20 Burst results for "Christopher Waller"
Bitcoin News
Fed Governor Warns Crypto Prices Could Fall to Zero Says Dont Expect Taxpayers to Socialize Your Losses
"11 p.m. Sunday February 12th, 2023. Fed governor Warren's crypto prices could fall to zero says don't expect taxpayers to socialize your losses. U.S. Federal Reserve governor Christopher Waller has warned that crypto prices could fall to zero at some point. Please don't be surprised and don't expect taxpayers to socialize your losses when that happens, the fed governor stressed. Crypto prices could go to zero, fed official warrants Federal Reserve governor Christopher J, Waller warned about the
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Baxter and this is Bloomberg. All right, long highway, I'm Brian. Huge impact on American culture. In fact, global culture, we should all be so lucky, really. One to live that long and to have anywhere near the impact at Burt bachrach had. Well, let's get to Eddie low he's the CIO at maybank group wealth management for a look at markets. So Eddie, the bears see the S&P 500s rally of 6% year today as it's kind of irrational exuberance. The bulls see this little pause that we're in right now is just kind of storing up some energy for later consolidating here. Which way do you see it? Right. I would say that we are a little bit more on the bare tightening camp. Reason being, I guess, if you look at the market rebound in January this year, there were some expectations that heat effectively start to really take the less hawkish times given the fact that depletion is moderating. But our view here is, yes, indeed inflation may peak. We have peak and moderating, but it's going to take time to normalize to the pets target 2% So I think some expectations that, hey, the fed will start to cut rates by end of this year. I think that's a little bit overly optimistic and premature. So our view here is that we see further downside to earnings, copper earnings, and valuations of S&P 500 to crises. So we do see some downside to the markets, therefore. Eddie, good morning. Let's get a little bit deeper into the fed forecast. It feels like we're in the opposite of a limbo here, really, how high can you go on the forecast for the fed's terminal rate? We have one analyst saying they need to take it to 8% to stamp out inflation. Oh, which seems extraordinarily high. Where's your ceiling on the terminal fed funds rate? Right. I think given the moderating inflation, there are reasons to believe that the fed will slow the pace of rate site. So this year, so last year, we had 425 bps. So this year we're expecting actually another 75 bps. So we are looking at that rates to peak at around 5 to 5.25% by first half this year. But having said that there is actually a risk, especially if the jobs data, the jobs market will be mean very strong. Which will lead to robust wage growth, which will then lead to inflationary pressures. So I think that's something that we remain mindful of. But I would say 8% is probably really low capacity that. I think we're big believers in the market sending signals. The tick up in treasury yields here. Is that telling us that inflation may actually even rebound a little and tick higher? Well, I think there are several factors influence treasury yields, and even on one hand, yes, indeed, inflation expectations could actually drive treasury videos higher. But on the other hand, we do actually expect the growth outlook to deteriorate further and that could actually pressure the yield lower. So our view is that yes, I think the atom we do see some volatility with the tenured fatigue deals, especially with the ongoing debt ceiling prices. But I think we think that that's an in crisis drama should pass as we have seen before. And we do expect the ten year treasure yields to trend lower actually this year and remain sustainably below 3.5%. Or even two is a 3% levels. We'll get more inflation expectations data since you mentioned it on Friday from Washington, but that'll also share the stage with some more fed speak, right? We have Christopher Waller and Patrick harker speaking on Friday. Are you expecting more hawkishness from them to rock the markets into the weekend? Yeah, I think while you take a step back since Tuesday, Paul will set this inflation has begun, process works by the process will take time and soon after the next day forward. Officials sit the same thing, including Walla and so I think voila will probably continue to talk on inflation and see the interest rate could end up higher than what the market is expecting. Parker is somewhat a little bit less dovish. I think in January, he said his prepared to slow to 25 basis point rate high passes a few more this year. But I think overall that flowing from the fed officials with power or his colleagues, I think that will remain hawkish. And given the fact that we talked about the strong jobs data in British group, I think that's unlikely to change that views. Okay, Eddie, I want to feed you some red meat here because I think it fits into your forecast. So for this year, maybe what I'll do is I'll get out there and purchase some one year U.S. treasuries that are yielding 4.87%. And on the other side of that, I'll load up on China equities because it looks like, you know, the reopening is alive and well. You like that plan? Yeah. Oh, that's not too bad, then you could almost see it call it above that strategy. In the sense that, hey, you get that 4.87% yield, which is probably quite secure. But at the same time, we actually do see improving with blood quality equities, given the faster than expected reopening. In fact, we have actually recently raised our GDP forecast for China from 4% to 5%. And we do believe that upside earnings potential could further reveal the markets. Now, no doubt, I think near term, the market is actually Chinese equities are actually vulnerable to near term profit taking given the fact that they have actually rallied or rebounded 50% over the past three months. But I think there are a lot of money in the frontlines, including long only fund managers waiting to buy the debt and valuation is really not expensive. So we will also take any as an opportunity to exclusion. So Eddie noted that you've taken your forecast to 5% for China's growth this year. I mean, in nearer term though, where are we in that story? I mean, when can we start to see the benefits to the rest of the region, not to mention the rest of the world of China's reopening? Right. Yeah, I think you get this question quite a February stock in China. I think to a certain extent, within Asia, the Asia economies could also benefit potentially benefit from the pickup in China's growth in, for example, we have also recently raised our growth accounts for economies from 4.3% to 4.5%. Given the improvement that we are seeing in China. But for the developed economies, I think there are some new and Cersei. Europe, I think, to us in the next ten could benefit because they do export a little bit more to China. But for U.S., I think they are really quite domestic consumption oriented. So I'm not so sure if the China recovery can actually benefit U.S. as much as the other Asian economies or even Europe. As I should tell the audience that you're three market conviction calls, which is where I got the red meat thing, China equities outperformed better times ahead for fixed income and maintaining a cash buffer to protect the portfolio. I wanted to talk a little bit more about China. We had quite an extraordinarily high number of comments about China were positive today. L'oreal surpassed its sales estimates. We also had Tapestry, the owner of coach and other luxury brands. Rising after boosting its guidance on some China thinking. Also, China, Australia trade relations thawing because there's a coal shipment ship that stocked off the coast and it will be delivering product. And then Lawson, the Japanese convenience store looking for opportunities in China. Where do you see the most opportunities in China? I think for China itself, we do like the beneficiaries of the reopening process. And this could include domestic Chinese companies that would benefit from increased travel outbound tourists. And also it could also include consumption related companies. But on top of that, I think global companies
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"And European stock futures are higher for tenths of 1% up for the U.S. stocks 50 futures, Chinese shares on the CSI 300 gain 1.1% having said that alphabet shares dropped 7.7% aftermarket yesterday that's noteworthy also adani enterprises this morning dropped plunged really as much as 20% earlier currently down 8.6% after a two day rally it has to be said for adani enterprises, but that's a one stock I'm watching ten year treasury yields holding on to gains after a strong auction and remember we get German CPI figures out this morning in the Bank of England's Andrew Bailey speaking to MPs. Those are the markets Stephen. Our top stories this morning, Credit Suisse has reported a bigger than expected last in the fourth quarter and even bigger outflows. The banks are net loss of almost CHF 1.4 billion over the period versus estimates of just over 1.1 billion, massive outflows reported two of a CHF 110.5 billion over the three months. Credit Suisse also enhancing that it's buying the Klein group for a $175 million, looking ahead, the Swiss bank guiding for a substantial full year loss and says its investment bank and wealth management unit will be last making in the first quarter of this year. Meanwhile, Disney shares jumped in late trading after the company unveiled a 5 and a half $1 billion cost cutting program, which does include 7000 job losses, CA bob Iger made the announcement, he returned to lead the entertainment giant in November after his successor was fired. Iger says the business now needs to tighten its belt. We are going to take a really hard look at the cost for everything that we make, both across television and film. Because things in a very competitive world have just simply gotten more expensive. And that's something that is already underway here. Bob Iger, he was speaking to investors after Disney delivered a set of upbeat financial results. First quarter revenue beat expectations growing 8%. Traders are ramping up bets that the Federal Reserve will now raise rates to 6%. That's nearly a percentage point higher than the current consensus and comes after last week's red heart jobs data. Federal Reserve governor Christopher Waller says further tightening will be needed to bring inflation down to target. We have farther to go. And it might be a long fight with interest rates higher for longer than some are currently expecting. But it will not hesitate to do what is needed to get my job done. While there isn't the only fat official to talk about the need for future rate rises in the past 24 hours, Federal Reserve bank of Minneapolis president Neil kashkari also says more hikes will be needed to combat inflationary wage growth. Now, Microsoft's deal to buy Activision Blizzard is being opposed by the UK's competition regulator which says that the sale could harm gamers Bloomberg's UN pots reports. The UK's competition regulator says it has serious reservations over Microsoft's $69 billion takeover of video game company Activision Blizzard. The competition and markets authority says that one way forward could be the sell off of the blockbuster Call of Duty franchise, the same and throws into question the viability of the whole deal which is already under attack from U.S. regulators. Yesterday Activision shares slumped on the news putting them more than 20% below Microsoft's offer, suggesting investors think it could now be game over for the deal. In London, I'm Ewan Potts Bloomberg daybreak Europe. New figures show the UK's housing market slipped further into hibernation in January as buyers and sellers both stayed away. The royal institution of chartered surveyors says the lackluster activity led to a further drop in property prices at the start of the year, the findings add to evidence that prices may be heading for the longest slump since the global financial crisis in 2008. And Ukrainian president volodymyr zelensky is in Brussels today, hoping to secure more military aid in the fight against Russia's invasion, zelensky will address a meeting of European Union leaders. Yesterday he received a standing ovation in Westminster, where he appealed for fighter jets and warned Putin that Ukraine won't be beaten. We know Russia
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"And spending cuts aimed at plugging a 55 billion pound hole in the country's finances. The economic squeeze comes just after 24 hours, so I just 24 hours after data showed UK inflation topping 11%. In remarks released by the treasury ahead of today's budget, hunt is expected to say he will face into the storm and fixing problems depends on taking difficult decisions now. Over in the U.S., Federal Reserve officials are signaling they will be voting for 50 basis points rate rise next month, whilst also stressing the need to keep hiking into 2023. Speaking at an event in Phoenix, fed governor Christopher Waller said he is expected to sequence at least open to a sequence of half point hikes. Waller's comments come after last week's CPI data came in cool and expected, with prices rising 7.7 year on year in October. And bank customers are quids in on the pound, the share of people using the pound for global payments has jumped 2% since June, that's the highest been since Brexit, the pound is the world's third most popular payments currency behind the U.S. dollar and the Euro. Global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 Jersey hours in more than a 120 countries. I'm James Walcott, this is Bloomberg. Stephen, this Panzer is really interesting because although the powers we can almost 12% against the dollar this year, this sudden spike happening around the time of the mini budget, is it arbitrage? Is that people using up any spare pounds? They might have. Is it people buying loads of pounds? Because they want to actually buy things because they're so cheap. Compared to the dollar, perhaps, but the percentages are really interesting here. So the proportion of global payment season Sterling at this surge point is just under 8%. The dollar is 42% of global transactions, the Euros 34%. The next after the panda is the yen, which comes in just under 3%. So it's still, you know, it's an interesting to see where the balance of currencies plays out. You miss that one of the most important ones. Whether or not it's going to overtake the dollar. They're far from that 2.1% in terms of globals, but these are of course swift transactions. So it's important to say that's the kind of U.S. led payment system. Other payment services are available at all. That's the thing. Okay, all right, thank you very much, James for that look at our top stories. Let's get back to our markets conversation. Just a few hours ago now until we find out the details of Chancellor Jeremy hunt plans for the UK economy. He faces a delicate balancing act of convincing markets of the credibility of the UK's fiscal path while trying not to worsen the looming recession. We've got Alta Qassam EMA's head of investment strategy and research at state street global advisers with us. Good morning to you. Good morning to have you in studio. What does Jeremy hunt need to do to convince markets today? Yeah, I mean, like you say, choose your favorite metaphor, he has to walk a tightrope or thread a needle, but he's got to somehow please the market and not upset the kind of Conservative Party kind of faithful too much. So what we think he's going to do is definitely go ahead with a kind of austerity type budget, but push a lot of the tax hikes and do more tax hikes than spending cuts, push them into 2024. So look, come out and say, look, I'm serious about this. But I'm going to have to wait a bit because the economy is too fragile to take it right now. Yeah, I think the interesting point in that is that it is a change from the 2010 budget and the austerity that came in under George Osmond after the global financial crisis, which was 80 20 spending cuts to tax increases. So you've got something uncomfortable for conservatives more tax rises, but is it really credible? Will the markets accept it as credible if you push out those tax rises to sort of towards the end of the 5 year period? Yeah, I think one thing that that might kind of make markets a bit more comfortable is a to see a number which is kind of in line with what markets have been expecting about 2% of GDP secondly to maybe start with a windfall tax on energy or increasing that, which is an easy way and certainly will please the voters as well. So I think there are ways that he can, in effect, make himself look serious, but you're right. The previous administration, whoever you want to blame, has definitely destroyed a lot of credibility. And so the markets are going to be very, very scrutinizing how this budget looks and making sure that it's going to be true. And I think the fact that they are actually having the OBR look at it will add to the credibility or at least it won't destroy the credibility like the previous administration did. What does this mean for guilt markets? We're looking at a glut of guilt coming on to the markets, you know, we'll be getting an update from the debt management office about how much exactly the UK government will need to borrow, where do you see the outlook then for guilt? I mean, the guilt market is very fragile and that everyone is still reeling
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"And I'm Juliet Sally in Singapore, we check the markets every 15 minutes here on Bloomberg daybreak, Asia. A bit of a mixed start to the trading session is Singapore back in the Nike remember though it had that 3% surge on Friday. It is down by four tenths of 1% in early trade weakness in New Zealand two, pretty flat on the ASX 200 in Sydney 7165 points in South Korea is up by about a third of 1% foreign investors have bought about $4.6 billion into stocks on South Korea's cost since the end of September, making it the best performing Asian equity benchmark so far in the last quarter of the year. Elsewhere we are seeing some support for the dollar after the Federal Reserve governor Christopher Waller said we're still going to ways to go before ending interest rate hikes and oil advancing for a third session investors weighing the outlook for Chinese demand with the market tightening heading into winter, we've got WTI crewed futures up by about 9 tenths of 1% holding just under $90 a barrel iron ore futures here in Singapore up by some 4.6% so certainly some surging on those. Sweeping measures from China issuing on property and COVID controls to support its slowing economy. Let's get over to San Francisco now and one more point SoftBank group falling 9.1% its vision fund has posted a quarterly loss. Over to San Francisco now for global news. Juliet ahead of the G 20 leaders of Japan, South Korea, U.S. have met regarding the increasing threat of North Korea this at ASEAN. They also talked to other issues like supply chain and of course China. President Xi and Biden be face
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Federal Reserve governor Christopher Waller. I anticipate additional rate hikes into early next year. And I'll be watching the data carefully to decide the appropriate pace of tightening as we continue to move into more and more restrictive territory. Fat governor Christopher Waller and other members of the FOMC chose to raise rates by three quarters of a percentage point at their meeting last month, the third such increase in a row. I'm now just lastly in top corporate news, Twitter's corp case against Elon Musk over his $44 billion purchase has been put on ice, giving both sides more time to complete a takeover. Musk requested the pause, saying that the social media company will not take yes for an answer after he said that he would go ahead with the tyre. But Bloomberg's Ed ludlow says that the financing for the deal is still not entirely clear. You know, the concern is that Musk has this $12.5 billion of debt, split between a $6.5 billion loan, 3 billion unsecured 3 billion of secure bonds. There's also a revolving credit line in there as well. Times have changed since that deal and that package was agreed in April. And so I guess the concern in the background is the viability of that debt. So that was Bloomberg's Ed ludlow. Well, according to a court filing 7 banks, led by Morgan Stanley fully underwrote the debt portion of the financing for the deal, but Twitter says that it's dubious about Musk's promises. Well, those are our top stories. Let's get more insight now on what's happening on the markets with our markets live editor Heather berk who joins us Heather. We're going to start with talking about the UK, the worst of the market turmoil does appear to be over, but we're still talking about a weaker pound and higher borrowing costs as the UK still looking vulnerable. Definitely. So next week, there's a potential clip when the Bank of England exits the market. And that would leave traders to have more turbulent like a buyer of last resort. And you have longer term guilt yields also starting to creep higher. And there's also still a lot of questions about prime minister Liz truss's policies, even though they roll back the plans to slash taxes on the country's highest earners. So I think also for the pound is also back to tracking the dollar. So if the U.S. jobs report today is positive for the dollar, that could send more downside for cable, especially with this negative uncertainty of how much longer the BOE is going to support the guilt market. Options for the pounds are also pretty bearish. There's also traders see this disconnect. But momentum traders are going to be looked at a cluster of 1.0925 strikes that come due next week and it's not below that could trigger fresh pound sales. Right now the pound is under one 12. Yeah, absolutely. I'm going to put some questions around that, whether indeed it is a cliff edge or not to Scott teal, his chief fixed income such as BlackRock, he's going to be joining us at 8 45. I sort of think his view is going to be really quite interesting on that whether the 14th of October is a kind of difficult moment for guilt traders. In terms of what's happening across the pond Heather, wonder what your view is on these fed speakers 5 very unified message when it comes to rate hikes in America. So equities had a bounce back at the beginning of the week because there was an idea. Okay, maybe we're going to see the fed pivot soon and start to ease up in 2023. They've had a wake up call this week. You've had this steady stream of fed speakers basically saying rates still need to go higher. Inflation is not quashed yet. And equity seem to be getting some message to that. We've definitely got futures down this morning. And the job support could be pivotal. It's forecast to show employers added another 255,000. And that would be the fewest jobs added in a month. And you already have seen some early signs of loosening in the jolt job ratio of job openings to unemployed people and weekly jobless claims were above estimates. So it's going to be pivotal in that way. And a higher than expected reading on jobs, though, could mean strong consumer demand. That could see some more bear flattening in the treasury curve, but there's a lot of things at play that people will be looking for as they digest the fed pivot or are we going to keep on going with rate hikes? The core is definitely the question that seems to be being asked by markets Heather Burke, our markets live editor. Thank you so much for that. Those jolts, data earlier in the week, the ratio of job openings to unemployed persons has fallen to 1.7, still very high, weekly jobless claims above estimate for the first time in 9 weeks yesterday's print 219,000. So that's the context that we have for those job numbers, which will get one 30 UK time today. Yeah, although the question is, is it going to be the jobs figures today that the nonprofits are going to be most important is the CPI figure which we get out next week, of course, on Thursday, so the year on year figure for September survey number 8.1% inflation in the United States versus the 8.3 of the prior month, not quite the double digits of Europe, but obviously nowhere close to the fed's 2% target. Still blisteringly high. Okay, this is Bloomberg. Now
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Europe. The 5 star don't load four dragging in the confidence of today and apparently will go to president mozzarella and resign. So even Rishi now, it's not guaranteed and gets him to the last two and if he does he'll lose. Clearly there's more pressure. As we say, just imagine the full gas shadows will add more pressure on the currency. Bloomberg daybreak Europe. On Bloomberg radio. It's 9 30 in London ten 30 in Paris and Berlin. Good morning. I'm Stephen Carol. And I'm Caroline hecker, you're listening to Bloomberg debate Europe. We check the markets for every 15 minutes on Bloomberg radio and the stock's 600 is up by 9 tenths of 1% this hour. The FTSE 100 up by 8 tenths of 1% Italian shares up by 1.6% that's the Fatima bin Milan that was an index that was down by three and a half percent yesterday's political turmoil continues the Dax also up by one and a half percent in trading today as well Italian ten year yields, one basis point lower this morning at three spot 23 the two year yield by four basis points to one spot 24 also keeping an eye on oil prices for you this morning, which are a little bit softer at WTI trading at 95 21 and Brent crude at 98 86. Those are the markets, these are our top stories, Deutsche Bank says that Europe's largest economy is headed for a recession, and will shrink by 1% in 2023, markets are increasingly pricing in contractions worldwide essential bankers ramp up rates to tamp down searing inflation, Richard bove, whose financial strategist at Odin capital group says that policymakers and CEOs are becoming more pessimistic. Probability of a recession is very high. And then, of course, what they're going to say is that we can handle it. It doesn't matter what it is. But the key difference is that they are now believing that there's a good chance that a recession will occur. Ojin capital group financial status Richard Bowe speaking to Bloomberg there, this morning, the price of copper a key global economic bellwether dip below $7000 on the London metals exchange for the first time since late 2020, a dramatic reversal from the past two years when metals have surged in price on a wave of post lockdown optimism, inflationary predictions and supply snarls. In Italy, the president has rejected Mario Draghi's offer to resign as prime minister. It's a bid to averse a political crisis that would unsettle financial markets and leaves the door open to drag you leading the government until elections are due next year, Draghi addressed parliament early next week, although it's not yet clear what will follow next. And China's economy grew at the slowest pace since the country was first hit by the coronavirus outbreak, two years ago, GDP grew .4% in the second quarter underlining the impact of Beijing's strict approach to controlling COVID, standard chartered CEO Bill winters tells Bloomberg that he sees a global downturn coming. Our House call is sort of finally balanced. We may have a recession may not. Most likely to be next year rather than this year. Personal bias is a little bit more negative. I think the degree to which inflation is entrenched is going to require some particularly severe Central Bank action. They are determined to bring inflation back down under control. And it's very hard for me to see how we escape any kind of a recession at all. Standard chartered CEO Bill winters there speaking exclusively to Bloomberg, the reading means that Beijing will likely miss its full year growth target by a wide margin. In the U.S., Federal Reserve governor Christopher Waller says he doesn't think the American economy is guaranteed a recession. Governor while I told Bloomberg's Michael that some economists are underestimating the strong jobs market. Based on the labor market, I just don't see how, like I said, it just is inconceivable to have a recession with an unemployment rate at 3.6%. Federal Reserve governor Christopher Waller speaking there on Wednesday, data show the U.S. consumer price index rising by 9.1% in June, that's the largest jump since 1981, putting more pressure on the central banks to carry on raising rates, markets are currently pricing in a round one in three chance of a 100 basis point race rise. Now here in the UK contenders in the race to replace Boris Johnson will battle it out in their first TV debate tonight, forming a Chancellor of ishi sunak and the trade minister penny mordent have pulled ahead of their rivals in the second round of voting, speaking to us on this program, the chief executive of ipsos Kelly beevor, said that the next prime minister will need to appeal beyond the party base. Once this goes through the membership vote on a new prime minister is elected by the party, they have to be able to be appealing to the general public because we are going to lead into the next 18 months where it absolutely critical for both the delivery perspective for this government as they lead into the period for a general election. And they really need a candidate who does lots of different things. They need somebody who comes forward to be the new prime minister who has the leadership characteristics that the public say matter to them today. That was Kelly beaver, chief executive of ipsos speaking to us on Bloomberg daybreak, Europe. The next prime minister is facing a quote scary winter energy crisis according to energy UK, Emma pinchbeck who heads the energy industry body here, says that bills will reach new records in the coming months, and so candidates with prime minister need to focus on the rising cost of living. 5 of the biggest investment banks in the United States will be hit with fines, totaling around $1 billion over staff use of messaging apps, Bloomberg view and pots has the story. When was the last time you used WhatsApp for work, as more and more staff use messaging apps financial firms which are required to monitor all business communications are falling foul of regulators, U.S.
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"And in the markets, European stocks are actually up for 7 tenths of 1% and Italian FTSE mip stocks gaining more than 1.1%. This is Sergio mattarella, the Italian president tries to step in and allow Mario Draghi to stay on, avoiding a political crisis in terms of the sectors its cars, energies, construction and materials that are leading the gains in Europe, that's despite the very weak European car sales figures that we had out earlier this morning. As for U.S. stock markets this morning looking ahead to the start of U.S. trading S&P 500 imani's and NASDAQ and Dow Jones evening features are all in the red. This as bond yields trade at two 93, so down three basis points are for U.S. benchmark yields, also much karma across to the European yield space three 25 Italian BTPs and German yields just dropping about 7 basis points to one spot 11 oil prices breakthrough currently trading at $98 66. So the worries around recession again weighing on oil prices. Now on to today's top stories, markets are increasingly pricing in a recession as central bankers across the world ramp up their race hikes to tamp down super hot inflation, speaking exclusively to Bloomberg standard charted CEO Bill winters at any time turn would be sure and sharp. We have strong balance sheets and a strong financial system, banks are a really good shape. Non banking finance sector is in good shape and relatively small. So if or when we do have this recession, I think it's going to be relatively shallow and relatively short. That was down to charter CEO Bill winters, his warning comes as the price of copper a key global economic bellwether dipped below $7000 on the London metals exchange for the first time since late 2020. It's a dramatic reversal from the past two years when metal surged on a wave of post lockdown optimism, inflationary predictions and supplies snarls. And now to Italy, where president Sergio mozzarella has rejected Mario Draghi's offer to resign as prime minister in a bid to avert a political crisis, the chaos was triggered by Draghi's coalition partner the 5 star movement criticizing the government's economic policies and boycotting a confidence vote, Paolo gentiloni, EU economy commissioner and a former Italian prime minister, praised Jarvis leadership. Which such a strong leadership is the best solution to implement all our plan and especially our recovery and resilience plan. That was the EU economy commissioner Paolo gentiloni. He, meanwhile, mori dog is expected to address parliament early next week. China's economy has grown at the slowest pace since the country was first hit by COVID GDP grew by .4% in the second quarter, Bloomberg's Brian Curtis has more from Hong Kong. It's the slowest pace since the pandemic began back in 2020. The economy actually contracted 2.6% quarter on quarter. It shows the price of China's dynamic zero COVID policies. But trends are improving, retail sales recovered somewhat in June gaining 3.1% year on year. Industrial production of 3.9% mostly in line and fixed asset investment jumping 6.1%. That said, property prices fell for a tenth consecutive month slipping 0.1% from May. In Hong Kong, Brian Curtis Bloomberg, daybreak, Europe. The gloomy economic data comes after China's banks reported $312 million of bad loans as an increasing number of home buyers refused to pay mortgages on unfinished properties. There are now growing fears that the move could lead to a contagion risk for China's wider financial system. The fed governor Christopher Waller has hinted that he could back a hundred basis point rate rise at the next meeting if upcoming U.S. data points are hotter than expected. Here's what he had to say. I fully support another 75 basis point increase. However, my base case for July depends on incoming data. We have important data releases on retail sales and housing and inflation expectations coming in before the next meeting. If that data come in materially stronger than expected, it would make me lean towards a larger hike at the July meeting. That was the fed governor Christopher Waller on Wednesday data showed U.S. consumer price index rising to 9.1% in June, the largest jump since 1981 putting more pressure on the Central Bank to carry on raising rates, markets are currently pricing in a 31% chance of a hundred basis point rate rise. On Wall Street, the focus turns to city and Wells Fargo after disappointing earnings from JPMorgan and Morgan Stanley. Here's a preview from Bloomberg's Charlie palace. Shares of JPMorgan Chase fell three and a half percent, while Morgan Stanley dropped .4%. Second quarter results were hurt by a slowdown from the pandemic era bonanza that gave them record revenue and profits. Mark Stoker is portfolio manager at Adams express. Depending on your time horizon, you know, JPMorgan is doing a lot of good things. We expect that Bank of America will, on Monday, we'll report good things
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Suing inflation. Richard bove financial stratus at Odin capital group says that policymakers and CEOs are becoming more pessimistic. The probability of a recession is very high. And then, of course, what they're going to say is that we can handle it. It doesn't matter what it is. But the key difference is that they are now believing that there's a good chance that a recession will occur. That is Richard bove Odin capital group's financial strategist speaking to Bloomberg. In the United States, Federal Reserve governor Christopher Waller says he doesn't think the American economy is guaranteed a recession. Governor Walla told Bloomberg's Michael McKee that some economists are underestimating the strong jobs market. Based on the labor market, I just don't see how, like I said, it just is inconceivable to have a recession with an unemployment rate at 3.6%. Fat governor Christopher Waller speaking there on Wednesday, data show the U.S. consumer price index rose by 9.1% in June, the largest jump since 1981, putting more pressure on central banks to carry on raising rates, markets are currently pricing in a 31% chance of a 100 basis point rate rise. And 5 of the biggest investment banks in the U.S. will be hit by fines of about $1 billion over staff use of messaging apps, regulators have been cracking down on the use of services such as WhatsApp and personal emails to limit the risk of improper conduct. Morgan Stanley expects to pay a $200 million fine while Citigroup Goldman Sachs and Bank of America believed are believed to be in discussions on paying similar figures. Okay, well those are our top stories just to bring you one red headline crossing the terminal this morning to do with copper and the London metals exchange thing in the copper trading below $7000 a ton for the first time since November 2020, so another aspect of that commodities story. Okay, let's talk about some UK politics then tonight, the 5 remaining candidates to replace Boris Johnson will hold their first TV debate on channel four with Britain facing an economic crisis. This winter, more strikes over the summer and ongoing tensions in Ukraine, the potential future leaders of Britain are set to be heavily scrutinized on how they can improve on Johnson's record. But what do the public actually think about the candidates to be next prime minister joining us now is Kelly beaver, whose CEO of ipsos in the UK and Ireland, Kelly, good morning. Thank you so much for your time. So in lots of ways, this is rather a strange kind of competition on TV, isn't it? Because it's not the general public that are going to be voting on this, it's actually the members of the Conservative Party, they're voting on this individual becoming the leader and therefore the prime minister. Why are so many MPs so closely watching the polls then when it comes to these candidates? Because the public will eventually murder once this goes through the membership vote on a new prime minister is elected by the party. They have to be able to be appealing to the general public because we are going to lead into the next 18 months, really absolutely critical for both the delivery perspective for this government as they lead into the period for a general election. And they really need a candidate who does lots of different things. They need somebody who comes forward to be the new prime minister. Who has the leadership characteristics that the public say matter to them today and they are different from the characteristics that they wanted from a prime minister back in 2019 back then being good in a crisis also having a strong patriotic streak in big scene to be a strong leader with a top characteristics that really mattered in who they wanted leading the country. Today, other characteristics have risen, being really at one and understanding what it's like to be a sort of a normal average Britain in the country, really understanding normal life, but also trustworthiness and integrity have risen and obviously that is, I guess, a reaction to what perhaps was part of the previous prime minister's challenges. The other really key part is they're going to need somebody who can tackle some of those challenges you just mentioned. Public disruptions, strike action, a real sense amongst the public currently that the country is going in the wrong direction, heavy economic pessimism, the west we've seen in over 40 years on our tracking studies. And then, of course, the cost of living crisis linked to that and what it means for the average person on the street. So lots of policy, but also characteristics. And more recently, as you have seen in the papers this morning, the background, the personal background and story of those candidates will really matter when put to the public test. Normally, obviously, you focus on nationwide election results. Are you doing any work around this race? We're doing quite a bit around this contest and having a look at the different candidates, public awareness and familiarity who they think would make a good prime minister. What kind of characteristics they want in the leader and then more recently we put out a piece yesterday just testing the public on their views of whether the backgrounds of the candidates really matter and their personal history because you will see the front pages this morning are covering very heavily penny morden in particular because she was relatively unknown and I think that background will really start to matter as they get into that wider debates that we're going to see on the television right through until next Tuesday. I think neither will be quite a lot of coverage of it for the candidates. Just briefly in terms of the 5 candidates, then who has got most kind of household name recognition, I suppose, is it somebody like Liz trust who's had a lot of jobs in top government? So Rishi sunak actually which shouldn't be a surprise because he did have some of the most top jobs in central government as the Chancellor former Chancellor
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"It was a little bit of a topsy turvy session on Wall Street. You had some steep losses that down down more than 600 points, the S&P 500 at one point, one and a half percent, lower finished down just three tenths of a percent, but the S&P and the Dow off about a half of 1%. Asian futures are looking up a little bit, but there's a lot of cross currents here in the markets. We did get some slightly moderating commentary from fed governor Christopher Waller and the fed bank of St. Louis president James bullard just to the extent they said they'd back 75 basis points. And it didn't really say no to 100 basis points, but they equivocated just a little. The market had been tilting more towards a hundred basis point to hike in the session yesterday. Some conflicting information, TSMC raised its 2022 revenue forecast, so everybody liked that in stock was the ADRs were up 3% in the U.S., but they did say that they would trim spending, and now this morning we're hearing from SK Hynix, it's considering cutting its 2023 CAPEX by about a quarter, and that is in response to slower electronics demand, slower than anticipated, according to our own sources. And actually, semiconductors did really well in the U.S. session, they were up 2% if you look at either the socks or also the SMH, which is the ETF representing those companies. China stocks down 2.2% with the golden dragon NASDAQ index so we'll see what happens today with tilting little to the upside and that's a check of markets. Headline news with Ed Baxter and San Francisco. All right, thank you, Brian. That China's president Xi Jinping has made a rare visit to Xinjiang, government says a show of unity. Italy's president rejects prime minister Mario Draghi's resignation by more time to work on problems before a snap election. U.S. Senate majority leader Chuck Schumer has told senators to expect a preliminary vote next week on a pared back China competition Bill, but Republican senator John cornyn says there aren't the votes. It's just a big bluff. U.S. President Biden wrapped up his trip to Israel is now on to Saudi Arabia, the president saying today the king and crown prince know how he feels about human rights and he just got a headline up on the Bloomberg terminal that he has now set to meet with the presidents of Egypt and the UAE on Saturday. Japan's prime minister fumio Keisha has asked that as many as 9 nuclear reactors beyond line this winter to help with an expected power crunch and Los Angeles County, the largest county in the United States has raised its COVID-19 alert level now to high. Saying hospital admissions have surged 88% in the past month and saying masking will be required if at last two weeks. In San Francisco, I'm at Baxter, this is Bloomberg, Rashad. Thank you very much, Ed, let's get back to our guests with a half average at Harris CEO at port shelter investment management. Richard, we've got loads of conflicting economic signals, economic indicators in the U.S.
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Bloomberg world headquarters I'm Charlie palette. Italy's prime minister Mario Draghi says he will tender his resignation to president Sergio mozzarella after the 5 star moment a movement of boycotted a confidence vote on an 8 bill in the Senate again. Italy's Mario Draghi says he will be resigning. He has been in power since early 2021. It is a down day on Wall Street, the Dow, the S&P nez stack all declining, but stocks of paired losses as comments from a Federal Reserve official brought some relief to traders worried about the odds of an even more aggressive pace of rate hikes plunging the economy into recession. The S&P 500 Index now down 52 points lower by 1.4% at the worst level, the S&P have been down 80 down 2.1%. The Dow is down 450 now. That's a drop of one and a half percent. NASDAQ is down 134, a decline of 1.2%. Ten years down ten 30 seconds, ten year yield 2.97%. The inverted yield curve remains with the two year at 3.12%, spot gold down 1.7%, 1706, the ounce and another retreat for crude oil back below $95 a barrel down 1.8% WTI now at 94 63 a barrel. Federal Reserve governor Christopher Waller is backing raising rates by 75 basis points this month after hot inflation data, prompting investors to pull back bets, officials would hike by 100 basis points, though he said he could go bigger if warranted by the data Waller made the comment in an interview with our Michael McKee broadcast live right here on Bloomberg radio. 75 is my base case. We knew this inflation report was going to be ugly. And it was. It was just utterly thought. So 75, which there was some concern was not going to happen is now, in my view, you should definitely have it. So what the report did yesterday for me was anchor that we are going to go for me. I don't speak for the rest of the community, but for myself, 75. And again, we do have the ten year 2.96% for two year at 3.12%. Bank of America's strategists have downwardly revised their rate forecasts following their economists call for a mild 2022 recession and lower fed funds rate path. One O two on Wall Street. Time now for the market drivers report with a focus on American depository receipts. Here she is with a Thursday edition Abigail Doolittle. Thanks Charlie and similar to the broader markets lots of big declines for many ADRs starting out with Eric sin shares of the networking and software ADR down about 9% after an earnings miss due to weak margins. Now this company does supply a lot of parts to smartphones, so maybe there's some read through there for some of those companies. Another European tech company, SAP a German software ADR is outperforming, however, but still, it's down, but down less than 1%. And I say outperforming because China tech is week two, we can do a duo, JD.com and Alibaba, all of those ADRs are down more than 1%, all this as rates rise in the U.S. on inflation fears making all tech ADRs look more expensive and then
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Stocks have come off session lows as comments from a Federal Reserve official brought some relief to traders concerned about the odds of an even more aggressive pace of rate hikes plunging the economy into a recession. In fact, the S&P cut its drop by half at one point after fed governor Christopher Waller said he supports a 75 basis point hike in July, but could vote for more aggressive action if data show further inflation risks. Traders reduced bets slightly on a 100 basis point move after his remarks. The Bloomberg dollar spot index trimmed games after touching a record while the two year yield reversed its advance. Cleveland fed president Loretta mester tells Bloomberg, there's a lot of data to consider before jumping to a 100 basis point rate hike. There's more data coming out that I'm going to be very attuned to. We have retail sales coming out on Friday and we have a very important University of Michigan report and of course that's important because it has the place expectations measure a consumer measure in there. So, you know, we have data coming out. What I take from the report and it was uniformly bad. There was no good news in that report at all. Was that inflation remains unacceptably high level? S&P 500 is down 1.3% down 48. The Dow is down 1.3% down 405, and the NASDAQ is currently down 1.1% down a 121. The ten years down 1530 seconds with the yield of 2.99%. West X intermediate crew is down one and a half percent 94 90 a barrel comic skulls down 1.8% at 1704 30 and ounce. The dollar Yan one 39 O 8, the Euro just over a dollar in the British pound at dollar 1801. That's a Bloomberg business flash. Balance of power continues. On Bloomberg radio. This is balance of power on Bloomberg television and radio. I'm
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"In a few moments. Good morning to you. I'm Brian Curtis in Hong Kong. And I'm Juliette sali in Singapore, so we are on track for a weekly gain on the regional benchmark index of about 1.6% Brian and certainly things looking pretty good today. So a good week this week at a bad week last week and had a really good week a 6% gainer the week before. It's been topsy turvy, but at least today it's looking pretty solid and will close out the week apparently pretty strong. It just seems like investors are setting aside some of the darker themes and embracing a little sunshine. Part of that is trying to look beyond the recession or maybe that there will be no recession that the fed might be able to pull off a soft landing. We heard comments from a couple of fed heavy weights, which will get to in a few moments. But that gave a little bit of a positive tone. We have the stimulus in China that is projected that could be being pulled forward from next year, and maybe President Biden will be looking at lowering U.S. tariffs. So not everybody is behind that. But that might also be a sort of step in the right direction. Maybe ease if you tensions between the U.S. and China as well. Well, here's what we're seeing. The nikkei is up 1%, the ASX 200 and Sydney has rallied 9 tenths of a percent. So far, what we've seen this morning is big gains in energy and materials, particularly there in Sydney. Consumer discretionary and tech in Tokyo as well as energy as a theme we expect to play out today. Energy rallied the most on Wall Street. We had the spider energy ETF up 3.6% and detected very well the NASDAQ with gains of 2.3%. And some earnings that also did not disappoint. So setting up is a pretty good Friday, Jules to you. Well, two of the fed's most hawkish policymakers Brian backing raising interest rates, another 75 basis points this month, both fed governor Christopher Waller and St. Louis fed president James bullard stressed the need for more restrictive policy. Speaking earlier, bullard stated that credible action is necessary. If we don't get the inflation under control, inflation expectations could become unmoored and if that happened, then you get this long and complicated tangle like we did in the 70s where you have high inflation rolling on for a decade and the real economy being quite volatile with lots of recessions. A lot added that while there are risks he believes the U.S. has a good chance of a soft landing. So it's interesting, isn't it, though, Juliet that the market even with those two heavyweights saying 75 basis points this month, the market still rallies. So it shows you that investors are looking out beyond. Well, we also got that China stimulus, so we're talking about it. China said to be considering a $220 billion stimulus package, the move would allow local governments to sell 1.5 trillion. You want a special bonds in this second half of this year and as mentioned, this would be pulled forward from next year's quota. It would be the first time for that. The debt would be used for infrastructure spending and would add to the original ¥1.1 trillion set aside for such projects. Commodities rallied following the news with copper extending gains as much as 3.6%, Chinese officials did not comment. Coming up to four and a half minutes pass the hour time for global news. UK prime minister Boris Johnson says he will resign as prime minister, but remain until his successor is chosen
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Playing down recession concerns. Let's get all the latest what we can expect here in Asia with Bloomberg's Bryan Curtis in Hong Kong Brian. Did you say recession progression or was it recession digestion? Recession obsession. Yeah, yeah, yeah, I just playing off that and it has been a progression that people have been thinking about and we are digesting it too. And obsessing, obviously, yeah, a little bit of a break from that today. And we saw rallies. It has to be 500 up one and a half percent, the NASDAQ up, 2.3%. So one of these, one of these themes was that the fed's most hawkish members were pushing back against recession saying, the fed can do this job, and avoid that. But there's another theme too, which is being pushed by some financial institutions that were already in recession. And if we're already in it, then you're not really thinking of it as a 2023 story. You're thinking of it as a 2022 story. So it's easier to look out beyond it, thus you can go long equity. So that's one of the, one of the lines that we heard from a number of investors. Anyway, the rally was there on Wall Street's feeding through here, the nikkei is up about a half of 1%, the ASX 200, up four tenths of a percent, the cost speed up one full percentage point. One of the reasons that I focused on Samsung yesterday so much was that the sales number there was so strong that it fed through and we had big rallies in semiconductor stocks overnight. Now there was another reason for the rally and that has to do with the stimulus coming in China. And Juliette will do a story on that in the moment, but we also had the Chinese Premier Li keqiang, urging local government officials from 5 coastal regions to get to some more pro growth policies. So all of that, the stimulus, the pro growth policies, tend to be working towards going long equity. Dalyan here, one 35 92, the offshore Chinese currency, the CNH at 6 69 34, pretty steady there. WTI crude $102 and 53 cents steel inverted on the yield curve, the yield on the two year three O two, the yield on the tenure, three exactly. Juliet. Thanks, Brian. Well, two of the fed's most hawkish policymakers back raising interest rates and other 75 basis points this month both fed governor Christopher Waller and St. Louis fed president James bullard stressed the need for more restrictive policy. Speaking earlier, bullard stated that credible action is necessary. If we don't get the inflation under control, inflation expectations could become unmoored and if that happened, then you get this long and complicated tangle like we did in the 70s where you have high inflation rolling on for a decade and the real economy being quite volatile with lots of recessions. And blood added that while there are risks he believes the U.S. has a good chance of a soft landing. China is said to be considering a $220 billion stimulus package. The move would allow local governments to sell one and a half ¥1 trillion of special bonds in the second half of this year. Sources say the sales would be brought forward from next year's quota, and it would be the first time for that. The debt would be used for infrastructure spending and would add to the additional or original rather 1.1 trillion set aside for projects, commodities rallied following the news copper extending gains as much as 3.6%, Chinese officials did not immediately respond for comment to comment. It is four and a half minutes pass our time for global news
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"An abnormal lifestyle choice. The platform also opposes using public funds for homosexuality, transgender or diversity and equity inclusion centers, and for gender affirming care. A 15 year old boy is dead and three others including a police officer are injured following a shooting in a popular Washington D.C. neighborhood. Police chief Robert Conte says he wounded officers suffered non life threatening injuries. The other two individuals that were that were shot have gunshot wounds. I'm not exactly sure where those injuries are, but it appears they're unstable condition. This happened Sunday Night in Washington's bustling U street corridor near a Juneteenth celebration, no word yet on any arrests. And two men are charged with murder after a house near St. Louis exploded on Friday, killing four people who were assembling illegal fireworks in a garage. St. Louis county police say the men made fireworks with explosive charges much more powerful than what state law allows and sold them. There are accused of directing three teenagers and one young adult on how to load the canisters and attach a fuse for lighting, neither man has a license to make or sell fireworks. I'm Mark Mayfield. And I'm to these Pellegrini in the Bloomberg newsroom. More volatility this morning for Bitcoin hovering around $20,000 of Bitcoin this hour was below 18,000 earlier this weekend, and Bloomberg's join us in gerst says the volatility in Bitcoin striking some people's basic confidence. There might have been a lot more risk in the pipeline than people thought. And institutions may be questioning things a little bit more. It's definitely the momentum is kind of on the downward swing right now. Ask your girl also says some see Bitcoin as an indicator of you as sentiment when trading resumes on Wall Street tomorrow. But church a poll testifies on Capitol Hill this week after last week, 75 basis point rate hike from the fed. And Federal Reserve governor Christopher Waller says he would support another rate hike like that. Next month, if economic data comes in as he expects. The fed is all in on reestablishing price stability and part of that effort involves understanding the forces that have boosted inflation and examining how policymakers respond to. And while they're speaking at a conference in Dallas, stocks of Europe trading higher this hour, let's see up about 6 tenths of a percent cac and Paris up about four tenths of a percent in Germany the decks up 6 tenths of a percent, mostly lower clothes for stocks in Asia. But the hang seng finished higher net E shares, will they slip to almost 7% for more? Let's go to Hong Kong and Bloomberg's friend Curtis Brian. Denise neddy is delaying the release of its Diablo immortal game in China. This is the mobile game the Chinese company co developed with Activision Blizzard. The release was supposed to be this Thursday. Earlier in the
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Morning I'm Nathan Hager And I'm Karen Moscow We are coming up to 5 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg Right now S&P futures are little change down futures down 42 and NASDAQ futures up about 30 and the decks in Germany is down about a third of a percent The ten year treasury is down 24 30 seconds yield 2.82% and the yield on the two year 2.54% the Euro is at 1.0728 against the dollar the yen one 27.93 Bitcoin at $31,600 Nathan Hey Karen oil is on the rise this morning watching nymex crew It's up 3.3% to a $118 87 cents a barrel Brent is higher by one and a half percent at a $123 53 cents The gains come after European Union leaders agreed to seek a ban on imports of most Russian oil Let's get the details live from Bloomberg's UN Potts joining us from our London bureau And good morning Good morning Nathan Karen Finally a deal on Russian oil European Union leaders agree sanctions blocking the purchase of crude oil and petroleum products from Russia delivered by sea But there is a temporary exemption for pipeline deliveries to satisfy Hungary which have been holding up discussions European Commission president Ursula von der leyen welcomed the agreement Council should now be able to finalize a ban on almost 90% of all Russian oil inputs by the end of the year European Commission president Ursula von der leyen made the comments at a briefing in Brussels in London I'm yuan pots Bloomberg daybreak All right you and thank you all back here in the U.S. the fallout from last week's school shooting continues to reverberate across the country There's another push for legislation on guns but President Biden says he is limited on what he can do He traveled to ivaldi Texas for an emotional visit this weekend Amy Morris has details from our Bloomberg 99 one newsroom in Washington I can't outlaw a weapon I can't change a background check President Biden explaining that there is only so much he can do to stop mass shootings in the U.S. Biden and First Lady Jill Biden visited the Texas elementary school where a gunman killed 19 children and two teachers that shooting is increased demands on Congress to do something about gun regulation and talks in the Senate now center on red flag laws They allow police or family members to ask a court to temporarily remove the right to own firearms from someone who may be at risk In Washington I made me Morris Bloomberg daybreak All right Amy thank you on Wall Street today inflation continues to be a major focus for markets Treasury yields are climbing as the Federal Reserve shows no sign of slowing its hawkish stance Fed governor Christopher Walter says he wants to keep raising interest rates in half percentage point steps until inflation is under control I support tightening policy by another 50 basis points for several meetings In particular I am not taking 50 basis points 50 basis point highs off the table until I see inflation coming down closer to our 2% target Fed governor Christopher Waller spoke at an event hosted by the institute for monetary and financial stability While inflation will be a key topic of discussion when President Biden holds a rare meeting today with its share of the Federal Reserve and we get more from Bloomberg's dunk prisoner It'll be the first meeting between the two since November when the president nominated Jay Powell for a second four year term In the intervening period soaring inflation has become a crippling problem In an opinion piece published late Monday in The Wall Street Journal the president said he would support the fed in its effort to combat high inflation by reducing demand The president said the fight was likely to slow the rate of job growth from a monthly pace of 500,000 jobs to around a 150,000 In New York I'm Doug prisoner Bloomberg daybreak All right Doug thank you The labor market will also be front and center this week when we get the May jobs report on Friday Let's get a preview of that from Bloomberg's Vinny del giudice Economists say payroll growth probably exceeded 300,000 in May So far this year the economy is added more than 2 million jobs with labor shortages at record levels of slowdown could imply a shortage of qualified workers rather than sudden weakness Job cuts have been running at half century lows Also in this week's U.S. state of calendar I assume factory data the conference board's consumer confidence index and the Federal Reserve's Facebook economic survey Vinny doubt Jules Bloomberg daybreak All right Vinny thank you We're all still getting key inflation data out of Europe The number is crashed just a few minutes ago showing Eurozone inflation accelerated to a fresh all time high Consumer prices jumped 8.1% from a year earlier in May exceeding their 7.8% median estimate in a Bloomberg survey the acceleration was driven by food and energy after Russia's invasion of Ukraine sent commodity prices soaring Back here in the U.S. Karen stocks are coming off their first winning week in nearly a month as we return to this holiday shortened trading week We get more on the days ahead from Bloomberg's Charlie palette Analysts remain split on whether equities have found a bottom amid ongoing questions about the strength of corporate earnings Alicia Levine is head of equities and capital markets advisory at Bank of New York Mellon Marches are going to come down and what the market's really been grappling with the last couple of weeks is the E on the PE They're earnings component And it's likely that earnings have to soften from here Among the name scheduled to report this week Broadcom CrowdStrike Hormel Foods HP and kalulu lemon and Salesforce.com In New York Charlie pellet Bloomberg daybreak All right Charlie thank you I'll oversee this morning shares a Unilever or a more Your treasury yield 2.82% straight ahead your latest local headlines into check of sports This is Bloomberg It's south 5 O 7 on Wall Street We're at 74° in Central Park already and already dealing with an accident northbound Connecticut turnpike on the exit 13 off ramp we'll get.
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Brian shook And I'm Brian Curtis in Los Angeles Let's check this hour to stop business stories and the markets Stocks are rising in Asia and crude oil is higher but U.S. equity futures are down now about two thirds of 1% More on the markets in a moment President Biden imposed stiffer penalties on Russia The sanctions included action against 5 major Russian banks to impair their access to foreign currency Meantime Japan will broaden its sanctions to include semiconductor exports as well as banking services and Japan will also freeze assets of targeted groups Meantime the UK has unveiled the biggest Everest set of sanctions against Russia Those include targeting Russia's banks billionaires and national air carriers Here's prime minister Boris Johnson We will continue on a remorseless mission to squeeze Russia from the global economy piece by piece day by day and week by week And we will of course use Britain's position in every international forum to condemn the onslaught against Ukraine the sanctions are put on more than 100 Russian individuals and entities China's Central Bank has ramped up its short term liquidity injection into the banking system the PBOC injected $45.8 billion into the system by a 7 day reverse repo agreements It's the most since September of 2020 And fed governor Christopher Waller says he's all for raising rates in March and that he could see a half percentage point move that said he also indicated the Ukraine conflict had added uncertainty to his outlook In the markets then he K rallying one and a half percent 382 points to the good The Hank sing index is down about a half of 1% The CSI 300 in China with a gain of about 9 tenths of 1% The yield on the ten year treasury 1.95% Global news 24 hours a day live and at Bloomberg quick take brought to you by 2700 journalists and analysts in a 120 countries In Los Angeles I'm Brian Curtis This is Bloomberg.
Bloomberg Radio New York
"christopher waller" Discussed on Bloomberg Radio New York
"Because it can't precisely determine the financial consequences of the French government measures to limit the rise of electricity tariffs for 2022 So EDF shares have fallen 17% over the past year before last slide from news came out And as mentioned the stock hasn't opened just yet Yeah absolutely waiting for that to open Let's go to the cinema chain cineworld which is a kind of a global player really in cinema in movie theaters What is the story there such a tough sector to have been in over the last couple of years Yes So it is pretty interesting Like I've seen a world shares have had a good start to the year They were up 21% before today's news but it's still down 40% over the past year So today it's in the world said that it's recovery in future attendances across its geographies which generated a positive cash flow performance for the fourth quarter They also said that December was especially strong which was held by the success of the Spider-Man film It was actually the first film to gross more than $1.5 billion at the box office since the onset of the COVID-19 pandemic although to be fair I haven't seen it yet but that might be something I might do this weekend My house don't like spiders So I find limited excitement for this particular franchise Yes definitely I also have a bit of an excess to spiders But yes so it's in the world chairs are up 3.5% today So enough people like spiders that silly world is up by 3.9% Lisa Thank you so much Thanks for joining us with the latest on some of the stocks that are on the move Really interesting story I still don't have an opening price on EDF we'll get that as soon as we get that to you as soon as we see that open across the Bloomberg Let us get to some of our top stories this morning And we start with a flurry of action from the fed and three seems to be the magic number Federal Reserve governor Christopher Waller said that three interest rate increases this year was a good baseline but that could change depending on inflation He spoke exclusively to Bloomberg Three hikes is still a good baseline We'll have to wait and see what inflation looks like in the second half of the year if it continues to be high The case will be made for four maybe 5 hikes So several fed officials this week said the Central Bank may have to raise as many as four times to get inflation under control and there's Christopher Wallace talking about the possibility of four or 5 Sticking with the Federal Reserve and that particular story inflation is the watchword for fed governor lale brain art at her nomination hearing to become vice chair She says the Central Bank could raise interest rates as early as March to ensure that greatest price pressures in a generation are brought under control Inflation is too high and working people around the country are concerned about how far their paychecks will go Our monetary policy is focused on getting inflation back down to 2% while sustaining a recovery that includes everyone This is our most important task Right now it's chances of securing a relatively smooth confirmation as fed vice chair appeared good judging by the cordial tone of the questions from Republicans Meanwhile President Biden has been completing his overhaul of leadership at the fed he's chosen Sarah bloom Raskin to be the Central Bank's top banking regulator progressives have demanded a more pro regulatory vice chair than Raskin's predecessor Randall calls Lisa cook and Philip Jefferson have been nominated as governors cook would be the first black woman on the fed's board and Jefferson would be the fourth black man keeping a Biden promise to improve diversity Jumping to geopolitics now and tensions are simmering over Ukraine European natural gas prices jumped again on signs Russia and the United States remain far from bridging their differences reigniting fears of military action The U.S. is said to be pressuring European allies to agree on potential sanctions against Russia Sources say The White House is worried about slow progress with growing concern that president Putin could soon order an invasion of Ukraine Back to domestic politics and here in the UK party gate isn't going away As Boris Johnson's position as prime minister remains precarious the telegraph reports of more parties involving Downing Street staff Bloomberg's you and Potts has the details Downing Street staff reported to have held two leading parties at number ten in April of last year on the eve of Prince Philip's funeral The telegraph says the gatherings evolved around 30 people drinking alcohol and dancing to music until the early hours He came in a time when the UK was in a period of public mourning and COVID restrictions banned people from different households mixing indoors The prime minister was not at either gathering as he was spending the weekend at his country estate but the accusations come as Boris Johnson's leadership remains under severe pressure over a series of scandals and missteps In London I'm your import spoon by daybreak Europe Meanwhile the Met police says Boris Johnson's government will not face a police inquiry into alleged pandemic rule breaking unless an ongoing probe by senior civil servant Sue gray turns up evidence of criminal behavior Getting to the data then on the UK economy and it's surpassed It's pre-pandemic size in November for the first time with surprisingly strong growth before the other quant variants of the coronavirus struck Blame February 2020 before the pandemic started growth was driven by much stronger than expected gains in construction and manufacturing however economists are forecasting contractions in both December and January So really good news that we got this better than expected better than forecast.
Bloomberg Businessweek
Senate Banking Committee Approves Contentious Nominee Judy Shelton for Federal Reserve Board
"We begin in Washington. Judy Shelton, President Trump's contentious picked for the Federal Reserve sport of Governors. Was cleared a key hurdle to confirmation by winning the approval of the majority of the Senate Banking Committee. She was back in the party load a party line vote today 13 to 12 committee also voted in favor of Fed nominee Christopher Waller, currently director of research at the ST Louis Fed. His nomination past 18 to
Press Play with Madeleine Brand
Trump says he intends to nominate Christopher Waller, Judy Shelton for Fed board
"President trump announced two new nominees for the federal reserve board today NPR's Scott Horsley reports two of trump's earlier picks for the central bank were forced to bow out trouble is that Twitter that he plans to nominate Christopher Waller and Judy Shelton to the fed seven member board of governors Waller has a conventional resume he was an economics professor at Notre Dame and now serves as director of research for the federal reserve bank of Saint Louis Sheldon is more of a wild card she's advocated a return to the gold standard and also told CNBC last month she like to cut interest rates to zero within a year or two the president's last two fed nominees Stephen Moore man Herman Cain dropped out of contention before either man was formally nominated critics describe more and Kane is overly political putting the central bank's independence in potential