I mean, are you confident that China can navigate its waters right now and that valuations are reflecting reality in China? Well, they're reflecting reality, I think, in the sense that there is a lot of uncertainty in China, but also something that I think we don't talk about enough. Some developing countries you have authentic rule of law risk. In other words, you could imagine a scenario with China where the government is able to navigate its economy well. The companies themselves do well, but that somehow, that's not reflected in the returns that investors get, you know, either because ultimately China moves into private property or because it otherwise does not respect the rule of law relative to investors, either domestic or foreign. And so that's a real risk. And I think that's something that investors have to take into account, not only in China, but other places as your sizes. And to me, that's the biggest risk in a lot of these developing countries. Just to bring it back to
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Welcome to Bloomberg opinion I'm Bonnie Quinn. This week. There is no way these numbers suggest inflation is licked. John also isn't Jonathan Levin on inflation volatility. Also. The generic ballot. People ask you intend to vote for a Democrat or a Republican for the house. That question is basically tied right now. Republicans had opened up a small lead, then that's dissipated. Jonathan Bernstein on the weekend politics, and later we speak with anjani Trevor in Dubai on the changing centers of the financial universe. First, though, to the markets following the consumer price index data and John authors. So John, CPI, still up 8 and a half percent markets ripped after the number, but it's not exactly a low inflation print. No, it isn't. And if we'd been told this was going to be the number for July 6 months ago even, we had been horrified. And it's important not to ignore that. It is true that the number came in better than the month before and that it was better than virtually any expectation. In terms of what really mattered a lot of the really extreme price moves that were labeled transitory when they began to get going in there this early last year now dramatically reversing again so things like car rental prices per prices. They're coming down very sharply. And that helps the overall headline number. What I think needs to be addressed very carefully, however, is that if you look at core prices, there are various technical ways you can do this, but the trimmed means a popular one exclude the most and the least rising inflation components and take the average of the rest. That's got to 7%. And it did rise. It rose less than usual, but it's not actually peaked yet. Similarly, the Atlanta fed looks at sticky prices, which takes you a while to change compared to flexible prices that can move all over the place. And initially, this was all about flexible prices, and at the moment flexible price inflation is coming down and sticky price inflation is still going up. Which brings us to the question of whether it takes the impetus for a 75 basis point hike away. We will have another CPI round and another jobs report. If you look at fed funds contract for the next meeting, it shot up on non farm payrolls. You went from in round numbers from a 40 to about a 70, 75% chance of 75 bps rather than 50. And it went straight back to exactly where it was before the non farm payrolls after inflation. It's almost exactly a 50 50 shot. Whether we get 75 or 50. So a surprisingly strong employment number gave the fed more cover a more recent to hike and this inflation number gives them more reason not to hike if they don't feel like it. Politically, they don't want to hike immediately before the midterms. If they can avoid it, they have a better shot of doing that if they hike by 75 bps next time. And there is no way these numbers suggest inflation is licked. Headline inflation, including those extreme moves in oil. It would be very disappointing if the peak isn't in for that. But that's not something the fed can actually control that directly. The stuff that the fed is trying to control is not clearly peaking yet. We're going to talk about the fed potentially making a mistake in a few minutes with Jonathan Levin, but if the fed moves 75 or 50, how immediate of a mistake would that be if it were the wrong number? Wouldn't there be time to turn it around? Well, why don't you policy works with a lag. So it's not as though the economy would immediately tank after it happened. But the market, I mean the markets might volatile. September is often a time when a lot of the great market crises get going in September and October of the history. And so yes, you can imagine, I think, also in terms of American politics, there is the fact that these midterms now do look as though they could be interesting. And that will feed into some degree of volatility. Certainly if the Democrats held on to the house, that would be a very big surprise, which at least is now conceivable. So yes, the chances of greater volatility in September are there. We do have Jackson hole between now and then we have Jackson hole. Paul is going to have to be so careful at times. Yeah, exactly. And another CPI and another non fan payrolls. If they haven't managed to get their messaging street so that they can do whatever they do without shocking anyone, that would be bad management by the fed. I'm not too worried about that myself. I mean, they don't have much more visibility than we do, and they won't have much more visibility by Jackson hole either. So it's difficult to know what fed chair Powell will make a speech about. It'll have to be something very anodyne. Well, yes. Whether he wants to just say forget about the speech I made two years ago. Yes. When he was going to be the inverse Volcker. But he did say to him he was going to try to raise inflation, boy did he succeed on that one. We can at least give him some credit for that one. Just one point before we continue on. You've pointed out this week that profit margins are the next potential pain point. I think that's consensus pretty much. Will companies be able to manage them? This is the interesting point. This is, I have been skeptical about the equity market rally, the one big point that gives me pause as to whether stocks really do deserve to be writing is that margins held up much better than many had expected in the second quarter. And that's does feed into quite a concerning combination the good news if you're a shareholder obviously is that your company can
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Bloomberg This is Bloomberg opinion on Bonnie Quinn I feel for the people of Sri Lanka This is a tremendous shock for them We would like to see progress made and we are already engaging with Sri Lanka's creditors to appeal for fast action on that restructuring Of course to help a country the country needs to help itself first Christiania Georgia they're managing director of the IMF on efforts to restructure Sri Lanka's sovereign debt The country which is needed 16 IMF agreements since 1965 is officially in default for the first time since independence in 1948 Let's get to Ruth Pollard in Colombo Ruth details some of the chaos in Sri Lanka for us What does a country under fold look like One thing that is really obvious is very very long cues for fuel and that's petrol diesel and also LPG cooking gas People are standing in line or sitting in line in their cars or their bikes for days at a time trying to get this most basic commodity And that of course has flow on effects because people can't get to work Children can't get to school People can't get to medical appointments or get to hospitals patients are telling their doctors that they've started rationing really important medications like heart medication and diabetes drugs because they're running out and they don't know when the next shipment of medication will arrive And of course there's armed soldiers on the streets Some of them are controlling accuse at petrol stations but others are just making their presence felt to try and implement some kind of order into Sri Lanka It's deeply disturbing to watch We of course saw all of the protests in the streets and now we're seeing that there's government being formed and trying to put some order on all of this But it seems to have happened extraordinarily quickly is that the case was a post pandemic it just disintegrated It's been disintegrating for some time This all started way back when the rajapaksas were in power From 2005 onwards when they started doing a lot of borrowing and establishing credit lines that have subsequently become unsustainable And now Sri Lanka is facing the prospect of its principle being the same amount as the interest rate payments So obviously this is an unsustainable situation for the country to find itself in Now it has had 16 IMF bailout packages since 1965 So now it's going for the 17th one But the IMF and the World Bank are going to want to see some significant progress in macroeconomic policies in Sri Lanka before another package will be entered into And it's difficult to see how that happens without tourism resuming which of course has really fallen away because of the pandemic and other reasons as well Now investors are looking at Sri Lanka and saying this could be a bellwether for other economies in Southeast Asia and other developing economies more broadly give us a few economies that investors are comparing Sri Lanka to Well the most obvious one is Pakistan It too is going through a political crisis Now we have a new prime minister shabazz Sharif but the question for him is can his government be brave enough I guess to implement the austerity measures that the IMF requires of it to access IMF funding and now those austerity measures are very similar to those in Sri Lanka the IMF wants the government's in both those countries to stop very high fuel subsidies and remove other subsidies that are sucking up a lot of the public money And adding to the economic crisis Now once you remove fuel subsidies that in turn makes fuel unaffordable to the population which in turn runs the risk of creating civil unrest and that brings with it a whole host of other problems So these countries are facing very very complex situations to sort of try and dig themselves out of these crises The latest inflation reading was close to 30% and there are forecasts that the next one might be 40% How does somebody live with an inflation rate at 40% Well they live by cutting back on absolutely everything and that includes food So the daily wage earners who make up a very large part of Sri Lanka's workforce are seeing what little they're managing to earn just get completely eroded by very high food costs very high fuel costs and also very high medication costs as a generic version of medications run out Doctors are having to prescribe to patients much more expensive versions of drugs And so they can't afford them What happens is parents are now saying that they're going to only take one meal a day so their kids can have three meals a day Now that's going to have long-term consequences on a population if this continues much longer Is the current prime minister who by the way has been the prime minister at least a half dozen times in the past We're messing a is he qualified to lead Sri Lanka out of this mess You know Sri Lanka only has one day of fuel left Each day And so you know trying to manage that as a government is incredibly difficult Now while he has the respect of the international community and the IMF and the other international agencies his appointment hasn't come the mood of the protesters who are down on go face green in the capital Colombo they're not satisfied with renewal Rick rema singer as prime minister They see him as part of the political old guard They want the slate cleaned a whole new government in place that's going to deal not just with the economic crisis but also look to the future and make sure that Sri Lanka isn't going to be back at the IMF looking for an 18th bailout package Ruth Pollard in Colombo Next on Bloomberg opinion Jonathan Bernstein on the 6th session public hearings from the.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"This is Bloomberg opinion I'm Bonnie Quinn Admiral James devis is a former supreme ally commander of NATO's allied command operations his new book has just hit bookstores it's called to risk it all 9 conflicts and the crucible of decision In it he analyzes how to make good decisions in moments of intense crisis Admirals to readers I want to talk about NATO expansion and the war in Ukraine obviously but first the book I have to ask why 9 decisions is a reference to Dante and his 9th circles of hell You know that was very much in my mind and the idea that we have found ourselves I think in this kind of dark forest as Dante did before he was escorted if you will into the inferno but we ought to remember the optimism of gantes divine comedy which is that eventually we escaped the inferno We get to purgatory and we get to Paradise It's an extraordinarily optimistic framework for somebody who's been through so much explain to us how you picked these 9 particular battle decisions Well first and foremost of course I'm a sailor of a naval officer And so right about what you actually know about So I picked 9 different sailors from history and Bonnie you'll know also that another subtle reference here is the cat O 9 dales which is applied to sailors when they misbehave And so in the course of these 9 decisions you see some that come out very well and some that come out very badly It would have been easy to pick 9 spectacular decisions I think more realistically you want a book that helps a reader understand what are the tools that he or she needs to make decisions under extreme pressure using the examples in the book One of the conclusions that's applicable to everyday civilian life and in fact is probably the conclusion it's the only thing that matters is to slow time down when you're in a moment like that How do you get to that spot where you can do that First and foremost you study others You look at history you try and understand how people can make those decisions a number two you practice and what I mean by that is deliberately place yourself mentally in a situation of extreme crisis and walk your way through it And that is the kind of training that navy seals do all the time before they go off And the more you practice the more you consciously think about what it would be like to be in that moment of crisis the more prepared you'll be when that moment does come Admiral watching Russia's war in Ukraine over the last three months now and you know it's obviously going to go on for longer What are the decisions that you have noticed that possibly the rest of us haven't seen The small decisions the medium decisions the large decisions that have been made by everyday soldiers on the battlefield that you think are extraordinary I'm going to start on the Russian side of the coin Bonnie and say that here we've seen terrible decisions decisions that have led to war crimes and I think that's really what's most striking to me is how the Russian mid grade officers their generals all the way up to Vladimir Putin have allowed their troops to simply indiscriminately attack civilians to break to boot these are armies you would expect behaviors you would expect from an army in the 9th century This is a series of terrible decisions and there is no excuse for it On the other hand on the Ukrainian side you see soldiers every day making very brave decisions in moments when they as the title of the book is to risk it all when they are forced to risk it all They're making the right decisions Look at those Ukrainian marines who held out in the city of Mario for months And their bravery their courage you see a mirror image one mirror dark and the other full of light Admiral what does it mean for someone like you who has been through so much training and so much effort so much practice so much studying of past battles and past wars to see ports in Ukraine and even on the Russian side being completely blockaded and essentially becoming useless to the world I mean that must be that must provoke a very emotional reaction even in somebody as trained as you It does indeed And you know we've faced this in history before You may recall in the 1980s both the Iranians and at one point the Iraqis particularly the Iranians tried to close off the Strait of Hormuz from the shipment of oil tankers and what did the west do We started escorting those tankers in and out of the Arabian gulf I did that as a young officer on board a cruiser USS valley forge And so I think it's time that the west looks at this Again this is war criminal behavior that you can't simply blockade ports This is not appropriate under international law and it's cutting off desperately needed grain supplies that's going to lead to further instability I think it's time to consider humanitarian escorts in.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Bennett This is Bloomberg opinion I'm Bonnie Quinn Admiral James to read us is a former supreme allied commander of NATO's allied command operations his new book has just hit bookstores It's called to risk it all 9 conflicts and the crucible of decision In it he analyzes how to make good decisions in moments of intense crisis Admirals to readers I want to talk about NATO expansion and the war in Ukraine obviously but first the book I have to ask why 9 decisions is a reference to Dante and his 9th circles of hell You know that was very much in my mind and the idea that we have found ourselves I think in this kind of dark forest as Dante did before he was escorted if you will into the inferno but we ought to remember the optimism of gantes divine comedy which is that eventually we escaped the inferno We get to purgatory and we get to parodies It's an extraordinarily optimistic framework for somebody who's been through so much explain to us how you picked these 9 particular battle decisions Well first and foremost of course I'm a sailor I'm a naval officer And so right about what you actually know about So I picked 9 different sailors from history and Bonnie You'll know also that another subtle reference here is the cat O 9 tails which is applied to sailors when they misbehave And so in the course of these 9 decisions you see some that come out very well and some that come out very badly It would have been easy to pick 9 spectacular decisions I think more realistically you want a book that helps a reader understand what are the tools that he or she needs to make decisions under extreme pressure using the examples in the book One of the conclusions that's applicable to everyday civilian life and in fact is probably the conclusion it's the only thing that matters is to slow time down when you're in a moment like that How do you get to that spot where you can do that First and foremost you study others You look at history you try and understand how people can make those decisions a number two you practice and what I mean by that is deliberately place yourself mentally in a situation of extreme crisis and walk your way through it And that is the kind of training that navy seals do all the time before they go off And the more you practice the more you consciously think about what it would be like to be in that moment of crisis the more prepared you'll be when that moment does come Admiral watching Russia's war in Ukraine over the last three months now and you know it's obviously going to go on for longer What are the decisions that you have noticed that possibly the rest of us haven't seen The small decisions the medium decisions the large decisions that have been made by everyday soldiers on the battlefield that you think are extraordinary I'm going to start on the Russian side of the coin Bonnie and say that here we've seen terrible decisions decisions that have led to war crimes and I think that's really what's most striking to me is how the Russian mid grade officers their generals all the way up to Vladimir Putin have allowed their troops to simply indiscriminately attack civilians to break to boot these are armies you would expect behaviors you would expect from an army in the 9th century This is a series of terrible decisions and there is no excuse for it On the other hand on the Ukrainian side you see soldiers every day making very brave decisions in moments when they as the title of the book is to risk it all when they are forced to risk it all They're making the right decisions Look at those Ukrainian marines who held out in those city of Mario for months And their bravery their courage you see a mirror image one mirror dark and the other full of light Admiral what does it mean for someone like you who has been through so much training and so much effort so much practice so much studying of past battles and past wars to see ports in Ukraine and even on the Russian side being completely blockaded and essentially becoming useless to the world I mean that must be that must provoke a very emotional reaction even in somebody as trained as you It does indeed And you know we faced this in history before You may recall in the 1980s both the Iranians and at one point the Iraqis particularly the Iranians tried to close off the Strait of Hormuz from the shipment of oil tankers and what did the west do We started escorting those tankers in and out of the Arabian gulf I did that as a young officer on board a cruiser USS valley forge And so I think it's time that the west looks at this Again this is war criminal behavior that you can't simply blockade ports This is not appropriate under international law and it's cutting off desperately needed grain supplies that's going to lead to further instability I think it's time to consider humanitarian escorts.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Welcome back to Bloomberg opinion listeners I'm Bonnie Quinn Let's get to the supply chain now just when we thought pressures were easing war and fresh lockdowns complicated the outlook We're joined by industrials columnist brook Sutherland So Brooke first to supply chain concerns it seemed like they might be abating but are we being too optimistic on that front given that China is locking down now more than ever and for example Tim colban writing this week that the impact from the latest wave in China could hit global industry hard we're already seeing quanta pegatron Apple suppliers that have suspended operations in Shanghai Yes I mean certainly the lockdowns in China have the potential to be significant and the ripple effects of that are likely delayed I think what's important to note from that is that there's been a lot of concern lately about whether we might be seeing a recession in freight markets just given some of the data points coming specifically out of the trucking sector I do think it's a little early to make a call one way or the other just because we don't know the degree to which those numbers might be distorted by what's happening in China on the encouraging front we had results from fast and all this sort of unofficially kick off the industrial earnings season and they did talk about seeing a stabilization in supply chain conditions And this is allowing companies to plan a bit better to come up with workarounds and keep business flowing Now that is not the same thing as supply chain constraints being solved for the stabilization at least makes it a little bit easier for companies to get a handle on what's going on with their business And how much are inter provincial highways both in China but also in Russia impacting things something like 10% of exports from China to Europe used to at least go through Russia's railway lines So that is a concern And so there are companies including Honeywell that were using those sort of rail and trucking routes that traverse Russia and Ukraine as a way of getting around the high shipping costs from Asia that is more difficult now for obvious reasons And so it's going to be interesting to see how that plays out in terms of freight expenses Just circling back to what fashion has said they do expect those transportation service costs to continue to increase Right and I just want to ask one more question about the war Ukraine obviously a top producer of many things but one of them is purified neon gas and that's used in advanced chip making and Russia of course is a key supplier of palladium which is used in cars catalytic converters titanium as well which is used in the aerospace industry Will there be a massive decrease in supply of these particular metals and gases and will that have an impact on what we see coming out of these industries or have they planned so far in advance have they bought so far in advance that we won't see those impacts for the next few quarters I think you have to look at all those commodities differently I do think on titanium the aerospace suppliers have been building up stockpiles and also working on alternative sourcing And so the commentary from players like Boeing saffron Airbus is that they do have a decent amount of supply Now that is not a limitless supply And so this is something that does need to be addressed structurally over the long term I think the more immediate concern for the aerospace market is frankly people on neon gas that is a meaningful input to semiconductor manufacturing And I think there's a lot of concerns about what might happen there And if we do see any sort of additional constraints on semiconductor manufacturing which of course has been a pain point But I think in general companies are trying to get their hands around some of these knock on effects It is still early days and it's a little difficult to predict exactly where these markets are going to go and how supplies going to be affected It's such a complicated picture isn't it broke How are logistics manager is supply chain manager isn't CEOs forecasting anything these days Well it certainly is a challenge There's a lot of moving pieces A lot of smoke signals and it's difficult to get a read on it And I think that's why there's such an interesting divide right now between the pessimists and the optimists and those worrying about a potential recession demand slowdown and those saying no actually some of these worry points might actually be a sign of stabilization and normalization that would allow the supply chain to get moving again and help meet some of this robust demand that we're seeing So I don't think this debate is going to be settled but certainly we should hear a lot more data points from companies and from CEOs in the coming weeks that will help give us a better picture of what exactly is going on here And where the bifurcations are rookie you look at it a bunch of different data points great waves is one company that provides a lot of supply chain analysis It has a tender rejection index explained to us what that is and what it's showing So the idea is to look at the rate at which freight operators are rejecting shipments And when that rejection index is higher it means that they have more options And there's more demand on their services so they can be a little bit pickier when that comes down that indicates sort of a loosening of transportation markets And so we have seen that coming down We've seen some other measures of trucking and transportation markets easing in recent weeks but that gets back to what I'm saying before it's a little early in my mind to a predictive freight recession just given what's happening in China and some of the concerns about the ripples it was sex there But then separately I think it is possible to think that maybe we do see some sort of recession in trucking which has a tendency to go through these boom and bust cycle as you have new operators chasing that demand and not necessarily see the recession on the industrial side because in theory a loosening and transportation market should be a good thing for these companies that have been complaining so much about supply chain constraints Bookseller and.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Welcome back to Bloomberg opinion listeners I'm Bonnie Quinn Let's get to the supply chain now just when we thought pressures were easing war and fresh lockdowns complicated the outlook We're joined by industrials columnist brook Sutherland So Brooke first to supply chain concerns it seemed like they might be abating but are we being too optimistic on that front given the China is locking down now more than ever and for example Tim colburn writing this week that the impact from the latest wave in China could hit global industry hard We're already seeing quanta pegatron Apple suppliers that have suspended operations in Shanghai Yes I mean certainly the lockdowns in China have the potential to be significant and the ripple effects of that are likely delayed I think what's important to note from that is that there's been a lot of concern lately about whether we might be seeing a recession in freight markets just given some of the data points coming specifically out of the trucking sector I do think it's a little early to make a call one way or the other just because we don't know the degree to which those numbers might be distorted by what's happening in China on the encouraging front we had results from fast and all this sort of unofficially kick off the industrial earnings season and they did talk about seeing a stabilization in supply chain conditions And this is allowing companies to plan a bit better to come up with workarounds and keep business flowing Now that is not the same thing as supply chain constraints being solved for the stabilization at least makes it a little bit easier for companies to get a handle on what's going on with their business And how much are inter provincial highways both in China but also in Russia impacting things something like 10% of exports from China to Europe used to at least go through Russia's railway lines So that is a concern And so you know there are companies including Honeywell that were using those sort of rail and trucking routes that traverse Russia and Ukraine as a way of getting around the high shipping costs from Asia that is more difficult now for obvious reasons And so you know it's going to be interesting to see how that plays out in terms of freight expenses just circling back to what fashion has said They do expect those transportation service costs to continue to increase Right and I just want to ask one more question about the war Ukraine obviously a top producer of many things but one of them is purified neon gas and that's used in advanced chip making and Russia of course is a key supplier of palladium which is used in cars catalytic converters titanium as well which is used in the aerospace industry Will there be a massive decrease in supply of these particular metals and gases and will that have an impact on what we see coming out of these industries or have they planned so far in advance how they bought so far in advance that we won't see those impacts for the next few quarters I think you have to look at all those commodities differently I do think on titanium the aerospace suppliers have been building up stockpiles and also working on alternative sourcing And so the commentary for players like Boeing saffron Airbus is that they do have a decent amount of supply Now that is now a limitless supply And so this is something that does need to be addressed structurally over the long term I think the more immediate concern for the aerospace market is frankly people on neon gas that is a meaningful input to semiconductor manufacturing And I think there's a lot of concerns about what might happen there And if we do see any sort of additional constraints on semiconductor manufacturing which of course has been a pain point But I think in general companies are trying to get their hands around some of these knock on effects It is still early days and it's a little difficult to predict exactly where these markets are going to go and how supply is going to be affected It's such a complicated picture isn't it broke How are logistics manager is supply chain manager isn't CEOs forecasting anything these days Well it certainly is a challenge There's a lot of moving pieces A lot of smoke signals and it's difficult to get a read on it And I think that's why there's such an interesting divide right now between the pessimists and the optimists and those worrying about a potential recession demand slowdown and those saying you know no actually some of these worry points might actually be a sign of stabilization and normalization that would allow the supply chain to get moving again and help meet some of this robust demand that we're seeing So I don't think this debate is going to be settled but certainly we should hear a lot more data points from companies and from CEOs in the coming weeks that will help give us a better picture of what exactly is going on here And where the bifurcations are rookie you look at it a bunch of different data points freight waves is one company that provides a lot of supply chain analysis It has a tender rejection index explained to us what that is and what it's showing So the idea is to look at the rate at which freight operators are rejecting shipments And when that rejection index is higher it means that they have more options And there's more demand on their services so they can be a little bit pickier when that comes down that indicates sort of a loosening of transportation markets And so we have seen that coming down We've seen some other measures of trucking and transportation markets easing in recent weeks but that gets back to what I'm saying before it's a little early in my mind to a predictive freight recession just given what's happening in China and some of the concerns about the ripples of effects there But then separately I think it is possible to think that maybe we do see some sort of recession in trucking which has a tendency to go through these boom and bust cycle as you have new operators chasing that demand and not necessarily see the recession on the industrial side because in theory hallucinating and transportation markets should be a good thing for these companies that have been complaining so much about supply chain constraints Bookseller and there don't forget to reach out with.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Welcome back to Bloomberg opinion listeners I'm Bonnie Quinn Let's get to the supply chain now just when we thought pressures were easing war and fresh lockdowns complicated the outlook We're joined by industrials columnist brook Sutherland So Brooke first to supply chain concerns it seemed like they might be abating but are we being too optimistic on that front given that China is locking down now more than ever and for example Tim colburn writing this week that the impact from the latest wave in China could hit global industry hard We're already seeing quanta pegatron Apple suppliers that have suspended operations in Shanghai Yes I mean certainly the lockdowns in China have the potential to be significant and the ripple effects of that are likely delayed I think what's important to note from that is that there's been a lot of concern lately about whether we might be seeing a recession in freight markets just given some of the data points coming specifically out of a trucking sector I do think it's a little early to make a call one way or the other just because we don't know the degree to which those numbers might be distorted by what's happening in China on the encouraging front We had results from fast and all this sort of unofficially kick off the industrial earnings season and they did talk about seeing a stabilization in supply chain conditions And this is allowing companies to plan a bit better to come up with workarounds and keep business flowing Now that is not the same thing as supply chain constraints being solved but a stabilization at least makes it a little bit easier for companies to get a handle on what's going on with their business And how much are inter provincial highways both in China but also in Russia impacting things something like 10% of exports from China to Europe used to at least go through Russia's railway lines So that is a concern And so there are companies including Honeywell that we're using those sort of rail and trucking routes that traverse Russia and Ukraine as a way of getting around the high shipping costs from Asia that is more difficult now for obvious reasons And so it's going to be interesting to see how that plays out in terms of freight expenses Just circling back to what's fast and all that said they do expect those transportation service costs to continue to increase Right and I just want to ask one more question about the war Ukraine obviously a top producer of many things but one of them is purified neon gas and that's used in advanced chip making and Russia of course is a key supplier of palladium which is used in cars catalytic converters titanium as well which is used in the aerospace industry Will there be a massive decrease in supply of these particular metals and gases and will that have an impact on what we see coming out of these industries or have they planned so far in advance how they bought so far in advance that we won't see those impacts for the next few quarters I think you have to look at all those commodities differently I do think on titanium the aerospace suppliers have been building up stockpiles and also working on alternative sourcing And so the commentary players like Boeing saffron Airbus is that they do have a decent amount of supply Now that is now a limitless supply And so this is something that does need to be addressed structurally over the long term I think the more immediate concern for the aerospace market is frankly people on neon gas that is a meaningful input to semiconductor manufacturing And I think there's a lot of concerns about what might happen there And if we do see any sort of additional constraints on semiconductor manufacturing which of course has been a pain point But I think in general companies are trying to get their hands around some of these knock on effects It is still early days and it's a little difficult to predict exactly where these markets are going to go and how supplies going to be affected It's such a complicated picture isn't it broke How are a logistics manager is supply chain manager isn't CEOs forecasting anything these days Well it certainly is a challenge There's a lot of moving pieces A lot of smoke signals and it's difficult to get a read on it And I think that's why there's such an interesting divide right now between the pessimists and the optimists and those worrying about a potential recession demand slowdown and those saying no actually some of these worry points might actually be a sign of stabilization and normalization that would allow the supply chain to get moving again and help meet some of this robust demand that we're seeing So I don't think this debate is going to be settled but certainly we should hear a lot more data points from companies and from CEOs in the coming weeks that will help give us a better picture of what exactly is going on here And where the bifurcations are rookie you look at it a bunch of different data points freight waves is one company that provides a lot of supply chain analysis It has a tender rejection index explained to us what that is and what it's showing So the idea is to look at the rate at which freight operators are rejecting shipments I mean when that rejection index is higher it means that they have more options And there's more demand on their services so they can be a little bit pickier when that comes down that indicates sort of a loosening of transportation markets And so we have seen that coming down We've seen some other measures of trucking and transportation markets easing in recent weeks but that gets back to what I'm saying before it's a little early in my mind to a predictive freight recession just given what's happening in China and some of the concerns about the ripple effects there But then separately I think it is possible to think that maybe we do see some sort of recession in trucking which has a tendency to go through these boom and bust cycle as you have new operators chasing that demand and not necessarily see the recession on the industrial side because in theory hallucinating and transportation markets should be a good thing for these companies that have been complaining so much about supply chain constraints Book sell them in there Don't forget to reach out with thoughts suggestions and opinions I'm advancing on.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Is Bloomberg Welcome back to Bloomberg opinion listeners I'm Bonnie Quinn Let's get to the supply chain now just when we thought pressures were easing war and fresh lockdowns complicated the outlook We're joined by industrials columnist brook Sutherland So Brooke first to supply chain concerns it seemed like they might be abating but are we being too optimistic on that front given that China is locking down now more than ever and for example Tim colban writing this week that the impact from the latest wave in China could hit global industry hard we're already seeing quanta pegatron Apple suppliers that have suspended operations in Shanghai Yes I mean certainly the lockdowns in China have the potential to be significant and the ripple effects of that are likely delayed I think what's important to note from that is that there's been a lot of concern lately about whether we might be seeing a recession in freight markets just given some of the data points coming specifically out of the trucking sector I do think it's a little early to make a call one way or the other just because we don't know the degree to which those numbers might be distorted by what's happening in China on the encouraging front we had results from fast and all this sort of unofficially kick off the industrial earnings season and they did talk about seeing a stabilization in supply chain conditions And this is allowing companies to plan a bit better to come up with workarounds and keep business flowing Now that is not the same thing as supply chain constraints being solved for the stabilization at least makes it a little bit easier for companies to get a handle on what's going on with their business And how much are inter provincial highways both in China but also in Russia impacting things something like 10% of exports from China to Europe used to at least go through Russia's railway lines So that is a concern And so there are companies including Honeywell that we're using those sort of rail and trucking routes that traverse Russia and Ukraine as a way of getting around the high shipping costs from Asia that is more difficult now for obvious reasons And so you know it's going to be interesting to see how that plays out in terms of freight expenses Just circling back to what's fast and all that said they do expect those transportation service costs to continue to increase Right and I just want to ask one more question about the war Ukraine obviously a top producer of many things but one of them is purified neon gas and that's used in advanced chip making and Russia of course is a key supplier of palladium which is used in cars catalytic converters titanium as well which is used in the aerospace industry Will there be a massive decrease in supply of these particular metals and gases and will that have an impact on what we see coming out of these industries or have they planned so far in advance how they bought so far in advance that we won't see those impacts for the next few quarters I think you have to look at all those commodities differently I do think on titanium the aerospace suppliers have been building up stockpiles and also working on alternative sourcing And so the commentary for players like Boeing saffron Airbus is that they do have a decent amount of supply Now that is now a limitless supply And so this is something that does need to be addressed structurally over the long term I think the more immediate concern for the aerospace market is frankly people on neon gas that is a meaningful input to semiconductor manufacturing And I think there's a lot of concerns about what might happen there And if we do see any sort of additional constraints on semiconductor manufacturing which of course has been a pain point But I think in general companies are trying to get their hands around some of these knock on effects It is still early days and it's a little difficult to predict exactly where these markets are going to go and how supplies going to be affected It's such a complicated picture isn't it Brooke How are a logistics manager is supply chain manager isn't CEOs forecasting anything these days Well it certainly is a challenge There's a lot of moving pieces A lot of smoke signals and it's difficult to get a read on it And I think that's why there's such an interesting divide right now between the pessimists and the optimists and those worrying about a potential recession demand slowdown and those saying no actually some of these worry points might actually be a sign of stabilization and normalization that would allow the supply chain to get moving again and help meet some of this robust demand that we're seeing So I don't think this debate is going to be settled but certainly we should hear a lot more data points from companies and from CEOs in the coming weeks that will help give us a better picture of what exactly is going on here And where the bifurcations are rookie you look at it a bunch of different data points great waves is one company that provides a lot of supply chain analysis It has a tender rejection index explained to us what that is and what it's showing So the idea is to look at the rate at which freight operators are rejecting shipments And when that rejection index is higher it means that they have more options And there's more demand on their services so they can be a little bit pickier when that comes down that indicates sort of a loosening of transportation markets And so we have seen that coming down We've seen some other measures of trucking and transportation markets easing in recent weeks but that gets back to what I'm saying before it's a little early in my mind to a predictive freight recession just given what's happening in China and some of the concerns about the ripples effects there But then separately I think it is possible to think that maybe we do see some sort of recession in trucking which has a tendency to go through these boom and bust cycle as you have new operators chasing that demand And not necessarily see the recession on the industrial side because you know in theory hallucinating and transportation markets should be a good thing for these companies that have been complaining so much about.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Of its rhetoric, because of all the dislocations. There's always relative value trades that you could be doing. The only issue is how hot get home prices go. It's the uncertainty. I think that is really speaking. Everyone. This is Bloomberg Markets with Bunny Quinn and polls sweetie on Bloomberg Radio. A statistically insignificant 49,000 jobs created last month by the United States. Economy will get some More perspective from Carl record on the chief U. S economist for Bloomberg Economics. In a few moments on Lawrence, our is going to give us an update on the coronavirus. The vaccine the treatment on Bmore from Johns Hopkins University. Let's now get the latest Bloomberg business Fast from Gregg Jarrett. Factor up Bonnie after the weaker than forecast US job today to bolster the case for President Joe Biden was $1.9 trillion coronavirus relief package Treasuries and the dollar or down Your crowds. Aperture Investors chairman and CEO tells Bloomberg that investors are seeing a recovery. But I think the market feels strong here. I think we'll probably continue for some bit. But they're definitely addition of bubbles. And you've got to pay attention to those bubbles in the market could easily have a consolidation of 10 to 15%, and nobody should be surprised. Right now, the S and P is up 4/10 of a percent of 16 that house up 4/10 of a percent of 131 of the NASDAQ's up pretenses represented 40. The 10. Years down 4 30 seconds to yield 1.1% West Texas Intermediate Crude is up 1.3% of 56 96 of Arab Comex. Gold's up 9/10 of a percent 18 06 70 announced the dollar yen 105 44 the euro dollar 2026. The British found a dollar 37 27 right now Silver's up 1.5% of 26 75 games Stop it. AMC Entertainment Holdings rebounded after Robin Hood markets removed limits on buying the two stocks, which even in the center of the battle between a wedding empowered retail traders from short sellers. Gamestop, for example. Is up 32%. That's a Bloomberg business Flash. Bloomberg markets is on Bonnie Quinn and Paul Swinging. Great, Jerry. Thank.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"With Bonnie Quinn and Paul's Weenie weekday mornings at 10 Eastern on Bloomberg Radio. The Bloomberg business happened. Bloomberg radio Com Bloomberg, the world is listening. You took the first step and quit smoking. But even former smokers may still be at risk for lung cancer. That's why saved by the scandal or wants you to know about a new low dose CT scan that can detect lung cancer early. It takes only 60 seconds and could save your life. You took the first step. Now take the next visit saved by the scandal or go for a simple quiz to see if you're eligible and talk to your doctor about screening. Saved by the scandal organs brought to you by the American Lung Association's Long Force initiative and the ad Council asset managers who sees change to launch new strategies at distribution channels or exploit new technology to re engineer. The investor experience are often rewarded, however, in an industry paralyzed with complexity. Few act with agility or decisively. Few run their business strategically, yet the most competitive managers in the market no with the right partner in a flexible operating platform, you can go boldly toward chain Inch with S E I investment manager Services. I'm Steve Meyer. President Bessie Eyes invested manager Services at FBI. We understand the emerging forces that will define success for asset managers and what firms will need to compete tomorrow. That's why we continually optimized FBI's global operating platform. If your business requires greater agility, our advanced technology integrated best in class systems and multi asset expertise can be your catalyst for business transformation With S E I. Investment manager services. You lead the charge in a competitive marketplace. Learn more at S. C I C com slash sees change this election broke records rules and just about every social nor what kind of norms are we talking about that were straight from, But people can respectfully disagree about what the facts we need. What's the real number? If you don't get support from the federal government, you don't have the money for the distribution right now. That's a.
Bloomberg Radio New York
"bonnie quinn" Discussed on Bloomberg Radio New York
"Markets with Bonnie Quinn and Paul Sweetie on Bloomberg Radio. Continuing to keep an eye on the markets were gonna be speaking with new singer I P o reporter in just a few minutes and banker to the world Build roads will join on everything that's happening in Washington, D. C on day. Increasing coals for bill to invest outside of the United States is emerging markets begin to look attractive. Also the economy with Kristina Hooper of Invesco First a Bloomberg business flush with John Tucker, and the major indexes have been fluctuating between gains and losses in the S A. P. 500 Yep, seven of the 11 the industry groups that are high right now, a bit of a cyber relief on the part of investors after two Federal Reserve officials Pushed back on the possibility of tapering their bond purchases anytime soon, and that seems to have put a cap on bond yields. The idea of an equity bubble won't go away, but Tony Dwyer over a can accord, Genuity says. I am not to worry. There's this great fear in the marketplace that were similar to where we were in 2000 valuations or high equity offerings are historically high. On Dafoe Tech and mega cap stocks are leading the charge and people said she isn't it just like the bubble and it couldn't be further from the truth Right now. Oil fluctuating after almost reaching $54 a barrel combination have been in this to your poor, pointing to another decrease in stockpiles. Saudi Arabians output cuts And a weaker dollar all driving up a run up in energy prices. Right now we have West Texas intermediate crude some 14 cents of 53 35 barrel. As for the major indices down, Joseph Duster Leverage is 21 points higher. That is at 31,093 S and P 510 points higher. That's a quarter of a percent at 38 11. And as that composite index 18 points higher, That's up 6/10 of a percent at 13,150 to the 10 year yield. Right now, the benchmark it 1.1% We check the markets for you every 15 minutes during the trading our right here on Bloomberg Radio. I'm John Tucker. Dani is your Bloomberg business, Flash money and Paul John Tucker. Thank you so much..