20 Burst results for "China Construction"
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"This week. All right, Bloomberg meteorologist Rob Carolyn will be checking back with you over the next few days for the latest on Hurricane Idalia. the Well, Nathan, storm is sure to have a major disruption on air travel down south, but passengers are also scrambling in Europe this morning. We get the details at Bloomberg's James Wilcock in London. James, Karen and Nathan, it's being called the worst failure in a decade for the UK civil aviation computer system. The glitch on saw Monday more than 500 flights cancelled as carriers had to resort to planning flights manually. Add that chaos to one of the busiest summer holiday periods and we're seeing knock -on travel disruption and delays expected to affect air travel across the continent this week. In London, James Wilcock, Bloomberg Daybreak. Thanks, James. Staying overseas, a strike is looming in Australia. Workers at two of Chevron's liquefied natural gas export plants will go on strike as soon as September the labor unrest comes at a time when global energy supplies are already squeezed. Well, in Asia, Nathan, politics are in focus as Commerce Secretary Gina Raimondo continues her visit to China. She spoke today with Chinese Vice Premier Han Leifeng. We get more from Bloomberg's China government reporter, Colin Murphy, in Beijing. We definitely do detect this effort, at least, to sort of display a shift in tone on the US side, emphasizing the importance of economic ties and how they can sort of influence political ties, if they're well handled, to trade and transparency, emphasizing that the US does not want to stop or sort of set back China's rise. So definitely an effort to shift the tone. Of course, the issue will be, will it be accepted as such, and will it be sustainable, or is this just another effort to get ties back on track? Bloomberg's China government reporter, Colin Murphy, in Beijing, says Raimondo has met with several Chinese officials in considering deposit lowering rates for at least a third time in a year as part of an effort to boost the economy and protect margins. Sources say Industrial and Commercial Bank of China, China Construction Bank, and other lenders may cut rates on local currency deposits by between 5 and 20 basis points. Well, back here in the U .S., Nathan, the Federal Reserve's head of bank supervision in San Francisco, which had oversight of lenders including Silicon Valley Bank and First Republic Bank, will depart at the end of October. We get the story from Bloomberg's Charlie Pillott. A San Francisco Fed spokesperson said Azera Bassey, the Executive Vice President of the Supervision and Credit Group at the Federal Reserve Bank of San Francisco, will retire on October 31. Bassey, along with San Francisco Fed President Mary Daly, came under scrutiny in March following the sudden collapse of SVB and other lenders. Those episodes revealed management shortcomings at the regional Fed outpost, which is responsible for the on -the -ground supervision of small and medium -sized banks. In New York, Charlie Pillott, Bloomberg Daybreak. Thanks Charlie. Ken Griffin's Citadel is going all out in the world. All for the world's brightest mathematical minds. While tens of thousands apply for the hedge fund summer only a few are chosen. Bloomberg's Asia investing reporter Lulu Chen says the competition is fierce. Out of the ,000 69 intern applications this year, fewer than one percent actually made it cut to the program, almost without exception. These students boast titles and degrees from top schools in their regions, many holding math and computer science degrees. Some actually have math Olympiad gold titles under their belts. Bloomberg's Lulu Chen says those who secure a place can expect to be well compensated earning close to 20k a month as interns. Well we do have some healthcare news to tell you about this morning, Nathan. Walmart, Walgreens Boots Alliance and CVS Health are rolling out new care options normally only available at doctors offices. Testing and treatment services for strep throat, flu and COVID -19 will now be available. The big chains are angling for a larger slice of healthcare spending as laws new state allow pharmacists to treat minor ailments. Analysts say this could save people time consuming and expensive visits to the doctor. S &P futures are little changed this morning so are Dow futures and NASDAQ futures now are as well. Coming up on Bloomberg Daybreak more global headlines plus a check of sports and this is Bloomberg. Thank you Karen it is time to a take look at some of the other stories making news in New York and around the world with Bloomberg's Michael Barr. Good morning Michael. Good morning Nathan. A gruesome scene in an apartment on Manhattan's Upper West Side. The NYPD says a family of four including two toddlers are found dead with apparent stab wounds in what appears to be a murder -suicide. Police responded to a 911 call for a wellness check at 328 West 86th Street when first responders found the bodies of the 40 -year -old mother, the 41 -year -old father. They also found the bodies of the children ages three and one. It's going to be a bit of a hassle for subway riders in Midtown to get around this morning. The one, two and three subway trains have been suspended due to a water main break near Times Square. Police are searching for a motive in a shooting at the University of North Carolina at Chapel Hill that left a faculty member dead, UNC Chapel Hill Chancellor Kevin Guskiewicz. I'm grieved to report that one of our faculty members was killed in this shooting. This loss is devastating and the shooting damages the trust and safety that we so often take for granted in our campus community. Officials say the assailant was taken into custody. US District Judge Tanya has Chutkin set a March 4th trial date for Donald Trump in the federal case in Washington charging the former president with trying to overturn the results of the 2020 election. March 4th is just a day before Super Tuesday primaries. Former federal prosecutor James Zirin spoke to Joe Matthew on Bloomberg found on. And if he's distracted from political campaign, that's just the problem. He has, as a criminal defendant, no constitutional right to have personal or professional commitments. As Judge Chutkin said, he has to be treated like any other defendant. Former federal prosecutor James Zirin. Tennis great Billie Jean King celebrated her 50th anniversary of the US Open becoming the first sporting event to offer equal prize money to female and male competitors. King speaking to a crowd at Arthur Ashe Stadium said our work is far from done. Struggle is a never ending process. Freedom is never really one. You earn it and win it in every generation. Former first lady Michelle Obama introduced the 79 -year -old tennis legend by recalling how King, three, rallied fellow women players not to play unless women got the same pay as men. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I'm Michael Barr. This is Bloomberg, Thank you Nathan. Michael. Time now for the Bloomberg Sports Update. Here's John Staschauer. Thanks Nathan. Yankees searching for some bright spots. Not too many Yanks having good seasons, but Glaber Torres is one who is. Came up seventh inning in Detroit just after Aaron Judge had homered. It's 0 -2 with the pitch. Swing and a deep drive, left field, turning, watching is green. It is long gone. A moonshot for Glaber Torres. His second here to the night. Back to back jacks for the Yankees in Detroit and they're in front. Three to nothing. On 21st WFAN over for Torres. Judge adjusted his 29th. Yanks beat the Tigers 4 to
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"I'm Susanna Palmer in the Bloomberg newsroom. Tesla will build a new battery factory in Shanghai that will start production in the second quarter of next year. That, according to the official Xinhua news agency, the report says the company led by Elon Musk, who is visiting China this weekend, made the announcement at a signing ceremony for the project in Shanghai. Tesla will make its mega pack large scale energy storage unit in the new facility, which adds to the company's factory for electric vehicles in Shanghai and deepens its investment in China. Construction is set to begin in the third quarter of this year and the plant will open in the second quarter of 2024. Tesla didn't immediately respond to a request for comment. ByteDance, the owner of TikTok saw a profit last year's soar to a record by dance did better even than China technology giants Tencent Holdings and Alibaba group holding for the first time. All that, according to the Financial Times. Earnings for ByteDance jumped 79% to about $25 billion in 2022, the report said citing two investors briefed on the numbers. Those numbers highlight the resilience of ByteDance's business at a time when Washington is threatening to join India in banning TikTok, which a growing number of government agencies across the world are wiping from official phones. TikTok has amassed more than 150 million monthly users in America, and that spurs concerns about China's access to the data it gathers. The effects of the Federal Reserve continuing to raise interest rates will likely hit minority employees the hardest. We get more on a new pew report from Bloomberg's Kim kirigan. A Pew Research Center report says that black and Hispanic Americans feel effects of unemployment rates, more when the economy takes a downturn. A senior researcher at pew says the jobless rates for those groups often increase more than their white counterparts during recessions. The report also says that black women and Latino men have seen slower recoveries in jobless rates since the onset of the pandemic. Kim Kerrigan, Bloomberg radio. Barnes and noble education employees add in New Jersey store are petitioning to make theirs the company's first unionized location. We get more about that from Bloomberg's Charlie pellet. It extends a wave of organizing in the retail sector. Workers say they have signed up most of the roughly 70 employees at the store on Rutgers university's campus, employees are petitioning to join the retail wholesale and department store union, which currently represents retail workers at Macy's, H and M, and most recently, REI recreational equipment Inc, where it first secured a foothold last year in New York City. Charlie pellet, Bloomberg radio. And the focus turns back to inflation in the coming week, we get the march consumer price index on Wednesday and on Thursday, it's the producer price index. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I'm Susanna Palmer. This is Bloomberg
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"Right. That's a call. The animated video game adaption made over $55 million Friday alone following its domestic debut, expected to make over a 137 million for its first three day weekend, which would rank it as the second best start for an animated feature behind Incredibles two. The other major release this week is air, the story about how Nike convinced Michael Jordan to sign on for the air Jordan brand. I'm Scott Carr. And I'm Susanna Palmer in the Bloomberg newsroom. Tesla will build a new battery factory in Shanghai that will start production in the second quarter of next year. That, according to the official Xinhua news agency, the report says the company led by Elon Musk, who is visiting China this weekend, made the announcement at a signing ceremony for the project in Shanghai. Tesla will make its mega pack large scale energy storage unit in the new facility, which adds to the company's factory for electric vehicles in Shanghai and deepens its investment in China. Construction is set to begin in the third quarter of this year and the plant will open in the second quarter of 2024. Tesla didn't immediately respond to a request for comment. ByteDance, the owner of TikTok saw profit last year's soar to a record by dance did better even than China technology giants Tencent Holdings and Alibaba group holding for the first time. All that, according to the Financial Times. Earnings for ByteDance jumped 79% to about $25 billion in 2022, the report said citing two investors briefed on the numbers. Those numbers highlight the resilience of ByteDance's business at a time when Washington is threatening to join India in banning TikTok, which a growing number of government agencies across the world are wiping from official phones. TikTok has amassed more than 150 million monthly users in America, and that spurs concerns about China's access to the data it gathers. The effects of the Federal Reserve continuing to raise interest rates will likely hit minority employees the hardest. We get more on a new pew report from Bloomberg's Kim Kerrigan. A Pew Research Center report says that black and Hispanic Americans feel effects of unemployment rates, more when the economy takes a downturn. A senior researcher at pew says the jobless rates for those groups often increase more than their white counterparts during recessions. The report also says that black women and Latino men have seen slower recoveries in jobless rates since the onset of the pandemic. Kim Kerrigan, Bloomberg radio. Barnes and noble education employees add in New Jersey store are petitioning to make theirs the company's first unionized location. We get more about that from Bloomberg's Charlie pellet. It extends a wave of organizing in the retail sector, workers say they have signed up most of the roughly 70 employees at the store on Rutgers university's campus, employees are petitioning to join the retail wholesale and department store union, which currently represents retail workers at Macy's, H and M, and most recently, REI recreational equipment Inc, where it first secured a foothold last year in New York City. Charlie pellet Bloomberg radio. And the focus turns back to inflation in the coming week, we get the march consumer price index on Wednesday and on Thursday, it's the producer price index. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I'm Susanna Palmer. This is Bloomberg. This
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"Stock index futures are, well, little change now as investors await key earnings reports from big Wall Street banks. Bonds are advancing led by UK guilds, which benefit from speculation that controversial tax cutting plans would be revised. We check the markets every 15 minutes throughout the trading day, on Bloomberg. S&P futures again, that'll change down futures up 26 NASDAQ futures down 31, the Dax in Germany is up 8 tenths of a percent, ten year treasury of 1130 seconds. You have 3.89% that yield on the two year 4.42%. Nymex crude oil is down 9 10% or 81 cents at $88 29 cents a barrel. Combat school is down 1% or $16 40 cents at 1660, 50 an ounce. The Euro .9732 against a dollar, British found 1.1248, and the yen won 47.65, looking at Bitcoin except one and a half percent at $19,700. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world, Michael. Karen, thank you very much. The house January 6th committee voted unanimously to subpoena former president Donald Trump for his testimony about the 2021 capitol attack. Earlier in the hearing, the panel presented new video of House speaker Nancy Pelosi and other congressional leaders pleading for help. It also outlined Trump's multi part plan to overturn his 2020 election loss. President Joe Biden again criticized high U.S. gas prices and said he'd announced new actions to combat what he described as a key driver of inflation. In baseball, the Yankees will play the guardians in game two of their ALDS after last night's reign out. The Astros lead two games to zip over the Mariners in their ALDS after last night's four two win. Thursday Night Football the commanders beat the bears 12 7 in the NHL, the rangers won the devil's islanders and capitals all lost. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts and more than a 120 countries, Michael Barr, this is Bloomberg Nathan. All right, Michael, thank you. It's almost 6 20 on Wall Street live from the Bloomberg interactive broker studios. This is Bloomberg daybreak of what is about to be a very busy day in bank earnings season four of the big 6 Wall Street firms report before the opening bell ahead of it were joined by Ken Leon, director of equity research at CFR. Ken, it's great to speak with you on a bank earnings Friday and when we hear from the likes of JPMorgan CEO Jamie Dimon doubling down on his predictions for recession in the next few months. I guess the question for investors is how bad could these earnings be? Well, good morning. And third quarter results actually are going to be fairly resilient and we'll see strengths in certain areas. The consumer will still be stable and rising rates helps in terms of earnings. But looking ahead, you're right. It's really the role of worry is what will be banks do in a recession next year. And certainly for the fourth quarter, we're not looking for any uptick in terms of investment banking. Volatility in the markets has made trading and offset to a decline in investment banking. But you get to Main Street and the consumer and small business, they're beginning to feel some pain points, we're not sure how much of the management today will speak to what they see in their crystal ball. But they'll say that the consumer is probably resilient just based on the third quarter results. No, we did hear that just a couple of days ago from Bank of America, CEO, Brian moynihan, where do you think we're going to see that sign of resiliency given that interest rates are moving higher? You'd think that helped savers, but in terms of getting loans or taking loans, that could make things more difficult, couldn't it? It will. So the lending activity will certainly begin to slow down and certainly for respect and that will really reduce the velocity. So for banks who can charge more with rising rates, if the volume decline, then it's kind of like an offset. So it's not a win win situation. And that's kind of the environment ahead. You just don't have a great scenario in terms of the economy that's going to propel bank earnings higher next year. One of the reasons why the stocks have been so low. But the banks do have a fortress balance sheet as Jamie Dimon says, they're well capitalized, but regulators are going to make sure that the capital buffers are big enough in case there's any unexpected parts. We've seen a lot of news, whether it's the bank of Anglo and credit Swiss lending even into China's construction residential market, there's always lots of worries. But right now, the banks balance sheets are very strong and can really endure any down for next year. Are you thinking that that strengthen the balance sheets is going to translate into even further provisions for loan losses? We've seen billions of dollars on that score. We'll probably see some of the banks book anywhere from 500 million to 1 billion to begin to build a cushion or a reserve for consumer credit card losses maybe next year. We have not yet seen on the commercial industrial loan book any distress to industries. And that's been a run rate product for the last 5 years ago where we never really focused on a distressed industry. So overall, the credit situation actually looks good. But one important thing I think for listeners here is that the banks always land to the best borrowers, including consumers with high FICO scores. And what happens with the saddle bag might be the first crack that we see with a weakening consumer? Interesting. Ken Leon, great to get your thoughts as we await those earnings starting with JPMorgan and Wells Fargo. Then we'll hear from Morgan Stanley and Citigroup cap things off for us as the first four of the big 6 report just today and Ken Leon is going to be with us throughout this morning as those results come in. Ken Leon director of equity research at CFR a part of our coverage of bank earnings Friday this morning. So check back with Bloomberg radio and Bloomberg television as we keep things going here with the banks reporting kicking off third quarter earnings season. Looking ahead to the market open this morning. Some churn in the futures, S&P futures are now higher by three points. Dow futures up 67. NASDAQ future is still in the red, but not by much, now down 7 points, ten year treasury is up 1230 seconds, yield 3.89% yield on the two year, 4.41%, British penetrating at 1.1268 on reports UK prime minister Liz truss may reverse some of her many budget. This is Bloomberg. This is a Bloomberg money minute. It was a wild ride on Wall Street, but in the end it was the biggest comeback in more than two and a half years. Stocks tumbled at the open after a hotter than expected consumer inflation report, but then came the remarkable turnaround gains range from about two and a quarter percent to almost 3%. The cheaper Netflix version with ads is coming November 3rd
Bloomberg Radio New York
"china construction" 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
"china construction" Discussed on Bloomberg Radio New York
"Truss has pulled out of a BBC One interview with Nick Robinson that was due to air later this evening. Her team said this was because she had a really busy schedule and wasn't able to fit in. There's interview. Of course in about a week's time Caroline, we're going to know who is the new prime minister and the new leader of the Conservative Party. Yeah, I'm not sure that that excuses really washed with many people, the idea that she's got a busy schedule. I think there is more criticism that the front runner is not putting themselves up for real scrutiny by the media, but mind you this kind of follows Boris Johnson, right? Who was also refused to do a lot of kind of big set piece sit down interviews. Caroline, you're absolutely right. And there's also rumors in the papers today that Liz truss is trying to put in energy bill together to help households, and this is something that we haven't heard from her or is she scenic. They just said there's how available, but we don't actually know what that is, and we've seen the price cap saw from off gem, so I wonder if they just buy a little bit of time to come up with a big package. Who knows? Yeah, absolutely. We'll watch that political story. Thank you so much Leanne ganz with the day ahead. Now, China's big 5 bangs sort of set to finish up reporting earnings this week. You've got to investors closely watching what this means for the world's second largest economy joining us now for more is ishika Mukherjee our Asia stocks editor in Singapore, massive bangs, hugely important, what are we expecting and watching really from these big banks reporting how much is the mortgage crunch change things for them? He, so yeah, today we have ICBC, which is the world's biggest bank by assets and China construction bank, a bank of China, all of them reporting, earnings, a few others later this week, all the major lenders coming up, investors are essentially going to be watching the impact of a whole mortgage boycott crisis that's been raging across the country over the past few weeks. Essentially homeowners who have refused to pay their mortgages on unfinished projects, projects that are either delayed, the construction of which is delayed or stopped. And this is going to hit the banks, bottom line, pretty hard. You already saw agricultural bank of China who announced results yesterday. They said that overdue loans were double the estimated amount in the latest quarter. So that's going to be the key thing to watch right now. Yeah, okay, so that's some of the biggest banks in the world reporting. So hugely important, but also I think very important. The tensions between the U.S. and China, it's not the politics, though, that is really spooking U.S. investors in China. It's actually COVID still, isn't it? Absolutely, so China isn't letting go of its COVID zero policy. Just this morning we saw that Chengdu is announcing new restrictions on
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"I'm Nathan Hager with your global look ahead at the top stories for investors in the coming week China's massive real estate crisis continues to unfold and their spill over now in the banking industry. For more, let's go to Hong Kong and Bloomberg daybreak Asia host, Brian Curtis. Nathan, we look at China's property crisis through the prism of China's massive banks. What will the impact be on earnings from mortgage boycotts from falling prices and problem loans? Big bank earnings are coming and joining us to break it all down is Francis Chan who covers banks and brokerages for Bloomberg intelligence. So Francis is China construction bank the most exposed and what might we expect from those earnings? Obviously, Charlie construction banks have close to 40% of the total loans property related and their mortgage book is the biggest in the country. But based on the fair reason set of regulatory data, they talk about the state bank segment, which includes the biggest banks in the country, ICBC China construction bank, agricultural bank, and bank of China. In fact, there are earnings are still resilience on the ERE basis and the NPR ratios has been trending down from the beginning of the year to the end of second quarter. So at the very least, we haven't seen much of the impact from the earlier COVID lockdown, which is really eye catching the Shanghai. And they have been actively disposing any of the newly formed bad apps. And they themselves have also got the very strong buffer against the problem loans, new public loans, they see this year. As represented by NPR coverage and all those support that resilient earnings, I believe in transitioning to. So how big would the impact be from the lone boycotts that we've heard so much about? So far, this may still be a black box. If you look at our own research proven intelligence research, we have been making some assumptions based on the stored or halted residential projects by the troubled developers. And the amount to be affected, the amount of mortgages to be affected by this project could be up to 2.4 trillion year or 6.5% of the total mortgage book in the country in the worst case scenario and in our base case scenario is like 1.3 trillion. However, those projects could be still in the coma situation. It doesn't mean the mortgage also with all declined to pay back their mortgages. If we take reference to what happened or what the banks have disclosed in mid July, I think what they have flagged it has the amount of home runs affected by those boycotts have been really, really minimal, like only super C 1% of their total mortgage books is insignificant to a way that we can not believe. That's why I said you may still see that as a black box, maybe more to come, but at the very least, to as of a mid July. We really didn't see that big a problem. According to the banks disclosure. So you mentioned big four China construction bank bank, ICBC and bank of China. Among them, which looks the most profitable from your analysis. I believe China construction bank agricultural bank base still selling beverages to deliver better than P is profits. If you talk about the comparison it would be among the four. The two banks, the historically, they thought the higher ninjas margins. And at the same time, the loan growth are more resilient as they are supporting the countries, policies, making more inclusive loans, win loans, such as such. RCBC is the biggest in the country, but this base is also a little bit bigger than the others. And it makes this growth a little bit slower. Nothing wrong with them. It's just because of the base effect. And a pair of China has been in a bit more slowing growth more. It's a very well managed bank. Don't take me wrong. It's just that that they also have a sizable overseas business, which is one thing a bit different fundamental prospects. I can say the other three. So we've seen the PBOC easing and I wonder what that means for margin pressures for the banks. Yeah, that would be a problem in nature. All right, Francis. Thanks so much for
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"Nathan Hager with your global look ahead at the top stories for investors in the coming week. China's massive real estate crisis continues to unfold and their spillover now in the banking industry. For more, let's go to Hong Kong and Bloomberg daybreak, Asia host, Brian Curtis. Nathan, we look at China's property crisis through the prism of China's massive banks. What will the impact be on earnings from mortgage boycotts from falling prices and problem loans? Big bank earnings are coming and joining us to break it all down is Francis Chan who covers banks and brokerages for Bloomberg intelligence. So Francis is China construction bank the most exposed and what might we expect from those earnings? Obviously, Charlie construction banks have close to 40% of the total loans property related and their mortgage book is the biggest in the country. But based on the fair reason set of regulatory data, they talk about the state bank segment, which includes the biggest banks in the country, ICBC China construction bank, agricultural bank and bank of China. In fact, there are earnings are still resilience on a year on year basis and the NPR ratios has been trending down from the beginning of the year to the end of second quarter. So at the very least, we haven't seen much of the impact from the earlier COVID lockdown, which is really eye catching the Shanghai. And they have been actively disposing any of the newly formed bad apps. And they themselves have also got the very strong buffer against the problem loans, new public loans, they see this year. As represented by NPR coverage, all those with support that resilient earnings, I believe, in transition to. So how big would the impact be from the lone boycotts that we've heard so much about? So far, this may still be a black box. If you look at the home research proven intelligence research, we have been making some assumptions based on the stored or halted residential projects by the troubled developers. And the amount to be affected, the amount of mortgages to be affected by this project could be up to 2.4 trillion urine. Or 6.5% of the total mortgage book in the country in the worst case scenario and in our base case scenario is like 1.3 trillion. However, those projects could be still in the coma situation. It doesn't mean the mortgage was all declined to pay back their mortgages. And if we take reference to what happened or what the banks have disclosed in mid July, I think what they have flagged it has the amount of home runs affected by those boycotts have been really, really minimal, like only zero point C 1% of their total mortgage books is insignificant to a way that we can not believe. That's why I said you may still see it as a black box, maybe more to come, but at the very least as of a mid July. We really didn't see that bigger problem. According to banks disclosure. So you mentioned big four China construction bank bank, ICBC and bank of China, among them, which looks the most profitable from your analysis. I believe China construction bank and agricultural bank base still set a better chance to deliver better than P is profits. If you talk about the comparison it would be among the four. The two banks, historically, they thought the higher ninjas margins. And at the same time, the loan growth are more resilient as they are supporting the countries, policies, making more inclusive loans, win loans, such as such. As a business is the biggest in the country, but the space is also a little bit bigger than the others. And it makes this growth a little bit slower. Nothing wrong with them. It's just because of the base effect. And bank of China has been in a bit more slowing growth more. It's a very well managed bank. Don't take me wrong. It's just that that they also have a sizable overseas business, which is one thing a bit different fundamental prospects at the other. So we've seen the PBOC easing and I wonder what that means for margin pressures for the banks. Yeah, that would be a problem in nature. All right, Francis. Thanks so much for joining us and sharing your insights with his Francis Chan who covers banks and brokerages for Bloomberg intelligence. I'm Brian Curtis, along with Doug Krishna. You can catch us every weekday for Bloomberg daybreak Asia, beginning at 6 a.m. in Hong Kong and 6 p.m. on Wall Street. Nathan, thank you, Brian, and coming up on Bloomberg daybreak
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe We will continue on a remorseless mission to squeeze Russia from the global economy peace by peace day by day and week by week We're dealing with an individual who doesn't play by the rules So I've always been very clear by the fact that nobody goes so far It is indeed a very dangerous moment It is basically the rewriting of these shorty system that we've known in Europe since the end of the Cold War Bloomberg daybreak Europe on Bloomberg radio On a very good morning Pablo and I'm Caroline hep you're welcome to daybreak Europe but there's Tuesday morning So how to reach a ceasefire in the war in Ukraine We are going to discuss the negotiations in turkey with Bloomberg's Dan ten Kate in just a moment Meanwhile Andrew Bailey yesterday said that the UK faces a historic hit to real incomes will unpack the Barclays story a bizarre Bond blunder Tom Metcalf from Bloomberg's finance team will be joining us as we also await the first batch of party gate finds for people close to the prime minister Bloomberg's James Walcott will have the latest on that story too Let's go to the markets then this morning Asian stocks at this morning are higher MSCI Asia Pacific index gaining 7 tenths of 1% the nikkei two two 5 at 1.1% Some small decline so in China really the big focus of the markets though has been this unprecedented bank of Japan intervention trying to cap a surge in yields The swings in the Japanese yen at the moment though the Japanese yen is stronger two tenths of 1% one 23 59 We have a slightly stronger dollar index Bloomberg dollar spot index there is down a tenth of 1% For bond markets U.S. two year yields have fixed ended and advanced climbing by 9 basis points at the moment ten year yields at two 46 we're watching for inversion perhaps of the twos tens getting very close to that 12 basis points Traders have also increased their bets on a faster pace of ECB typing oil is slumping this morning currently we're down 6 cents of 1% for breakthrough futures at a $111 the bow And we've also had some earnings out this morning from the big China banks China construction bank and the bank of China this morning Let's get to some more market commentary then this morning from our markets live editor lorcan Roche Kelly Really good to have you on lorcan So what is the market view then on this bank of Japan intervention how strong is it How long can it last I think it's obviously very strong but the cap is 0.25% on the ten year sort of looking for the same just below that at the moment So it's kind of very hard to get the Central Bank as we all know And I think there's a few other things going on there kind of interesting at the opposite but obviously the end of the fiscal year in Japan for people trying to get their houses ordered So this is why it's probably useful for a lot of people in Japan And also we've got the register that will begin at today we had a jeopardy finance minister saying that maybe the end moves to make sure they're not opposed at risk for the country So there's quite a lot going on there So the unlimited one byte is probably useful philosophy because it is certainly the Japanese market Okay what about vix We've talked a lot about volatility but it seems to have come down Yesterday 19.63 So if you look at the stock market health performing for the last two three weeks it's very easy a very calculated kind of the big moves we saw at the outbreak of the war were up disappeared that we've lost both in asset classes like you said or your oil is 45% What stocks would be really quite gentle and necessary to go to is that if you look at some of the big products at the moment the Barclays products that were out Oversold I think maybe what happened So there's kind of a lot going on there but the vix itself is incredibly quite upload 20 look at it Let's talk about the rocket launch Yeah so the fear index the fear gauge on Wall Street the really coming down despite all of the turbulence that we've seen in the last month or so Thank you so much for looking for being with me Look in Roche Kelly there For real-time market commentary and an artist check out markets live MLI V on your blue back terminal So what's happening in UK politics Let's get an update here's Bloomberg's Lee.
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Middle East Our top stories this morning Russia's threatens to cut gas supplies to Europe in retaliation for sanctions A move that could drive consumer prices over higher The Ukrainian induced turmoil pushes European stocks and the NASDAQ into a bear market The S&P 500 has its worst days since October of 2020 Commodity linked stocks surged in the Middle East as prices jump in everything from aluminium to oil And an alarming new study shows even a mild case of COVID-19 can damage the brain and slow cognitive function We'll have to detail Just got 9 a.m. across eras I'm using Amanda Dina Dubai And I managed to ride alongside you You said we have an escalation and an evolution of war and of risk And nowhere is that more manifest than in the energy markets in the oil markets and the gas market you're looking at Brent Again the highest close since 2008 in these oil and markets There is a parabolic ascent with very little stopping it apart from maybe new margin chords The U.S. is ready to go unilateral in terms of banning Russian oil and barkindo the secretary general says they're just isn't sufficient oil production capacity in the world to replace Russia That takes me to the gas market The threat is from Russia to close of Europe via nud stream one in terms of the gas flow and here it is This is the parabolic move in natural gas use of ten days that took it up nearly 200% and Novak makes it clear Russia has the right to take actions to mirror those penalties So parabolic moves in energy and that implodes the equity market story stocks at an 8 month low in the U.S. last night The Dax came down to a burrow market European stocks in a burr market The downside risk is most acute according to Morgan Stanley and city they say a storm is coming as the earnings the earnings are negative for the first time since 2020 The risks are rising with parabolic energy We've got the surge in raw materials really stalking inflation and bringing in some of the growth spheres as well Treasuries bear flattening This is the state of play on U.S. tens where I won 79 40 You have tips outperforming The treasury forward market though shows that the two year and ten year treasury curve will invert over the next 12 months It's a bearish sign for the economy but it is an imperfect crystal ball but it shows how much of an impact Ukraine war has had on the outlook for the world and the global economy I want to get to another important part of the commodities space And that's been really around what's been going on with the eurodollar curve before we get to the nickel story This is the futures curve from 2023 January to December That's turned negative And what that tells us is that the curve is showing us potentially a rate cut as soon as next year Quick look at nickel the surge the smashing of records the manic Monday This is the metal used in stainless steel and an electric vehicles I mean the dislocations are so extreme that the unit China construction bank has been given a reprieve on metal margin calls They've given additional time by the element to kind of sort out the collateral that they need to put up over 5 days gains of a 144% Well let's check in on how the rest of those markets are faring in Asia Juliette Sally joins us from Singapore So this is a unique position Jules were Chinese banks are being given latitude to meet their margin calls Take us through the impact in your market Yeah absolutely That is a huge story that we are following even though we're continuing to see a lot of witness in these Chinese equity markets to manage the CSI 300 down some 8% over the last 5 days We also know that authorities are really trying to help shore up growth after that ambitious 5 and a half percent growth target announced over the weekend Well broadly you are seeing Asian stocks extend into bear market territory down for a third session on the regional benchmark index off by more than 20% from that February 2021 peak and following yesterday's 3% drop which was the worst loss that we've seen in about a year We're also seeing treasuries though in Australia and New Zealand slips using the yield on the ten year kiwi note rise And we're watching the impact of these surging oil prices these commodity prices into the likes of the big miners We heard from BHP CEO Mike Henry saying the miners the minor other sees lower growth in 2022 mainly due to this inflation shock we're seeing Let's have a look at the impact of these surging prices particularly in the oil space It's going to flow through onto consumers in the Asian FX space You are seeing a flight continuing into the on and offshore yuan is this being seen as a safe haven But of course a lot of weakness from these oil importing countries too you've seen the one which has been Asia's worst performing currency being hit with a double whammy They've got an election there too You've got Thailand's bar at a one month low the Taiwanese dollar at a ten month low and Taiwan's Thailand's rather prime minister will hold a meeting tomorrow to discuss some of these additional measures to help consumers suffering from these rising oil prices just as the country use of is starting to open up to tourism Absolutely Jules thank you very much for the moment that's Julie it's sunny there I want to get to Russia because the country is threatening to cut natural gas supplies to Europe by the north stream one pipeline and it's part of a response to sanctions opposed or the invasion of Ukraine It's a move that could heighten the turmoil and energy markets and drive consumer prices even higher.
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"Seems to be this new coronavirus strain That's causing a lot of nervousness in the markets It's probably also a little bit of selling that's still tied to these growing predictions of faster fed tightening and an example of other central banks already in the midst of tightening So we have shares down as much as 2.2% in Tokyo with an EK off 655 points The ASX 200 down 1.2% in Hong Kong the hanging index is down about 1.6% similar losses for the hang Shang tech index and you see Tencent and Alibaba getting sold off and probably put a lot of pressure as well on didi when it starts to trade in the U.S. and the next session Chinese regulators are said to have asked Dede to delist from U.S. exchanges So as to say the watchdog wants the company off the New York Stock Exchange because of concerns about leakage of sensitive data Now the proposals under consideration are said to be a privatization or a share float in Hong Kong which would be followed by a delisting from the U.S. and were also told that if the privatization angle is taken then the proposal would likely to have to be at least at the IPO price of $14 otherwise there might be some shareholder resistance or even lawsuits And we saw a lot of selling in SoftBank as a big shareholder of deity down four or 5% in Tokyo trading And we've seen continued strength in the dollar and some new strength in the yen dalian at one 1489 that's a move of four tenths of a percent for the yen against the greenback And right now the yield on the ten year treasury at 1.58% we also have WTI crude lower at 76.9 So it's really just liquidate do some selling take some profits and maybe see how this thing moves forward from here Paul back to you All right thanks Brian Goldman Sachs is expecting the fed to tighten monetary policy faster than previously anticipated Bloomberg's Denise Pellegrini has the story Goldman economists led by Jan hazzi is now say they expect the fed to double the pace of tapering and withdraw $30 billion a month from its asset purchase program starting in January and then start raising interest rates in June with more rate hikes soon after that in September and December followed by two more in 2023 and Goldman says the fed could wrap up its asset purchase program in March and push the first rate hike even earlier meaning according to them we could see that in May Denise Pellegrini Bloomberg deprecation Some Chinese state run companies are said to be restricting employees use of WeChat Employees have been told that any chat group set up for work purposes on WeChat could contain sensitive information and they should be shut down and deleted Reports at least 9 state run firms have taken the steps and they include some of China's largest China Mobile and China construction bank Beijing has been stepping up scrutiny of data collection practices by China's tech giants Yesterday Bloomberg reported ten cent has been ordered to stop rolling out new apps in the company's waiting for a review on their compliance with the new privacy laws Was formed as passed one here in Sydney foreman's past at ten in Hong Kong and time for a check of global news and a new COVID variant first detected in South Africa Now found in Hong Kong that prison has got details Doug Hey Paul this new variant is obviously stoking a lot of fears of a potentially.
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"In Hong Kong and Brian as we start trading in northern Asia we're getting those headlines about South Korea announcing steps to strengthen its quarantine I guess that's going to be a wet blanket on the markets today The new variant that has been determined in South Africa and more quarantine in South Korea Yeah we'll get details on that with Doug Kristen and a few moments Let's take a closer look at markets Well you heard in that headline that Goldman Sachs says that the fed will speed up tapering and rate heights next year and New Zealand's Central Bank says that it will closely be watching inflation expectations to determine whether or not it needs to raise interest rates at a more quick pace Global stocks and U.S. index futures had been trading higher but right now it's looking it's looking like a lot of red numbers here on the screen S&P E minis are now down three tenths of 1% And most of the markets in Asia are lower We've got the nikkei opening down about 7 tenths of a percent and in Australia the SX 200 is down a similar margin maybe just a little less than that about 6 tenths of a percent and we're seeing the opening numbers in soul the Cosby trading down about a tenth of a percent The dollar is holding steady at a 16 month high The Bloomberg dollar spot index at 1190 Dalian one 1507 so just a little bit of strength in the end up against the dollar but that's in the context of weakening A pretty broadly here over the past week or two in the Euro is trading now at a dollar 1209 A Bitcoin traded higher this morning Right now $59,029 and WTI grew crude is down 1.3% 77 36 a barrel Steve to you All right Brian while Goldman Sachs is expecting the fed to tighten monetary policy faster than previously anticipated Bloomberg's Denise Pellegrini has that story Goldman economists led by Jan hazzi is now say they expect the fed to double the pace of tapering and withdraw $30 billion a month from its asset purchase program starting in January and then start raising interest rates in June with more rate hikes soon after that in September and December followed by two more in 2023 and Goldman says the fed could wrap up its asset purchase program in March and push the first rate hike even earlier meaning according to them we could see that in May Denise Pellegrini Bloomberg deprecation Some Chinese state run companies are said to be restricting employees use of WeChat Employees have been told that any chat group set up for work purposes on WeChat could contain sensitive information and they should shut down those and delete them Dow Jones reports that at least 9 state run firms have taken these steps They include some of China's biggest companies such as China Mobile and China construction bank Beijing has been stepping up scrutiny on data collection practices by the tech giants in China Yesterday Bloomberg reported that ten cent was ordered to stop rolling out new apps the company is waiting for a review on their compliance with the new privacy laws When we're watching this next story very closely a new COVID.
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Asia for this Friday November 26th in Hong Kong Thursday November 25th in New York and coming up this hour Goldman Sachs expects the fed to speed up tapering and rate hikes next year Some Chinese state run companies are said to be limiting employees use of WeChat and the local government in China resurrects coal coupons China says there's no space for compromise on Taiwan Australia is sending soldiers and police to the Solomon Islands and the UK is temporarily banning flights from South Africa I'm Doug christer with global news Tottenham suffers a shocking defeat that Europa conference lead match I'm Dan Schwartzman I'll have that story more coming up in bloopers for 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 Hi everybody Happy Thanksgiving to you if you are listening in the western hemisphere in the United States Good morning to you in the Asia Pacific I'm Brian Curtis And I'm Steven engel in Hong Kong and Brian Happy Thanksgiving to you too as well Gobble gobble How are they Asian markets shaping up on a day that doesn't get much direction from the United States given the holiday Well no trading for the holiday yes but global stocks so if we take in both Asia and Europe and U.S. index futures rising on signs of an improving U.S. economy I think that's fair to say That helped offset some of the jitters over inflation and a faster fed tapering Trading volumes did narrow with U.S. out for holiday The turnover in Asia's equity benchmark was 17% lower than its 30 day average and shrank 26% in Europe Some 30% in Latin America The dollar held steady at a 16 month high nickel and copper paste a base metal sell off in London while oil edged lower and Bitcoin moved up Right now golds at 1792 a triumph the Bloomberg commodity index at the moment up about a third of 1% and we have WTI crude trading at 78 O 9 Now to the equity benchmarks exchanging index futures are down about three tenths of a percent China futures down about two tenths of a percent but as mentioned S&P E minis are up they're up about four and a half points That's about a tenth of 1% And we are looking at equity markets that may well be mixed as we wrap up the week Dalian one 1535 So the dollar is set what I say a 16 month high the yen is at a four year low against the greenback the Euro training at a dollar 1208 A couple of notes here Daimler sees China demand is very very positive for next year Daimler's regional head who bears his troska says that premium luxury cars are continuing to be in very high demand and a flurry of large trades in China ever grand group suggested yesterday a large institutional holder agreed to a 20% discount to offload the stock We'll get you more on markets in about 15 minutes Steven All right well Goldman Sachs is expecting the fed to tighten monetary policy faster than previously anticipated Bloomberg's Denise Pellegrini has that story Administration officials say national security adviser Jake Sullivan White House economic adviser Brian dies and commerce secretary Gina raimondo will be involved An executives from General Motors Ford Chrysler Samsung global foundries and Taiwan semi are among those expected to attend The shift to work from home has sparked a man and exacerbated the shortage And Jo Ann fini partner at advisers capital management says the crunch won't go away on its own We don't expect this to clear up until into 2022 which is a good thing actually for some of the semiconductor companies because they're selling a whole lot of chips That's good for chip makers whose stocks have skyrocketed but it's tough on automakers and others who depend on the chips and the lion's share of chips are currently made in Asia sparking national security concerns at The Pentagon Denise Pellegrini Bloomberg day break Asia Some Chinese state run companies are said to be restricting employees use of WeChat Employees have been told that any chat group set up for work purposes on WeChat could contain sensitive information and thus they should be shut down and deleted Dow Jones reports at least 9 state run firms have taken the steps and those include some of China's largest such as China Mobile and China construction bank Beijing has been stepping up scrutiny on data collection practices by China's tech giants Yesterday Bloomberg reported that ten cent had been ordered to stop rolling out new apps the company is waiting for a review on their compliance with the new privacy laws Steve Well China says there's no space for compromise on Taiwan Doug chrisma has that story and other global news from the Bloomberg newsroom Doug Yeah Steven defense ministry a spokesperson Wu qian said the People's Liberation Army is ready to crush any attempt to separate Taiwan from China at any time who also said military ties between China and Russia are advancing and these two sides will continue their cooperation in his weekly press briefing who went on to say the U.S. has been asked to stop in close reconnaissance interference and provocation in the disputed South China Sea Meantime Beijing is warning the incoming government of Germany against meddling in China's internal affairs it hints at a potential damage to relations unless Berlin does acknowledge China's claim on Taiwan under the so called one China policy earlier Chinese or rather German Chancellor in waiting Olaf shoals unveiled the program with surprisingly strong language on China It pledges to call out China on human rights and urges Beijing to loosen its grip on Hong Kong The UK will temporarily ban flights from South Africa and 5 other African countries over worries about a new variant Scientists in South Africa say it carries an unusually large number of mutations and it's clearly very different from previous incarnations This obviously stoking a lot of fears of a potentially severe fourth wave spreading internationally Meantime three COVID-19 infections have been reported in Shanghai and honjo has reported two asymptomatic cases these outbreaks are boundaries questions about whether China's COVID zero approach will.
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"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 from Sydney I'm Paul Allen where it's just gone 11 o'clock at Friday morning It is 8 o'clock in Hong Kong that we have just had trading begin in Japan and South Korea by Christmas taking a look Doug Yeah Paul we are higher in Tokyo right now If you look at the knee K by just a tenth of 1% we did have some eco data short while ago for Japan This is industrial output for the month of September negative 5.4% That's a month over month reading and much weaker than forecast street was looking for negative 2.7% seeing a pullback in the end here at one 1367 if you use the function now in the Bloomberg terminal you go inside the equity market in Japan You can see that the decline here is principally being led by real estate along with utility and financial shares Different story though in Seoul where the Cosby is now pushing higher by about a half of 1% in the early going and in Sydney we've got the ASX 200 a little on the back foot here down about a tenth of 1% One of the questions in Asia for the day is whether the RBA would perhaps enter the market and buy as a way of bringing yields back in line policymakers failed to do that earlier in the week when the three year Aussie note actually surged in yield terms The RBA decided not to get involved in defend the yield target at that point in time question is whether today is a different story In terms of China evergreen this is a story we're keeping a very close eye on holders of some bonds have apparently received an overdue interest rate payment it was made yesterday that Thursday in Hong Kong we are told they received payment within the 30 day grace period and now local media in Hong Kong is reporting that China ever grant group pledged a house belonging to its chairman Why take on two China construction bank as collateral for a loan totaling $38.6 million We'll get trading underway in Hong Kong and about an hour and a half from now In terms of the bond market ten year treasury and yield terms at one 57 in the early Tokyo session will take another look at markets in 15 minutes Paul Well Apple shares lower after hours after fourth quarter revenue missed Wall Street estimates The company also said the third quarter saw a negative hit of 6 billion from supply constraint Bloomberg's Emily Chang has mauled The results have sparked fresh concerns about the iPhone makers ability to navigate the global supply chain crunch although this report doesn't include the new iPhone Apple needs to get its new devices into consumers hands before the holidays a season that's expected to set sales records Meantime services revenue climbed 26% for the period despite uncertainty that post pandemic openings would leave consumers with less time to consume apple's entertainment offerings In San Francisco I'm Emily Chang Bloomberg daybreak Asia Amazon also delivered a forecast for holiday sales that fell short of analyst estimates We've got more from Bloomberg's Charlie palette It signals that the pandemic's boost to online shopping continues to fade the company's revenue and profit also mis projections for the third quarter and Amazon said its costs to negotiate supply chain issues and add employees to deliver goods in the holiday season will further cut into profit The quarter was the first under the new CEO Andy jassy who took the helm of the world's largest online retailer from Jeff Bezos in July In New York Charlie pellet Bloomberg daybreak Asia Well there is not going to be a vote today on the Biden framework man and you package it Baxter's.
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"Indeed some government exerted shutdowns fourth quarter China like for like sales down 7% but that's slightly better than the market have been expecting and they have an adjusted earnings per share of $1 This is a company that is still seeing perhaps the U.S. not opening up as quickly as we had anticipated 22% growth in U.S. like for like sales the market wanted to see 24% as we all got back to the office with our coffee in hand So weakening down 3.8% after hours also announcing 20 billion in new dividends and share buybacks over the next three years Well China ever grant has made another bond payment sources telling us some holders will receive or did so and overdue interest rate payment on Thursday That was within the 30 day grace period which was to have ended on Friday Now this payment comes a week after ever granted narrowly avoided defaulting on another bond That payment likewise came just a day ahead of default We're also getting indications that China ever grant has pledged a house for a lone made by China construction bank The home is owned by evergreen chairman quica Yan It is about 500 square 5000 ft² I should say it's on a peak in Hong Kong the value here $38.6 million being held as collateral We won't get trading an evergreen shares for about another two hours when the market in Hong Kong is up and running At the top of the hour we'll get trading in Tokyo and in Seoul right now the action in Sydney has been a bit choppy here in the early going right now A minor loss for the ASX 200 were well I am bespoke were actually higher by about a tenth of 1% right now We've been fluctuating between gains and losses here in the early going down under stateside we had records for both the S&P and the NASDAQ comp the S&P today up about 1% an all time high 45 96 NASDAQ composite at a record 15,004 48 by the way the game there was about 1.4% The strong earnings continued to power the market higher Today we had Tesla climbing 3.8% it finished at a record Piper Sandler today raised its price target on Tesla the firm is expecting higher gross margins and is also projecting increased unit volumes in the long-term Now in terms of the earnings story caterpillars profit was above estimates stock pop 4% Ford soared nearly 9% today after lifting forecast and resuming its dividend after the bell though we heard from both Apple and Amazon disappointment on both of those fronts Amazon with weaker than expected earnings and revenue and the company also gave very disappointing guidance If you look at Amazon shares right now in the late U.S. session those shares are off by just about 4% similar loss for shares in Apple in late U.S. trading We'll talk more about markets in 15 minutes Paul All right it's now ten 35 here in Sydney 7 35 in Hong Kong in time for a check of global news And China has dealt a blow to climate talks It Baxter has details It updated package shows no improved carbon plan It says it's sticking to existing targets to zero out of missions that it has to Glasgow What it does.
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"I'm Paul Allen and I'm Brian Curtis. Here in Hong Kong. We got 30 minutes to go before key markets open up like Tokyo, Sydney and Soul. And then two hours later, we'll get Hong Kong and Shanghai starting to trade. I mentioned that Nikkei futures work pretty sharply and also futures in Sydney. But for the rest of the market's pretty narrow range is really China futures up about 2/10 of a percent. Hang sang index futures up about a half of 1% and S and P E Mini is building on the gains on Wall Street. Are up about 2/10 of 1%. We'll get to the markets in a moment. But for now, some of the top stories of the hour The number of influential voices are saying the Fed's policy outlook needs to account more for inflation risks and one of those voices his former Treasury secretary Larry Summers, he said the U. S. Is heading for a period of overheating and inflation that could threaten economic recovery. Summers says he doesn't see a basis for policy makers serenity on inflation. Of course, there's transient inflation. The important question is whether that is 6% points of transference, inflation or 4% points of transient inflation, and I don't see the basis for policy makers serenity that it's only, uh it's a full 6%. Of trans change inflation. Some have said expert should modify their inflation forecasts and think about errors of thinking that led them to be far off. Meanwhile, Fed chair Jerome Powell will have an opportunity to add to the inflation debate tomorrow afternoon. He'll be appearing before a congressional panel. And prepared written remarks. Powell says inflation has picked up but it should move back towards the U. S. Central bank's 2% target once supply imbalances resolve, Brian Well on to Bitcoin discussion China, summoning officials from its biggest banks to reiterate a ban on crypto. That's, according to a statement from the central bank. Those invited, including CBC, the Egg Bank of China, China Construction Bank and Ali pay The PBOC says Cryptocurrencies are disruptive and they breed risks of criminal activities. In this case, it's not alone. Former Treasury secretary Steven Menu, Shen said that crypto transactions should be transparent. I believe that many of those industries should be in the regulated world. They should follow the same PSA. The bank secrecy Act requirements know your customer requirements and they shouldn't be the equivalent of secret Swiss numbered bank accounts, so As long as we do a lot of work and that was being done at the G seven and G 20 as well. I think the idea is to make sure we we crack down on financial terrorism so it can't be used for ransom attacks and other illicit activities. While Bitcoin slumped pretty sharply on not only this news, but over the weekend that further crackdown on mining in China and Bitcoin fell more than 10%, currently at $31,969 per coin. China's imports of American goods slowed again in May, putting its trade deal with the US further out of reach. The bought almost $10 billion worth of manufactured agricultural and energy goods, and that is the lowest monthly total since October of 2020. It takes total imports to almost 157 billion since January of 2020. That's only about 41% of the targets that the U. S. And China agreed to at that time. Slowdown comes despite corn imports surging to a record of May. China has tapped the U. S for more than a third of next seasons expected corn imports and that will bump up the total imports somewhat once they do actually arrived in China, Brian All right, Let's take a look here at the markets and some data. While we talked about yesterday, the very strong exports from South Korea over the 1st 20 days and yesterday the cost be actually outperformed some of the other markets that were down pretty sharply. Today. We're focused on producer prices pp up 6.4% year on year for South Korea, and it looks like we'll have a day of recovery in equities pretty much right across The board here in the region. The Hang Seng Index futures about a half a percent. You mentioned that Australian futures for Sydney up 1.2% Nikkei futures are up pretty sharply to probably even more than that. It was a very strong down day yesterday with the Nikkei Of 953 points. Looks like we'll get back about 700 odd points of that at the open today until Keogh and we'll see how sustainable this is. There was a much more benign view about the Fed's approach to tapering and to interest rates in U. S markets. S and P 500 gained back 1.4%. After a week day On Friday, the Dow was up 1.8%. The NASDAQ was a laggard, but it's still gained 8/10 of a percent for the day, and companies like Apple and Google fared very well and Facebook as well up 8/10 of a percent. And the banks did well in the energy did even better. The X L E. The spider ETF there about four and a quarter percent and financials grew up about 2.3%. So here in the Asia Pacific If we look at currencies we had the dollar that was sharply down. Overnight. Down about 4/10 of 1% at the moment Dollar yen 1 10 37 The yield on the 10 year Treasury pretty steady here, 1.48%. And VT crude firm at $73.44 off some of the higher levels that we saw down about 3/10 of a percent Paul to you. All right, thanks. Brian 9 35, now in Sydney 7 35 in Hong Kong..
Bloomberg Radio New York
"china construction" Discussed on Bloomberg Radio New York
"And over in Singapore. It is 6:30 P.m. on Wall Street time Rashaan Salaam and I'm Brian Curtis, looking at markets here in the Asia Pacific will get several key markets opening up in about 90 minutes. Tokyo Seoul in Sydney Big big Down Day for the Nikkei yesterday Down 3.3%. Almost 1000 points and then overnight we had a powerful rally on Wall Street, where energy in particular stood out with the X L E up. 4.3% will see. Whether that carries through here into Asia. At the moment, let's take a look at some of the top stories were shot. Yes, Brian we've got a number of influential voices, saying that the Fed's policy outlook needs to account for more inflation risks the risks. One of them is billionaire investor Ray Dalio. Saying that the US is headed for a period of overheating and inflation that could threaten economic recovery. Even so, Daddy said that the Fed made struggle to tighten policy. You saw the reaction in the markets when the Fed just even into the tightening. I don't think they can tighten a lot without having a big negative effect. Dalia also said he's less concerned with the potential 3% inflation rate and is more worried about the arising prices of financial assets. Charger and people will have an opportunity to add to the inflation debate tomorrow afternoon as it appears before a congressional panel now. In prepared written remarks, Powell said inflation had picked up but should move back toward the U. S. Central bank's 2% target. Once supply imbalances resolve, China has summoned officials from its biggest banks to reiterate a ban on crypto. That's, according to a statement from the central bank. Those invited include I CBC, Agricultural Bank of China, China Construction Bank and Ali pay, PBOC said that Cryptocurrencies are disruptive and breed risks of criminal activities. In this case, it's not alone. Former Treasury secretary Steven Pollution said the crypto transactions should be transparent. I believe that many of those industries should be in the regulated world. They should follow the same PSA. The bank secrecy Act requirements know your customer requirements and they shouldn't be the equivalent of secret Swiss numbered bank accounts. So as long as we do a lot of work, and that was being done at the G seven and G 20 as well, I think the idea is to make sure we we crack down on financial terrorism so it can't be used for ransom. And other illicit activities. Bitcoin fell more than 10% in the past 24 hours, and at the moment Bitcoin against the US dollar. 31,760 Rish, four of HSBC's most senior bankers in the U. S, are leaving the investment bank Bloomberg's. Additionally, Bazak told us this is part of a revamp of the bank's business in the Americas. HSBC is really changing its footprint trying to focus on its most profitable areas and where it can be competitive in Asia in particular, for example, So how can they say their clients in the America to better serve the client is that that's really what a lot of this will be about. They will be hiring right. They're not trying to cut down the investment bank so much that they won't be adding talents. Indeed, social, telling us the bank paying to hire four managing directors in another 50 bankers over this year and next, well, another interesting day in markets where we saw big rebound on Wall Street, telling a very different story than what we saw in Asia yesterday. Let's get to Doug Prisoner with details. Hey, Brian, you were talking about crude oil from the CFTC Net Bullish bets on New York crew that would be W T, now at a three year high. In New York trading The active contract was up 2.8% We closed 73 66. It was the rally in oil that touched off a rally in many of the big energy names. We had the S and P 500 Energy index today higher by About 4.5%. And that led the broader market higher the S and P today with a gain of about 1.4%. Now we also had to move up in long term interest rates. And if you put the oil story together with what we were apparently seeing in the bond market It's very much about the reopening trade right? We heard from ST Louis Fed bank president Jim Bullard. He was saying the American economy is booming right now, and it's on a path to recover more than it lost during the pandemic. So is it going to be a big surprise, then to learn that long term interest rates moved up Not really. 10 Year Treasury gaining more than four basis points in yield. We were last quoted at 1 48. We also heard from Dallas Fed bank president Robert Kaplan. He's kind of suggested this before basically coming out today and saying that he is in favour of beginning the tapering process. Sooner rather than later. W T Crude oil right now in the electronic session is at 73 42 where the dollar is concerned. We were weak today and that gives us a stronger yen here at 1 10 30 Chicago Nikkei futures now 7 28,035 So we're, um, a little bit above where we were in the cash market in Japan yesterday, But Brian was talking about that huge selloff in the Tokyo session will have more on that. As we continue here on daybreak Asia I'm Doug prisoner at the Bloomberg Interactive Brokers Studio in New York was shot. All right. It's what Just going, Uh, 25 to the top of the as time to have a look at some of the world News headlines.
Bloomberg Daybreak: Asia
Tesla enters into agreement with Chinese lenders for Gigafactory
"Tesla is such a reached a China Bank loan agreement for its plant. Let's get details from Bloomberg's Denise Pellegrini. We're hearing tesla has reached an agreement to secure as much as five hundred twenty one million dollars in loans from Chinese banks to build its vehicle and battery factory in the country. This will put tesla step closer to producing model three sedan. At its first overseas plant near Shanghai. The lenders are said to include China Construction, Bank industrial and commercial Bank of China and Shanghai prudan development Bank. They'll provide a series of loans in batches apparently, tesla also is amended a separate asset backed credit agreement increasing how much it can borrow going forward by seven hundred million dollars. Tesla broke ground on the
The Bryan Crabtree Show
Turkey's Erdogan says president needs to be effective in monetary policy
"On the turkish lira for you after the comments from president richard tiber currently we are at four spot thirty nine wait it's still very close to all time record lows bearing in mind that the president made clear that he intends to tighten his grip on the economy and take more responsibility for monetary policy if he wins an election next month there's already a very contentious conversation around whether or not the central bank in turkey has enough independence let's check in for you as well on the first word headlines from around the world and cross out to debra debra he's a turkish type john says he'll play a more active role in influencing monetary policy following elections next month that will transform the nation's government from a parliamentary system to an executive presidency he spoke exclusively to bloomberg's guy johnson in london what we have to give off the image of a president who's influential monetary policies you will play a role in monetary policy going forward is that is the big change this may make some uncomfortable but we have to do it msci has released a list of two hundred thirty four chase ashares to be added to the benchmark equity gauges from next month the three largest additions to the emerging markets index will be i see china construction bank and pressure china inclusion is expected to channel around seventeen billion dollars passive funds into the world's secondbiggest equity market however the new editions begin with a very low weighting botswana's new president wants to rewrite the terms of the african nations current tenure deal with mining giant beers mcquaid see matzec spoke exclusively to bloomberg television preparations for the negotiations have begun we expect to get a mutually beneficial agreement yielding positive results for both it's a long term agreement a wonderful relationship but we expect to be even more cemented but more than anything else we expect consistency reliability dependability and true allegiance to.
Bloomberg Daybreak: Asia
Global Markets: Asia stocks pull back after soft China data; oil higher
"To pay have fallen as much as thirty percent from a year ago some say prices are even weaker victor john partner at pricewaterhousecoopers china insolvency practice calls a market a lot healthier from an investor point of view but it's potentially more challenging for those trying to unload the dead in hong kong i'm yvonne man bloomberg daybreak asia msci is adding two hundred thirty four china asia's it's all country world index and the three largest additions to its msci emerging markets index icbc china construction bank and petrochina all asia's there as well and will these changes going to come after the close of trading on may the thirty first brian all right let's take a look at the asia markets here and bloomberg daybreak asia brought to you by bien y mellon's insite twenty eighteen conference it's a must attend for advisors june sixth through the eighth in orlando florida register at bien y mellon insight dot com thirty four minutes here past.