17 Burst results for "Doug Chris"
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Doug Chris. Well, it's December 19th, which means that, I don't know, there are 6 days or so until Christmas, which is great news for Hollywood because streaming services have released about a 150 holiday themed films. This November November and December alone. Let's talk about why with Bloomberg businessweek assistant managing editor Jim Ellis, he joins us on the phone now from New Jersey and Jim. I don't think necessarily any of these film companies are trying to win Oscars here, but tell us about why holiday movies have turned into such a big business. I mean, holiday movies are a great business for Hollywood right now, simply because they are inexpensive and they draw lots and lots of viewers at particularly at this season. I mean, typically in an era where even a low cost sort of mainstream movie can easily run you 20, $30 million. These movies stand out. They're generally made from anywhere between 2 million up to maybe at max $5 million if you're going for something like HBO Max, but typically you're saying two to $3 million for these if first simply the average streaming service. And because of that, they can produce a lot of content for that sort of binge hungry kind of consumer who really gets into this type of film during the holidays. Who's ready to sit there on the couch, commit some good time to the boob tube and revel in the holiday spirit. And these are not just hallmark movies either, right? I mean, it's a bunch of different streaming services that slashing out for this, including Warner Brothers discovery, which we know is struggling under a lot of debt and is making cost considerations, cost cuts, and other parts of its empire. Yeah, I mean, this is for a company like Warner Brothers discovery that sort of thinks in terms of really big budget franchises, you know, like Batman or this is a good way to come up with content for their streaming service. I mean, they have in mid November. They premiered three of these sort of inexpensive HBO Max Christmas movies in one day. I mean, they were all made at the same studio. This is the kind of thing you can sort of crank out, generally they don't have big stars or they have people who were stars on television series and didn't really make it to the big screen. Or people who are maybe even coming back to their to the movies. For example, Lindsay Lohan returned to the film business this year in one of these Christmas movies. I mean, this was the first time she had starred in a Hollywood movie and almost a decade. And so, you know, people recognize the names of the players if they do come back, but most importantly, they want to get into the holiday season with somewhat hokey storylines that often are, you know, small big city guys go back to the small town for the holidays and while they're there, they enjoy themselves, but they also find love. They also find love. Katie, didn't you watch one of these? I did. A California Christmas. I swear to God, I watched that the year it came out with my entire family. And this started a thing. Like for the past two years, whenever I visit my parents house around the holidays, my dad just has some version of a Christmas movie on. I want to say hallmark movie, even though they're not all hallmark movies, but Jim, I feel like, again, speaking completely anecdotally from my own life experience that there's this is so much more of a phenomenon than it used to be 5 years ago, but you bring up the age of binging. Is that just because so many more of these streaming platforms and others are making more of these films? Well, part of it is because they're available. And also, there's just so much content that you can actually binge these. I mean, you can sit down and if you wanted to watch one of these every hour until now it's a Christmas, you wouldn't have any problem doing that. But the other thing that's really good about it though is that the studios have been very good. I should say the services and the studios have been very good at making sure that they can come up with a movie for every one. It's not just your family for mom who's at home and there's the single parent Christmas movies, there is now on hallmark. For every Democrat. There's also big city lawyer who goes back to their hometown and falls in love with you. Oh yeah, they love the back to the hometown. But that also allows you to use the same set on multiple because what you want to do is keep the costs low. So they're usually no special effects, but you can go and take that little house that you see in this little town in New England and use it in 5 or 6 different movies. You also can take that storyline and put it in lots of different demographics. So you'll have black Christmas movie. You have a gay Christmas movie. You have the older Christmas movies, and they all do well. And it sounds like a Hollywood executive preparing pitch. I have the black Christmas movie for you. I've got the gay Christmas movie. There was actually a Christmas movie that showed up in the theaters, which was a little bit off brand in that it was called a violet night, so it's definitely appealing to a different audience, but still in that holiday mode. Yeah, it's a different demographic and a way, but it also sort of goes into this notion of people want to see something with the holiday theme or with Santa in it. Now this movie is unusual because Santa is a real mean son of a gun in this and but for good reasons he sort of down on everyone. There are so materialistic they don't really have the love of Christmas, but it turns out that somebody's family gets taken by mercenaries. And so Santa has to go and save them. And during which he does lots of hard drinking and beating people up, but in the end, he reunites a family that has sort of forgotten what Christmas is all about. And that's really what these movies do really well. Yeah, if you go to the article, it's written by Thomas Buckley and Bloomberg business week. There's a photo of that R rated Santa. He's holding what looks to be a sledgehammer. I would not want to. He also has a bloody nose, it looks like. Yeah, yeah, he's been through it. I wouldn't want to do it. But you mentioned, you know, in a lot of cases, these movies, they can be built, or they can be filmed using the same sets. Let's talk about some of the cast because you mentioned, you are seeing the likes of Lindsay Lohan starring in some of these films, but I swear I've watched some of these movies and I do watch a lot of them over the week that I tend to take off every year. And I swear I've seen the same actresses before in these films. Oh yeah, I mean, the thing is that what happens is that certain people are very good at these and so some
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Bloomberg's Doug Chris and another day of losses equity wise, but ready for you what really characterized things here, because we are in wait and see mode for inflation news. You're absolutely right. Mild loss is the tone was cautious ahead of tomorrow's report on retail inflation. Rich, I know that you are well aware that markets have been on high alert for any clues regarding a shift in fed policy. Now, you were talking a moment ago about minutes from the last fed meeting. They include officials saying it would be appropriate or important to calibrate rate hikes to mitigate risk. Now the notion of calibration seemed to briefly inject some hopium into the equity market. It was fleeting, though, will have a closer look at that momentarily. We had the S&P 500 down for a 6th straight day, the benchmark now at its lowest level since November 2020. Today we were down about three tenths of 1%. The Dow, the NASDAQ comp each lower by just about a tenth of 1%. Today, the report on wholesale inflation so that price is paid to U.S. producers up in September by more than forecast a hot reading on CPI tomorrow could seal the case for a fourth rate hike of 75 basis points. So we had yields across the curve moving a bit lower today, especially at the long end of ten year that was down 5 basis points to three 89. Some of that decline may have been tied to weaker oil prices, WTI off by more than 2% in New York, we were down for a third day. Today, OPEC lowered its demand expectations for this year and next, the dollar little changed but boy, look at the yen much weaker here, one 46 85, I'll take another look at markets in 15 minutes, right? Let's take a closer look at the fed developments now, thanks very much, Doug. Beneficials have stepped up their commitment to raising rates to a restrictive level. However, as Doug mentioned there, they said it's important to calibrate the pace of hikes to mitigate adverse economic risks. As according to the minutes from the fed's September meeting, policymakers emphasized that the cost of taking too little action to bring down inflation likely did outweigh the cost of taking too much action. So that's why we say there's still very stiff on this issue. And ahead of the release, Minneapolis fed president Neil kashkari had warned that the bar for a fed pivot is very high. We have not yet seen much evidence that the underlying inflation of the services inflation, the wage inflation, the labor market, that that is yet softening. And so I think we're quite a ways away from anything like that. So fed officials like everyone else will be eyeing very closely the reading on consumer prices tomorrow. That data will come out at 8 30 a.m. Wall Street time. Right, American supplies are beginning to withdraw stuff from Yangtze memory technologies this week, which all the suppliers include Applied Materials KLA and lamb research yancy is one of China's leading chip companies. It's among the more than 30 organizations that the U.S. commerce department put on its so called unverified list the company may also be impacted by new regulations last week from the Biden administration. Chinese companies are not banned from buying advanced chip making equipment or employing American citizens without a license. Deputy treasury secretary Wally, adema, telling us that The White House is trying to build more resilience in the supply chain. We want to make sure that American companies are competing on a level playing field with companies in China and around the world, and that's why we've taken actions like restraining the ability to ship some key components as well as making historic investments in semiconductors here in the United States. Meantime semiconductor producer ASL at ASML told its employees in the U.S. to refrain from servicing customers in China the firm said it is actively assessing which particular fabs are an affected by new U.S. regulations. Coming up in a few moments we'll be chatting with Carol schleif, deputy CIO at BMO, family office, and that's coming up right after it's time for global news
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"A look at what the final session for the week here is likely to hold in store as Asia gets underway. And of course, look at the day that was on Wall Street. Let's get it over to Bloomberg's Doug Chris and don't. Hey rice, the equity market stateside faltered a bit on the eve of that jobs report, the Bloomberg survey is looking at September non farm payroll growth of around a quarter million, the unemployment rate is expected to hold at around 3.7%. I think we can say that the labor market really at this point is not cooling fast enough to give the fed reason to pivot. Yet, today we heard a number of fed officials hammering home the point of an unequivocal commitment to crushing inflation will talk more about that. I want to tease out one Twitter from or Twitter post from Scott miner to Guggenheim. He was saying the fed will continue to hike rates until something breaks, and from where he sits, he sees cracks forming. Today, a yields were up across the curve at ten year spiking about the 7 basis points we were at three 82 at the end of New York trading and the yield on the two year was up about ten basis points today to four 25. That move up in rates one of the weaknesses for the equity market or reasons I should say that the equity market was weak. The Dow today down 1.2%, the S&P coming in around 1% NASDAQ comp down 7 tenths of 1%. But look what the spike in rates did to the dollar. The Bloomberg dollar spot index rallying today by 7 tenths of 1%. And cannabis stocks rallied after President Biden took a major step toward decriminalizing marijuana, the adviser share pure U.S. cannabis ETF up 34% today. I'll take another look at market action for you in about 15 minutes, Brian. All right, more on the fed now Doug, thank you more fed officials, pledging their support for higher interest rates. Minneapolis fed president Neal kashkari said the U.S. Central Bank has not finished the task of bringing down inflation. We just now need to stay the course
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Your Bloomberg business flesh. Thank you so much, Doug Chris. This is balance of power coming from the Bloomberg interactive broker studio in New York. I'm David Wesson. Well, it's Friday, which means it's the end of the week, but it's also means it's a very big sports day. Not just for the New York Yankees, but actually for all Americans who follow baseball at all because the Yankees will be playing the Boston Red Sox, their traditional rivals. And Aaron judge will be going for the new record of 62 home runs, or at least tying roger mirrors at 61, which was sent back in 1961, but there's one catch to it. America's pastime will be seeing only on Apple plus. You have to actually stream it and you have to pay for that as it turns out. So now we want to go through exactly this fundamental shift towards streaming of big sports in America. We welcome, first of all, Bloomberg's ad ludlow, who covers all things tech, including streaming services. He's with us here from San Francisco and also skip perham. He's Professor of the business of sports and Suffolk university. So profess with you and talk about this fundamental shift. It's not just baseball, by the way, it's also NFL, the last night I watched some of the second game to be streamed on Amazon Prime. Yeah, and David, it's great to be with you. First of all, and be honest with you, I think Major League Baseball and apple are incredibly excited about the opportunity that has landed in their lap. And truthfully, I don't know that this game would reach a national audience if it was just as it would normally be on yes and nest in here locally. So this is the exposure and opportunity that Apple is paying for. And I think Major League Baseball is probably pretty excited about that. Yeah, and a fair amount of cash going to Major League Baseball. I assume for getting this privilege. They had to pay for it. Yeah, I mean, $80 million, I believe, is there agreement with Major League Baseball to carry Friday night games or at a Friday night game exclusively. It's not all in cash. I think 30 million is in media value advertising. But look, and I know folks in New York are asking or the Yankees are asking for it to be on the traditional linear channels, but I think Apple has all the leverage here and they want the game and this is a real upside for that. There's a question about the technology itself right as well, David because it seems simple. You can watch the game on Apple TV plus exclusively on Apple TV plus. It's as simple as downloading the app or using your MacBook and it's free if you do so but you take the demographic of nationwide or New York area baseball fans. Not everyone watches sports in that way. Many do rely on linear television, some go to their local bar to watch the game. And so this has been the big question, not just for Apple, but all streamers. What is the adoption actually like? It's all well and good saying this is how you do it. Are you going to do it? And I think it's really interesting how Major League Baseball have a blog post up on their website explaining how you can do this. Tweets have gone out from various celebrities trying to endorse this because backed by Apple. And I think the data after that will show was this a success. So and you raised a really interesting question I hadn't occurred to you. What goes on with sports bars? Can they stream it off the Apple app? So Jerry Smith is our business of sport reporter meteor report here in New York, and we've been debating this because there's an issue of legality around it right. You can not just broadcast a third party by simply screen sharing to your TV. There's also the smart TV debate as well, right? Like I'm in San Francisco most of the time, I watch things on my phone, I stream from my phone to my TV. That's what I'm talking about mechanics, but there's also the legality point. You can't illegally stream. So I'm curious professor what your perspective is. I'm old enough to remember when the same controversy or version of it was had with respect to cable, where it always had been free over the air as we called it, and the things you could get in the ESPN were things like tractor pulls. And there was that big controversy about heaven. I also was at ABC when we decided to give up Monday Night Football and put it on ESPN and pay cable. Is this the same as that or is it different? Now I think it's the same and people forget that cable was a disruptive technology. And in some ways, it's still disrupting things. But they're getting disrupted by these other platforms and they're trying to be part of it too. So I think it is the same and there's definitely a segment of the consumer base who's going to have a hard time doing it. I think of my father in law, my life father in law who would call me all the time. Where's the Notre-Dame game? It's on peacock. What's peacock? You're not paying for it. You don't get it. And baseball truthfully, their demographics, 48% of their demographics are 50 and older, and that's not to say that every 1550 year old can't get there, but a lot of 70 year olds can't, but the reality is that baseball with all sports, they need to get younger. The 70 year old is not the future of the game. I know that sounds cold and callous, but the future of younger demographics and I consume differently and they watch in different patterns and Major League Baseball is trying to adapt. Look, I have sympathy for the New York area baseball fan. This season, forget Friday night game through Apple. If you're a fan season long, this season
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Brokers for lowest cost global trading and turnkey custody solutions no ticket charges no conflicts of your interest at IBKR dot com slash RIA Let's get over to check in on the markets now with Doug Chris in New York Hey Juliet let's begin with what's going on in South Korea Short while ago we got inflation data topping 4% for the first time in more than a decade This is obviously going to put a lot more pressure on the bank of Korea to resume raising interest rates at next week's policy meeting Right now we're seeing a little bit of strength in the Korean won not by much stronger against the dollar by about a tenth of 1% And in the equity market the cost be pushing higher by just three tenths of 1% We've got a weaker yen and that is helping to send the nikkei higher by about 7 tenths of 1% Meantime in Sydney the market in the opening moments is showing a little bit of weakness not by mantra the ASX 200 down less than a tenth of 1% All of this after a move higher in U.S. stocks particularly in some of those interactive media shares we were talking a moment ago about to Elon Musk raising his stake in Twitter to above 9% We're going to take a closer look at that momentarily here on daybreak Asia And we also had a rally in shares of Tesla today the stock was up more than 5 and a half percent after the company posted record first quarter deliveries NASDAQ composite today with a gain of 1.9% and in the broader market we had the S&P rising about 8 tenths of 1% Many of the U.S. listed Chinese shares were on a tear today the NASDAQ golden dragon index finished up by more than 7% will take a closer look at that momentarily Crude oil continuing to build on gains that we had in the New York session This is after the European Union said it was working on new sanctions against Russia WTI right now at one O 5 the barrel will take another look at markets in 15 minutes Brian All right thanks very much Doug to that story about Elon Musk Now the biggest shareholder in Twitter disclosing to shareholders or to the exchanges at 9.2% stake the move will be yet another major test for Twitter's CEO Parag Agrawal Agrawal vowed to increase accountability make decisions faster and improve product product execution Arc investment CEO Kathy wood tells us the news could set up more change at Twitter I will say this could be setting up for another leadership change at Twitter You never know Then I'm not jumping to this conclusion automatically I'm saying it's one of many possibilities It'll either be our goal changing the policy of the company to really open-source the censorship or call people out on censorship or it will be a management change I don't know what's going to happen Twitter shares surged 27% in this one session alone And as Doug mentioned U.S. listed shares in Chinese companies rallied for a second session names like Alibaba Tencent and pinned world The positivity coming in reaction to Beijing potentially clearing a major hurdle for U.S. regulators to gain full access to Chinese firms auditing reports Bloomberg's Candice zacharias recaps for us I'm a securities regulator is modifying a decade old rule that controlled how firms listed overseas share their financial data The old rule said that all onsite inspections had to be conducted by regulatory agencies And by proposing to delete this rule the CSR three or the securities regulator is basically opening the door to compliance with U.S. law The gains in Chinese areas lifted the NASDAQ golden China index up more than 7% the hang seng tech index yesterday Brian up 5 and a half percent Yeah it was a spectacular day And this has been running for a while We'll see how things go later this week The market in Hong Kong be closed today because of the Qing Ming festival All right the time is 5 minutes past the hour coming up in a moment will be discussing markets with Robert saint Clair as strategist at Fullerton fund management Now it's time for global news The U.S. national security adviser says intelligence shows Russian troop movements toward the east of Ukraine at Baxter as global news from the 9 60 newsroom in San Francisco.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"One of them the cost of a mortgage is still on the rise I'm Mike Bauer Tesla held just under $2 billion worth of Bitcoin at the end of last year That's according to a filing with the SEC The company bought one and a half $1 billion worth of the cryptocurrency last year I'm Brian schuch And I'm Doug Chris Bloomberg world headquarters in New York Let's check this hour's top business stories and the markets the chip maker and Nvidia is said to have withdrawn from a deal to acquire SoftBank's arm limited We are told the $66 billion deal collapsed over some regulatory concerns now SoftBank is set to receive a breakup fee of up to one and a quarter $1 billion and then going forward SoftBank is looking to unload arm through an initial public offering before the end of the year Right now in Hong Kong we have shares in wuxi biologics down by more than 20% This company is one of 33 Chinese firms put on a list by the Biden administration because the legitimacy of these firms has not been verified and as a result the U.S. is imposing new restrictions on the ability of these Chinese companies to receive shipments from U.S. exporters the U.S. is also requiring extra diligence from American corporations willing to do business with them Peter Thiel will step down from the board of directors at Facebook parent meta platforms after the annual shareholder meeting in May till it has advised medical founder Mark Zuckerberg for nearly two decades to become a director back in 2005 after an early investment in Facebook we are told teal now plans to increase his political support of former president Trump's agenda during the 2022 elections We check markets every 15 minutes here on Bloomberg in Hong Kong the hang sang down 1.2% In Tokyo the nikkei rising by four tenths of 1% on the Chinese mainland Shanghai composite weaker by half of 1% the Cosby is up 1% and in Sydney the ASX 200 ahead 1% as well The U.S. tenure treasury in the Tokyo session is yielding 1.93% Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries This is Bloomberg This is Bloomberg law A divided Supreme Court rejects a religious challenge Tell us a little about the facts of the case Interviews with prominent attorneys in Bloomberg legal experts I guess his former federal prosecutor Jimmy caroule joining me is Bloomberg law reporter Jordan Rubin And analysis of important legal issues cases in headlines The Supreme Court takes on state secrets multiple lawsuits were filed against the emergency rule This lawsuit for real Bloomberg law with June Grasso From Bloomberg radio Welcome to the Bloomberg law show I'm Jim Rosso I had this hour The Brian Flores class action lawsuit against the NFL And bets on wrongful convictions are litigation financers next move The proliferation of litigation funding in the U.S. has extended to civil rights claims brought by the wrongly convicted Some funders are willing to provide exonerees as much as $1 million in upfront cash Joining me is Bloomberg law reporter Roy strom So tell us about Charles Johnson Charles Johnson's case in Chicago was kind of famous He was part of a group of four teenagers who were dubbed the marquette park four when they were arrested in 1995 for a double murder and a robbery that they were later convicted to and he spent more than 20 years in prison before being released In 2016 He argued that the police had coerced his confession and later a group of lawyers who were working with them found crucial fingerprint evidence that later proved his innocence So he gets out of prison But since he sue the state does he sue the city Yeah so Charles gets out of prison in 2016 He says he's basically broke And in 2018 he sued the city of Chicago and the police department So that case has not come to trial yet No the case has been going on for about four years and his lawyer told me there's still some ways to go before there's actually a resolution In these wrongful conviction cases do they have to prove their innocence Do they have to prove the police did something wrong They do have to prove that the police did something wrong that there was misconduct constitutional tort claim basically that their rights were taken away by wrongdoing on the part of police or prosecutors and it's a pretty tough legal burden to hurdle Are there odds about how about these cases like how many of them succeed and how many fail About 1200 exonerees of filed these types of civil lawsuits and about 51% of those received some type of monetary recovery and about 27% were unsuccessful The remaining suits are still pending We've seen some stunning jury verdicts in civil cases in recent years Are these the kind of cases that get those multi-million dollar awards Yeah the lawyer representing Charles Johnson his name is John Levi and here in Chicago He's well known He's one jury verdict as high as 25 million in these types of cases And you mentioned in your story that Chicago has been dubbed the wrongful conviction capital of America Why is that It's got more wrongful convictions per CAPiTA than the United States Give us a refresher course on what litigation funding is and how much of it there is out there The litigation funding is basically when investors put money into a loss suit in a type of deal where they'll be compensated really well if that case wins and typically they won't get anything back if the case loses And a very attractive asset class at the moment currently has nearly $12 billion in assets under management among big group of these litigation funding companies Is it new that they're getting into funding these wrongful conviction cases People I spoke with that had become much more popular recently that wrongful conviction cases attract funding One of the reasons is there's just a lot more of them being filed in recent years the number of exonerees has spiked since 2014 and it's a type of lawsuit that Garner's interest because it the plaintiffs these wrongful conviction victims have a need for money and their cases go on for a long time and there is the prospect of a big settlement or verdict at the end of the end of the day So in most cases do they give an initial payout to the Yes usually the exoneration will receive some form of upfront payment The numbers I heard could range as high as a $1 million upfront other funders were more likely to give a smaller number one company is giving a $100,000 upfront And charging a much lower interest rate but other funders will provide monthly or every other month sort of stipend to help these people live That goes to the exoneree Do they give out more money than that to fund the litigation itself No most of the lawyers who do this work operate on contingency basis So the lawyers too are incentivized to win And the money from the funders typically goes directly to the plaintiffs the exoneree Coming up I'll continue this conversation with Roy strom and we'll talk about the competition in this area And why some exonerees think the terms of these deals are too demanding and later in the show the Bryan Flores class action.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Is blooper day break weekend our global look ahead at the top stories for investors of the chemical I'm John Tucker in New York of later in our program the Bank of England is in inflation fighting mode as it gets ready to meet in the coming week How far is it going to go First the Olympics kick off in China in the coming week It symbolizes a lot for the country but it's somewhat problematic as well The more let's go to Hong Kong and Bloomberg daybreak Asia host Brian Curtis and his colleague Doug Chris John with the Winter Olympics in China approaching Doug and I thought it would be a good idea to take a look at how the country has changed from the China of 2008 when Beijing hosted the summer games and the China of today when it stages the winter game Now back in 2008 the summer games were seen through the prism of China's rise on the global stage whereas this year the lens appears to be focused on China's disregard for civil liberties its treatment of the Uyghurs in xiang and its handling of Hong Kong But how much is really changed Well we asked John Liu Bloomberg senior executive editor for a Greater China to join us for this discussion John the biggest change since 2008 would seem to be that Xi Jinping is president His general secretary chairman of the Chinese military commission and the author of Xi Jinping thought Can you expound on how she is making a difference in how China sees the outside world and how it's perceived by the outside world So in 2008 she was actually vice president at the time And he was actually responsible for putting on the games So for the day to today decision making around the 2008 Olympics he was actually the person in charge And so he was intimately involved Obviously his position has influences impact as much greater today I think China now in China looking into the future 5 ten years is going to be one shaped by Xi Jinping That's without a doubt Today's China though I think just more globally economically the size of the country is substantially larger in 2008 It was still smaller than Japan's economy Now it's about three times Japan's economy In 2008 it was about a third the size of the U.S. U.S. economy And now many people expect it could surpass the U.S. by as soon as 2031 if things go China's way So against the backdrop of these games obviously is the pandemic where two years into it now we know that it originated in China How Xi Jinping do you manage so much attention on your country while you're still in the grips of this pandemic Well I think she will be trying to show the world that China is a good actor on the global stage And so I think you will see flicks to donations of vaccines to developing countries You will see flicks of Chinese doctors or Chinese aid around the world You will see probably mentions of China's role in climate change and trying to control trying to control greenhouse gases globally I think what China wants to achieve through these games is for the world to be more comfortable with a bigger stronger more sort of China which is going to have a bigger voice in global affairs and to be to basically make room for it John I wanted to tell you a little anecdote as I frame the next question I think it was 1982 I read Fox Butterfield's book alive in the bitter sea and it's what caused me to want to go to China to go to Taiwan to be in Asia And I remember a line that Fox Butterfield had about how when Chinese looked at the west they either looked up or down They put the west on a pedestal for all its achievements in economic growth and in science and such But they looked down sometimes on the west in terms of culture and food and many other aspects And I'm wondering today if this China see itself as an equal to the west or does it actually see itself as superior now I think that's a little hard to say what I think we can say pretty surely is that the attitude that China has and how it sees the west has changed dramatically since 2008 And that primarily was the result of the great financial crisis in 2008 which Lehman Brothers filed for bankruptcy I think three weeks after the closing ceremonies in Beijing in 2008 and so through that process you had prior to that event policymakers senior officials in China really thinking hey you know the western democratic model they've got something there They've been able to achieve all this economic success to improve the livelihoods of their people But then through that process you basically try to saw how it could all terribly unravel And in juxtaposition China was able to get through the crisis much better than the west you had China put out this 4 trillion UN stimulus in November 2008 China has since 2007 been the global the largest contributor to global growth for the last 15 years and not the U.S. And so from that point forward I think you started to see more and more Chinese officials and people just in the public sort of wondering maybe our system is as good or maybe even better So we know that president Xi Jinping has been moving to secure what would be a precedent to find third term as leader When we get beyond the Olympics and the attention shifts to the national People's Congress in March what will she tried to do Will he build on the momentum that he is trying to establish during the Olympic Games So China announced this goal of doubling the size of its economy by 2035 If it's able to do that it will be the largest economy in the world It will surpass the United States And the leadership based on what they've said publicly expect the period between now and that 2035 target to be difficult to be tension filled And so that has been the argument for why China needs a strong leader Why China needs continuity when it comes to leadership and why Xi Jinping might be the right person for the job We should find out if he's been able to officially secure that additional term at the end of this year when they have the Communist Party Congress That'll probably be in late October November that time frame If and this is widely expected that she will secure that additional term I think you will see a China that is trying to ensure its rises uninhibited but also trying to ensure that those its neighbors other countries around the world are not going to be spooked by its rise are going to be accepting of that change John thanks so much for taking out the time to be with us Shaun Liu who is Bloomberg senior executive editor for Greater China joining us here on Bloomberg daybreak weekend I Brian Curtis along with Doug Chris You can catch us every weekday for Bloomberg daybreak Asia beginning at 7 a.m..
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Have the chance to try out the mcplant burger That's because the fast food giant is expanding its test of the plant based option to more locations However only those in the Dallas Fort Worth and San Francisco Bay areas will be able to give it a try I'm Brian chuck And I'm Doug Chris Bloomberg world headquarters in New York Let's check this out as top business stories and the markets after the bell in the U.S. Netflix said the current quarter will disappoint The streaming giant said it's expecting to add just 2.5 million subscribers in the current quarter that is well below Wall Street estimates and it seems to suggest that Netflix is entering a new phase of slower growth in 2022 to be fair Netflix did report subscriber growth for the last quarter pretty much in line with estimates but the stock was down 20% in late U.S. trading Meantime shares in peloton interactive plummeted 24% in the regular session that came on a report the company is temporarily halting production of bikes and treadmills after the bell the company's CEO denied that report and peloton also said that its early look at quarterly results will be short of analyst estimates shares were down 2% in late U.S. trading BHP group won shareholder approval to unify public holdings in a single stock listing in Sydney the stock now trades in both Sydney and London and the move could ease BHP's return to doing some big deals However the British market will lose one of its biggest companies We check markets every 15 minutes here on Bloomberg right now in Tokyo We have a much stronger yen one 1365 and a weaker knee came down by 1.4% A lot of weakness right now in energy stocks across the board crude oil is slumping by more than 2% in the electronic session at 83 60 in Hong Kong the hang seng down three tenths of 1% Shanghai composite of 7 tenths of 1% the Cosby is trading weaker by 1.2% and in Sydney the ASX 200 down 1.8% A U.S. ten year treasury now in the Tokyo session with the yield of 1.76% global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries This is Bloomberg.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Women I'm Brian schuch And I'm Doug Chris at Bloomberg world headquarters in New York Let's check this hour's top business stories on the markets shares in Sony are down by 9% of this hour in Tokyo on news of a major game deal from Microsoft Sony rival Microsoft is spending $69 billion to acquire Activision Blizzard We had chairs and Microsoft down 2.4% in the U.S. session however Activision Blizzard rally 26% Now Microsoft is paying $95 per share that is roughly 45% above Activision blizzards closing price before that announcement and obviously this is going to escalate Microsoft's move to secure intellectual property assets for its Xbox game pass service During the U.S. session Goldman Sachs reported a shortfall in fourth quarter trading revenue Goldman also reported record high annual expenses and that was fueled by soaring compensation and benefit cost we had shares in Goldman down 7% in the U.S. session The latest Chinese mobile phone shipment data is pointing to weaker demand for apple's iPhone data from the China academy for information and communications technology show The smartphone market saw healthy growth in December in the broader market however results for iPhones lagged and Evercore ISI was saying this suggests a notable deceleration in demand for iPhones Crude oil surging at its highest level in 8 years WTI 86 75 in the electronic session We have energy stocks in many Asian markets trading higher However most markets are trading weak generally speaking with in Japan the nikkei down 1.8% in sold at Cosby off a half of 1% on the Chinese mainland Shanghai composite lower by two tenths of 1% and in Sydney the ASX 200 down 6 tenths of 1% On the positive side the hang sang up four tenths of 1% Global news 24 hours a day on air and on Bloomberg quicktake This is Bloomberg This is Bloomberg law A divided Supreme Court rejects a religious challenge Tell us a little about the facts of the case Interviews with prominent attorneys in Bloomberg legal experts My guest is former federal prosecutor Jimmy Carole joining me as Bloomberg law reporter Jordan Rubin And analysis of important legal issues cases in headlines The Supreme Court takes on state secrets multiple lawsuits were filed against the emergency rule with this lawsuit for real Bloomberg law with June Grasso Bloomberg radio Welcome to the Bloomberg law show I'm June Grasso ahead in this hour Preying on the 50 yard line The Supreme Court takes a case that promises to be a flashpoint on the role of prayer in public life And the Supreme Court's blocking of Biden's vaccine mandate signals trouble for the EPA's efforts to address climate change The Supreme.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Onto a slim gain but hold on were at the lunch break at the bottom of this hour We'll talk more about markets in a moment If you're joining from the region good morning I'm Doug Chris the Bloomberg interactive broker studio in New York And I'm Paul Allen in Sydney where it's one minute past one on Wednesday afternoon and the ASX is one of those markets that's going backwards Just a little rough by about a quarter of 1% For a closer look at what's going on Bloomberg's brand Curtis this year Brian Well the standout today is probably the hansan tech index down 3.1% Another yet another sell off in the technology sector in the Hong Kong market Index itself is off about 8 tenths of 1% We are seeing a pretty big sell off in Tencent today down 3.2% Let me tell you more about his story in a little while about ten cents selling shares in sea limited A Singapore based company and also China huarong down some 40 1% or so in the first 30 minutes of trading after coming back online being closed or suspended for about 9 months or so for the details on that story coming up And also quite interesting that China Mobile a company that is under U.S. sanctions sanctions put in place by Donald Trump Well it has moved to list in Shanghai in the stock did open higher there Stock also trades in Hong Kong but we don't quote it here because it is under that sanctions regime So briefly as Doug mentioned most of the markets are lower we have a little bit of a gain in Singapore the straight times index of two tenths of a percent flat trading in Taiwan We mentioned what Hong Kong was doing the CSI 300 in China down about a half of a percent the nikkei the lone positive were one of the few positives of a little under a tenth of 1% And Paul mentioned the ASX stumbling a bit The dollar was stronger overnight It's slipping a little bit now Dolly in one 1604 yield on the tenure quite active here yields up 1.64% Douglas T all right Brian thanks Well as you mentioned China Huawei shares down 41% right now in Hong Kong after being suspended for 9 months The suspension was lifted after a state orchestrated bailout of the troubled basset a bad asset manager That bailout by the way totaled 6.6 billion Bloomberg Steven engel tells us while wrong is coming kind of full circle Remember back in April this company suspended shares on the Hong Kong stock exchange after delaying its full year 2020 results That spooked the market It's dollar bonds tanked Since then those dollar bonds have almost completely recovered and this company is streamlining It's trying to sell some of its noncore assets and its banking and security units are up on the block It's basically whittled down to size and back to its core business Now Citigroup is while wrong second largest shareholder after the ministry of finance and again those shares Paul weaker by more than 41% OPEC and its allies have agreed to revive oil production the group had scaled back up but when the pandemic crushed demand But now OPEX these outlook improving is Bloomberg's zucchini With the approval of a 400,000 barrel a day increase for February and surprisingly we saw oil move higher That's probably because what we also heard from OPEC plus was a prediction for a much tighter first quarter than originally expected Also importantly it has some production issues for some of the member countries Member countries such as Libya and gold lit Nigeria have recently struggled to meet the higher number So there are some analysts saying that even though we're talking about 400,000 barrels a day is the headline number the market may actually get half that in February And we got the oil price right now 76 79 for a barrel of West Texas North Korea is apparently back to testing ballistic missiles It begs to go global news It.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"I'm Brian chuck And I'm Doug Chris Bloomberg world headquarters in New York Let's check this hour's top business stories on the markets talks are underway between the U.S. and China over Beijing's new aircraft cleaning requirements Sources telling us China's new sanitation mandates significantly extend the time planes are on the ground and they largely copy steps that U.S. carriers already take to clean aircraft between flights The new requirements prompted delta to turn back a flight from Shanghai to Seattle in response delta says service to China will remain very fluid The former CEO of bear Stearns James Cain has died until 2007 Kane known as Jimmy who was one of Wall Street's brightest stars but by the end of that year bear Stearns was staggering from losses in the U.S. subprime mortgage market and in January 2008 shareholders pressured Kane to step down He did so Jimmy Cain was 87 Apple has issued stock bonuses to some engineers in an effort to retain talent We are told they range from about $50,000 to as much as a $180,000 in some cases We check markets every 15 minutes here on Bloomberg Right now in Sydney the ASX 200 pushing higher by more than 1% as the Australian equity market returns from a two day holiday In Tokyo the nikkei is weaker by 9 tenths of 1% in Hong Kong its healthcare stocks leading the hang seng lower by 7 tenths of 1% on the Chinese mainland Shanghai composite down 6 tenths of 1% and in sold the Cosby now weaker by more than 8 tenths of 1% WTI crude oil back below 76 a barrel in the electronic session a ten year treasury now in the Tokyo session yielding 1.47% and the dollar steady against the majors with the Bloomberg dollar spot index rising a tenth of 1% Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries This is Bloomberg.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"So much for that update Doug Chris Well just a few years ago a unicorn a private company valued at more than a $1 billion It was kind of a rarity After all that's why it was deemed a unicorn That term invented by a venture capitalist little less than a decade ago Now according to CB insights as of December of 2021 more than 900 unicorns exist all around the world A lot of these companies too well they're staying private for longer So what does that mean for the venture capitalists for the early investors Here to help us tell what it tell us what it means is Steve brotman founder and managing partner of alpha partner Steve joins us on the phone from New York City Alpha partners is a growth equity firm It works with 600 or so venture capitalists to invest and help them maximize their pro rata rights Steve thanks so much for joining us How are you Thanks Tim So great to meet you Explain exactly what alpha partners partners does Why did you find there was a need for it Sure Well as you mentioned we work alpha partners as a growth tech equity firm And we work with of the 2000 BC as we work with about 600 of them These are VCs with less than a $100 million on our management These are not the firms that you might have heard of the SoftBank's in the sequoias and in recent years of the world These are the funds actually that started at the very earliest phase And they're in about 78% of all the unicorns that you mentioned there on the boards They're on the cap tables Yet now companies are staying public or staying private much much longer So back in the day in the 90s Amazon went public after raising a seed series a and B round and then went public at 500 million Today most unicorns when they go public are valued in the tens of billions And so investors today are racing to try and figure out how do they invest in the private markets and likewise these smaller DCs with have these pro rata rights in these companies meaning they own portions of these companies yet lack the capital to invest more They're looking to partners like alpha partners Time was a little bit about just what you're seeing in the space And he trends anything that you've seen in 2021 that you do or do not expect to continue in 2022 Wow I would say that there's been a lot of froth in the market Given given the public markets have been frothy it's starting to tap down a little bit I'd say that private companies and private investors are getting a little more sensitized on valuation and a little bit more sensitized But it typically takes about 6 months for the private markets to adjust to public market realities And so what we've seen here is the bigger tech names have got continued with some momentum here And some of the smaller names have gotten beaten up That's starting to filter back into the venture and private equity world And so I think what you are going to see is some moderation in valuations However there is a pretty substantial amount of cash and that's what that's really ultimately what's going to determine the supply versus the demand And in a world of zero interest rates are just listening to the ten year rate is at 1.49% In a world that's not growing Growth is a new goal And so there's going to be a tension there But I think that you are going to see a little more rationality in private markets and public markets too I think growth is still going to continue It's the price that people are going to pay for that growth I wonder too about the price people are going to pay for a company that is multi $1 billion company That is a unicorn Some people call them a deca coin right And the idea that oil company on the private market could get so big that they're very few companies that really could pay to acquire it So the only opportunity would be for it to IPO Is it a concern to you that we are seeing such massive valuations in the private market and that can diminish exit strategies for these investors Well definitely a concern for me It's a great thing for entrepreneurs who are trying to grow their companies The interesting thing is that they're now whole swaths of our economy that are being overturned in almost every sector and it used to be just newspapers and media and now it's in real estate how you buy a home It's in delivery It's in retail It's these companies are now not going just after $1 billion markets not just $10 billion markets but they're going after a $100 billion markets which is a step factor change that's really dramatic It used to be the tech companies where selling to other tech companies Today they're swallowing whole industries That's a big difference And so there are going to be losers but they're also going to be substantial winners So we've only got about 30 seconds left here Talk to us a little bit about how much the really large valuations How much of this is impacted by the influence of really just the last expansion of this ten years of growth driven in tech how much of that is influencing what some of these valuations are at Well there's definitely a massive supply of capital That's there's no doubt about that But there's also this massive supply of opportunity on the unicorn side This capital wouldn't just appear out of thin air It's not chasing phantoms like in the 99 2000 boom in Boston This is really a different phase where you're talking about companies that are doing billions and billions of revenue growing at three.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Many in the market to wonder about the economic impact of the uma cron Today we had the FDA issuing an emergency use authorization for Pfizer's antiviral tablets This is for the treatment of mild to moderate COVID cases in adults and pediatric patients Pfizer shares right now higher by a little more than 2% In the bond market ten year treasury yielding 1.46% I'm Doug Chris that is your Bloomberg business flash Thank you so much And of course you are Doug Chris indeed I'm afraid I was a little bit on holiday autopilot earlier Thank you so much and I apologize Doug Shut down last year through a wrench into much of the economy and that's certainly includes real estate as reflected in a real estate investment trust share prices Some of those have now recovered Some still have a ways to go Narrate the association of real estate investment trusts has a report out on what happened and what to expect in 2022 We welcome now it's senior vice president for research and economic analysis Kelvin snores or Calvin thanks so much for being back with us Fascinating report take us through what has come back the fastest Well the initial Fox certainly was hard on everything We saw that across the whole country of the whole economy and real estate was no exception Pretty early last year we saw some sectors come back and it continued this year These are the sectors that support the digital economy this includes industrial logistics REITs They own and operate many of the supply chain facilities but logistic facilities that deliver goods bought on the Internet There are other tech related sectors the data centers that host the servers for websites the cell tower is the transmitted data These sectors all performed incredibly well last year and this year as well I'd also add in self storage REITs We have a very strong housing market and apartment market and with people moving and maybe needing to store things So storage REITs actually have returned 75% this year That's just an incredible number Overall REITs are up 35% in 2021 That's compared to about 23 or 24% on the S&P 500 So it's been a good year overall for reach But you're right there are the pockets that are not as strong So first of all you've got a terrific bar chart in your report I recommend this report to everyone We can't show it to you in a radio but it's 2022 outlook for the economy commercial real estate and REITs And the self storage as you said is just shooting the lights out but the departure explains it all right quick So let's turn to the other side of the equation and half empty part What hasn't come back yet But was it haven't come back are the ones that haven't those that have not come back in the stock market are the ones that have not had the on the ground improvement And those would be the hotels The travel and leisure sector The office sector some of the retail sectors the retail has come back but that was from a pretty low level from last year Really with hotel and office we are still in the middle of the recovery The business travel has not come back very strongly yet I was supposed to be speaking at a conference in New York in two weeks and it was just canceled yesterday So I'm canceling some of my hotel reservations I think people across the country are doing that Similar thing with office we are seeing still the actual physical occupancy in an office Now this is different from tenant sign leases or not But the number of people in the office building is hovering somewhere around 40% or so A lot of people have not gone back to the office Now that has caused some concerns in the market But this is really just a matter of timing The key point is not do people come back to the office next month or the month after But in the long term how many people are going to be in the office with a work from home environment And what I'm seeing from most employers is they're embracing a flexible work from home but that means on the days when they have team meetings when they have big projects kick-offs or things like that they're going to have everybody in the office So the demand there is going to be based on the peak when everyone's in the office So the hotel's in office really we have not seen a full recovery yet either operational terms or in the stock market but as the pandemic goes away many of those obstacles should disappear We expect to see those improved next year A good number of these I guess I would have expected I mean whether it's data centers or its industrial going up and lodging in resorts going down The one that mildly surprised me was retail which is actually up because we tend to think of bricks and mortar retailers really not doing so well Well that is certainly what everyone thought last year and the consumers have proven them wrong As the shopping centers the stores the malls have reopened many people have gone back to the stores Now it's true that people are still buying a lot of things online We still have all the delivery trucks in our neighborhoods It's very convenient to buy things online But we saw even before the pandemic and that anything were the size the 5th the touch the feel Those things matter People are still going into the stores going into the physical brick and mortar retail to buy them And sometimes it's just people trying to be on the computer You want to break It's nice to go out and go shopping Stroll around and look at things Brick and mortar retail is a core part of the U.S. lifestyle And it's shown that it's going to be here to stay Let's talk about a couple of factors that are outside of the four corners so to speak of retail That is inflation right now is on the march in this country We talk about it all the time Is that driving more money into reach as a practical matter Because it's thought that real estate would be a hedge against inflation People have certainly interested in REITs because they're what many people call a real asset And lots of parts of real assets But what we mean when we say a real asset is they own a property They're not just making something or selling a service They own a property and the property prices tend to rise when inflation rises So the value of the shopping mall the bounty the department building the value of the industrial facility tends to rise when inflation rates That protects the investors And it's not just the property values that rise It's also the income stream Many of the leases have read escalator clauses for inflation And for those that don't leases are rolling over all the time We've done some research at nareit looking at REIT performance during periods of moderate inflation And they quite often outperform the S&P 500 Again because they have this asset that rises with higher prices and their lease the lease receipts lease revenues will rise as inflation is up So in this type of environment I should also say I don't expect this to have run away inflation Inflation is going to be here through the next year but it's not going to cause a problem like we had in decades past But moderate levels inflation tend to be good for real estate Let me just interrupt you just for a moment stay there There's a headline crossing the Bloomberg right now that the Amazon cloud unit has drawn and a trust scrutiny from the icons and there's a Linux cons FTC She's the chair of the FTC We know that the FTC was looking into this had requested documents from Amazon and others and is pursuing it But now it appears that Bloomberg is reporting that it's going to move forward with that investigation of Amazon cloud unit So that's the headline coming across the Bloomberg right now Charlie one last one here there was also a story in the Bloomberg today about private equity and how much money they've raised for real estate They can't actually find the places to invest it Is that driving prices up Well there are two things you can say Brian prices up One is a lot of money to invest in it But why are people looking for the money Because earnings are up We published a near key tracker which is a report on earnings of REITs the list of equity real estate And earnings in the third quarter are the record high So we're seeing strong earnings which is why you have prices rising Yes it's an attractive investment A lot of investors see that a lot of people want to have REITs in their portfolio for diversification for the income that they get And that's as important as anything that the private equity funds are doing Okay it's really great.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"And at Bloomberg quick take This is a Bloomberg business flash It was a down tape for the equity market but on the positive side we finished way off the low point of the day In fact the S&P 500 seemed to have bounced off that 100 day moving average so that gave some in the market a sign for a little bit of optimism but there still remains a big cloud over the future of President Biden's economic agenda and also troubling signs where the coronavirus is concerned particularly in Europe where a couple of the biggest countries have now introduced more restrictions On the trading side volume was relatively light given the fact that it is a holiday shortened weekend When you have thin trading like this it tends to produce some exaggeration and price movement Nonetheless the Dow weaker today by 1.2% S&P 500 down about 1.1% NASDAQ composite dropping about 1.2% We heard from Nike after the bell second quarter revenue was above estimates those shares higher by more than two and a half percent in late trading and we also heard from Micron Technology with an upbeat forecast for the current quarter company manufacturers semiconductors and it shares right now higher by about 6.2% in late trading The ten year treasury last quoted in New York had a yield of 1.42% I'm Doug Chris and that is your Bloomberg business flesh You're listening to Bloomberg you sound on with Joe Matthew on Bloomberg radio Joe is out but I'm Emily Wilkins in with Jack Fitzpatrick We are going to be taking you all the way up to and weekend I believe and Christmas but.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"Market and the flavored water market And it continues to grow Options out there There are so many options and there's demand for it as well And we're going to talk with two relatively new entrants as they've been I think doing this for a couple of years already We're going to check in with the cofounders of the beverage brand Well obviously salmon and bread Dougherty joining us in just a few minutes In the meantime let's check out that trading day ended up here's Don Christmas Did you guys notice the carmakers today look at GM The company's going to invest more than $4 billion to make electrical vehicles in Michigan at the company this is GM They will build a battery cell factory in a joint venture with South Korea's LG chem GM today was up 6% but look at Ford the company has reportedly stopped taking orders for the F one 50 lightning Today's shares in fort were up more than 9 and a half percent Now on top of that we had a lot of strength in information technology We talked yesterday about the blowout results from Oracle and Broadcom Oracle shares today rallying more than 15% broad comforts part was up by more than 7% and those gains helped to lead the S&P 500 to a record high 47 12 we were up 1% on the day Dow industrial average ahead 6 tenths of 1% NASDAQ comprises 7 tenths of 1% The CPI data was hot yes But it didn't really surprise I think it was pretty much in line with forecast We had a year over year increase in the month of November of 6.8% that takes us to next week's fed meeting Today ten year treasury down only about two basis points in yield we were at one 48 I'm Doug Chris that is your Bloomberg business flesh All right dougie thank you so much Well the global flavored water market did a little bit of research The size of it is expected to reach nearly 30 billion by 2028 at a compound annual growth rate of 10.3% over.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"To live up to their commitments You know right now for example in the so called phase one deal where the Chinese committed to purchase a certain amount of aircraft and agricultural products they're not doing that They're not living up to their commitments Commerce secretary Gina raimondo said the U.S. wants to initiate a new economic framework in Asia stay tuned for more of that conversation coming up in 15 minutes from now I'm back here in the U.S. Karen We have several new developments on the battle against the pandemic and the latest news centers on a treatment from Pfizer Bloomberg's ra need a young joins us live to explain Good morning Good morning Nathan Pfizer is asking U.S. regulators for emergency use authorization of its COVID-19 pill Pfizer says the drug blocks a crucial enzyme that's key to coronavirus replication If cleared it would be the first of its kind And Bloomberg sources say The White House plans to buy enough of the pills to treat 10 million patients Meantime CDC advisers plan to meet on Friday to discuss expanding eligibility for Pfizer's booster shots live in New York I'm ready to young Bloomberg daybreak Ready to thank you while in corporate news this morning guess who's selling more stock Elon Musk has unloaded Tesla shares for the 7th straight trading day we get more from Bloomberg's done prisoner The latest sale brings Musk roughly halfway to his promise to unload 10% of his stake in the company on Tuesday alone he sold shares worth about $973 million Now to reach the 10% threshold he would need to sell some 17 million Tesla shares So far as liquidated about 8.2 million And if his exercise options are included Musk would need to sell even more In New York I'm Doug Chris Bloomberg daybreak All right Doug thanks Finally a bit of offbeat crypto news this morning It involves the Los.
Bloomberg Radio New York
"doug chris" Discussed on Bloomberg Radio New York
"In the morning in Hong Kong will get the equity market trading at the bottom of the hour if you're joining from the apac region Good morning I'm Doug Chris at the Bloomberg interactive broker studio in New York And I'm Stephen engel here in Hong Kong and Doug of course Friday We had fresh record highs for the markets there How's that translating to the Asia PAC this Monday morning Yeah it's kind of curious because we are weak here across the board particularly in the South Korean equity market where the Cosby is down about 1.2% Healthcare shares leading the way lower and pharmaceutical stocks in particular we have shares in green cross right now down by more than 6% This according to the securities firm hanwa the company may report softer than expected 2021 earnings A hawai is citing a sluggish contract manufacturing of COVID-19 vaccines In Tokyo we've got the nikkei which has been fluctuating between gains and losses right now down about a tenth of 1% consumer discretionary and communication services stocks leading this decline meantime in Sydney the ASX 200 weaker by a tenth of 1% information tech in this case leading the way lower In each market though energy stocks are pushing higher as the price of crude oil rises WTI now 81 90 in electronic session It's going to be a critical week for the energy space because here in the U.S. we're going to get data from the government on inventories through the EIA report and earlier today U.S. energy secretary Jennifer grant Holmes was saying the administration will use these data as it weighs measures to stem high gas prices Now that could include Tapping the U.S. strategic petroleum reserves In the bond market we've got a little bit of a push higher in yield with a ten year treasury now Rising by about two basis points we are at 1.47% after quite the move lower here in the states in spite of the fact that we did have that strong employment report We're going to talk more about markets in about 15 minutes Steve Well you know we have to follow what people are reading on the Bloomberg terminal and by far the most red story is this about Elon Musk In fact two out of the top three stories are Elon Musk and Tesla Elon Musk social media followers Well they've spoken as well The Tesla chief should sell 10% of his stake in the electric carmaker He said he would abide by this poll Bloomberg Susanna Palmer has the details A majority of three and a half million Twitter users said they'd support the move and a poll that Musk launched Saturday when he floated the idea of selling the stock The stock is valued at about $21 billion based on 170.5 million Tesla shares he holds The poll closed Sunday afternoon in New York with about 58% of respondents backing the idea of a sale Musk the world's richest person proposed the move in a tweet citing recent discussions about the ultra wealthy hoarding unrealized gains to avoid paying taxes Mosque doesn't take a salary but has to pay taxes on any stock options that he exercises Susanna Palmer Bloomberg daybreak Asia Well we go to China next where the country has posted a record monthly trade surplus for the month of August We have more from Bloomberg's Rosalind chin Exports rose 27.1% from a year earlier to more than $300 billion This makes for the 13th straight month of double digit growth At the same time imports increased by 20.6% China's trade growth has remained well above pre-pandemic levels all year That's despite the disruptions in global supply chains The strong trade performance is providing support for the rest of the Chinese economy Domestic demand has been struggling given a number of setbacks including a real estate downturn a power crunch and outbreaks of the delta variant In Hong Kong and Rosalind chin Bloomberg daybreak Asia Well sticking with China the Chinese government expected.