17 Burst results for "Chief John Williams"
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Begin in the UK where data this morning show inflation is slowing more than expected. CPI rose 10.1% from a year earlier, the lowest marks in September. Emmanuel cow, head of European equity strategy at Barclays, says investors are still wary of UK stocks. If you start to see some moderation inflation there, if you start to see the cost of leading crisis moderating, I guess, that might revive interest on the footage to fit in the more domestic part of the equity market, but speaking to global investors is a hard to fit much interest. I would say on the equity space in the UK. Hey, Manuel cow, at Barclays, believes they're still opportunity in Europe. He says rates don't weigh as heavily on Euro equities as they do in the U.S.. Well, speaking of the U.S., Karen fed officials insist rates could go higher if inflation here remains sticky, Richmond fed president Tom barkin tells us controlling inflation remains a top priority. New York fed chief John Williams thinks the fed's rate hike path will get prices back to their target. I am confident that the gears of monetary policy will continue to move in a way that will bring inflation down to 2%. New York fed president John Williams spoke at the New York bankers association in Manhattan this morning fed officials get more data to digest at 8 30 Wall Street time. We'll get the January reading on retail sales. In the meantime, in D.C. Nathan, one of the fed's most dovish voices is headed to The White House, President Biden named vice chair Lyle brainard as his top economic adviser. As for earnings in the U.S., a couple travel related companies are up in early trading, Airbnb gave a strong first quarter forecast and TripAdvisor beat fourth quarter estimates. And to Twitter now, CEO Elon Musk is reportedly taking steps to boost his tweets, we get the latest live with Bloomberg Steve rappaport, Steve good morning. Good morning, Karen and Nathan. Elon Musk says engineers are making adjustments to the social network's algorithm after a flood of the CEO's post Super Bowl thoughts generated a flood of complaints. The tech news website platformer reports Musk order changes to put his tweets front and center because his post supporting the Philadelphia Eagles just didn't get the attention he wanted. The since deleted tweet generated about 9 million impressions, whereas a similar tweet from President Biden was viewed more than 29 million times. Musk has more than three times the amount of followers than the leader of the free world. Live in New York, I'm Steve rappaport, Bloomberg, daybreak. All right, Steve, thanks. That's the 5 things that you need to notice start your day brought to you by interactive brokers. Futures this morning they're moving lower S&P futures down a third of a percent down 13 points down futures down to tenths of a percent or 70 points and NASDAQ futures down four tenths of a percent or 52 points. Ten year treasury up two 30 seconds, the yield 3.73% in the yield on the two years at 4.60%
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Trading, thus yet you have to date in the news you need to know what this shower. We begin in the UK where data this morning show inflation slowing more than expected. CPI rose 10.1% from a year earlier, the lowest marks in September, Emmanuel cow, head of European equity strategy at Barclays, says investors are still wary of UK stocks. If you start to see some moderation in fashion there, if you start to see the cost of living crisis moderating, I guess that might revive interest on the footage to fit in the more domestic part of the equity market, but speaking to global investors, it's hard to fit much interest. I would say on the equity space in the UK. Emmanuel cow at Barclays believes there's still opportunity in Europe. He says rates don't weigh as heavily on Euro equities as they do in the U.S.. Well, speaking of the U.S., Karen fed officials insist rates needed could go higher if inflation remains sticky, Richmond fed president Tom barkin tells us controlling inflation remains a top priority and New York fed chief John Williams thinks the fed's rate hike path will get prices back to their target. I am confident that the gears of monetary policy will continue to move in a way that will bring inflation down to 2%. New York fed chief John Williams spoke at the New York bankers association in Manhattan this morning fed officials get more data to digest at 8 30 Wall Street time. We get the January reading on retail sales. Meantime in D.C., Nathan, one of the fed's most dovish voices is headed to The White House, President Biden named vice chair Lyle brainard as his top economic adviser. To earnings here in the U.S. a couple travel related companies are up in early trading, Airbnb gave a strong first quarter forecast and TripAdvisor beat fourth quarter estimates, both stocks are up more than 9%. And to Twitter now, CEO Elon Musk is reportedly taking steps to boost his tweets and we get the latest live with Bloomberg Steve rappaport, Steve good morning. Good morning, Karen and Nathan. Elon Musk says engineers are making adjustments to the social network's algorithm after a flood of the CEO's post Super Bowl thoughts generated a flood of complaints. The tech news website platformer reports Musk order changes to put his tweets front and center because his post supporting the Philadelphia Eagles didn't get the attention
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Index futures are lower this morning. We check the markets all day long here on Bloomberg S&P futures down a third of a percent or 15 points down features down to tenths of a percent or 72 points, and NASDAQ futures are down half percent or 57 points, ten year treasury up three 30 seconds, yo 3.73%, Nathan. Karen, we begin with inflation and interest rates in focus around the world. Let's start in Europe or data this morning show UK inflation slowed more than expected. We go live to London and get the latest with Bloomberg's UN pots. Good morning Ewan. Good morning, Nathan and Karen UK consumer prices rose 10.1% in the year to January down from the ten and a half percent pace in the previous month. It's the third month of declining inflation with a dip in the price of fuel for cars a key driver, restaurant prices also rising more slowly. It's welcome news for the Bank of England, but with inflation still 5 times over target and wage growth coming in hot, the bank has plenty of work to do. In London, I'm in big daybreak. All right, you and thanks. Well, back here in the U.S., more fed officials are raising the specter of higher rates. We spoke exclusively with Richmond fed president Thomas barkin. We may or may not choose to take rates up further if inflation continues to persist. But we'll have to see what happens. If inflation settles, maybe we don't go quite as far. But if inflation persists at levels well above our target, maybe we'll have to do more. Like Richmond fed president Tom bark in New York fed chief John Williams said controlling inflation remains the top priority. I am confident that the gears of monetary policy will continue to move in a way that will bring inflation down to 2%. We will say the course into a large job is done. New York fed president John Williams spoke at the New York bankers association in Manhattan. Well, Karen, one of the fed's most dovish voices is headed to The White House, President Biden has named vice chair Lyle brainard as his top economic adviser, and the president's also promoting Jared Bernstein to chairman of the council of economic advisers. Moody's analytics chief economist Mark zandy says he is a fan of both. They both have a long history working with President Biden and the rest of the administration. They've been in the layout in the treasury and fed and Jared's been was vice president vice President Biden back in Obama administration. Mark zandy at moody spoke with our Washington correspondent Joe Matthew on Bloomberg sound on, catch the show weekdays, 5 p.m. eastern on Bloomberg radio or listen on demand wherever you get your podcasts. Well, now Nathan fed officials yet another economic report to inform their next policy decision and this morning we get the January reading on retail sales and here with the preview is Bloomberg's Michael McKee. Americans did something different in January. They bought more cars. That should help retail sales rebound after a surprise decline in December. The gasoline they put in those cars also cost more during the month and sales are denominated in dollars. Clothing stores may also have seen higher sales as apparel prices unexpectedly rose in January. That's not the dynamic, the fed wants to see policymakers are hoping demand drops so inflation will fall. A strong retail report would keep market concerns about higher interest rates front and center. Michael McKee Bloomberg daybreak. Mike, thanks on the earnings front watching shares of Barclays. They are down more than 8 and a half percent. The company or the banks trading about fixed income and equities missed estimates, Barclays also docked its bonus pool by about $600 million last year. On the flip side, commodities giant Glenn core saw its profit rise 60% to a record $34.1 billion. Glenn core will also return more than $7 billion to shareholders in dividends and buybacks. Well, here in the U.S., Nathan a couple of travel related companies are surging in early trading, Airbnb gave a first quarter revenue forecast that was stronger than expected and online travel company trip adviser reported fourth quarter results that beat estimates and both stocks are up more than 9% this morning. Turning to Silicon Valley now, it looks like you're not going to see a new CEO at Twitter until next year. Elon Musk talked about the succession plan at the world government summit in Dubai. I think I need to stabilize the organization and just make sure it's financially healthy place and that the product road map is clearly laid out. So I don't know, I'm guessing probably towards the end of this year, it would be good timing to find someone else to run the company because I think it should be in a stable position around at the end of this year. Meantime, Musk is reportedly taking steps to boost his tweets. We get the latest live with Bloomberg Steve rapaport, Steve good morning. Good morning, Karen and Nathan. Elon Musk was said to be incensed when his Super Bowl tweet generated a mere 9 million impressions, whereas a similar post from President Biden was viewed more than 29 million times. The tech news website platformer reports Musk ordered his team to alter the social network's algorithm to prioritize his posts. Twitter users on Monday could play their feeds were flooded with Musk's musings. The CEO later tweeted stay tuned while we make adjustments to the uh algorithm that last word in quotes, live in New York, I'm Steve rappaport, Bloomberg daybreak. All right, Steve, thanks, moves by Warren Buffett to tell you about this morning. Berkshire Hathaway increased the size of its bets on Apple, paramount global and Louisiana Pacific in the fourth quarter. At the same time, Buffett slashed his holding of Taiwan's semiconductor manufacturing just months after disclosing a major stake, Taiwan Semiconductor is down almost 4%. And from one billionaire to another, ray dalio is speaking out about U.S. China relations, the founder of Bridgewater associates says China is coming out on top in the trade war with the U.S., but he told the conference in Dubai the standoff between the world's two biggest economies will likely not escalate into military conflict. Straight ahead your latest local headlines, plus a check of sports and this is Bloomberg. It is 47° in Central Park. It's going to be partly sunny breezy and quite mild today, highs in
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe. I think what you're going to see in the UK is you're going to see the Central Bank, having to respond to really bad data. Tax cuts should not be the priority at the moment. It's about a credible plan for growth over the next two, three years. I think we have started to turn a corner. That's encouraging. We've got a long way to go and there are a lot of risks. We know that we have ground to cover. We know that we are not done. Bloomberg daybreak, Europe, on Bloomberg radio. On this 9 31 a.m. here in the City of London, I'm Caroline Hepburn. And I'm Tom Mackenzie, you are listening to Bloomberg daybreak Europe. So there's a red headline that's just crossed a few moments ago, but interesting, I think, very much to our London European listeners, a Lufthansa, the IT system, IT system problems that they are having are causing widespread cancellations so they've got our IT issues for the airline and it is effective flight operations according to a spokesperson, so if you're traveling be warned, brief look at the market, it's down in Asia, European stocks also flat for 200 down, a tenth of 1% as stock futures for the U.S. market open S&P 500 imani's down three tenths of 1%. The big rethink in markets over U.S. inflation three 73 for U.S. benchmark yields on the ten year German yields this morning training at 4.19 cents also dropping three basis points. The dollar is bid. The Euro and Sterling much weaker this morning. Okay, and part of that is linked to one of our top stories. UK inflation then falling for a third straight month, but still sits in double digits at 10.1%. The Bank of England expects a rapid fall. In inflation this year, forecasting that price rises will ease to 4% by the end of 2023, but Martin tag national chair at the federation of small businesses told us they still need to see help from the Chancellor. In next month's budget. The government has to recognize that in the past the only people have been able to rescue the economy from recession have been the smaller businesses in the UK. That's a consistent pattern over the last four recessions. And if they really are serious about making sure that they recover, they see some sort of bounce. They're going to have to help these businesses. Martin Matt spoke to us as the data showed the decline last month was largely due to falling petrol prices. Now, traders are abandoning bets that the U.S. Federal Reserve is about to cut rates with the yield on the two year rising above four and a half percent. The market rethink comes after data showed that consumer prices in the U.S. rose by 6.4% in January year on year. Speaking exclusively to Bloomberg, the Richmond fed president Thomas barkin says the Central Bank will hike higher if needed. Inflation is normalizing, but it's coming down slowly. And I just think there's going to be a lot more inertia, a lot more persistence to inflation than maybe we'd all want. Part of that is still COVID factors, excess money, and people's pockets. Supply chain issues in places like cabinets and switch gears. Part of his business factors, there are businesses out there still trying to recover lost margin. Bakin's comments were echoed elsewhere by the New York fed chief John Williams, who says the U.S. Central Bank will stay the course until prices moderate. Now, shares in Barclays have fallen sharply currently down more than 8% after the bank reported disappointing earnings for the fourth quarter. Results missed estimates across the board with over and over revenue investment banking and net interest income all coming in below expectations. Despite the downbeat numbers, the bank did say it will initiate a share buyback of up to 500 million pounds. And now ASML says that a former employee in China misappropriated data about its proprietary technology, potentially violating export controls. The Dutch company, the leading maker of high-tech machines for producing ships, says that it reported the breaches to authorities and initiated an internal review, it's the second time in as many years that ASML has leveled charges against Chinese entities. Australia Central Bank chief says he will not be resigning as he made his first public remarks this year Philip low, faced a Senate committee after calls from some lawmakers for him to step down over earlier guidance that interest rates were likely to rise at bar four 2024, and that was a comment, of course, from Philip led the RBA. Governor, who has been under pressure plenty more coming up, this is Bloomberg. Bloomberg radio on demand and in your podcast D on the latest sound on podcast, Nikki Haley officially throws her hat in the ring for the 2024 presidential nomination. I get reaction from Republican strategist Boyd Matheson and democratic strategist Tim Hogan. Candidates can not run for president and not confront Donald Trump on the Republican side. Is that what this is? Maybe. It's entirely possible. That's what it is. She was on Hannity back in late January, teasing her announcement. And he asked a good question to her that she still has an answer, which is what is the policy difference that you have with Donald Trump. And I don't know what it is. He has a record that is just an abysmal that Democrats can draw some contrast with, but you just can't run in the Republican primary and hope that Donald Trump ignores you. Boyd Matheson, Nikki Haley, has a great story to tell. Can she get around Donald Trump or is that not the point? She wants to be with Donald Trump. You know, I think she does have a story to tell and it's really interesting. And Tim gets this his former boss senator Klobuchar went with really long odds and it's probably inside the margin of error when she started. But she had a story to tell. And she made some great inroads. I actually wish you would have gone farther and so you have to look at that from an overall perspective. But I'd love to be in the room. And I bet Tim would too with the Nikki Haley group to say, okay, when you're going to launch such an endeavor, you first have to look at the polling numbers. You have to have a reality check there. Then you have to be able to identify a lane. Is there a lane to run in? And then can you raise the money to actually do it? But I think in terms of a lane, I think you can see what she's trying to
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Bloomberg daybreak Europe. I think what you're going to see in the UK is you're going to see the Central Bank, having to respond to really bad data. Tax cuts should not be the priority at the moment. It's about a credible plan for growth over the next two, three years. I think we have started to turn a corner. That's encouraging. There's a long way to go and there are a lot of risks. We know that we have ground to cover. We know that we are not done. Bloomberg daybreak, Europe, on Bloomberg radio. Good morning, everybody 8 30 here in London, I'm Anna Edwards. And I'm Stephen Carroll. This is Bloomberg daybreak Europe we check the markets for you all day long at Bloomberg where half an hour is the trading session in Europe. The stock 600 now down by a tenth of 1%, the 4100 also down by a tenth. The cacao in Paris though up by four tenths of 1% of the Dax and Frankfurt also up by three tenths as well in terms of the sector is pretty even split between positive and negative sectors at the moment on European markets. Basically resources bottom of the basket down by 1.3%, personal consumer goods and discretionary services are up by 6 tenths of 1% this morning's our telecom sharers also up by half of 1%. Wall Street futures are in the red S&P E minis half a percent lower NASDAQ features also a half percent lower. And the pound is 7 tenths of 1% weaker against the dollar one 2089 is where it's trading on. Okay, so those are the moves in markets and that last point around the pound links into our first top story. UK inflation has fallen by a third straight month, but still sits in double digits at 10.1%. The Bank of England expects a rapid fall in inflation this year, forecasting the price rises will ease to 4% by the end of 2023, but Martin mccabe, national chair of the federation of small businesses, told us they still need to see help from the Chancellor in next month's budget. The government has to recognize that in the past the only people have been able to rescue the economy from recession have been the smaller businesses in the UK. That's a consistent pattern over the last four recessions. And if they really are serious about making sure that they recover, they see some sort of bounce. They're going to have to help these businesses. Spoke to us as the data showed the decline last month was largely due to falling petrol prices. Traders are abandoning bats, the fed is about to cut rates with yield on the two year rising above four and a half percent. The market rethink comes after data shows consumer prices rose by 6.4% in January year on year, speaking exclusively to Bloomberg, a Richmond fed president Thomas barkin says the Central Bank will hike higher if needed. Inflation is normalizing, but it's coming down slowly. And I just think there's going to be a lot more inertia, a lot more persistence to inflation than maybe we'd all want. Part of that is still COVID factors, excess money, and people's pockets. Supply chain issues in places like cabinets and switch gears. Part of his business factors, there are businesses out there still trying to recover lost margin. Parkinson's comments were echoed elsewhere by the New York fed chief John Williams, who says the U.S. Central Bank will stay the course until price's moderate. Shares in Barclays have fallen sharply after the bank reported disappointing earnings for the fourth quarter. The stock is currently down by just over 8%, results missed estimates across the board with overall revenue, investment banking and net interest income all coming in below expectations, despite the downbeat numbers, the bank did say it will initiate a share buyback of up to 500 million pounds. After a record slew of job cuts Goldman's CEO David Solomon says the bank plans to have stricter hiring policies going forward, he told a Credit Suisse conference cutting costs was a key focus for him. We are definitely in a different macroeconomic environment than we've lived in for the last decade. And I still think that people are adjusting to that. People are going to have to adjust to that with respect to asset prices and returns. And things like that. And it's an adjustment period. And like everything else, it lags. It takes time for people to accept the new reality, and we're still we're still in my opinion and that transition. Speaking at the same conference, I was Solomon JPMorgan's chief financial officer Jeremy barnum also struck a pessimistic tone he warned the lenders first quarter trading revenue for this year may decline compared to the $8.8 billion it pulled in at the start of 2022. ASML says a former employee in China misappropriated data after its proprietary technology potentially violating export controls the Dutch company, the leading maker of high-tech machines for producing chips, says it reported the breach to authorities and initiated an internal review, it's the second time in as many years that ASML has leveled charges against Chinese entities, those are our top stories. It's coming up next on Bloomberg daybreak, Europe. We'll be talking about U.S. wage growth and rate expectations with Emmanuel co head of European equity strategy at Barclays bank interesting to get his views as
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Movement since that UK CPI prints 6 tenths of 1% weaker now against the dollar under one 21. Just a whisker, the Euro's two tenths of 1% weaker against dollar one O 7 13 Wall Street features also in the red and equity markets S&P E minis are down by half of 1% now stock futures down by 6 tenths. Now to our top stories, UK inflation has fallen for a third month in a row, but still sits in double digits at 10.1% for January, the decline is the latest month, was largely due to falling petrol prices along with easing price pressures in restaurants and cafes. Traders are bouncing back to the fed is about to cut rates with the yield on the two year rising above four and a half percent. The markets rethink comes after data showed consumer prices rose by 6.4% in January year on year, speaking exclusively to Bloomberg Richmond fed president Thomas barkin says the Central Bank will hike higher if needed. Inflation is normalizing, but it's coming down slowly. And I just think there's going to be a lot more inertia a lot more persistence to inflation than maybe we'd all want. Part of that is still COVID factors, excess money and people's pockets. Supply chain issues in places like cabinets and switch gears. Part of his business factors. There are businesses out there still trying to recover lost margin. Barkin's comments were echoed elsewhere by New York fed chief John Williams, who says the U.S. Central Bank will stay the course until prices moderate. Now to chip's news, ASML says that a former employee in China misappropriated data about its proprietary technology, potentially violating export controls. The Dutch company, the leading maker of high-tech machines for producing chips, says that it reported the breach to authorities and initiated an internal review, it is the second time in as many years that ASML has leveled charges against Chinese entities. After a record slew of job cuts, Goldman's CEO, David Solomon, says the bank plans to have stricter hiring policies going forward, he told a Credit Suisse conference that cotton costs was a key focus for him. We are definitely in a different macroeconomic environment than we've lived in for the last decade. And I still think that people are adjusting to that. People are going to have to adjust to that with respect to asset prices and returns. And things like that. And it's an adjustment period. And like everything else, it lacks. It takes time for people to accept the new reality. And we're still we're still in my opinion and that transition. Speaking out the same conference as David Salomon, JPMorgan's chief financial officer Jeremy barnum also struck a pessimistic tone he warned the lender's first quarter trading revenue for this year made decline compared to the $8.8 billion that it pulled in at the start of 2022. Now Australia's Central Bank chief says that he won't be resigning as he made his first public remarks this year, Philip Lowe faced a Senate committee after calls from some lawmakers for him to step down over earlier guidance that interest rates in Australia were unlikely to rise before 2024. Sometimes the fact that it's all down to me is a bit unfair, but because it's the board during iron office, including Michelle and make these decisions. And we take them collectively. It's not just me making these decisions. There are 9 people based on the advice of a large staff. That was Australia's Central Bank chief Philip Lowe. Those are our top stories this morning. I'm actually really interested to hear Philip low talk about the criticism level that central banks, because you know, for most people, we talk here about a lot of cause and effect of why central banks are doing it. But for most people, they just see their interest rates going up. If they're paying a mortgage and they see those costs going up and the raised criticism of central banks for that reason. Yeah, well, this criticism for that. But I think that the market criticism is about where the central banks got there fast enough in dealing with inflation. So that was also part of the kind of criticism of low, but quite interesting. Look, I'm watching actually the tea live blog on the Bloomberg terminal Barclays fourth quarter earnings pre-tax income and revenue missing analysts estimates they're initiating a share buyback. Mix, but equity trading fee and investment banking fees trailing off. So Barclays results out too. Okay, we'll be getting back to talking about the markets next with building head of investment strategy
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"From a year earlier. But that was about 200 million better than what management had forecast three months ago. Disney shares a training higher up about 4.8% in after hours. More hawkish messaging today from the fed we heard from governor Chris Waller, he basically said that rates need to remain higher for longer, more so than some are currently expecting and at the same time the head of the Minneapolis fed Neil cash Carrie was saying that despite some hopeful signs on inflation, more work needs to be done. There's not yet much evidence in my judgment that the rate hikes that we've done so far are having much effect on the labor market. And we need to bring the labor market into balance. So that tells me we need to do more, how much more I don't know for sure. Neil cash carry there who went on to say the fed will likely need to hike that fed funds Rachel around 5.4% in order to bring inflation down to that 2% target. Brian? And Doug, to me, this was the standout line. New York fed chief John Williams saying that the policy may need to be restrictive for a few more years for the fed to reach its inflation target. He also noted that the fed officials peak rate forecast from December are very reasonable. Policy makers had projected interest rates to rise up to 5.1% at the median level this year. It implies a couple more rate hikes will occur in 2023. Williams said that 25 basis points that that kind of move seems about the right size. Eat these 25 basis point steps, allow us to both
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"That's your Bloomberg radio business flash. Now here's the Ann garands with more on what's going on around the world at the end. Steven, good morning and thank you as Europe races for colder months as gas pipelines are being squeezed, Gazprom says it will hold gas supplies to French utility on G over a disagreement about payments, the Russian company is accusing NG of not paying in full for July deliveries. Meanwhile, Gazprom plans to shut the Nord stream pipeline to Germany for three days of maintenance, that will be beginning today. The European Union is planning emergency measures to tackle the power crunch with an announcement expected in the coming weeks. Now Bloomberg has learned UK treasury officials have estimated that gas producers and electricity generators may make excess profit of as much as 170 billion pounds over the next two years. The assessment is set to be delivered to the new prime minister who takes office next week and is likely to fuel calls for expanding the windfall tax. And finally, Goldman Sachs is easing some of its final COVID rules, including vaccination requirements, as it orders staff back to the office 5 days a week after Labor Day according to The New York Times, The Wall Street Journal, the Wall Street giant has been aggressive in pushing people back to the workplace with the CEO David Solomon saying the pandemic would not change the firm's in person culture. Now this really follows a similar move by Morgan Stanley, so there we are back to the office. Global news, 24 hours a day on air and on Bloomberg quicktake. Powered by more than 2700 journalists and Alanis symbol then 120 countries, I'm Leon guerins, this is Bloomberg, Stephen. Leanne, I this is fascinating, I think, is how companies are going to navigate what's going to be very difficult set of decisions, but we have of course the story recently in Bloomberg as well about how people want to go back to the office simply because there's just too expensive for them to stay at home to their homes. That's power prices here go up so much. No, absolutely correct. So that was a really good story that we had on our BN here. And I helped with that story just in case anyone was wondering. But it was all about really the price of staying at home. And that people are going to come into the office because it's just getting so expensive to boil your kettle so do your washing machine to have your heat. So that's sort of the argument. Are people going to flood back into the office? But then when I saw that they ordering staff back in 5 days a week, that surprised me a little bit because we've spoken so much about hybrid working and how popular it has been. I thought there might be some leniency when it came to that 5 Greek working day. I actually think that the Wall Street argument about work from home and that people should be back in the office. Is far more similar to the debate in the UK around civil servants and Jacob Rees mogg and whether people should be allowed to work from home. There's more of a parallel in terms of those attitudes than in anything else. But anyway, interesting. We all miss the water cooler culture, don't we? We all have some gossip on a Monday morning. Stop by the power. If only you worked with Leigh Anne. You know all the gossip. We have some stories to tell right, but we might tell them now because we want to talk about fed officials keeping up the rhetoric about rate hikes. But of course remaining actually quite vague about the scale of September's move and we're coming to the end of August, so really this is what we're looking ahead to as the fed moves in September. We also had new data out of China showing the world's second largest economy is continuing to struggle. Joining us now is virage Patel, global macro trashes that van der research great. Have you with us Farage? What's your view then? Firstly, on the PMI numbers out of China, contraction in manufacturing is all sorts of issues hitting the Chinese economy. Is that a concern for the rest of the global economy? I think it is a concern certainly when you think about sort of obviously being the best largest economy, but I think also to some extent a lot of this information and you can judge this by the market reaction today seems to be well known. So I think what we're starting to see one of the crowded narratives for sure is this bearish China GDP story. And one wonders whether you head into your end, things like policy support, especially as we get into that all important party Congress coming up in a couple of times as well, whether the narrative subtly changes in a way that challenges maybe that consensus view and you start to see some maybe cyclicality coming back both from China, but also spurring sort of some regional trade and sort of the regional markets as well. So that's where our head is at. We're looking on that direction sort of finding reasons to be positive rather than trying to be negative because that negativity looks to be baked in. I think that's probably where investors might have more bang for their buck rather than tracing these sort of bearish narratives. So in terms of then the Federal Reserve, the New York fried chief John Williams says rates will have to remain restrictive for some time. This of course is we're getting these signals about continuing tightening from any fat officials. How long are you now expecting fed rates to remain high for? Yeah, I think that the view that always sort of was bizarre, I guess this was this idea that the fed would quickly cut rates. And especially relative to other countries, effectively, the fed would be leading any easing cycle. So we've been sort of arguing against that pushing it back against that. And I think the market is slowly corrected for that. In actual fact, like I said, I think thinking of this sort of relative basis could be quite interesting rather than other absolute, but for us, I think there's a good case that we could say the 4% fed funds rate and stay there for a bit of a while longer than other times where we've quickly got to a point of terminal rates and quickly seeing cuts come through. And so that's our base case, but students very much that the fed isn't really the sense of the story. If you look at what's being priced into the UK curve, the PCB, because it seems as if this idea that the central banks in Europe and the rest of the world will output the fed is totally bizarre and I definitely think that that's something which markets should be looking at as a way to sort of extract a bit of alcohol on the margin. Okay, that's interesting. Well, especially given the energy crisis situation in Europe, gas storage levels may be up at 80% and we saw a big drop in energy prices yesterday, but that kind of really just underlines the volatility of prices, is there any chance that this winter might not be as bad as feared or is this crisis really just that? A 100%. I think that's exactly the question that investors should be asking. We're getting to the point where it's almost as if given how crowded this sell Europe left so everything we own here narrative was the currency the bones of the equities, it's become so crowded that you almost good news is good news, of course, but also bad news is good news because at some point we're going to get either a policy reaction function, something that causes us to move away from stagflation using to deflation where you also get a rates pivot and the Central Bank stop hiking rates aggressively. So if something will happen in the next three to 6 months that we will not be in this state of quo. And I think that for us, when we think about the most underwear and assets on a global basis, whether it's the European currencies or European equities, and even to some extent bonds as well, given the recent sell off
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Miller, weekday mornings at ten eastern on Bloomberg radio. Mississippi is in need of more resources to address the current water crisis in the state's capital city. Governor Tate Reeves made the announcement Tuesday as residents in Jackson are without safe running water. They're not significantly better, but we are seeing some progress and have some plans in place. This comes after a major pump at Jackson's main water treatment facility was damaged from recent flooding in the area. President Biden is promoting increased funding for law enforcement speaking in Pennsylvania Biden said the solution to violent crime doesn't involve defunding police. He also called for more common sense measures to address rampant gun violence and criticized Republicans for opposing such legislation. The South Carolina House is passing an abortion ban Bill after heavy debate. The original bill would have banned abortions at all stages of pregnancy and included no exemptions for rape or incest. I'm Brian shook. And I Brian Curtis in Hong Kong. Let's get you caught up on this hour to stop business stories and the markets. China's factory activity contracted in August for a second consecutive month, the official PMI rose to 49.4 from 49 in July. The economy has been hit by power outages spurred by a drought and a property market crisis as well as COVID outbreaks. And that number was slightly higher than the 49.2 in a Bloomberg survey of economists. Meantime, the non manufacturing gauge, which measures activity in the construction and services sectors, dropped to 52.6 from 53.8 in July. More fed officials are stressing their commitment to defeating inflation while remaining vague on how big their policy move will be. The New York fed chief John Williams told The Wall Street Journal that he sees rates heading somewhat above three and a half percent to cool demand. Meantime, Atlanta, fed president Rafael bostic called the duty to curb inflation unshakable. That was in an essay posted on the bank's website. Although he said that slower inflation data could lead to supporting the dialing back of 75 basis point moves in the future. At a separate event, Richmond fed president Thomas barkin said that the fed will do what it takes to cool prices from the fed's 2% goal, but it won't be smooth. We're committed to getting inflation under control and there's a path to get there. A recession is obviously a risk in the process. I'll just say for context, nobody ever canceled the business cycle. So when you say there's a risk of recession, it doesn't have to be like a 2008 recession. Richmond fed president Thomas barkin. Let's take a look at the markets, the hanging index is down 1.4% than EK is down 6 tenths of 1%. Dollar yen, one 38 50. Also in the markets, treasuries were mixed with no change in the yield on the ten year, the ten year treasury now yielding 3.10%. Global news, 24 hours a day, live, and on Bloomberg quick take. In Hong Kong, I'm Brian Curtis. This is Bloomberg. This is Bloomberg law with June grosso from Bloomberg radio. I'm Greg store. And I'm Lydia Wheeler. We're in for June Grasso. We've been talking
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"PMIs in a little better than expected, but still in contraction mode for the official. Manufacturing PMI in China with the Rita 49.4 that was better than the survey estimate of 49.2, it was better than the prior, which was 49, but again contracting in the non manufacturing PMI at 52.6. Also a little better than the Bloomberg survey of economists. Anyway, we are open in most of the markets around the Asia Pacific still waiting on Indian stocks to get trading, but for the moment we've got the hanging index down some 2% or so and saying tech index down even more. And in fact, all the markets that are up and running now are in negative territory. Details on markets coming up in greater detail in just a moment, but for now some of the top stories. Well, more fed officials stress their commitment to defeating inflation while remaining vague on how big their policy move will be. New York fed chief John Williams told The Wall Street Journal. He sees rates hitting somewhat above three and a half percent. You do need to get a little bit or somewhat above that because you're trying to not just to neutral in a real interest rate sense. But you're actually trying to get demand in line with supply. Meantime, Atlanta fed president Rafael bostic commented in an essay posted on his bank's website. He said slower inflation data could lead him to support the darling back of 75 basis point move. At a separate event to Richmond fed president, Thomas Balkan said the fed will do what it takes to cool prices to the fed's 2% goal. However, he said the path won't be smooth and he started recession as a risk in the fed next meets on September 20th. Goldman Sachs is lifting most vaccination requirements for a staff returning to the office. A memo from the bank said employees outside of New York can be back in the office regardless of their vaccination. And employees won't be required to participate in regular testing or to wear face coverings. Bloomberg Sally bakewell has more on the decision. They have said since very early on in emphasize that they want people back to the office. If they meet all their COVID protocols and the memo that they sent to staff didn't actually specify how many days they're expected back in the office. But the likes of Goldman Sachs, chief executive officer David Solomon, Morgan Stanley. They've been really at the forefront of this push to get people back into the office. Workers in the New York City office will have to continue following the local mandate of being vaccinated to enter the building. That's unless they have a health or religious exception. Well, China's biggest banks reported slowing earnings growth, they include ICBC China construction bank and the bank of China. Bloomberg Stephen engel explains why the mega banks are being impacted. The banking sector is the most exposed industry to the property sector woes. And that's going to be a big challenge for Xi Jinping, obviously going forward. You've already seen the big banks, the big four banks. They're basically being roped in to help support or stabilize the economy. And the banks are facing pressure to lend more even as borrowing demand remains low. Lenders have recently contended with falling home prices store developments and a nationwide consumer mortgage boycott. Excuse me, let's get you caught up again on these numbers coming through out of China, so the manufacturing PMI for August 49.4 that is above what we were expecting 49.2, but still in contraction. Non manufacturing 52.6 for August above expectations as well. We're also very closely watching what is happening with BYD shares. They're extending losses in Hong Kong to as much as 11.4% Warren Buffett's Berkshire Hathaway trimming at stake in just over a month after speculation that the legendary U.S. investor was preparing to shed his entire position in the Chinese carmaker. We also had the PBOC sit as stronger than expected yuan fix for a 6th day just really adding to this aggressive move to stem the declines. The one reference rate 6.8906, the offshore slightly stronger 6.92, but TD security is adding to the likes of Goldman Sachs, UBS Jeffries, Bank of America, saying the yuan will weaken beyond 7 to the dollar in the next few weeks as we continue to see weakness in China's growth outlook. Getting to the equity price figures the Hong Kong hang seng index opening lower by 1.7% Brian mentioned continued weakness in that tech space as well, but China's CSI 300 is pretty flesh at the moment. We are seeing losses of about half to 6 tenths of 1% from some of the other key markets today. Japan's yen is up by about two tenths of 1%, and we just heard from the bank of Japan's nakagawa as well, saying that just having 2% inflation isn't good enough, they're saying they must achieve stable price target with wage growth. Oil heading for a third monthly drop, it has shed more than 6% in August, hitting the lowest since January mid month around $90 a barrel at the moment, $92 a barrel Brian. All right, the time now. 35 and a half minutes past the hour. It's time for global news. The Chinese government has set a date for the start of the Communist Party Congress, a prisoner has global news from the Bloomberg newsroom, duck. Brian marker calendar, October 16th, and this event will bring president Xi Jinping one step closer to a third term in power. Here is Bloomberg Stephen engel. There is an unwritten retirement age of 68. Yes, Xi Jinping is 69. He does not necessarily fall in that category, but there are two other members of that standing committee who are above that retirement age of the number three and the number 7 ranking members of that standing committee, the big question will be. Will Xi Jinping be able to use his mandate that he has developed over the last ten years to put his people in place underneath him. Now the Communist Party also said it will conduct an in depth analysis of the international and domestic situation, and it will review the past 5 years and push forward with the goal of common prosperity. In Taiwan, soldiers fired shots to ward off, civilian drones, these drones were flying near offshore islands controlled by Taipei near the Chinese coastline, Taiwan's government did not identify the drones as having come from China, although it said, the drones retreated in the direction of the Chinese city of xi'an men. Now the drone flights follow news on the Biden administration preparing to sell $1.1 billion in missile and radar equipment to support Taiwan. This would be the largest such transfer in nearly two years. Arizona governor Doug ducey arrived in Taiwan
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"It's definitely a down day off the worst levels of the day and we've had U.S. futures turn a little bit higher this morning. S&P E minis up about a quarter of a percent. We've just got some new markets opening up in Taiwan and Singapore. The tye X is down about a half a percent. That's similar to what we've seen in the region this morning. The straits times index down about a quarter of a percent. And in the cash markets, then he came at 6 tenths of a percent lower in the ASX down about four tenths of a percent. A lot of issues out there really aggressive fed monetary tightening. That looks to be even stronger now after some pretty solid U.S. economic data. Also, we had this shooting down of a drone or not a shooting down of the drone, sorry. Taiwan's soldiers fired shots to ward off civilian drones. That has raised a little bit of the tensions between Taiwan and China and also probably between the U.S. and China. We still have the European energy crisis to deal with. That is threatening, throwing that region into recession. And of course, notable issues in China, the properties slumped the COVID curbs and such. We will be getting the PMIs coming up, so that's something to wait for. Looking at a couple of other areas of the market. The dollar is pretty steady here, even a little bit lower. That could help dollar yen one 38 63. We pushed one 39 for a good period here in the last 24 hours. The Euro is trading at 1.002 U.S. dollars. The Aussie at 68.61 cents. And the yield on the ten year treasury steady at 3.1%. So just a little bit of a flavor of the markets, people reducing risk right across the board. Jules. And more fed officials, Brian stressing their commitment to defeating inflation while remaining vague on how big their policy move will be. New York fed chief John Williams told The Wall Street Journal. He sees rates hitting somewhat above three and a half percent to call demand, Atlanta fed president Raphael bostic called the duty to curb inflation unshakable in an essay posted on his bank's website. Although he said, slower inflation data could lead him to support the darling back of a 75 basis point move. At a separate event, Richmond fed president Thomas barkin said the fed will do what it takes to cool prices to the fed's 2% goal, but it won't be smooth. We're committed to getting inflation under control and there's a path to get there. A recession is obviously a risk in the process. I'll just say for context, nobody ever canceled the business cycle. So when you say there's a risk of recession, it doesn't have to be like a 2008 recession. And now the unusually large rate height could be on the table when the fed next meets on September 20th, policymakers say the decision will be determined by economic data, including Friday's jobs report. I mentioned that we'll be getting the Chinese PMIs at the bottom of the hour, so that's coming up. Let's get a preview here from Bloomberg's Rosalind Chen. China's key manufacturing gauges could signal contraction. Bloomberg economics, it's easy official manufacturing PMI dropping to 48.6 in August. That's down from 49 in July. Official non manufacturing PMI is also expected to drop. To 51.5 from July 53.8. Virus flare ups in hainan, Xinjiang and other popular tourism destinations have scared travelers and depressed consumer sentiment, a heatwave also probably forced building activity to slow. The Chinese manufacturing PMI, which focuses more on smaller private companies and exporters, is also likely to fall. We'll get data today at 9 30 a.m. Beijing time. In Hong Kong, I'm Rosalind chin, Bloomberg daybreak, Asia. All right, coming up. We are going to shout to John Woods who's sitting in our Hong Kong studio alongside Brian. He is Asia Pacific CIO at Credit Suisse, but it is 5 minutes past the hour time for global news
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"This is Bloomberg deprecation for this Wednesday August 31st in Hong Kong Tuesday, August 30th in New York, coming up this hour Asian stocks could follow Wall Street lower. They fell prey to unexpectedly positive data which underpinned fed intentions to keep tightening. More fed officials stressing their commitment to hiking rates while remaining vague on the size of the next hike, and China's manufacturing may have slowed in August. Taiwan soldiers fire shots to ward off civilian drones. President Biden urges voters to reject sickening attacks on the FBI and former Soviet leader Mikhail Gorbachev has died. I'm Doug Krishna with global news. One of the top ranked golfers in the world has defected to the live golf series. I'm Dan schwarzman, I'll have that story more coming up in Bloomberg sports. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Good morning to our audience across the Asia Pacific I'm Juliette Sully in Singapore Bloomberg Debra kasia presented by IBKR investment advisers, you can switch to interactive brokers for lowest cost global trading and turnkey custody solutions, no ticket charges, no conflicts of your interests at IBKR dot com slash RIA. Final trading day of the month, another one where we are seeing losses of about one and a half percent for Asian stocks. Let's get all the latest though, with Bloomberg's Brian Curtis in Hong Kong Brian. Yes, Julia, thank you, in particular, Hanks index futures down 2.3%. That may reflect a lot of the risk of the frictions between the U.S. and China and China and Taipei after Taiwan's soldiers fired shots to ward off civilian drones. We'll get details on that pardon me coming up in a few moments with Doug Chris, and let's take a look at the markets. Other futures are down in a cash markets are opening lower than EK off 1% here. The ASX trading down about four tenths of 1%. And right now the cost is trading down about 8 tenths of a percent. Let's back up to Wall Street because it was kind of a nasty day really in terms of a lot of selling and equity markets and risk assets. So bond market didn't do too much, but the S&P 500 now at 1.1%, similar losses for the NASDAQ. We had solid economic data and that makes it even more difficult for the bulls to see any possible softening of the fed resolve on higher rates and attacking inflation. The jolts data showed a surprisingly large number of job openings and other data showed resilience in household spending. And this better data has led swap rates toward pricing in now. Another 75 basis point hike for the fed at the September meeting. Some quick numbers for you, dalyan, one 38 74, the yield on the ten year three ten, the yield on the two year 3.44%, and WTI fell 4% or so down to $92 and 13 cents. Juliet. Thanks, Ryan. More fed officials, stressing their commitment to defeating inflation while remaining vague on how big their policy move will be. New York fed chief John Williams told The Wall Street Journal he sees rates heading somewhat above three and a half percent to call demand. Atlanta fed president Rafael bostic called the duty to curb inflation unshakable in an essay posted on his bank's website, although he said slower inflation data could lead him to support the darling back of 75 basis point moves. At a separate event, Richmond fed president Thomas barkin said the fed will do what it takes to cool prices to the fed's 2% goal, but it won't be smooth. We're committed to getting inflation under control and there's a path to get there. A recession is obviously a risk in the process. I'll just say for context, nobody ever canceled the business cycle. So when you say there's a risk of recession, it doesn't have to be like a 2008 recession. Another unusually large rate height could be on the table when the fed next meets on September 20th, policymakers say the decision will be determined by economic data including Friday's jobs report. Well, a pileup of problems may drive China's purchasing menu managers indexes even lower in August. We get more from Bloomberg's Rosalind shin. China's key manufacturing gauges could signal contraction. Bloomberg economics is the official manufacturing PMI dropping to 48.6 in August. That's down from 49 in July. Official non manufacturing PMI is also expected to drop to 51.5 from July 53.8. Virus flare ups in hainan, Xinjiang and other popular tourism destinations have scared travelers and depressed consumer sentiment, a heatwave also probably forced building activity to slow. The chasing manufacturing PMI, which focuses more on smaller private companies and exporters, is also likely to fall. We'll get data today at 9 30 a.m. Beijing time. In Hong Kong, I'm Rosalind Chen, Bloomberg, daybreak, Asia. So just under an hour and a half's time coming up, we're going to check to Rahul shadow chief investment officer. At mire asset global investments he's in our Hong Kong studio, but now it is 5 minutes past the hour time for global news
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"I'm Paul Allen. And I'm Brian Curtis trading is 30 minutes out from markets like Sydney, Tokyo, and Seoul, and then two hours later. We get the China markets up and running and Hong Kong. And we'll see probably some losses today. The equity futures contracts are mostly lower here, including a big drop in Hangzhou index futures of more than 2.3%. We'll get to the markets in a few moments, but for now the top stories. More feared officials stressed their commitment to defeating inflation, while remaining vague on how big the next policy move will be. New York fed chief John Williams told The Wall Street Journal he sees rights hitting somewhat above three and a half percent. You do need to get a little bit somewhat above that because you're trying to not just to neutral in a real interest rate. But you're actually trying to get demand in line with supply. Meantime, Atlanta, president Raphael bostic commented in an essay posted on his bank's website. He said slower inflation data could lead him to support the dialing back of 75 basis point moves. At a separate event, Richmond fit president Thomas barkin said the fed will do what it takes to cool prices to get to the fed's 2% goal. However, he said the path is not going to be smooth and cited recession as a risk. The fed next meets on September 20. Goldman Sachs is lifting most vaccination requirements for staff returning to the office. A memo from the bank said employees outside of New York can be back in the office regardless of their status starting next week. Employees also will not be required to participate in regular testing or before us to wear face coverings. The memo did not specify how many days a week employees would be expected to attend the office. Goldman said earlier this year that the pandemic wouldn't change the firm's in person culture. Chinese search lead to Baidu reported net income of 521 million and that beat analyst estimates. The results were helped by the firm's efforts to expand into new businesses and shield itself from an economic downturn. Baidu has been trying to reinvent itself as a supplier of deep technology. It's expanding into self-driving systems, cloud computing, and chips. Separately Baidu's Netflix like video service iQiyi reported revenue a little bit weaker than expected. But it also unveiled improving margins and a deal to place half a $1 billion of convertible notes with Hong Kong private equity firm, PAG. But his shares have been pretty much unchanged since the start of the year. China's biggest banks reported slowing earnings growth. They include ICBC China construction bank in the bank of China. Bloomberg Steven engel explains why the mega banks have been hit so hard. The banking sector is the most exposed industry to the property sector woes. And that's going to be a big challenge for Xi Jinping, obviously going forward. You've already seen the big banks, the big four banks. They're basically being roped in to help support or stabilize the economy. The banks are facing some pressure to lend even more, even as borrowing demand remains low, lenders have recently contended with falling home prices, all developments, and a nationwide consumer mortgage boycott. One other story that I'll tell you more about when we get to the media review snap is reportedly planning to lay off 20% of its nearly 6500 workers. The verge reports the job cuts will begin on Wednesday. All right, let's take a closer look at markets. Here are the time just about 34 minutes past the hour. It can be futures lower as we mentioned, and even U.S. futures are moving a little bit down down another tenth of 1%. We had a down day on Wall Street. The S&P 500 finished down 1.1%. In terms of the inputs into the market, we had the job openings data showing a surprisingly large number there. And also some other data that showed resilience in household spending. And we had consumer confidence up in all this leads to the thinking that the fed will have to stay higher with its rates for a lot longer. And hence the selling, the NASDAQ was down 1.1%. A couple of other quick notes here, the yield and the ten year treasury did not change 3.10%. The two year moved up one basis point to 3.44%. The dollar was a little stronger. It's flat now in Asia. Dalien one 38 78. And WTI here, big drop overnight, now down to $91 and 92 cents. And Baidu's profit, beating expectations, but its ADRs were down 6 and a half percent. That's a check of markets, Paul. All right, thanks, Brian. 35 minutes past the island. Let's get a chick of global news
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Equities, Brian, how we looking in the Asia Pacific. Asian equity futures are down to Paul and it looks like it could be a little bit of a tough day in Hong Kong hanging index futures down 2.3%. I'll show you in futures off about 8 tenths of 1%. China a 50s down about 9 tenths of a percent. And E minis have just picked up a little here. They had been negative, but now a little less than a tenth of 1%. U.S. stocks down, we had solid economic data that seemed to suggest that any softening of the fed resolve on higher rates was a lot further out. The jobs data, the jolts data showed a large number of job openings, and we had other data that was strong, consumer confidence, resilience, and household spending. Even the housing market softened, but from very high levels, home price growth decelerated in June, but price is still up 18% year over year. That was smaller though than the 19.9% rise in May. And three regional fed presidents echoing the tough stance of Jerome Powell. So it looks like higher for longer and that is going to weigh on equities. Now, in the treasury market, mixed there with no change in the yield on the ten year, the two year yield rising one basis points, dollar was pretty strong, it's hanging in there this morning in Asia, and right now we've got dollar yen at one 38 83, the Euro holding on to parity, at least at the moment. Paul to you. Thanks, Brian. We have heard from more fed officials and of stress their commitment to defeating inflation. But remain vague on just how big the next policy move is going to be. New York fed chief John Williams told The Wall Street Journal that he sees rights hitting somewhat above three and a half percent to cool demand. Atlanta fit president Rafael bostic called the duty to curb inflation unshakable in an essay posted on his bank's website. Although he did say slower inflation data could lead him to support the dialing back of these 75 basis point moves. At a separate event, Richmond fed president Thomas Bach and said the fed will do what it takes to cool prices to the fed's 2% gold, but warns that it's not going to be smooth. We're committed to getting inflation under control and there's a path to get there
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Gone 6 30 in the morning right here in Hong Kong and in Singapore, it is 6 30 in the evening in Washington, New York and Boston I'm Rashad salami. And I'm Brian Curtis trading is 90 minutes out in Sydney, Tokyo, and Seoul and then three hours away before we get started in the Hong Kong and Shanghai markets. Downward pressure this morning, most of the equity futures contracts are lower in particular Hangzhou index futures down well over 2%. We'll get to the markets in a moment, but for now, the top stories. We've got more Federal Reserve officials stressing their commitment to defeating inflation while remaining vague on how big their policy move will be. New York fed chief John Williams telling The Wall Street Journal. He sees rates somewhat above three and a half percent. You do need to get a little bit or somewhat above that because you're trying to not just to neutral in a real interest rate sense. But you're actually trying to get demand in line with supply. So what we have at the moment essentially is another one, we've got Atlanta fed president Raphael bostic, commenting in an essay posted on his bank's website saying that slower inflation data could lead him to support the dialing back of 75 basis point moves that are separate vent, Richmond fed president Thomas barkin saying that the fed will do what it takes to cool prices to the fed's 2% goal. However, he said the path won't be smooth. And he did point to recession as a risk. The fed next meets on the 20th of September. Goldman Sachs is lifting most vaccination requirements for staff returning to the office. A memo from the bank said employees outside New York can be back in the office regardless of their vaccination status and that they could start as of next week. Employees will also not be required to participate in regular testing or where face coverings. The amount didn't specify how many days a week employees are expected to be at the office. Goldman said earlier this year that the pandemic would not change the firm's in person culture. Rich? Yep. Indeed, that's just quickly have a look at these big, big dirt development taking place in the Elon Musk Twitter tobacco. The Tesla CEO asking a Delaware judge to let him amend his counter claims against the company, Musk also wrote a letter to Twitter with new reasons to terminate the deal. The changes come after a whistleblower came forward last week, Peter zatko, the former Twitter security chief said that the company ignored his concerns over the number of robot spam accounts on the platform Bloomberg Kurt Wagner says the complaint could bolster Musk's case. If he is telling the truth and if it's proved out that the claims he's making are legit, well, then the company could be in other types of financial issues. They could be facing fines. It could be facing regulation. And that's the kind of thing that Elon might say, hey, I'm now buying a company. I didn't realize there was all this red tape around it. Trial for both sides set for the 17th of October. The Musk's lawyers are seeking a November date. Warren Buffett's Berkshire Hathaway cut its holding in BYD's Hong Kong shares about 1%. Over a month ago, rumors swirled that the legendary investor would exit the Chinese carmaker entirely. It's unclear whether Buffett is preparing to sell more of his holdings in BYD. When he sold his shares in another Chinese company, Petro China back in 2007, he did it over the course of three months. BYD shares closed slightly lower at the end of Hong Kong trading. They are down 8.4% over the past month, and during that period the hang seng index has eked out a slight gain of just under 1%. Well, let's take a look at the markets, the time is just about 34 minutes past the hour. Equity futures with some big declines today right now, Australian futures are off 8 tenths of a percent. We mentioned that Hanks and index futures are down 2.3%. S&P E minis are flat, but that's after a pretty big drop on Wall Street, the S&P was down 1.1%, the Dow down about 1%. We had three regional fed presidents echoing Jerome Powell's intention to bring down inflation. And to give you an idea of how these impacts are being felt, we mentioned that the jolts data was pretty strong. Well, the housing market is softening, but from still high levels. Home price growth decelerated in June, but prices still up 18% year over year. That was smaller though than the 19.9% climb in May. Treasuries makes no change in the yield on the ten year, the two year yield up one basis point to 3.44%. Rashad to you. Indeed, it is now what approaching 25 minutes to the top of the hour
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Landlord, IBKR dot com slash competition. Sorry about the Brian, another day, another move to the downside for equities. Yeah, another tough slog today for sure ish, Asian equity future showing some significant declines here earlier U.S. stocks were down for a third day. We had solid economic news, and that makes it very difficult for the bulls to see any softening possible from the fed and its resolve on higher interest rates. The jolts data showed a surprisingly large number of job openings and we had other we had consumer confidence data and other data showing resilience in household spending. And so it led to some declines. I mean, not really aggressive, but the S&P 500 down more than 1.1%, the Dow down about 1%, the NASDAQ off a little more, 1.1%. And in terms of Asian equity futures, we see a very big drop in Hangzhou index futures more than 2.3%. It's not quite so dramatic elsewhere. You've got Australian futures down about 8 tenths of a percent. SBE minis are flat here at FTSE China a 50s. Down about 9 tenths of 1%. And they gave futures 27,920, so just a shade under 28,000. We closed at 28 one 95 yesterday. So just a couple of hundred points of downside expected their treasuries were mixed, no change in the yield on the ten year, the two year yield rose one basis point to 3.44%. We had three regional fed presidents in separate remarks, reiterating chair pals intention to bring down inflation. So we definitely have that hanging over the markets. Commodities from oil to copper down, the dollar rows, and we had Baidu's profit beating expectations, but because of the outlook, ADR is down 6 and a half percent, Baidu's reliance on digital marketing, remarketing rich, leaves it vulnerable to the economic downturn in China. All right, rich to you. All right, well we got more Federal Reserve officials in the moment stressing their commitment to defeating inflation while remaining vague on how big their policy move would be. New York fed chief John Williams said in The Wall Street Journal. He sees rates heading somewhere above three and a half percent to cool demand. Atlanta fed president Raphael boss recording the duty to curb inflation quote unshakable in an essay posted on his bank's website. Although he said that so inflation did a good lead him to support the dialing back of 75 basis point moves at a separate event, Richmond fed president Thomas barkin saying the fed will do what it takes to cool prices to the fed's 2% goal, but it won't be smooth. We're committed to getting inflation under control and there's a path to get there. A recession is obviously a risk in the process. I'll just say for context, nobody ever canceled the business cycle. So when you say there's a risk of recession, it doesn't have to be like a 2008 recession. Another unusually large rate hiker could be on the table when the fed next meets on the 20th of September, policymakers say the decision will be determined by economic data, including Friday's upcoming jobs report. A pile of issues in China mean that we'll probably see lower PMIs for August. Let's get the story from Rosalind Chen. China's key manufacturing gauges could signal contraction. Bloomberg economics, it's easy official manufacturing PMI dropping to 48.6 in August. That's down from 49 in July. Official non manufacturing PMI is also expected to drop to 51.5 from July 53.8. Virus flare ups in hainan, Xinjiang and other popular tourism destinations have scared travelers and depressed consumer sentiment, a heatwave also probably forced building activity to slow. The Chinese manufacturing PMI which focuses more on smaller private companies and exporters is also likely to fall. We'll get data today at 9 30 a.m. Beijing time. In Hong Kong, I'm Rosalind chin, Bloomberg daybreak, Asia. I'm just going 5 minutes off the top of the app
Bloomberg Radio New York
"chief john williams" Discussed on Bloomberg Radio New York
"Manage risk at Pershing dot com Nathan Karen let's begin with a big shake up at the Federal Reserve Dallas president Robert caplan is out at the Central Bank following Boston chief Eric Rosen grannan resigning after questionable investment activity Bloomberg's John Tucker joins us live with the very latest John Good morning Nathan Robert caplan says the focus on his financial disclosures have become a distraction For that reason he's retiring October 8th both Kaplan and Rosenberg came under criticism after disclosure showed they held and traded financial assets while the fed was actively supporting markets that regs it will take out two hawkish fed officials were forecasting a rate hike next year The departures should also ease pressure on fed chair J Powell who's facing renomination Live in New York I'm John Tucker Bloomberg daybreak Very John thank you Meantime other fed presidents are back on the speaking circuit banging the drum for tapering asset purchases New York chief John Williams says the Central Bank could pull back on bond buying soon We made substantial further progress in achieving our inflation goal It's also been very good progress through its maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned John Williams spoke at the economic club of New York fed governor Lyle brainard is making a similar case saying the labor market is nearing the point where tapering makes sense Employment is still a bit short of the Merck on what I consider to be substantial further progress But if progress continues as I hope it may soon meet that mark Fed governor brain heard expects the Central Bank to start tapering soon but says investors should not take that as a sign that rate hikes are coming to We hear from fed president Jerome Powell later today in Washington Karen along with treasury secretary Janet Yellen they will field a range of questions in testimony to the Senate Let's get more from Bloomberg's Vinny del giudice Pandemic relief is the advertised topic of the Senate banking committee hearing But Bloomberg economics says the spotlight will be on recycled yelling at that ceiling and government to fall The treasury could hit the fiscal reds on the X state no cash to pay the bills sometime in October It's more than a little nerve rattling Pal meantime it's likely to break new ground on U.S. monetary policy Any doubt Judas Bloomberg daybreak All right Vinnie thank you Elsewhere on Capitol Hill It's all about the deaths ceiling and a looming government shutdown Senate Republicans have blocked a bill that would suspend the death sailing and keep the government open Majority leader Chuck Schumer is blasting the move There's no scenario in God's green earth where it should be worth risking millions of jobs trillions in household wealth People's social security checks veterans benefits and another recession just to score short term meaningless political points That's what Republicans seem fixated on doing And senator Schumer calls Republicans reckless they refuse to back the death ceiling suspension because they don't approve of President Biden's economic plan Now Democrats need a new strategy to prevent a shutdown Zeno is a Bloomberg news contributor and a political science professor at iona college Democrats are going to pass it but they want to make sure they are making the case that Republicans are responsible for the debt we are facing in this country and the government shutdown looming so close That is a political calculation they've made just as Republicans have made the calculation not to try to help to handle it And both sides are going to stick to this to the last minute and then they will avert it Bloomberg news contributor Jeannie Sheehan Zeno expects a last minute deal to avoid a shutdown without one The government could start closing as early as Friday and the U.S. could default on its obligations in October While the debt ceiling fight is front and center Karen there is still work being done on President Biden's three and a half $1 trillion spending package and we're hearing now a change to restrictions on state and local tax deductions could be part of it Here with more is Bloomberg said Baxter It is one of the final details of the package and the House ways and means committee is working on a way to make it happen Agreement failed earlier this month but the members say now they are making progress The deduction was limited to $10,000 in the Trump tax plan large high property tax states have been fighting for the repeal while smaller have said is a handout to the more well to do Several members have suggested now that a compromise would be a temporary lift for two years with more action possible later In San Francisco I'm a Baxter Bloomberg daybreak All right and thank you Let's turn to the pandemic now where fights over a vaccine mandates continue to dominate the headlines Now New York City is one of victory on that front in a surprise court ruling and Bloomberg should eat a young joins us live with the very latest Good morning ready to good morning Karen the New York City vaccine mandate ban has been lifted and as a result the city may begin to bar thousands of unvaccinated school personnel from their jobs The court issued the ruling last night but gave no firm reasons for the decision Now practically this means that the largest school district in the U.S. now may insist that all school employees and contractors be vaccinated Department of Education spokeswoman Danielle filson says the mandate will go into effect at the end of the day on Friday Live in New York I'm ranita young Bloomberg daybreak All right we need to thank you watching equities continue to fall lead by tech this morning S&P futures down 41 points down futures down a 184 NASDAQ futures lower by 243 points That is a drop of 1.6% The ten year down 9 30 seconds yield 1.52% yield on the two year .31 Straight ahead local headlines into check of sports This is Bloomberg.