23 Burst results for "Charles Michel"
AP News Radio
EU officials hold Kyiv talks in show of support for Ukraine
"EU officials are holding talks in Kyiv with Ukrainian president volodymyr zelensky in a show of support for the country. European Commission president Ursula von der leyen, and European council president Charles Michel, as well as 15 European commissioners, are in the Ukrainian capital for what they describe as a summit meeting, the last such get together was held there in October 2021 a few months before the war started EU assistance for Ukraine has reached around $55 billion since the fighting started, providing Ukraine with financial and humanitarian aid among other things, the bloc also plans to adopt a tenth package of sanctions against Russia in the coming weeks. I'm Charles De Ledesma
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"Potential strike, but it does not address sick pays issue that had been sticking point for the unions. Republican senator Josh hawley, well, he lays it at the feet of the president. The only reason we're involved is because Joe Biden negotiated agreement without the worker support and then turned around to Congress and said, here, you make them take this. Biden promises to continue the fight to get the worker sick pay. Another big loss for Donald Trump as appeals court has vacated the job of special master in looking at the files taken from Mar-a-Lago. This allows the Department of Justice to continue without any more delays its investigation into Trump activities and to file charges if it's so warrants. Meanwhile, president Joe Biden says he's willing to meet with Russia's president Vladimir Putin if Putin is ready to talk about how the path would move to get peace in Ukraine. I'm prepared to speak with mister Putin. If, in fact, there is an interest in him society he's looking for a way to end the war. He hasn't done that yet. Meanwhile, China's president Xi Jinping, a meeting with European council, president Charles Michel says relations between the two important partners can only be achieved at the EU finds a way to end the war in Ukraine. And the two of the island of Hawaii is the big island's biggest volcanos are now erupting simultaneously. First dual eruption event since 1984, doctor Ken Han is director of the Hawaiian volcano observatory. He says there's the possibility to travel from the east to the west side of the island, could be cut. It's a big solid creepy mess of rock, and so as it spreads out, it can actually provide barriers to itself. So we can either bounce itself either more to the
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"These companies have got to figure out how to work together. The White House has promised that this had this resolved before. I think they ought to get this done. Now Scott says, this is dangerous territory in which to be involved politically. Biden has always talked about the need for strong unions and sick pay. So this puts him in a very tense situation. Meanwhile, senator Kirsten gillibrand of New York says that she feels there's no, well, there is room to work in the next session. 6 Republicans voted for a paid leave for these rail workers. That means there's a willingness to, I think, work in the new Congress on a real national paid leave plan. Angela Brown says a new session should work on it. A judge has ruled that the Department of Justice may resume using seized Mar-a-Lago records without the special master's approval, appeals court vacating the appointment in essence. This is a major defeat for Donald Trump means a DoJ may move forward now he may appeal to the full appeals court and he may go beyond that to the Supreme Court, but for now the prosecution can go on. President Joe Biden says he's ready to talk with Vladimir Putin under the right conditions about Ukraine and that mister Biden feels of mister Putin if he is serious about ending the war, then they can talk and consultation with my friends and my NATO friends. I'll be happy to sit down with Putin to see what he wants has in mind. He hasn't done in the meantime. I think it's absolutely critical. What Emmanuel said, we must support the Ukrainian people. Meanwhile, president Emmanuel Macron, France, was in The White House today and the two reaffirmed together their commitment that that of NATO and the people of Ukraine. Meanwhile, China's president Xi Jinping has urged European council president Charles Michel to solve the crisis in Ukraine as a way to better the relations between those two. Beijing has made a pivot in the city to loosen some COVID controls, Bloomberg's Emma O'Brien says allowing patients to isolate at home is a definitely a major step. So this is a very big step that that will allow you to quarantine at home. That is a sign that they will accept a little bit more spread of COVID living with COVID style because it does mean less control. And MSS further move away from COVID zero then she says it remains to be seen what other cities will do. In San Francisco, I'm Ed Baxter. This is Bloomberg right. Thanks, head. Let's get to tingle, a chief China economist at Nomura international who joins from Hong Kong. Ting Liu, thanks for being with us. What's your take on the steps that the government in China is taking to relax some of these COVID restrictions? Coming too late now should this pivot perhaps have come at a much earlier time? Well, it's never too late. I think it's just very well come because zero COVID is not sustainable. And I believe they will have to do this. Yes, maybe it's a little bit too late, but I think this is the right step. Yes, the policy wasn't sustainable, but half out of it is going to be an interesting one to navigate. Indeed, what sort of bumps and challenges do you anticipate going ahead? Yeah, well, I believe they now end in zero, but they will have to get into a new stage. That's about flattening the curve. I believe we will see inevitable search of infections in China in the next couple of months. And they will have to be prepared for this. But first and foremost, of course, I believe they need to switch narratives. They need to tell people that most of the people infected of bones have serious disease. It's not a pneumonia. So they won't swamp the hospitals. They're squeezed or the resources. Then, of course, they also need to increase vaccination for this elders. That's a two most important steps for the government. Now, I know your expertise is overall the economy. But if you could get in and look a little bit at the level of the healthcare system, is it sufficient to handle this right now? Have they fortified it in a way where they're better prepared? Well, compared with city states are like Singapore or some of the small economies like the Hong Kong definitely the Mainland China is not really so reaching those resources. But competitors will be compared with a bunch of emerging markets like India and actually asking China is better. And also we need to recognize that omicron is much less what that is and before. So I believe that China has the resources to handle the infection so only
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"Right, thank you, Doug, a U.S. senators clear the legislation over at the rail strike, president says he will sign it does not address increased sick pay. Another major loss for Donald Trump appeals court rules the Department of Justice may move forward without the special master. Meanwhile, president Joe Biden says he's ready to talk with Vladimir Putin under the right conditions that Putin is ready to talk about how to get to peace. Meanwhile, China's president Xi Jinping has urged European council president Charles Michel to solve the crisis in Ukraine as a way to better relations between the two. Beijing has made a pivot to the city to loosen some COVID controls, allows for home isolation. The Biden administration plans to issue new sanctions against North Korea today to punish Pyongyang for recent missile tests, and the winners are New York and Singapore. And the question is, what are the world's most expensive cities, but you knew that? Tel Aviv, which topped the rankings last year, was bumped down to number three Hong Kong four, and Los Angeles 5. In San Francisco, Ahmed Baxter, this is Bloomberg art Rashad okay, well let's get back to our guests, Sarah Punjab, financial adviser at UBS private wealth management. So the interest rate tightening cycle started off in March, we've had a 16 fold increase in the cost of borrowing. We should be feeling something or seeing something in the data suggesting it's working. Shouldn't we serve? And when we look at the non farm payrolls report coming up Friday, is that going to be keen determining whether anything is actually taking hold and of course the inflation report coming up will be even more important. You're absolutely right. And if we think about the past couple of inflation points, CPI, PPI, even the last jobs data that came out as well, they all started to show a loosening and economic conditions. You know, some deterioration, of course, one data point does not make a trend, but as you mentioned, the jobs data that we expect to see tomorrow, the inflation data that we will then see next week, PCE, those will start to tell us maybe it is a trend. We'll have to continue to see it, but there have been slight hints that the interest rate hike cycle that we have seen is starting to filter through the economy. Well, the PCE deflator in the data today was better than what it might have been. But the problem is it's just still not down anywhere near the target. No, and it's always, you know, it's almost a funny conversation because when you speak about to market participants and you look at the markets so excited, look at the market reaction from the last CPI and PPI prints because inflation was cooler than expected. But please, we're still talking about decade long highs in inflation. So in order for inflation to get down to where the Federal Reserve wants it, back towards that 2% level, it's going to take some time. And it is possible that the reactions that we have seen, the market might have gotten a little bit ahead of itself, but we'll wait to see the next set of data for us. Yeah, this is it. I mean, when we then look at ten year yields not 3.5%, the markets are investors I should say, really. Perhaps an alternate message from Jay Powell then perhaps he wanted to send out. Well, it's interesting. So fetch your Powell's message on yesterday. It wasn't necessarily dubbed by any means. But some are saying, well, he didn't push back against the market rally that we have seen this quarter. And that in and of itself is relatively dovish. But let's be clear here. He's still said that we are expecting that we will see a slowing in the pace of rate hikes starting in December. That's not new news. It was already expected that the fed was not going to raise 75. They would likely go 50 in December and then we'll see what comes after that. But certainly, the market heard what it wants to hear, the market heard a dovish Powell, but the reality is beyond December, still up the path of right hikes, whether we're going to see a leveling off, whether we're going to see a bit more, is still up for grabs. Let's talk about conviction calls, so we see from your notes what you like. If you could sum it up a little bit in a nutshell, tell our audience where they can go to make some money. So in a nutshell, I'll give you short term and then long-term. So short term right now, and we've been advising this for quite a while. Look to defensive areas of the stock market. If you want to be tactical, so healthcare, consumer Staples, that's really worked out well this year, considering they're flat in 2022, roughly. And then we do still like energy, even though we've seen a rally of more than 60%, considering the fact that profits have kept up with that. Energy, energy still looks good here on the equity side. From a long-term perspective though, think about long-term structural growth themes. And this more so fits in the growth category, which is really taken a hard hit. This year. So areas like cybersecurity, for example, you've got to be particular in an area like this. But we have seen valuations come down. And if you have the ability to weather volatility and risk in the coming years, then you have a long-term picture that could be a structural themed start looking at What about tech? So when you say tech, I assume you mean big tech and mega cap tech because obviously it's been a really
AP News Radio
China's Xi urges Ukraine talks in meeting with EU's Michel
"China's president has asked for negotiations on solving the Ukraine conflict whilst in talks with the European council president Charles Michel, Chinese leader Xi Jinping said solving the Ukraine crisis through political means was in the interest of Europe and Eurasia he also discouraged any escalation of the conflict and suggested that all parties work for peace in a briefing with reporters European council president Charles Michel said. I urged prison chief at our new China sermon in April to use his influence on Russia to respect the UN charter. China has made these statements in the past, but has refused to condemn Russia's invasion and criticize sanctions against Moscow. I'm Karen Chammas.
Monocle 24: The Globalist
"charles michel" Discussed on Monocle 24: The Globalist
"And I wonder if that's likely to happen here. And if this death could form a rallying point and a legitimate reason for people to gather. So I would say given what's just happened in the last week, two weeks, I find this very, very unlikely. What has happened, you know, I'm sitting here in Beijing and there's almost a police car in every single corner. So they are very wary of what's just happened. So I find any public gathering would be very unlikely. Unless it was scripted. I think that would be would be the way that things happen. John kind of disappeared from public life as well. So he hasn't been seen publicly for a long time. But the death and commemoration of any leader or any former leader within it any country is relatively sensitive, but definitely here and here in China. And I think we're starting to see that today, the state media, all commemorating, promoting nationalism, the state media, lots of websites have also gone black and white to pay tributes to young. And I think we're also seeing an outpouring on social media. I think restrictions have been lifted to allow people to mourn and express feelings rather than taking to the streets. So I think the Internet will be the outlet for a lot of this reaction rather than the streets. Now, Charles Michel, who's the president of the European council, is in China for talks with she's in ping, that's in an effort to strengthen ties between Brussels and Beijing. What is international business confidence like in China at present? So I don't want to give all my details away because next week the British Chamber of Commerce, we actually release our sentiment survey, which looks at all the issues that you've just mentioned. But one thing I will say is it's very, very clear sentiment is an all time low for British businesses and anecdotally
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"Be too soon to scale back rate hikes. The European council president Charles Michel will travel to Beijing next week to meet with China's president, the EU has been struggling with how to treat China while the U.S. presses for a tougher approach. Europe's relationship with China has been strained by Xi Jinping's ties to Russia and refusal to condemn the invasion of Ukraine. UBS has seen significant inflows into its Asia Pacific wealth management unit show over the past three months from clients fleeing Credit Suisse. Sources tell Bloomberg hundreds of wealthy customers have sought to place their funds with UBS in the key growth region. The bank is also said to be planning to reallocate staff to handle those expanding accounts. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries, this is Bloomberg Manus. Jules, thank you very much. Crystal energy CEO Carol joins me to weigh up the debate over the Russian oil price comp and the impact of China's COVID battle on crude demand. But first up, commercial bank of Dubai head of investments, Deepak Macron joins me. He says bonds are back. This is Bloomberg. When you reorganize and declutter, we're probably the first thing you decide to keep. Is there any serious contemplation of sanctions against China detailed financial and business reporting? Tell us more about your customers and how they're doing now. Expert analysis. You're basically just changing a $5 bill into 5 ones. Definitely essential. Looking at high yield, where does that take you these days? Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com, Bloomberg, the world is listening. The composer Joseph Haydn famously said, I listened more than I studied. It sounds like a law school hypothetical. Here in Bloomberg, it's the same thing. Do you maintain that low rate regime? Can you see out two years? How do you build a strategy with that eventuality in mind? Experts, information, news. The push sets up a potential fight. What do we know about how it will go public? Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Bloomberg, the world is listening. The only way to start the morning is with optimism. Jobs recovery was sluggish. A lot of people agree on that. Bloomberg surveillance with Tom Keene, Jonathan farrow and Lisa Abramovich. Finally, we got some abramowitz gloom to get in there. The ultimate south signal might be when laser capitulates. Bloomberg's surveillance and must watch. Lisa, your data point, go. Tom, you're great. Never changed. We see mornings at 7 eastern on Bloomberg radio and Bloomberg television. There are a lot of ways to look at the world right now. Interesting that you've got an overweight on Hong Kong. And the more of them you can access, the better. What has to be his strategy? Perspective. Who's doing school best? Clarity. How do we get it so that the benefits get to everybody? Expertise. He seems to have exactly the right combination. It's character plus policy Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Bloomberg, the world is listening. However, challenging the short term consequences might be for the UK economy. The MPC must take the necessary steps in terms of monetary policy to return him to inflation. To
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"To make this the enterprise center of Europe That is our vision Breaking high wage high skilled jobs for this country And that's the jobs I'm going to get on with my and I hope he gets on with his Johnson has said he has no intention of stepping back or stepping down Addressing the EU parliament council president Charles Michel says Russia is using food now as a weapon There are over 20 million tons of grain wheat and corn stuck in Ukraine this is disrupting double food security driving up prices and causing double famine Michelle says oil as well but says there is a new agreement But earlier today Arnold panaro retired marine major on Bloomberg radio and television said the U.S. effort with the EU has just not been very successful If I look at the situation overall and balance out the pluses and minuses I would say the outcome is still uncertain and to be determined So the west needs to quit patting ourselves on the back and dig in with both feet Yeah Panera says oil and grain now In San Francisco I'm Ed Baxter this is Bloomberg truly yet Thank you Ed Let's get to our guest now massimiliano bonjour CEO and founder at SG MC capital joining us from Singapore Max a day after the World Bank we've got the OACD also cutting their global growth forecast They now see 3% for this year 2.8% in 2023 How worried are you about slowing growth and potential recessionary fears Well this reduction in estimate is not a surprise So we have seen through the number of microeconomic data that have come throughout the globe The growth is slowing down I will continue slowing down Now the question is whether we do get into a recession especially in the U.S. As of now that is not our base case scenario I considerably we're not overly worried Clearly we're in a risky environment given all the geopolitical countries that are there and given that the growth is falling down But as of now we don't see a recession happening but as and when this whole geopolitical tensions keep dragging on and supply chains are not sorted clearly the likelihood of a negative surprise there increase We have one of our reporters saying that what we saw with the treasury auction Wednesday was an indication of some trader psychology going into a series of major events which of course starts with the main event the ECB where do we see the U.S. ten year yield go though Will it make a new high of the peak of 3.2% for the year Well it might go and test that but we think a lot of the interest rate moves so far as happened We have seen a big move And 3% roughly is where the neutral rate is going to be for the economy whether or not it's exactly two 75 or three 25 that I think is not so much relevant It's more relevant whether we are going to be needing to see an interest rate environment of 6% to fight an inflation which remains stubbornly high and our answer is no there So we see a 3% as potentially the neutral rate And for the ten year move from here is likely to remain mute And that's why actually taking some exposure to the ten year rates or anyways fixed incomes given that interest remove has already happened starts becoming interesting Of course short term you can see a few moves and it will remain volatile given environment but we think a lot of the move has already happened All right so start allocating back to fixed income which is one of your top calls What about when you are looking at equity markets and specifically in Europe I mentioned the ACB we're expecting to hear from Christine lagann and that's going to be very much watched for indications of a July hike of as much as 50 basis points that ECB potentially joining that jumbo rate height club Well ECB will have to start normalizing the situation as well They do not have a choice The inflation is high also in Europe Of course it's trickier for the ECB because growth in Europe is not as strong as in the U.S. In terms of how you position from an equity perspective for Europe I mean Europe so far has not fallen as much as the U.S. apart because again ECB has not been hiking as much as the fed in part because frankly European equities are under own with respect to American equity So when people have to sell they sell what they have and they have a lot more American activities But now what is important is the going forward and going forward we remain a little bit skeptical of European assets because you are going to see again this tightening mode happening in Europe So expect to see something similar to what has happened in the U.S. maybe not of the same magnitude but asset valuations will be put under stress And at the same time the geopolitical tensions will actually grain is unfortunately unlikely to go away any time soon and given the energy shock and an overall commodity shot of the Europe is facing it has a lot of headwinds So we remain very cautious on European valuations I want to come back to that energy shock in the next part but just in terms of Central Bank action and we have seen some aggressive moves this week alone Do you think that this is something of the central bankers I guess trying to make up for lost time or how did you see the move particularly when you look at the RBA which really surprised the market Well making out for a lot of time is probably applies a lot more to the U.S. compared to the rest of the world The fed last year stuck to its view of this and transitory inflation which.
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"The House oversight committee is set to hear testimony today from survivors of mass shootings and the families of victims Meanwhile actor Matthew McConaughey is calling for Washington D.C. to make changes to gun laws He spoke to White House reporters calling out any legislators who are hedging on change Paying both sides see beyond the political problem at hand and admit that we have a life preservation problem on our hands Matthew McConaughey a native of uvalde Texas visited his hometown the day after the massacre at an elementary school that left 19 children and two of their teachers dead A Moderna executive says the company's new booster could be a turning point in the nation's fight against COVID-19 potentially leading the way to annual shots Moderna chief medical officer doctor Paul Burton says that he believes the COVID vaccine is highly effective and that the company will file its data with the FDA as soon as possible Even the magnitude of effect that's 7 fold increase in antibody levels We could for the first time be at a vaccine that is truly effective with once yearly dosing As we know there's antibody levels will decay Moderna's doctor Burton told ABC and asked the potential to be a real turning point in the pandemic Ukraine says it needs 60 multiple launch rocket systems to have a chance at defeating Russia suggesting the number pledged by the west so far may be inadequate The United States and Britain recently announced plans to provide Kyiv with multiple launch rocket systems which can hit targets up to 50 miles away Meanwhile European council president Charles Michel recused Russia of using food as a weapon The Kremlin is weaponizing food supplies and throat in their actions with a web of flies Soviet style European council president Michelle addressed the European consul Lie.
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"From Bloomberg world headquarters I'm Charlie pellet highs of the day right now for the NASDAQ composite index up 34 points up by three ten to 1% S&P 500 Index briefly turned positive right now little change down three points down by less than one tenth of 1% at one point in today's trading the S&P 500 had declined as much as 1.3% We've got the Dow Jones Industrial Average down 68 points now lower by two tenths of 1% ten year yield 2.84% spot cold is at 1843 the ounce down 7 tenths of 1% West Texas enemy accrued right now one 17 a barrel up by 1.71% WTI up by a dollar 91 of barrel recapping stocks trading mixed S&P down by one tenth of 1% That's a Bloomberg business flash This is balance of power on Bloomberg television and radio I'm David Weston to keep you up to date with news from all around the world We turn now to Mark crumpton here with the first word David thank you Three Republican lawmakers are going to have to testify in a federal lawsuit over new voting maps in Texas The U.S. Supreme Court has sent a left a lower court ruling in place that allows for depositions from the three representatives The Justice Department and rights groups argue the lawmakers new districts are discriminatory against black and Latino voters They want the maps redrawn in time for the 2024 election The lawmakers had argued they're protected from testifying under legislative privilege European Union leaders have agreed to back a partial ban on Russian oil It would be part of a 6th package of sanctions aimed at punishing Russia for invading Ukraine The sanctions would ban the purchase of Russian oil and petroleum products delivered by ships Following a two day meeting in Brussels the European council president Charles Michel spoke in a news conference alongside European Commission president Ursula von der leyen We understand extremely important to work on the possibility and to explore the possibility of import price caps also with international partners The new measure does allow EU nations to buy Russian oil delivered by pipeline that exemption was needed to get hungry to sign on Protests continued in Iran today following a building collapse that killed at least 34 people demonstrators are challenging the Iranian government's response to last week's.
WTOP
"charles michel" Discussed on WTOP
"87 in centerville it's 85° in Washington D.C. at 7 40 Now to Ukraine the mayor of an eastern Ukrainian city says increasingly intense fighting in the region has left his city completely ruined and driven tens of thousands from their homes Meantime Russia is also trying to use economics and the media to achieve its goal of subjugating Ukraine National security correspondent JJ green explains Russian president Vladimir Putin told Turkish president Erdoğan today that Moscow was ready to work with anchorage a free up maritime shipping blocked over the conflict in Ukraine He's also pitching Russia as a country that can fill the void of food shortages that Ukraine can no longer fill But he doesn't mention that Ukraine's problems started with the Russian invasion He doesn't mention that Russian troops are stealing millions of tons of grain from Ukraine and trying to sell it elsewhere Putin is also trying to show the friendly side of himself to the public especially to Europe but addressing the European council today Ukraine's president volodymyr zelensky emphasized Europe must show strength because Russia perceives only strength as an argument He said in his own words it's time It's time for you to not be separate not be fragmented but one whole JJ green WTO news European Union leaders say they have reached a compromise to impose a partial oil embargo on Russia The embargo will only cover Russian oil brought in by sea It'll allow a temporary exemption for imports delivered by pipeline The EU had already imposed 5 previous rounds of sanctions on Russia the EU's council president Charles Michel says the agreement covers more than two thirds of oil imports from Russia cutting a huge source of financing for its war machine maximum pressure on Russia to end the war 7 42 To your health sponsored by D.C. health get vaccinated D.C. go to vaccinate dot D.C. dot gov The government is investigating cases of hepatitis a and the possible link to some fruit you may have around the house right now We get the details from WTO ps and Kramer The organic strawberries were sold in the United States and Canada and branded as HEB and fresh Campo While the fruit shelf life is now passed the CDC and FDA want you to thaw out any of those strawberries with those labels if you froze them to eat them later The governments are looking into hepatitis a cases being linked to the organic strawberry sold at stores like Walmart Trader Joe's Safeway wise Aldi and sprouts among others Some of those who got sick were as young as ten and as old as 75 in Canada the FDA has cases reported now in California Minnesota and North Dakota and Kramer WTO V news You can read a lot more about this at WTO P dot com right on the homepage Wes Moore who's running for governor in Maryland has COVID In a tweet he announces his positive test results and notes he is vaccinated boosted and asymptomatic The Democrat says he is.
Monocle 24: The Globalist
"charles michel" Discussed on Monocle 24: The Globalist
"And the brutality is something that will definitely have to be dealt with in international tribunal of sorts. But the hate and the animosity that is fed by the Russian press, the media, against Ukrainians, is quite incredible. And I encourage people to objectively visit some of these Russian news sites. And they will hear and understand clearly why the youth in Russia really hate Ukrainians. It's absurd. It's heartbreaking and if it's not stopped, it's just going to continue festering out of control towards other Western countries. Tell us a little bit more about what can be done. Let's look at it into aspects. Firstly, what the Ukraine can be done as it tries to reclaim parts of its country, but second we'll talk about the longer term consequences of these actions. You mentioned the fact that the towns which the Russians have now abandoned on the skirts of Kyiv have been effectively bouba trapped and it makes it impossible, doesn't it for Ukrainians to simply go back home and start to rebuild. Right. So that is a very big difficulty. And but the demining is going on and continuing. So hopefully people will be able to return a home. And I'm one of those people who I'm really just waiting to be able to head back to Kyiv. That having been said, let us not forget that no ally or partner of Ukraine has heated in providing no fly zones. So it's great, yes, the we're observing a temporary perhaps move back of the Russian ground forces by we're continuously being bombed. I mean, if you look at the map of Ukraine every evening, the entire country is red because we're getting hit all over the country from the air. And the Ukrainians could really, really use some help in at least covering for humanitarian and for environmental purposes. The Ukraine's airspace. We have seen now a call from the Russian Federation of over 134,000 new conscripts. And we're seeing them coming closer into Ukraine, particularly in the kharkiv area. So not just observing and claiming that Ukraine's allies are appalled. Ukraine's allies can really above the amount of weaponry that is being provided and also we're looking at the sanctions. So intensifying sanctions against Russia. But sanctions are not going to save people on the ground who are being kidnapped or shot or raped. And that's a tragedy. Tell us a little bit more, therefore, about what can be done. With hearing the president of the European council Charles Michel being one of the voices to come out of Europe in the last 24 hours, among them also the German Chancellor of Schultz and also France's president Emmanuel Macron who all saying that the Russian authorities will have to answer for these what is clearly evidence of war crimes..
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"Keqiang China will meet a video video via video with a European council president Charles Michel and European Commission president Ursula von der leyen for the 23rd EU summit today Shanghai will lift most of the eastern lockdown today and has already begun the four day in the west China's search and rescue teams have completed their search of the site of the China eastern crash They say they've identified all of the victims China issues the shortest readout of the Politburo meeting since Xi Jinping became president Russian troops have pulled away from Chernobyl after radiation exposure the soldiers were digging trenches Russia says it's moving away from Kyiv but NATO's secretary general Jens Stoltenberg thinks not as a peace offering and some better news out of the south around America where about 630 people were able to be evacuated their reports some corridors also established elsewhere In San Francisco I met Baxter this is Bloomberg All right Juliet Thank you Ed Let's get back to John Woods Asia Pacific CIO at Credit Suisse on the line for us from Hong Kong So you were saying that some of the risk of sentiment that was exacerbated by Russia Ukraine could be abating What's your view then for U.S. equities as we head into the new quarter Well again it's important to point out that we headed into the year with a market weight or neutral position towards equities Julia And so when we saw this very sharp sell off towards the end of February beginning of March we took this as a tactical opportunity to go overweight and feeling a lot of the bad news that was appropriately priced in So right now we are overweight U.S. equities are sensitive that as I mentioned the geopolitical risks are broadly priced in And it's important to point out that the U.S. economy is above trend Earnings outlook is pretty strong Equity risk appetite is weakened we feel this confluence of essentially a bicarbonate start supported for equities into the second half of the year Yes John the $1 million question here is on the rate of change in terms of U.S. interest rates if the fed becomes super aggressive here because they feel that they've got to restore credibility Yes they are behind the curve but they're going to make up for it in a meaningful way Maybe we get two 50 basis points interest rate hikes back to back What does that do to your thesis Well I think it's very interesting that those two issues that you mentioned are very clearly reflecting volatility signatures both in the equity market and in the bond market I mean the vix is sort of at record low levels and the index is at record high levels And really I think that's we're seeing this bifurcation of risk assessment between equities and bonds Look I think if we got a sense that peak inflation was likely to happen either next quarter then the market I think would become a little more positive and optimistic towards the fed's interest rate policy So we have the fed hiking further 6 times this year for a combined total of a 175 basis points Plus another hundred basis points next year for a terminal rate of around 2.75 possibly even 3% and we think that's kind of adequate level of hiking relative to risks in the inflationary risks in the market particularly with this base effect kicking in in an expectation that inflation will moderate into the second half of the year One of the inflationary risks oil but we do have it holding now around a hundred with the U.S. planning this huge reserves release Do we see I guess more of a rebalancing in this market or in commodities in general in the next quarter I think so yes I think as I mentioned earlier releasing strategic reserves is positive short term effect But really we need to see the substantial increase in production And I think that will have a more meaningful effect on prices overall Again I think as supply chain disruptions repair as the global economy begins to accelerate again in the second half of the year notwithstanding the Ukraine Russian shock We are likely to see commodities moderate However for now and when I say now I mean this quarter and perhaps the next quarter I think commodities still represent a good geopolitical hedge that investors should explore as a way of protecting portfolios from clearly this uncertainty that exists in markets right now Yes it's not just elevated oil We've been talking about some of the other commodities like nickel like copper and expectations that we're going to continue to see a push higher here Are you concerned that some at some point we're going to see demand destruction as a result of these elevated commodities prices Well certainly commodity prices are ultimately self adjusting aren't they They're gay too high You do see demand destruction and then they start falling again I think we have this as we have some unique forces which are pushing up commodity prices right now Of course this is related to pandemic It's related to geopolitical risk in Europe And again I do have a feeling that these are essentially short term in nature and can resolve over the next two or three quarters ahead So I don't see these issues as being structural in and I do feel that.
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"2.33% That is a check of markets Let's get the top news stories making headlines with Ed Baxter San Francisco at All right thank you Brian Chinese premier Lake Chung will meet via video with European council president Charles Michel and European Commission president Ursula von der leyen for the 23rd EU summit today subjects of course Russia Ukraine Shanghai will lift most of the eastern lockdown today begin the four day in the west Chinese search and rescue teams have completed their search of the site of the China eastern crash They say they've identified all the victims China issues the shortest readout of its Politburo meeting since Xi Jinping has become president Russian troops have pulled away from Chernobyl after radiation exposure the soldiers were digging trenches Russia says it is moving away from Kyiv but NATO secretary general Jens Stoltenberg says he thinks don't even think that it's close to a peace offering Some better news in the south around Mary pool where 630 people were able to be evacuated their reports of some corridors also established elsewhere And President Biden meanwhile says that Vladimir Putin may have put some advisers under what he terms house arrest In San Francisco I'm Ed Baxter this is Bloomberg right Paul All right thanks very much Jake We joined this hot by John Vail chief global strategist at Nikko asset management And John the oil price one of the key themes today West takes us not just a shade above a hundred bucks a barrel after this move from President Biden for a huge release from the strategic petroleum reserve How important is this for a big energy and portal like Japan Is it going to make a sustainable difference Yes if oil stays at this level that would be a big big plus for Japan compared to one 15 one 20 or so So yes Japan is a very heavy importer of all energy goods And so that will reduce inflationary pressures reduce the pressure on the bank of Japan to tighten and be perceived quite well here by investors and corporations So I think a lot of the anxiety that has been expressed by markets has to do with either the notion of stagflation or more severely a recessionary environment Today we were speaking earlier in the program actually one of our colleagues was David Weston with Nathan sheetz who is now the chief economist at Citigroup And he was saying the odds of a global recession are essentially one and three Would you agree with that or is that a little too dire Well our forecast is for the global economy to avoid recession in the next 12 months After that it's a little bit more possible But Europe does have a pretty good chance of hitting recession conditions But the rest of the world perhaps not We have what we call stagflation light which is economy that's growing less than consensus but certainly above zero And with inflation that's a bit higher than consensus Okay so with that in mind have you been altering your allocations at the moment have you been looking at havens a little more Well I guess you could say that I mean we're not bearish on global equities We expect them to be relatively flat With exception of the European markets where we expect some declines As for Asia PAC we see actually some growth in markets here because they're less exposed to the Russian problems So we continue to be very negative we're not terribly negative but negative on bonds And so if you're not very positive on stocks and you're negative on ponds and certainly that does lend interest towards sort of cash like So John if your outlook toward Europe is negative obviously that's going to have kind of a negative impact on Japanese corporates but we know the growth story in China is wobbling quite a bit and I'm aware of the fact that Japan is reliant on China as one of the markets that Japanese corporates rely upon Growth in China what does that look like for Japanese corporates Could it be a significant headwind Well it's a very good point Certainly Europe is not one of Japan's major markets but China is And this lockdown is quite concerning Not only from a consumption standpoint of Japanese goods but also from production aspect and that they have manufacturers there And let's hope it doesn't spread beyond where it is already And certainly the flu season is sort of I guess you could say ending as soon as we get a lot warmer there And then once that happens then there's a lot of reopening power in the Chinese economy It's been locked down during the Olympics and now it's locked down because of this COVID scare And when it opens up things should improve quite a bit and that will help Japan directly John about 30 seconds left it was a pretty wild quarter at the worst in two years What do you expect the biggest catalyst to be for the coming quarter Is it going to be the fed the conflict and Ukraine Suggest some other potential black swan Well I'm not sure I'd cover that in 30 seconds but I think geopolitics is the main concern especially if it spreads beyond Ukraine to other fronts All right John Vale Thanks so much for joining us on Bloomberg daybreak age today John Vail is.
Monocle 24: The Globalist
"charles michel" Discussed on Monocle 24: The Globalist
"Is your answer. And finally, continuing with our monocle 24 ten year celebrations, we'll head to an auction selling the contents of a Dutch Natural History Museum. That's all ahead here on the globalist life from London. First up on today's show, the growing divide between the European Union and China. It's a rift that EU council president Charles Michel and Chinese leader Xi Jinping will hope to address in a call later today. But considering the complexity of the problem that's going to be easier said than done. A tit for tat diplomatic spat was already in play following EU sanctions on China because of its mistreatment of the country's Uyghur minority. Added to that a recent disagreement between China and Lithuania over Taiwan, and it all means that today's call arrives amid loud requests from EU member states for the block to be tougher on China. The question is, will this actually happen? Well, joining me to discuss all of that is Stuart Laos, Politico Europe's EU China correspondent, Stuart great to have you on the show. I mean, first of all, I gave a little bit of background there, but just give us some more background as to why diplomatic relations have gotten so sour between these two. Well, thanks for having me. Chris. And obviously, you know, human rights has been one of the major issues we've seen China's national security law in Hong Kong. And then we have seen all the human rights violations happening in Xinjiang and then also bearing in mind, the recent military escalation around the Taiwan strait and the political uncertainty of facing Taiwan. So all these together are totally changing the way China has been perceived in Europe, which for such a long time had actually regarded Beijing as the place to make business, you know, the kind of country to talk about climate change together. That's definitely one aspect of the relationship between the two places. The partner or the economic competitor kind of mentality. But more and more so actually, the EU is also viewing China as a systemic rival, which is again also made more prominent when we saw what's been happening over the last few weeks. China's diplomatic retaliation against Lithuania, for example, over a diplomatic office, which Vilnius has allowed Taiwan to set up. So basically, the main sticking point here is how to call that office, China says Lithuania made a terrible mistake by accepting the proposal to call it a Taiwanese delegation rather than Taipei. So obviously all these together are changing the perception of China. Well, all of these put together to take something like Lithuania and Taiwan. It is interesting that the European Union in that sense is, of course, involved in this almost, you know, has Lithuania's back. If you will. I mean, in that sense, it's just interesting that child Michel, I suppose, is the one taking this call rather than say, was la funder Lion of the European Commission or even more of a joint call or summit with other EU leaders. I mean, what does that tell us that Charles Michel is the one in the lead here? So this idea was formally confirmed about a week or ten days ago when order 27 EU leaders, including the outgoing German Chancellor Angela Merkel. And French president Emmanuel Macron, amongst others, they basically say it's time for a unified kind of EU approach to China. Are part of course the bilateral dealings, which are also taking place with Beijing. But more and more so they see the need for the EU to play a central role in dealing with China. It's also part of the member state strategies here because of course they want to play the good cop bad cop. They don't want to be confronting China on human rights on a bilateral level. So obviously, it makes a lot of sense for the member states to say, oh, Sean Michel may be good or right person to deal with, you know, the less comfortable part with China. But also because there's also been concern from last year when the hungry was repeatedly blocking certain new initiatives, for example, on doing more human rights initiatives on Hong Kong, for example, a hungry was saying, no, no, no, we shouldn't be too tough on China. You know, particularly hungry needs Chinese investment. So there's been this concern among some member states of looking leak on the international stage by failing to sort of craft a unanimous position on even some of the most obvious political headaches. So you're right, I mean, from the line, it's not really part of the call. You know, sometimes she's in, sometimes she's out. My guess is that, you know, trying to really wants to have a one on one in this instance. We have no official confirmation I should add on the reason why it was only a one on one, but, you know, von the line and Michelle, they also don't really get along well in Brussels anyway. So it's a little bit of a surprise that she's out of the call, but not a total surprise. Well, even even if it's not a total surprise, then, as you say, I'd be curious what kind of wiggle room though you'd think that he has. What do you expect to be achieved on this call in that sense also from Xi Jinping's side? How much, you know, who has the upper hand here? I mean, do we expect China's president to give any ground here? Is it more of an informative call between the two can make actual decisions in that sense offer a sort of firm position for the European Union given some of those divides under below him among the member states that you talked about? It's definitely an opening chapter because it's actually for the first time that a Chinese president is talking to a European council counterpart on a one on one basis. It has never happened before, because, you know, before, a few years ago, before the coronavirus pandemic, when we talked about you trying to summit, which, by the way, it's not really happening that right now is just a phone call, but in the past when we had symmetries, it would definitely be some people, you know, you know, the predecessors of the lion and Michelle, going together to Beijing or the other way around. But then still, it wouldn't be someone as a high level as a Chinese president to meet them. It would be his deputy, the premier of China. The number two Communist Party member. So it's definitely a sign of trying to placing more emphasis on dealing with the EU as not just a trading block, but as a political NSA, of course, bearing also in mind that geopolitical contents that China is facing with the U.S. definitely. They want to work with the EU as much as possible. They wouldn't want the EU to be going all in with the transatlantic alliance with the U.S., which Biden is talking about, of course. So all these together, China is sending a very clear signal to EU, we're willing to work with you wherever possible. We don't want you to get too close to the U.S. position and we are willing to respect EU unity, whatever it may mean. Whatever it may mean. I mean, when you talk about that from the EU's perspective, it's interesting to hear you talk about, you know, shocking Michel taking the lead there in such an important meeting. I guess one of the reasons for that and you touched on it in your first answer is the business relationship and the shift in the economic relationship and this is presumably the one area where the European Union really benefits from speaking as one voice as one economic block that really therefore I suppose has some heft has, you know, has some leverage over China..
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"The spot power price at its highest level in 9 months with a competition of course for winter fuel Thank you annabelle 35 minutes per hour time for global news China and India border talks have gone nowhere and both sides are blaming each other for a lack of progress let's get to it back to we thought the club wouldn't use it Yeah exactly right Juliet China says it made great efforts to calm tensions but that India stuck to unreasonable unrealistic demands That's the verbiage India's military officials say they made suggestions for resolving the dispute but the Chinese side was not agreeable and also could not provide any forward looking proposals so on we go or maybe not Hong Kong observatory says it's considering issuing a storm signal 8 later this afternoon currently signal three in force says a tropical storm compass who will intensify as it moves across the northern part of the South China Sea kindergarten classes had been suspended early in the day Merck has asked for emergency approval from the FDA for its COVID-19 antiviral pill Bloomberg health reported Robert langwith says this would change the game a bit Potentially the very very big advance because just really because it's just so much more convenient and easier to take a pill for a virus and what we have right now which are either just given in hospital that's the Gilead drug or the various monoclonal antibodies that have to go and get infused Language says if this floats the hope is other drug makers will jump in as well Southwest Airlines canceling more than 350 flights again today following a very bad weekend The company says weather in Florida others are saying its staffing shortage because of mandatory vaccination requirements and a pilot sick in the company says that is not true Thailand is unveiled a road map to provide its tourism reliant economy by gradually scrapping a mandatory quarantine for vaccinated visitors visitors from what it deems ten lowest risk countries including the U.S. China Singapore Germany and the UK will not be subject to isolation upon arrival if vaccinated And Singapore's announced an opening of air travel restrictions certainly interest Singapore airlines website was temporarily down over the weekend as people jumped in to try to travel out on vacation Chinese president Xi Jinping will have a phone call with president of the European council Charles Michel on Friday And Elon Musk and Jeff Bezos right You'd think they'd be really really really happy But they apparently either like to rip each other They don't like each other Elon Musk wants Jeff to know he's number one Based on initially put out a tweet that concluded Amazon is one of the world's most successful companies and has revolutionized two entirely different industries Well Musk responded by posting the emoji of a silver medal obviously referring to the fact that he is the world's richest person according to the Bloomberg billionaires index so must get gold I guess is what you're saying Yeah I didn't say it but I'm glad you did All right Yeah Maybe I'll get in trouble for that one Thank you Eddie Let's get to global sports Dan Schwartzman's with us so question deno is Byron Munich trying to poach Barcelona's roster You know Doug they must be in better financial.
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"China and India border talks have gone nowhere and both sides are blaming each other for a lack of progress let's get to it backstreet in San Francisco with all the latest Yeah I've been here done that but the hoax were really really high for this one Jules China says it made great efforts to compt tensions by that India stuck to unreasonable and unrealistic demands India's military on the other side said they had made suggestions for resolving dispute but the Chinese side was not agreeable and also could not provide any forward looking proposals Hong Kong observatory says it is considering issuing a storm signal 8 later this afternoon currently three enforcers says a tropical storm composer will intensify as it moves across the northern part of the South China Sea kindergarten classes already suspended Merck has asked for emergency approval from the FDA for its COVID-19 antiviral pill Bloomberg health reporter Robert langwith says this would change the game a bit I can't say it's a very very big advance because just really because it's just so much more convenient and easier to take a pill for a virus and what we have right now which are either Remdesivir which is given in hospital at the Gilead drug or the various monoclonal antibodies that have to go and get a few Yeah langres says if this flow it's the hope is other drug makers will jump in as well Southwest Airlines canceling more than 350 flights today following a very bad weekend The company says weather in Florida others are saying it's staffing shortage because of mandatory vaccination requirements the company says that is not true Singapore announces an opening of air travel restrictions certainly interest Singapore airlines website was temporarily down over the weekend as people tried to jump in A China's president Xi Jinping will have a phone call with president of the European council Charles Michel on Friday The FBI is saying today that the naval secrets set alleged spies had were very high technology The story we had yesterday for you ABC analyst colonel retired Steve ganyard says they were substantial The nuclear reactor technology that the U.S. Navy uses on its aircraft carriers and submarines has taken decades and hundreds of billions of dollars to develop the technology of some of the most closely held technology secrets that the U.S. has And ganyard says there have been major technology danger if it had landed a foreign government hands he says tech only shared with UK and Australia And here you go sound the bell Let's go round What is this 46 Elon Musk wants Jeff Bezos to know he's number one Bezos initially put out a tweet that concluded Amazon is one of the world's most successful companies and has revolutionized two entirely different industries Musk responded by posting the emoji of a silver medal Obviously referring to the fact that he is the world's richest person according to the Bloomberg billionaires index Boy is boys boys In San Francisco I'm at Baxter This is Bloomberg Brian Yeah boys just want to have fun That's it This is the way they have fun I guess so When you're that rich I would imagine they would get along but perhaps perhaps that's not the case Big egos Yeah All right well the time here is 38 minutes past the hour Let's get some global sport.
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"Kong observatory says it signal three store warning will remain in effect this morning and that it may increase to as much as signal 8 this afternoon severe tropical storm capacity skirting to the south of Hong Kong Gale force winds increasing as it approaches in the northern part of the South China Sea kindergartens have already been suspended As Singapore announces an opening of air travel restrictions there was well certainly interest Singapore airlines website was temporarily down over the weekend as people tried to jump in crash Southwest Airlines canceled more than 350 flights today following a very bad weekend The company says weather in Florida Others are saying it is a staffing shortage because of mandatory vaccination requirements and a pilot sick out The company says that is not true Merck has sought use authorization in the U.S. for its first oral antiviral treatment for COVID-19 Thailand has unveiled a road map to revive its tourism reliant economy by gradually scrapping a mandatory quarantine for vaccinated visitors UK pregnant women who have not been vaccinated against COVID-19 account for almost 20% of critically ill coronavirus patients in England's hospitals China's president Xi Jinping will have a phone call with president of the European council Charles Michel on Friday and Facebook whistleblower Francis haugen will appear before the UK and EU parliament October 25th In San Francisco I'm a Baxter R back to you mister Curtis All right thanks very much It's time now for the daybreak Asian media and tea leaves review We look at some of the top stories in media websites and in newspapers across the region Well for many of you you may have noticed Tencent has bounced about 10% in a week the stock and Alibaba is up about 20% or so in about ten days to two weeks So you might think well the regulatory crackdown in China may be winding down Well we have a report in The Wall Street Journal suggesting that now the banks and their regulators may be the next big target The newspaper reports the president Xi Jinping has ordered an investigation on financial regulators This would be to see if the PBOC and some of the banking insurance and securities watch dogs have been negligent or have grown too close to chummy to the firms that they supervise So we'll be checking this one And also from Chinese state media China's envoy tiangong says this is no time for James Bond theatrics by the United States Let's talk recoupling Chin told Phoenix television in China that the U.S. Cold War playbook should be left to Hollywood blockbusters Trade frictions are normal The key is how to deal with them And that is to look at the media Paul and dug to you All right thanks very much Brian Well we have oil right now trading at $80 and 29 cents to talk about this and other matters and Mike mcclone commodity strategist for Bloomberg intelligence Mike that oil price continuing to gain strength But how long can this continue Because Bloomberg measles also reporting a revival of shale drilling in the permanent Permian Basin in the U.S. now So have we reached the peak here Are we close to it Hello It's hard to tell exactly when the whole short covering issue is going to stop But I think who else putting in an enduring peak like it did from 2011 2014 you just mentioned shale back around 2014 the average cost for U.S. shale was closer to $60 a barrel Now it's $35 a barrel and just it's going to get ramped up It's just a matter of time and demand is flat and has been fun Now we have the highest incentive for more supply and less demand than we've had in 6 or 7 years So to me those major forces that have kept crude oil right now about half its peak from 2018 are just starting to accelerate So I think this is a short term gain in the longer term cure for higher commodity prices in crude oil the main spot you fully expect a year from now the price is at $72 a barrel And in fact I think I'll actually be lower Now that's just looking at the quarter to curve in futures It's very interesting that you attribute the move that we have seen to the upside to short covering Mike and I'm curious whether or not the same would apply to other commodities when you look at natural gas We were talking earlier about iron ore prices being up 50% over the last three weeks coal prices in China now kind of record levels Is the same to be said for each of these separate commodities that we're seeing kind of a short squeeze of sorts Well part of it is that Doug but I think this is legitimate buying my glad you mentioned natural gas Natural gas is what's pulling up most of the sector a lot of the short term issues with supply and on the back of the hurricane U.S. but it's been the worst performing most deflationary commodity in the history of commodities for last 20 years The price of natural gas right now the benchmark U.S. about 5 was first traded about 15 years ago and CPI is up almost 40% since then And the peaks have been around 6 Now it's also this time of year It's getting to November So the market is only price for a bad winter That's the major risk The average cost of U.S. sale natural gas production is around 1.5% and it's trading at 5.3 So we all know there's massive supply that just can not wait to come back on It's the same rinse and repeat That.
Bloomberg Radio New York
"charles michel" Discussed on Bloomberg Radio New York
"Trading in Asia looking at Chicago nica futures 28,495 So we're essentially flat relative to where we were yesterday in Japan and we have a bank of Korea holiday policy decision coming up later We'll talk more about market action for you in about 15 minutes At Baxter has global news in San Francisco Eddie All right hi Doug Welcome back man As Singapore announces an opening of air travel restrictions there is certainly interest Singapore airlines website was temporarily down over the weekend as people tried to jump in Southwest airline says 10% of its fleet is still on the ground after a weekend of delays which had blamed on weather at the time It is now telling Bloomberg it needs more staff Merk has sought use authorization for the U.S. its first oral antiviral treatment for COVID-19 Thailand is unveiled a road map to revive its tourism reliant economy by gradually scrapping a mandatory quarantine for vaccinated visitors UK pregnant women who have not been vaccinated against COVID-19 account for almost 20% of critically ill coronavirus patients in England's hospitals China's president Xi Jinping will have a phone call with president of the European council Charles Michel on Friday CNN is reporting a twin engine cessna has crashed into a neighborhood in Santee California which is a suburb of San Diego It says at least two people have died and Netflix co CEO Ted sarandos has defended the network's airing of a controversial Dave Chappelle comedy piece featuring trans jokes He defends it as artistic freedom In San Francisco I'm at Baxter This is Bloomberg All right thanks a lot for that Let's get back to our guests with a half hour senior market strategist at riverfront investment group in Virginia and we're joined by Rebecca Felton Rebecca you strategies at the moment pro risk What does that mean in reality Well we're still overweight equities with versus bonds We have been in that mode of for much of this year and this pretty much we came out of out of those march lows last year We went back to our pro risk stance Now we're leaning into the U.S. we are still underweight developed equities as well as emerging markets I noted that some of the Internet plays and ecommerce companies in Asia have balanced Just to give you an example Alibaba has jumped about 20% here in the past three weeks or so It's sort of like a green light there for many Others have mirrored that kind of jump You're not so exposed here and just about the time you think maybe you would then you get a story like we saw in The Wall Street Journal about even more regulation coming now on the bank regulators How concerned are you about China Well that is that is part and parcel while we remain underweight emerging markets I think we're talked about that at the top of the hour The issue with the regulatory scrutiny on banks and we've seen that in other industries right in terms of Internet real estate And of course with the evergreen situation you have worries over how far that goes in terms of the bank exposures in terms of liquidity And then one more issue with what's going on in China on the tensions with China and Taiwan So there are just too many unanswered questions and too much potential for volatility for us to go there right now Yes So actually you may be pro risk but not that much risk I'm assuming In essence okay so in other words you look further in places where supply chains are diversified and look for opportunities that in the emerging market space even though you're underweight Yes we still are And I mean we're watching it all the time Our mandated that we have the ability to be flexible And so we can raise or lower these exposures fairly quickly and we will do that if we've determined that we need to for a particularly for those portfolios that we have that are looking out 7 to ten years Perhaps not in the more conservative ones that have a heavier exposure on a normal basis to fixed income would probably not add back as quickly Doug mentioned stagflation I remember yesterday with one of the guests I was just kind of losing my head saying there's no stag There is no stag and unless you're predicting something that's going to happen You're speculating whatever There's solid growth right now in the big economies But I guess with energy prices raging like this that has the potential to shut down growth somewhere down the road to talk a little bit about again your fears or perhaps your confidence in growth Well I have to say we're sort of again given how several positions we are going to be watching Q three reporting season very carefully We have navigated through this year with companies beating expectations that were already very elevated We've already seen in the last month or so a flattening of upwards estimate revisions that we've seen with revisions actually flatten out a little bit So we might be at a turning point we know that earnings growth this year is still on track to be north of 25% or so but the next year you're going to do well to get 10% in terms of earnings and digital digits in terms of revenue growth So we will see a period of deceleration and these higher input costs can absolutely impact that negatively Very quickly here Also you know how much are you concerned about the impasse on capital hill Well the volatility in politics just as there are in markets right And we have seen a great deal of brinkmanship and perhaps the fact that I don't want to say the approval ratings are following rather I'll say the disapproval ratings are increasing And it's going to be a bumpy ride I think coming out of Washington particularly when you have the inviting inside of both parties as to how Rebecca thank you so much for joining us Rebecca felt in that scene in Marcus strategist a riverfront investment group getting her take on the markets If you've got a personal auto insurance question you could talk to a cab driver Although the policies he recommends might include avoiding the interstate beating traffic by taking the back roads and only making left turns when absolutely necessary Or you could.
Monocle 24: The Globalist
Brexit negotiations extended
"The brexit negotiations have been extended. It's been a tense weekend of talks which ended without a resolution except that the teams will continue to bargain. Darn mccaffrey's urine news political editor. Ann joins me now. Darna blustery man and a crumpled face and impeccably turned out an utterly composed woman libertine and lutheran images of boris johnson's meeting with usher underlying dominated the front pages and it seemed to me at least pretty much characterize the tone of the brexit negotiations. So can you tell us what happened over the weekend will in many ways. Of course the talks restarted. Again as you say. After that meeting with vonda line and boris johnson in brussels on wednesday nights they did seem not make an awful awful lot of extra progress. They inched forward to a large degree editor. Tina particularly in this area of the level playing field dot es britain would have to adhere to many of the rules and regulations of the european union for years to come that wants to have access to the single market particularly on this idea of divergence. Oh britain wants to forge. Don't power in the world committee regards. That's what brexit is. All rexiti is all about was the european union since she says well. If you do that that means consequences. It means. We may well the limit your access to the single market and the have been suggestions that it britain diverged. Too far the cop. Some of those rules and regulations that brussels could put on what a cold kind of like tariffs taxes on some of its goods to try and keep it into line. And that's been the really controversial area on that point. Europe seems to be conceding some ground that may be britain might be able to reciprocate by doing exactly the same to the eu all that the independent all between posts deciding if britain is undercut those regulations. That in the end that process is a bit more complicated and drawn out and then the eu it initially anticipated all although that's an awful lot of detail on what is a minor point there are still these inefficient gaps but there is a sign of progress and the reason that the talks continued. Go beyond yesterday is done to kind of to simple reasons. A neither side wants to be seen to walk away from these talks. Georgina no wants to collapse them. Because ultimately they'll always be a blame game about who brought about the no deal brexit and second of all you know it may well bore us all to death and there's no home and carry on talking no one loses so why not talk until the cows come home or indeed the. We're not allowed fireworks in us even till they're crackers get pulled. Whatever happens on new year's eve this year. So i mean the talks could actually go on until the deadline which is the thirty first of december. We'll in practical terms not really. Id so that the front pages of today's daily telegraph suggests that talks could carry on until new years. That's the headline. at least though. It doesn't suggest what year which is likely distancing. No i in theory. And i think we all kind of i keep saying this into the last week. I was told last week by an eu diplomat that were looking at the eighteenth around the as well as the last days to secure agreement because then we really all pushing the envelope in terms of actually just having time at all for both the european parliament and the british folder to ratify this agreement. Because it will have to be. There is a deal will need to be ratified by both parliaments. Not there is talk and with the eu everything is flexible that potentially it could be agreed by e you leaders and ratified provisionally in the new year. So almost in retrospect. I'm not entirely sure that can happen with the uk parliament but you know talks will continue at some stage. Somebody's gonna have to make a decision though. I mean they cannot continue indefinitely. And as you've said as the telegraph suggested they definitely cannot continue beyond news because of the legal deadline that is in place. But i mean there are also things like for instance tax systems need more than a fortnight to boot up to change various things. We're also being told that supermarkets have been ordered to stock up the goods. In event of a no deal will cost twenty percent more that there are interim measures to keep planes flying and so on. I mean there's so much detail that needs to be worked out the things that are really interesting about this first of all even if there is a deal it's only really covering about twenty cents of the existing rules and normality. That's already in place which means that's eighty. Percents is either having to be made up by changes that businesses are having to make stuff that you and i won't see but will cost them time and money and additionally the will be disruption because of course will be extra checks at borders particular over in calais and that means that we will see many more pictures of those lorries cues them for after aftermarket after mile. And you're right. We all still likely to see an increase in food prices to a degree. If there is no deal that gets worse because the tariffs potentially william place will be in place sterling will potentially fall even further on those two factors will mean that food prices will likely increase the destruction means that supermarkets already ordering goods talk about destruction to medical supplies and also in the amended. No deal as you rightly dives there will still have to be many deals. Don't breakneck speed to ensure that you know planes continue to be able to fly into european espace. That lorries are able to even enter the opinion so even if there is no overall trade agreements that will still have to be some deals just to make sure that things carry on beyond the. I generally in a relatively normal way now. What about the navy. The royal navy has been told that it should patrol to police channel waters To to stop illegal fishing as it may well be by then Charles michel the president of the european council referring to that said the britain was not lose. Its cooling. Go overboard he said. I'm trying to be serious on the european side. At least we keep our sang for. Yeah i think we'll see what happens with the role now. I mean even in the event of not we'll see what happens with the law. Maybe i'm sure they will patrol and all we're going to get into fish wars that we saw. I think it was back in the nineteen seventies involving iceland's when it really did get a bit nasty and ships were sunk certainly pretty badly damaged in wars over fishing there. You have to remember the european union in its deal contingency. Planning junior suggested that. If britain bolts these breakneck speeds kind of temporary deals. That i was talking about when it comes to the ability to move call goran or indeed planes that they would have to concede that the current agreement on fishing would continue for at least another year. Which makes me think that in the ends. That probably was likely to happen. Not least of all as well because we have to remember no deal. I deal on. Fishing may be banned from both sides and fishing but no deal is also bad. And i'm not entirely sure that the fishing communities of the east coast of england or northern france. Want no deal either. Because that may mean they don't have access to each other's waters but given the acrimony were to see in the nastiness in no deal. Brexit may will also mean that those uk fishermen for example will not be able to sell the fish to the european market.
AP News Radio
EU: Europe is battling virus and 'virus fatigue'
"The top E. U. official urged the twenty seven member states to introduce common rules to test for the disease and track it spread with tough a coronavirus restrictions likely European Council president Charles Michel who will chair an upcoming summit of leaders has underlined the G. Stickle challenges likely to plague the rollout too many vaccines likely early next year given the wheels because trading bloc relies on free movement between its member states Michelle says nations must coordinate their approach of new coronavirus tests and tracing systems into the whole thing the virus spread Michelle tells France radio RTL will in the storm we are all in the same boat and in the storm we must keep cool heads I'm Charles the late this month
Morning Edition
EU nations clinch $2T budget, virus aid deal after 4 days
"Prime Minister Charles Michel says he's pleased with the $2 trillion budget agreement reached this morning in Brussels. Is this a good deal? This is a stone dealer and, most importantly, Is this the right deal for Europe, right? No. More than $800 billion will be used to help the 27 you nations were cover from the Corona virus pandemic.
Frontlines of Freedom
Paris protests spread to Brussels as demonstrators clash with police
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