35 Burst results for "Brian Curtis"
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"On Bloomberg radio Brian Curtis here and Bloomberg interactive brokerage studio in Hong Kong. We're seeing stocks meander a little bit here today, trading lower in the Hong Kong market, giving back a little of yesterday's monstrous gains. The index is now down just 8 tenths of a percent and the hang seng tech index is down a little bit more, but we have seen the CSI 300 turn positive up about a tenth of 1%, and there's still a little bit of positivity from the strong manufacturing and property data that we saw in China over the past couple of days earlier we had the NASDAQ golden dragon China index rising 3% in the United States. So the NPC, that meeting coming up, they may provide some catalyst for growth here more steps to boost consumption in the country because the manufacturing is one thing, but consumption has lagged. Some business friendly policies for the private sector and for the support for the property industry, but then we also mentioned the stick as well. It definitely will be some items in there that will be about regulation, so we'll be keeping a close eye on that and the stocks today elsewhere are doing okay, but nothing special. The cost be is up 9 tenths of a percent, but the Taiwan market is flat. The straights times index is down about a third of 1%. Yields popping a little today, the yield on the tenure is now 4.01% to two year at four 90 Australian yields up as well. WTI crude 77 70 a barrel. And that's a check of markets. Let's get to headline news with that backstreet in San Francisco. Ed. All right
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"It is 9 29 in Hong Kong. I'm Brian Curtis looking at the early open numbers here for the Hangzhou index of up about a third of 1%. Similar gains in the tech sphere and most of the other markets are trading a little bit to the downside. We'll get more on markets coming up in about ten or 12 minutes, but now let's take a look at some of the top stories of the hour. Apple's Chinese suppliers are likely to move out of China faster than many observers anticipate. That's according to AirPods maker, goer tech. We heard earlier from Bloomberg's Mark gurman. They're looking to diversify their own operations, right? Maybe move manufacturing from China to some of the other countries. Maybe that's Indonesia. Maybe that's India. Maybe that's Vietnam, right? Maybe that's one of the countries in the larger region of Asia, right? Maybe it's closer to Europe. And that is them trying to get ahead of what some people believe will be a shift by Apple outside of China to more countries. In Goethe, obviously, wants to be there to continue that Apple business long term. And go where it's says it's investing in the initial $280 million in a new Vietnam plant while considering an India expansion as well. In the meantime, Bloomberg intelligence estimates it could take 8 years to move just 10% of apple's capacity outside of China and gore tech has just started trading in Shanghai it's down about a quarter of 1%. Electric vehicle maker rivian disappointed investors with a full year output forecast that was 25% below estimates. More from Bloomberg's Charlie pellet. Revenue came in short of estimates, the EV maker report hit $663 million in revenue in the fourth quarter below the 717 million that analysts were expecting, according to the average of estimates compiled by Bloomberg. Investors are looking to rivian as a potential contender to market leader Tesla, the upstarts 2021 public listing was the 6 largest in American history. In New York, Charlie palette Bloomberg daybreak Asia. Rivian was up 4.6% in the regular session, but it was down pretty sharply and after hours. China's home sales went up in February. The value of new home sales by the 100 biggest real estate developers rose about 15% from a year ago. That's according to preliminary data from the China real estate information corporation. It's the first year on year increase since June of 2021. And it comes as China recently started to shift policy to provide more support for the housing sector. It has eased financing for developers and revived home buyer demand. Some local governments also had moved away from rules that were restricting land sales. The time almost 32 minutes past the hour it's time for world news. The Kremlin says that Russia is open to Ukraine peace talks, but will not give up annex regions. Let's get to add Baxter in the 9 60 newsroom in
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Jackets. I'm Dan schwarzman that your Bloomberg world sports update, Brian. Thanks very much, Dan. The time here is 16 minutes before the top of the hour, I'm Brian Curtis, and our gaseous Ariel Chan vice chair of hang lung properties. We wanted to take a closer look at drill at not so much what was, but what is coming and I'm sure you're happy about that too because it wasn't a great period. You had to underlying profit for the full year that missed the average analyst estimate. But I think what most people are curious about here is since we've had these COVID restrictions removed. Are you seeing a pickup in activity at the malls both in Hong Kong and also in China? Thanks, Brian. Absolutely. January has been strong so far. Actually, the strongest that we've had to date, I think that will come in at the top of breaking all of our own records for January, both in terms of sales in Mainland China. But in Hong Kong, obviously it's a little bit different Hong Kong. We're seeing we saw growth half on half end of last year, which was the first time we've seen growth like that in 5 years. So Hong Kong feels like it's really bottomed out and me and the Chinese tourists are coming back. We hear Mandarin in the restaurants and the shops. So Hong Kong is looking up. Mainland China is looking even stronger. Generally speaking for Hong Kong property, what's your forecast for this year? These are a big balance or is it still kind of trending lower? So I wouldn't say it's trending lower, I feel like we've probably found the bottom of the Hong Kong residential market as well, especially with mainland Chinese coming back into Hong Kong since their experiences up in the mainland with a lockdown second half of last year. And of course in Shanghai and earlier the year, Hong Kong feels like heaven to them. They're super bullish on Hong Kong. A lot of people are going to be trying to find apartments here if they haven't already. So actually I think the Hong Kong is looking up on all fronts in terms of real estate. And it's also a huge question about how prices might fare in China and how activity might fare how confident will consumers be now coming back after COVID. So if you talk about the residential side in Mainland China, that's still a little bit rocky. I think it has to have a little bit more time to work out the kinks. When it comes to consumer spending, what we're looking at is primarily the high end, the luxury retail. And that's been very strong. It's come back every time there was no lockdown in the mainland and of course January, as I mentioned earlier, has been trending very, very strong. So I think that that will continue to do well. I'm curious how confident you are to actually deploy capital now. I mean, we're coming into a period which could be quite rich in some ways. Are you planning a lot of new projects now? So the way we categorize it is if all things stay the course, we should have a fantastic 2023, that being said, if there are unforeseen circumstances, then all bets are off. And I think the risk of these unforeseen circumstances is higher probably than it ever has been. There's so much uncertainty in the world. As we make large capital expenditures, we're looking at that. I think the hurdle rate for any new investments is still higher than it was pre COVID, but we're definitely looking I think men in China for us is still the primary market. And it will be for the foreseeable future and we would still continue to invest there. So just out of curiosity on a scale of, let's say, one to 5, one being cautious and 5 being opportunistic. Would you put yourself around three? I would actually we're definitely more cautious than we had previously been, but a three is pretty fair. Let's talk about some areas where you can be opportunistic. Places I couldn't Ming or she or even Wuhan, which was the epicenter in the early days of the pandemic. Do you like those places and where else? So you're absolutely right. These are the cities in which we've done very well already. And those are places that we may want to double down on because they've been proven to be strong markets and obviously we've proven our own position within those markets. I think we normally don't talk about specific cities that we're looking at, but let's just say that we are looking at all of the most popular first and second tier cities in the mainland. We heard from Liu ha at to Davos and he referred to it as a blood transfusion that the government was giving the property sector. I mean, do you feel it? Do you feel him? The property sector that he's talking about is not really the property sector that we've all into. We don't have residential projects to the scale and clearly we're not distressed either. So that's not a transformation that we're feeling. I think what we feel is the ability to find financing for our CAPEX projects because the banks lump us in with all of those distressed property developers by nature of being in the property sector, sometimes it has been harder to find or get access to liquidity. But I think with the recent measures, the 16 measures that came out late last year and what's been announced so far this year, it sounds like there will be easing on that and I think that the property sector will slowly find its feet again. I know you had this partnership with LVMH. Does all that has happened in the past year make it harder to pursue ESG at the moment? Absolutely not actually. This is a question that we get from time to time and ESG is, in fact, it can be a revenue driver or a cost saver, more like. So in our projects, we're very careful to make sure that we are investing where it needs to be invested, but that those
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Hi everybody. I'm Brian Curtis and the Bloomberg interactive brokers studio in Hong Kong. We update markets for you all throughout the day on Bloomberg radio. Asian stocks are higher ahead of the CNY holiday next week. Commodities and stocks in Asia have shrugged off some of the bearish positioning and news that we've had in the U.S. this week. Traders betting on China's economic revival. JPMorgan, for one, raised its estimate for China's oil demand growth and said that it is reopening sooner than the bank had expected. Meantime, no change in China's loan prime rate, Goldman Sachs has raised its forecasts for Hong Kong home prices. It cites the borders reopening along with an improving economic outlook, but lest you get too excited on this, the report says that prices will actually fall 10% this year before rising 4% in each of the next two years. And we heard from China's vice premier allele huh, he met privately with top corporate executives in Davos to a lunch and basically ramming home the point that China's economy is back. Let's take a look at some of the numbers the hang sing index is up about 9 tenths of 1%. The CSI 300 has advanced about a half of a percent. The nikkei is flat here, the ASX is also flat in Seoul, the Cosby is trading down about a tenth of a percent, and in Singapore, essentially the streets times index is flat as well. The dollar pretty steady Dolly M1 28 79, and the yield on the ten year treasury, 3.41%. A final note in some other economic data, Japan's inflation hit 4% the first time in more than four decades, that's doubled the bank of Japan's target. Consumer prices excluding fresh food up 4%, and there was in line with estimates. And that is a Bloomberg business flash. Headline news
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Hi everybody, I'm Brian Curtis and the Bloomberg interactive brokers studio in Hong Kong poring over this huge data release in China. Fourth quarter GDP better than expected growing 2.9% year on year, and that compares with an estimate of just 1.6% for the whole year. In other words, January to December, the economy grew 3%. Again, better than the expected 2.7%, but to give you some perspective, the government's target last year was 5 and a half percent, and this performance of 3% was the slowest pace since the 1970s. So better than expected, but not good news at all. Industrial production growing 1.3% in December from a year ago, electricity output up 3% and notably energy vehicle production growth was 55 and a half percent with soaring demand coming from Europe. Retail sales down 1.8% in December that was better than the 9% expected. And the other big takeaway from all these numbers is the demographics headline, China's total population fell by 850,000 on year to 1.41 billion. It's dropped for the first time since 1961. On to Japan, where the ten year yield rose above the BOJ's ceiling in its yield curve control program of 50 basis points, just slightly over that Asian stocks have turned a little bit lower generally here. The MSCI Asia Pacific index down about a tenth of 1%, the CSI 300 in China down to 1% and that's a check of markets. Let's get to it back to the headline news, Ed. All right, thank you, Brian, China says France is supporting its
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Hi everybody, 21 minutes past the hour. I'm Brian Curtis and the Bloomberg interactive brokers studio in Hong Kong and we update markets for you all throughout the day here on Bloomberg. Asian stocks are now trading higher after a soft open, so there's been a little bit of a turn in sentiment. We'll get to the numbers in a moment that China reopening story is taking hold with more and more strategists and asset managers. Citi global wealth sees another 20% of upside for Chinese shares. Morgan Stanley and Goldman Sachs seem more like 10% in additional gains, and right now we've seen the Nike trading up 8 tenths of 1% in New Zealand, the nzx 50 is up about a half of 1%. We had the ASX 200 essentially flat to slightly higher and right now the cost speed is down about a tenth of 1%. It was a pretty good session for European stocks, the Dax gained three tenths of 1%. European shares boosted by gains in real estate companies, the U.S. market was closed for the MLK holiday, and at the moment S&P E minis are down about a tenth of 1%. So the bank of Japan, we talked a lot about that yesterday about how the yen had been so strong going from one 32 to one 27 and change, but weakened off that a little bit for the end at the late part of the day yesterday at the moment Dolly yen, one 28 53, investors are still expecting something of a surprise from the BOJ and the yield on the ten year treasury here 3.51%. And that's a check of markets. Let's get a headline news with Ed Baxter in the 9 60 newsroom in San Francisco Ed. Oh, all right, Brian, thank you. China says
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Colleagues on ML IV on your Bloomberg terminal at that is their Eddie van der Waldo. Thank you very much for joining us. We'll have a check on the markets for you next. This is Bloomberg daybreak Europe we judge that interest rates, we still have to rise significantly at a steady pace. We expect inflation to start falling more rapidly, probably from the late spring onwards. But there is a risk that it won't happen in that way. Things aren't working properly in the UK. The question for the government isn't only how do you resolve these disputes, but how do you get Britain working properly again? Bloomberg daybreak, Europe, on Bloomberg radio. It is 8 30 a.m. in London. I'm Stephen Carroll. This is Bloomberg daybreak Europe. We are half an hour into the cash equity trading session here in Europe, and we are seeing some of the earlier gains being paired a little bit on equity markets. The stock 600 now only two tenths of 1% higher, the FTSE 100, 8 tenths higher still outperforming across European peers, the Khan Carlton Paris is flat to the upside the Dax and Frankfurt actually now in the red down a tenth of 1%, a similar move for the 14 Maven Italy as well in terms of the sector is more than pushing into the rad as well, auto imparts shares still bottom of the basket down by half of 1% now, travel and leisure shares down by a quarter of 1% in terms of the upside basic resources seeing the biggest gains off by 1.4% utility shares and media shares also up by 7 tenths as well. Looking ahead towards Wall Street, S&P even many futures still positive three tenths of 1% higher and of course we are watching the picture on bonds after the big sell off on Barnes yesterday, a bit of a rally today, the ten year German BTP 2.48% this morning for basis points lower. So those are the markets. Let's get to our top stories this morning. The United States is said to be considering new precautions for travelers from China as Beijing abandons its COVID zero policy and prepares to open borders in early January Bloomberg's Brian Curtis reports from Hong Kong. China is experiencing the world's largest COVID-19 outbreak, raising concerns among public health officials worldwide. According to estimates from the government's top health authority, almost 37 million people may have been infected with the virus on a single day last week. Yesterday, Japan announced steps requiring a negative COVID-19 test upon arrival after Beijing said it no longer would subject inbound travelers to quarantine from January 8th. U.S. officials are now understood to be weighing similar steps amid growing questions over the transparency of data from China on the spread of the virus. In Hong Kong, Brian Curtis, Bloomberg, daybreak, Europe. Tesla's Tesla's tumble has accelerated with the stock falling 11% yesterday on Wall Street. It's now the longest losing streak since 2018 down some 70% in 2022, the latest plunge follows a report the company planned to temporarily halt production at its Shanghai factory that has rekindled fears about demand for its cars, Tesla has now fallen out of the top ten most valuable companies on the S&P 500. Former Bank of England policymaker Adam pose and says U.S. inflation will drop to around 3% by the end of 2023, posner's told Bloomberg that the pace of price rises is already slowing due to improvements in the supply chain. Wage inflation out of step with productivity growth is the big trend driver, even if it's lower than the rate of actual inflation, meaning a lot of workers are seeing real wage declines. That's ultimately where you see this going on. That was Adam posen who is now president of the Peterson institute for international economics. In November, the Federal Reserve's preferred measure of inflation the personal consumption expenditure index was running at 4.7%. Transport officials in the United States are investigating the extraordinary number of cancellations by Southwest Airlines over recent days. The low cost carrier scrapped thousands of flights affecting tens of thousands of passengers in what's expected to go down as one of the worst airline meltdowns in U.S. history. Transportation secretary Pete Buttigieg says the weather is no excuse. It's a shocking and unacceptable level of disruption combined with passengers being unable to get anybody on the phone to help them. And the airline indicating that they're actually not able to fully keep track of where their own flight crews are. President Biden tweeted his administration is working to hold airlines accountable as calls for compensation grow, city analysts estimate the chaos could shave three to 5% from southwest's fourth quarter earnings. And Steve Mnuchin and Mike Pompeo briefly discussed removing president Trump using the Twenty-fifth Amendment after the attack on the capitol on January 6th last year, according to transcript of a nation's testimony to the highest committee, the power rejected the idea, the amendment allows for the vice president to assume the powers of the presidency if the president himself is unable to perform his duties. So those are our top stories this morning coming up next, we'll bring you our interview with the CEO of advertising giant Mark
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"On Bloomberg radio. I'm Brian Curtis in the Bloomberg interactive brokers studio here in Hong Kong. Asian equities are mixed this morning, we do have a game in Sydney with the ASX up about a tenth of a percent. The nikkei is down about a tenth of a percent that cost me is trading lower by about a quarter of a percent. The futures are mostly lower hanging index futures down about three tenths of a percent China futures down about a half of a percent. China's foreign ministry said it was not aware of any committee being set up in China to assess ways of exiting COVID zero and so we may see a little bit of a pullback Jeff based on giving back some of those huge gains banking index finished up 5 and a quarter percent yesterday and tech index rallied 7.8%. And in any case, there should be some caution today ahead of the fed meeting and that'll set the tone for perhaps other central banks as well. We had a pullback in U.S. shares, nothing too dramatic. The S&P 500 was down four tenths of 1%. A big rebound in U.S. job openings that sort of tainted the fed slowing down thesis. And in looking at earnings a little bit mixed, a lot of the earnings results were pretty good, but then the outlook was weak. However, Sony came out with a pretty strong beat on quarterly earnings expectation. And it also raised its full year outlook. We mentioned that the depository receipts were up almost 10% in the stock, performing well in Tokyo today up more than 8%. That's a check of markets. It's actually with news and San Francisco. All right, thank you, Brian, South Korea and joint chiefs of staff says North Korea has fired an
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Minutes before the top of the hour, I'm Brian Curtis in the Bloomberg interactive broker studio in Hong Kong, and we update markets for you every 15 minutes on Bloomberg radio. So a pretty passionate rally this morning, although a little off the best levels of the day, some caution ahead of the U.S. CPI report, and also on whether or not Japanese authorities may intervene in the market. Traders have poised for that. Right now we see the yen pretty much at a standoff with the dollar, so it had some earlier gains in the end right now. A dollar yen, one 42 48, the Euro did have some gains, perhaps on the back of the impact of Ukraine's military gains against Russian forces and also some pretty hawkish comments from the bundesbank president. So right now we're seeing the Euro trade at 1.0086 U.S. dollars onto the equity gains, the nikkei rally 1.2% the ASX 200 up a little more than 1% and the tye X in Taiwan up 1.7% while the streets times index in Singapore puts on a gain a more modest gain just a third of 1%. Markets are shut down today for holidays in Hong Kong China and South Korea. As mentioned, the big event will be a Tuesday's consumer price index in the U.S., economists are forecasting an 8.1% rise in August from a year earlier. Although that would be the second month of declines, that's not the kind of number to derail the fed from another 75 basis point hike according to many analysts. We have seen some negativity in markets, the left kovich index, which is a sentiment gauge, fell to -16 last week, a hero away from the -17 that defines panic and Bank of America's bull and bear indicator slid to the maximum bearish level last week, often seen as a contrarian by signal. At the moment, there are some buys in this market. Yield on the ten year 3.30% oil down a little bit, WTI 85 30, a barrel. And that's a Bloomberg business flash. 11 minutes before the top of the hour headline news with Denise Pellegrini in the Bloomberg newsroom, Denise. Thank you Brian and Russian defenses are crumbling as Ukraine retakes key territory in the northeast part of Ukraine Vladimir zelensky says things are at a turning point. Meantime, The New York Times says reporting a senior Chinese official is speaking out
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Hour. We update markets every 15 minutes on Bloomberg radio. I'm Brian Curtis in the Bloomberg interactive brokers studio in Hong Kong. Well, mostly gains across the region today and that follows from some pretty handsome gains on Wall Street, a little bit of a relief rally in what has been some torrid selling of late. The hexing index, though, is down about two tenths of a percent. Pressured a little by HSBC in Tencent, Tencent is trading down now 1.2%. The shares recovering a little. This is the fourth day of declines, though, holders shifted some 193 million shares in the company to Hong Kong's clearing and settlement system. That's according to exchange data, and Naspers is the biggest shareholder with a 28.79% stake so perhaps some selling there, but otherwise we do see a lot of gains across the market here in Hong Kong. Alibaba 1.3% tectonic gaining 1.4% and JD.com up 9 tenths of a percent. The hang seng tech index advancing around four tenths of a percent, but again, banking index itself is slightly lower down about 40 points. The second closer look at Japan, the economy expanded more than initially expected in the second quarter, GDP was up an annualized three and a half percent from the previous period, economists had expected a 2.9% expansion. We have seen plenty of pressure on the Japanese yen, Dolly Ann one 44 O four. In fact, the dollar has regained some strength of two tenths of a percent the Euro below parody now 99.89 U.S. cents. Yield generally softer the yield on the ten year of 3.25% and WTI crude after 5 and a half percent drop earlier as we gained about 1% of that trading at the moment 82 72, a barrel. There's lots more to tell you about, and we'll continue to update you on the markets all throughout the morning. 12 minutes before the top of the hour, let's get the headline news. Now, with Erica, perseverance. Ryan, South Korea, Thursday
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Hello everyone, 6 30 in the morning here in Hong Kong. I'm Stephen engel. And I'm Brian Curtis in Hong Kong. We have equity futures at the moment a little bit more positive than you might imagine, although we also have a few red numbers on the screen. So we'll get to the markets more closely in a few moments with Doug kisner and we'll also take a look at some of the top stories you mentioned Ed yard in his positive view at the top and now we're about ready to tell you just the reverse. All right, well, markets are suspecting a recession is on the horizon Bryant as the fed Titans financial conditions, and today economists know rubini didn't offer much comfort, he says those expecting a shallow downturn are quote delusional. Rubini said historically high debt ratios could cause a severe recession. We've got to see parts of the corporate sector going by you'll see the parts of the shadow banking system going by. You'll see the household sector that is partly fragile going in trouble. You'll see some sovereign going travel. The trigger for the financial distress is going to be a recession and recession is not mild shallow, but there's going to be severe and protracted. And there will be an official cycle within the real side and the financial side of the economy. Well, the middle of this week, the fed is expected to hike its key rate by another 75 basis points after raising rates by that amount in June. Chinese consumers are in luck if they're in the market for a new iPhone, Apple announced a rare four day promotion in China. A discount applies to top tier iPhones and related accessories like select AirPods and Apple watches. Bloomberg's says it suggests that Apple has surplus inventory in China. You have a backlog of products just lying around. You want to get rid of it. Let's talk about you can do if the factories are closed down and the government is not allowing anybody to go outside and shop. I think that's beyond apple's control. I don't think it speaks anything about either Tim Cook's ability or apple's brand recognition. It's just an unfortunate situation right now. And the supply chain is going to be front and center when they report later this week. Apple is set to report on Thursday, the company is expected to post its slowest quarterly sales growth since the start of the pandemic. While turning to China 100 of the biggest companies in that country have been asked to operate in a closed loop to limit the spread of COVID-19 in Shenzhen in the south, they include Foxconn, Huawei and ZTE, only employees living within the bubble will be allowed to report to work their contact with people outside the office will be limited. Shenzhen is planning to keep the restrictions in place for 7 days. It rekindles the possibility of a Shanghai style lockdown where tens of thousands of workers were forced into isolation. All right, the time is 33 minutes past the hour interesting to hear the contrasting views there of eduardi and doctor doom nouriel roubini. Yeah, these are very tricky times I think that goes without saying, look at the numbers that we had from Walmart after the bell, not numbers per se, but a reduction in the outlook for sales and earnings guidance for Q two and for the full year as well. Now, Walmart deciding the need to lower prices to clear bloated inventories, the stock right now is down nearly 10%. Brian, you were talking about positivity and some of the futures for Asian equity markets, but look at the E mini contracts now for the American market in each case. I'm talking the Dow, the S&P 500 NASDAQ 100 contracts all down at least four tenths of 1%. We also heard after the bell from NXP semiconductor, this is the second largest supplier of chips for the automotive industry. The company saying that revenue for the third quarter will be above the average estimate. However, for Q two, the earnings fell short of forecast and XP semi right now in late trading down by about 2.4%. There was a lot of volatility in trading during the regular session, volume a little on the light side as the market positions in front of the fed meeting that will wrap on Wednesday. I think it's fair to say that a full 75 basis point rate hike has been completely discounted. The fed is also expected to convey an intention to keep moving rights higher in the months ahead. So we've got the fed meeting. We also have a lot of critical economic news. We've got the second quarter GDP number the day after the fed meeting that will happen on Thursday and then Friday the important employment cost index which will be a good indication of where wage inflation tends to be. So the story on recession and inflation will be much more complete by the end of the week. And tomorrow after the bell we'll hear from Apple that's going to be a very, very important number for the market to digest will also hear from Microsoft this week. Alphabet is on the list. Look at crude oil today. We rallied in New York trading by more than 2% short term supply we know is very tight. It seemed to outweigh estimates or at least expectations for eventual demand destruction. I'm seeing a little bit of a pullback here in the electronic session with WTI right now about 96 20. We'll take another look at market action for you in about 15 minutes. Steve? All right, he does. Now it's time for global news
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"From the Bloomberg newsroom in Hong Kong, I'm Brian Curtis with a Bloomberg business flash. A gunman opened fire at a parade in suburban Chicago killing at least 6 people, at least 24 were wounded. The shooting sent hundreds of people fleeing in terror. Police say the suspect is still at large. The shooter apparently fired from a concealed spot on a rooftop. President Biden may soon announce a cut in U.S. tariffs on Chinese goods. People familiar say it could happen this week. In addition, the president might bring a new probe into industrial subsidies, and those actions would target strategic areas like technology. The reserve bank of Australia is set to high grades for a third month in July. The RBA is expected to add 50 basis points to bring its key rate to 1.35%. Governor Phillip Lowe is no longer willing to wait for evidence of strong wage growth before hitting the brakes. Bloomberg economics expects the RBA to continue a rapid pullback on policy support. And Goldman Sachs says recession is not its base case for the U.S. economy. It says there may be a technical recession of two consecutive quarters of contraction, but at least for the moment the investment bank does not see a more damaging deep recession. All right, let's check the markets in the Asia Pacific and in Europe this morning, the Hangzhou index finished up down about a tenth of a percent in the Monday session, the nikkei up about 8 tenths of 1% in Europe, the Dax trading down about three tenths of a percent. Meantime, U.S. equity futures and European bonds fell. Investors are grappling with the dual threats of slowing growth and stubborn inflation. European stocks rising for the first time in four days. The Bloomberg dollar spot index is essentially flat doll again, one 35 71. WTI crude $110 66 since the barrel and gold, $1808 30 cents a Troy ounce. In Hong Kong, I'm Brian Curtis. This is Bloomberg. Welcome back to this special edition of Bloomberg daybreak. I'm Nathan Hager, the stock market is closed on this 4th of July holiday. Now, the dozen
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"Everybody 13 minutes before the top of the hour we update markets every 15 minutes on Bloomberg radio I'm Brian Curtis in the Bloomberg interactive broker studio in Hong Kong back in Hong Kong after 8 months And looking at the Asian markets and it just seems like a one way bet here The dollar up and just about everything else down stocks and bonds getting slammed You've got treasury yields up the two year yield all the way up to 3.13% Just taking the three 14 as I speak here and the tenure at 3.19% So the spread there 5 basis points and we're seeing equities just really take it on the chin The knee came out down 2.8% and we've got the cost be in Seoul down 2.9% We had some weak export data in the first ten days and the strength in the dollar is really hurting the yen and also the one the one is down against the dollar by 1.4% The last spread there are 1286 against the greenback in Dolly and one 34 85 You're just seeing verbal intervention from the BOJ that is not doing much good to stem the fall of the yen up against the greenback So again that's why it just seems like a one way bet money surging into the dollar and shorting a lot of these other assets and it continues this morning WTI is down two In fact the Bloomberg commodity index off 9 tenths of a percent and WTI down 1.8% And Bitcoin also getting hit pretty hard here 26,455 now for one coin The time is 48 minutes past the hour so 12 minutes to the top Let's get over to Ed Baxter and San Francisco for global news All right thank you very much Brian from headlines here at Beijing Shanghai resumed mass testing as COVID cases rise Hong Kong cases rising as well latest count day to day more than 800.
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"On Bloomberg radio I'm Brian Curtis in the Bloomberg interactive broker studio Well a down day for Asian stocks all the usual suspects as you heard from our guest Jim mccafferty Inflation monetary policy jitter is the China COVID outbreak and also China policy generally and the Ukraine war I mentioned nobody goes there anymore It's too crowded just in the context of selling We have some selling today but it's not too dramatic People sometimes don't want to sell too hard on a day when there's a lot of selling because it's easy to miss the rebounds The nikkei is down about 1% You've got the ASX 200 down about four tenths of a percent The Taiwan and Singapore markets just started trading this hour they're down about a quarter of a percent of the cost off three quarters of a percent We just got hang seng index futures starting to trade They're still clinging to gains up about 8 tenths to 1% Against the details on that later China approved new video game licenses for the first time since last July In Japan we had some of the game operators like nexon gaining and Capcom and Konami and South Korea Perl of this jumped as much as 7% But these are not too big in the context of the broader market Dolly in here one 25 50 weakness in the end strength in the dollar and WTI crew here 95 47 and also a steepening of the yield curve the yield on the tenure two 82 and the two year two 54 and that is a Bloomberg business flash Head back through with news at San Francisco All right thank you Brian Mayor of Mary Poole says more than 10,000 civilians have died in the Russian invasion U.S. Pentagon spokesman John Kirby says the outlook is a more protracted war there Poland's prime minister says the war on Donbass which is coming will be the largest tank.
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"The hour we update markets every 15 minutes on Bloomberg radio I'm Brian Curtis in the Bloomberg interactive brokerage studio looking at Asian markets thanks hang index futures contract as just started to trade up about 3.1% So 570 odd points or so that's about half the drop yesterday And of course the day before the hanging index was down more than a thousand points as well We had two sub 1000 point days in a row So just getting a little bit of relief there Alibaba is indicated higher by a 5.8% I don't have a reading on Tencent but the ADRs did trade lower in the United States down 3.3% and there is regulatory approach on Tencent that may mean that it doesn't recover as much as some of the other stocks today in the market Also watching leaning merchandise made by the Chinese sportswear giant has been detained at U.S. ports and this is after an investigation indicated the company used North Korean labor in its supply chain The U.S. says the action against leaning sporting goods was effective as of March 14th So we'll get the Hong Kong and China markets opening up to the bottom of the hour China futures now up 2.3% Right now other cash markets are faring very well The nikkei up 1.3% the a 6 X 200 up 1% a big drop in oil WTI crude was down to $95 It's now trading at $97 And that is looking markets At Baxter has news in San Francisco and he's headlines in All right thank you Brian Japan's defense.
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"I Brian Curtis in Los Angeles Let's check this hour's top business stories and the markets U.S. officials say Russia has asked China for military assistance in its war with Ukraine The request suggests that Vladimir Putin has had more setbacks in Ukraine than expected A U.S. official did not specify what kind of equipment Moscow requested and The White House declined to comment Russian prosecutors are reportedly warning western companies that corporate executives could be arrested We get more from Bloomberg's Denise Pellegrini Sources say the warnings have gone out from prosecutors in Russia to companies including McDonald's IBM and KFC owner Yum Brands The Wall Street Journal also says the calls that visits included threats to sue at the snatch assets even including trademarks And one of the companies is actually limiting communications now between its Russian businesses and the rest of the company out of concern emails might be intercepted Bloomberg's Denise Pellegrini Apple supplier Foxconn is halting operations at its sites in the Chinese city of Shenzhen China has placed the city into lockdown for at least a week to stave off a COVID outbreak Shenzhen is a technology hub and port near Hong Kong and it has a population of 17 million The move could cause supply chain disruptions Let's check the markets We mentioned the tech index down so sharply more than 7% the hanging index itself down 3.6% meantime the nikkei has rallied about 7 tenths of 1% Dalien one 1784 and that is the end weaker by half a percent The yield on the ten year treasury 2.03% and WTI crude $105 and 93 cents a barrel Global news 24 hours a day live and on Bloomberg quick take Brought to you by 2700 journalists and analysts in a 120 countries In Los Angeles I'm Brian Curtis This is Bloomberg This.
Bloomberg Radio New York
"brian curtis" Discussed on Bloomberg Radio New York
"States summer shop salon And I'm Brian Curtis trading is 90 minutes out in some key markets like Tokyo and Seoul and three hours away in Hong Kong and Shanghai breaking news the Democrat Phil Murphy has won reelection as the governor of New Jersey We'll get you details on that with Baxter in a few moments as well as more on the markets with Doug Kushner but for now rich and I will take a look at the top stories Absolutely all about the fed right Brian gonna be beginning tapering asset purchases at the end of the month It'll reduce purchases of treasuries by $10 billion and buying of mortgage and mortgage backed securities by some $5 billion Now with regards to interest rates policy fetch a pal same policy will remain accommodative for now Our decision today to begin our tapering our asset purchases does not imply any direct signal regarding our interest rate policy We continue to articulate a different and more stringent test for the economic conditions that would need to be met before raising the federal funds rate Indeed pal said it wouldn't be a good time to raise interest rates because he wants to see the labor market heal further saying that the fed could wrap the tapering process up by the middle part of next year but the pace could change depending of course on the economic outlook Uber is set to record a loss of more than $3 billion on its stake in the Chinese ride hailer didi Dede's U.S. traded shares have plummeted more than 40% since the debut of Dede The decline was triggered by Beijing's order to remove Dede's app from online stores in China regulated concerns over data privacy and security A $3 billion loss would wipe out the 1.4 billion that Uber made after diddy went public back in June That said didi is still the most valuable equity stake in Uber's portfolio It was valued at nearly $15 billion at the end of the second quarter Uber will report earnings results after the bell tomorrow Citigroup is about to apply for an investment banking business license in China They want to set one up there so it's telling us a bank plans to apply for that to underwrite yuan denominated shares This is also allowed to conduct trading for clients in China hearing the city would submit submit the application over the next couple of days They're also going to be playing for a futures license in the next few weeks All right the time here is 32 and a half minutes past the hour Let's get to the market So we should mention it was pretty orderly in the treasury market little steepening of the yield curve Doug prisoners with us looking at markets Nothing like what we saw earlier in the week with all the carnage that we saw basically in the fire sales of frontend rates elsewhere Wouldn't you say that the decision from the fed today was pretty much what the market was prepared for I would say that was the case So we know that the tapering process is going to begin at the end of the month and the monthly rate is about 15 billion A combination there of U.S. treasuries of 10 billion fewer 5 billion fewer mortgage backed securities Again this is pretty much what the market was hoping for Now in terms of rate hikes said chair Powell was very clear It's not even on the table until the bond buying program ends That's mid next year And so we had to move up in rates ten year treasury adding about 6 Let's call it 5 basis points and yield One 60 at the end of a New York trading And then in the equity space record highs across the board for the Dow the S&P NASDAQ comp Russell 2000 even at an all time high A lot of earnings news after the bell Qualcomm gave guidance for the current quarter on revenue that was above forecast those shares up by just about 6.7% right now The forecast on revenue from Electronic Arts was broadly in line with estimates Now this suggests that the new game battlefield do out this month will perform better than some of the early reviews were implying stock right now in Electronic Arts after hours is about 4% higher We also heard from Roku results below estimates on some key metrics and the guidance for the current quarter was below the consensus and the company seems to be blowing a blaming a lot of the supply chain issues there Stock right now in Roku down by more than 8% in late New York trading Terms of a currency behavior we're seeing a weaker dollar and the dollar remains on the back foot with the Bloomberg dollar spot index right now down to about a tenth of 1% We were off about three tenths of 1% in New York trading Interestingly we have a little bit of weakness in the end One 14 spot zero one and now the Chicago Nike futures a 29,008 ten imply a gain of I'm gonna say something greater than 200 points when the Japanese equity market comes online We've got crude oil right now just above $80 a barrel We actually broke below that number in New York trading That was after the EU said the talks with Iran on a nuclear deal will resume on November 29th We'll take another look at markets in about 15 minutes were shot Yep 25 minutes to go before we get the Aussie market up and running Let's now have a look at what's going on at 25 minutes to the top of the hour.
Bloomberg Daybreak
China's economy continues to bounce back from virus slump
"Above 6%. Around the world. Global Dance for the virus have topped 1.4 million, while most of the world grapples with the pandemic. Data out of China show that country rebounding from the economic fallout profits that Chinese industrial enterprises surged in October. We get details from Bloomberg Daybreak Asia anchor Brian Curtis in Hong Kong. Profits jumped 28.2% from a year ago. Now that's the fastest pace and almost nine years it's a sign that the economic recovery is gathering pace. This was the sixth consecutive month of gains its good news sure, but the acceleration was mainly due to two reasons a low base in the
Bloomberg Daybreak
Cathay Pacific cuts 8,500 jobs, shutters regional airline
"Mork cuts are coming to the airline industry this time in Asia. Cathay Pacific Airways is cutting 8500 jobs is part of a restructuring. We get more from Bloomberg Daybreak Asia anchor Brian Curtis. The cost cutting was triggered by the pandemic. Among the lost jobs. 5300 are at home with 600 outside Hong Kong. Another 2600 are currently unfilled positions, pilots and flight attendants will see changes to their terms of service. Altogether. The reductions amount to about 24% of the head counted, Cathy that makes this one of the biggest hits yet to the global aviation industry
Bloomberg Daybreak Weekend
Singapore GE2020: Global concerns, national elections
"One of the things we're gonna be covering is the Singapore elections coming up July 10th and for a closer look at what's happening and why it's so important. For that we go to Bloomberg. Daybreak Asia host Brian Curtis in Hong Kong and his colleague Doug Prisoner. Thank you. Now, one of the exciting possibilities for the pole is no more. The estranged brother of Singapore's prime minister will not stand. Lisa and Young said he decided to step aside because quote Singapore. It does not need another league. Well, that said Brian Singapore will surely get another early Prime Minister Lee Shin loans People's Action Party has won every election since independence back in 1965 and that is not likely to change this year. It's going to be very interesting and one point Whether or not these results will reflect the P a piece handling of the covert 19 crisis to get some insight. Brian and I asked Bloomberg's the bureau chief in Singapore, Joyce Co. To join us. Thanks so much for being with us, Joyce. I guess. Let's pick up on that issue of the fact that there is unlikely to be any surprise outcome in the election. But the question is whether or not this is going to reflect in anyway. Voter sentiment on the prime minister's Handling of the crisis. What do you think? Hi. Hi, guys. Yeah, that's right. Reading something awful way election has kicked off into losing so long has Put the nation that this will be election like no other And that's because this is happening in the midst of the pandemic, and he's asked for the elections to be be called because he wants a fresh slate. He thinks that things have stabilized and it's a good time, too. To get to hold this post to get a good men date for the ruling party we've seen over the last few months and sing upon the government has really tried to get control of the crisis. I's been interesting journey is a lot of ups and downs to sing off over here. So we set it up. Well, we We held out the model of how to contain the virus, but against like many other countries who cut also by how contagious and asymptomatic the virus who are still Somewhere in April with various cases such in a foreign worker Dhamma trees with a lot of these farm workers stay and live in close quarters, and that has actually pushed the surgeon does that. Our workers has actually pushed all virus told the various cases in Singapore to more than 40,000 which is one of the highest in Asia, the government has said. Repeatedly that, um the cases have been so high because they're doing a lot of testing, and a lot of these people have been asymptomatic. If you look at the total cases, actually. About 0.5% of the people actually in hospitals, and we have one of the lowest fatality rate in the world. I think a lot of people really admire Singapore. It's it's AH, It's a place where Have a first rate health care system. It's one of the richest countries in the world, great schools and all that. And a pretty good social safety. That too, so other than the handling of the Corona virus outbreak. What are some of the key issues that really move the populace? I think the main thing for a lot of people would be the economic fallout and how the government would be dealing of it. We've heard a lot of about this being said during the during the run up to the election. Something about facing a contraction of as much as 7% this year, and this would be the list contractions since our independence in 1965. So it's AH It's a big blow to the economy for people for us, so I used to be a success and be thankful girl continuously every year. It is a quite scary dudes that the economy would be contracting so much. If the government off their shows have won that more businesses local Glenda that unemployment rate in Singapore could could hit a record this year. So the grim picture actually off the economics in Singapore, some of the economic analysis that has been done surrounding the economic fall out of the crisis. Comes away with a conclusion that is essentially created a greater wealth gap. And I'm wondering how that's playing out in Singapore. I was reading that over 80% of the population live. In public housing, and I'm wondering about how this may may figure into this election. Well, we've had for stimulus budget in about 100 days in Singapore this year and the Singapore Sending about Singapore dollars 100 billion almost 100 million to to try to prop up the economy and still for a lot of people who find themselves other jobs or businesses who are ah Facing lots of troubles. We're seeing the government giving up the direct cash handouts, which is pretty rare onto people. So blessing apartments like me. We get $600 count. India had 303 $100.
Bloomberg Daybreak Weekend
Is Now An Opportune Moment To Examine Tencent Holdings
"Or tech giant Tencent reports earnings in the coming week the works of the prisoner and Brian Curtis are standing by with more Bob Tencent holdings is reporting earnings next weekend may provide a degree of hope that some firms are managing well through the crisis Bloomberg intelligence says the ten cent is likely to report strong fourth quarter sales and profit growth as it expands gaming fintech and social ad businesses then I thought we'd take a look at this entire area with Bloomberg's face turned laying to get some insights into ten cent and others and how they are managing through the coronavirus survey thanks very much for joining us now we had some warnings already from companies like Ali Baba and JD dot com and we had been told or with its earnings missing estimates contents sent bucked the trend yeah Brian I think we we got to recognize that the the quarter data reporting is the fourth quarter right and that's really before the virus outbreak started in January so I think fourth quarter results probably going to be intact groove is robust online games is recovering from the regular tree set back in twenty eighteen at stake spending so all's good right but what the market will really be looking for is any form of guidance into what the first quarter's going to look like and we've seen data that suggests that the show online services such as online games online video who work from home software cloud computing stuff like that has actually seen increased usage imprint the penetration with the outbreak in January and February physical businesses e-commerce foot delivery these things have obviously seen a lot of disruption because of travel restrictions and and logistics disruptions and so on so in terms of what the market had been discounting for the first quarter considering the fact that the lunar new year holiday was a major component in that especially working E. commerce is related does there have to be a major re thinking now in terms of earnings expectations I think a lot of fun it has been priced in worship places that obviously in the loss a couple of weeks being the not doing too well full China internet companies so we've seen reports coming out from the likes of Ali Baba VIP shopping portal and JD suggesting that there will be a fairly significant sales contraction in the first quarter the upside is most of these companies are now saying that the increase penetration the accelerated user adoption is probably going to benefit them down the road when the epidemic subside so that it is difficult to quantify and I don't think a lot of consensus numbers have that in yet you think that this would put a lot of pressure on these companies to control their costs or in the case of ten cent do you think they're doing so this Stenson and I would see the entire time to eat internet space in general has been curtailing costs expansion in the loss a year and that actually has been driven in part by the trade war with the U. S. macroeconomic concerns so people have been tightening their belts already and with this virus outbreak impacting sales in the coming quarters all to it's likely to cost controls will heighten having said that a lot of these companies E. commerce companies for example Ali Baba and people don't have been put in place to support measures for the merchants and they use US subsidies to promote more spending by the users weaving commissions from merchants especially for delivery companies like me tons of these things put up her the bottom line right at least for the next one to two quarters yeah and maybe that will show up in the equity price action but I'm concerned about the credit side of the equation to particularly as we given all the stresses that we're been talking about in financial markets see credit spreads to a white now to bid it mean if you look at the bonds Ian and ten cents for example how have they been trading in is there a lot of concern on the credit side of the ledger I think the for this particular space all the companies are basically that cash and the the highly cash flow generate if every quarter even with a sales decline of fifteen to twenty percent in the coming quarters it is quite likely that the cash flows will be positive so I I'm not too concerned about the bonds that that Tencent Alibaba Baidu and
Masters in Business
China manufacturing plunges in February amid virus controls
"We're seeing another sign that the corona virus is threatening the global economy China's official manufacturing index for February plunged to the lowest level on record Bloomberg's Brian Curtis has more from Hong Kong the PMI hit thirty five point seven from fifty in January the non manufacturing gauge was even worse at twenty nine point six down from fifty four point one the dismal numbers highlighting the devastating impact of the corona virus some of it is self imposed though as virus control measures made it hard for workers to get back on the
Bloomberg Daybreak: Europe
Coronavirus: World must prepare for pandemic, says WHO
"Stories the spread of coronavirus cases to Europe and the Middle East he's walking up fears of a pandemic but the World Health Organization says not just yet Bloomberg's Brian Curtis has more from Hong Kong the W. H. O. call may have come to some investors and a number of markets in Asia staged a relief rally but there were plenty of new concerns South Korea announced scores of new cases and more deaths emerged in Iran elsewhere Afghanistan Bahrain and Kuwait confirmed their first cases and Hong Kong is said to have extended school closures until the middle of April in Hong Kong Brian Curtis Bloomberg
Bloomberg Daybreak: Europe
Coronavirus stokes global economic fears
"So the number of coronavirus cases in China has now topped seventy five thousand but its concerns elsewhere the really troubling the market's been bikes behind catches has more from Hong Kong on the many effects of this health crisis from the understandable the W. H. O. once more funding to the odd South Korea has fifty two new infections most of them in a religious sect in Daegu to the truly bizarre China's Shandong province finds two hundred cases in a single present add to that fifty nine Hong Kong police officers are quarantined after a colleague was infected now investors appear to have discounted a peak in infections in China but they're troubled by the reliability of the data to spread in Asia and relentless new warnings from companies anxiety back in global markets in Hong Kong Brian Curtis Bloomberg
Bloomberg Daybreak: Europe
Wuhan coronavirus: Confirmed cases top 20,000 as China marks deadliest day
"Okay let's bring you up to speed with our top stories now the current of ours continues to spread as we said with the number of cases topping it twenty thousand and China's death toll currently at more than four hundred and twenty Bucks Brian Curtis reports from Hong Kong Hong Kong's hospital authority has reported the death of a local thirty nine year old man that's according to government radio station R. T. H. K. the man was said to have had an underlying illness he traveled to Wuhan on January twenty first no it's the second fatality outside the mainland pressure is mounting here for the border to be close with China Hong Kong has already closed all but three check points with the mainland in all conquering Curtis Bloomberg daybreak
Bloomberg Daybreak
World markets gain as China closes down for Lunar New Year
"Begin with the latest developments on the corona virus out of China with Beijing rushing to halt the spread of the disease here with details as Bloomberg daybreak Asia anchor Brian Curtis in Hong Kong the World Health Organization stopped short of calling this a global health emergency China has implemented restrictions on travel and public gatherings in Wuhan and also in many surrounding areas and Hong Kong Macau in Beijing have canceled holiday activities now most cases remain mild with only about one fourth of them developing more severe disease most of those who died have had other health
Bloomberg Daybreak: Europe
How China’s Coronavirus Outbreak Could Threaten the Global Economy
"Okay let's have a look at some of our top stories now China is rushing to hold the spread of the new coronavirus as the death toll rises to twenty five begs Brian Curtis has more from Hong Kong the World Health Organization stopped short of calling this a global health emergency that seemed to reassure markets as Asia traded mostly side ways China has implemented restrictions on travel and public gatherings in Wuhan and also in many surrounding areas and Hong Kong Macau in Beijing have canceled holiday activities now most cases remain mild with only about one fourth of them developing more severe disease most of those who died have had other health
Bloomberg Daybreak
Stocks hit record high as U.S. and China near a trade deal
"The should focus that a trade between the US and China risk assets around the world are surging afterward the president trump has signed off on a phase one trade agreement with Beijing let's get details now from Bloomberg daybreak Asia anchor Brian Curtis in Hong Kong sources say this cancels the introduction of a new round of terrorists that was scheduled for Sunday US negotiators have offered to cut existing terror of rates by up to fifty percent on some three hundred sixty billion dollars of Chinese imports in return Beijing is committed to purchasing large quantities of farm products and to enhance the protection of intellectual property rights Asian equities bounce and you won rose the most in a
Bloomberg Daybreak: Asia
Markets move higher as Trump and China signal room for 'calm' in trade talks
"For a look at how things are shaping up for the Asian trading day here's Bloomberg's Brian Curtis one thanks very much let's get some of these opening numbers here China futures just trading in Singapore now the footage on a fifty contract up fifteen points that's about a tenth of one percent the Taiwan market has just opened and the tie axes up two tenths of a percent and the straits times index in Singapore also of two tenths of one percent meantime the head of one of the world's largest sovereign wealth funds is warning that markets are becoming increasingly dire Lin Chao chaos who's the chief executive officer of Singapore's GI C. has sounded the alarm about the state of the economy the world economy he's decrying populism trade protectionism and decline in the ability of governments to markets to deliver broad based prosperity I got you scared well if you look at the markets today at least in the Asia Pacific mostly green numbers here the Nikkei is up four tenths of a percent there's a little bit of optimism over US China talk even though we've got some buffeting comments of the SX two hundred up eight tenths of one percent and over in Seoul the cost be is trading up about a tenth of one percent Dalian one oh seven ninety four so that's a little bit of a stronger yen there and we got the yield on the ten year treasury down to one point seven seven percent whereas two years at one
Bloomberg Radio New York Show
China, U.S. kick off new round of tariffs in trade war
"Well sure to Beijing where Chinese officials have indicated opposition to further escalation of the trade war with the United States last week China's ministry of commerce spokesman signaled the country won't retaliate against the latest round of U. S. terrace announced by president trump for more let's head to Hong Kong were Bloomberg daybreak Asia anchor Brian Curtis is standing by Bob this next week may deliver a world of hurt to global markets and global growth that's because on September first a new regime of US tariffs on Chinese goods will begin agricultural products clothes kitchen where food where all facing a fifteen percent tax that's up from ten percent following the latest escalation my colleague and a current joins me now in our studios for some insight on where all of this may be going and thanks very much for for joining us and it's not only that we've got other products like I phones and other consumer goods it'll be hit December first we've got the existing twenty five percent tariffs on some two hundred and fifty billion dollars of Chinese products that are slated to go to thirty percent on the first of October so I'm interested in where we go from here well I think the indications that we're getting from the Chinese side and obviously we don't go to any public public pronouncements in a way that we do with the US government put the hints are that they are pretty much cooling their heels and it's one that they're ready to dig in for something of a long hold on to you know I think a lot of observers following this are going to confusion at read indicates John is willing now to prepare itself for a long protracted trade war that the prospects for near term dealer probably unlikely and that they are now turning draw very much towards the a U. S. political cycle we have to wonder whether or not that's pride or whether or not is that they feel confident in the Chinese economy being able to maybe hold up even with these tariffs well it's a critical question isn't if it's it's the kind of one of the few remaining pillars that in terms of China's economy that's been holding up relatively strong is of course the consumer at we have seen weakness in the auto sector the car market there is having something of a historic slump but overall it's been so more resilient I think going forward now the question will be as we move to the next level of this trade war as you say to the basket of goods that are getting tired widens and indeed the overall tires themselves to start increase that's going to have an increasing chill factor on the manufacturing sectors on profits on the question then becomes how long before that the start flow into employment we have seen some weakness in John's in an office in palm indicator don't forget and then of course from that by extension lenses are flowing into the High Street and Chinese consumers put their wallet not in in their pocket but I would say just as one I don't have a look at the reaction to the cosco opening in China this week build all indications are death the consumer certainly have some demand for that at least so what might we expect in terms of numbers on the PMR is that we'll get next week well I think we're looking for more and more softness Brian probably filling contractionary terror tree I don't think I means expect the big necessarily big we grant rebound without some private gauges on small and medium size enterprises showing hinting at perhaps something of a bottom industry profits as well it's simply a rebound on the though there was a base fact there I think overall the V. remains that there is down the pressure on manufacturers there is downward pressure on funky prices and I don't think would trade war continued to escalate the way that it has been over the last few weeks that we expect a dramatic turnaround on the PMR from one question that's impossible to answer is if there is a deal what sort of impact that might have on global growth in other words you know have as the horse already bolted the stable or is there a chance that the global economy immediately picks up once the deal is done okay yeah that's a big question Brian's hard to know how much damage has already been done and how much can be reversed I am I think near term if we wore to move towards let's just say an extension of the troops and solid indication of by both sides that they were going to ramp up tires and door tangible ways to to measure it out and there were some common exchange in terms of an agreement that would surely lift a lot of the clouds hanging over the world economy would surely remove some of the uncertainty that's floating around out there really and truly when you consider high skeptical and high deeply driven president trump is when it comes to his views on China under economic policy I don't think anyone thinks we're going to have a long term lasting durability I'll certainly this side of the elections on that basis what you might hive is an extended choose where there's a sugar hit for markets and investors and perhaps some corporate investment would proceed that was on shaky grounds but really though the bigger picture would remain that looks like it's something of a realignment going on her between the US and China in terms of your economic relationship I was always that's the case that will continue to act as a brake I think on confidence and investment Bloomberg's and the
Bloomberg Daybreak
China October exports surprisingly strong in race to beat higher U.S. tariffs
"The trade surplus widened to thirty four billion dollars with US alone was thirty one point seven eight billion. Now, the US plans to increase tariffs on more Chinese imports to. Twenty five percent in January given that there's a huge incentive for Chinese companies in their American customers to Jack up trade as much as they can in the short term. I'm Brian Curtis. Bloomberg daybreak. Brian. Thanks bonds. In Italy are falling after the European Union said economic growth next year will be weaker than talion government targets. The EU also says Italy's budget will move dangerously close to the euro area. Limit of three percent. Tesla has a new chairman. Let's get the very latest live from Bloomberg's John
Bloomberg Best
Colton, Chairman And CEO and CBS discussed on Bloomberg Best
"Be paying a little bit less for gasoline. Another reason for the drop Lundberg says is demand is low the average price of regular grey gas per gallon over the past two weeks was two dollars ninety one cents. I'm kerry. Shoemaker Warner Brothers movie. The non is the weekend's top
Bloomberg Best
Trump launches steady stream of criticism of Fed chief Powell's interest-rate policy
"President Trump. Has taken a swipe at. Fed chief Jerome Powell. We're told he said that he thought Paul would be a cheap money fed chair Bloomberg's. Silly motion says that Trump's comments are not out of the blue we are seeing almost a coordinated effort coming from Trump himself and some of his advisors and other loyalists. Who worked for the campaign and have been vocal supporters of the campaign are now every time the fed makes a decision if they're hinting at higher rates they do raise rates you seem more tweets and
Bloomberg Best
Elon Musk, SEC and Harvey Pitt discussed on Bloomberg Best
"I'm Bryan Curtis in San Francisco let's get you, this hour's top business stories and the markets China says vice commerce, minister one show one will be traveling. To the United States for trade talks later this month it would be the first official exchange since earlier negotiations, broke
Bucket Strategy Investing
Bloomberg, Goldman Sachs and Tesla discussed on Bucket Strategy Investing
"Pace in twenty two months in July prices gained one point two percent from the previous month and that compared with. A one point one, percent increase in June Chinese Internet giant ten cent is getting. Clobbered, ahead of its earnings later. Today the stock is, down about