17 Burst results for "Head Baxter"
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Head Baxter This hour we're bringing you interviews from David Rubenstein's peer to peer conversation show on Bloomberg television. Let's continue with the conversation, David had with Citibank CEO, Jane Fraser. In this segment, David began by asking how she became the head of the nation's fourth largest bank. All right, you graduate from Harvard Business school, and then you decide to go to Mackenzie? Yes, I did. And why did you want to be a consultant? Oh, well, first of all, was why didn't why didn't I go back into banking at that time? And I've been in banking in the 80s where there weren't many women in banking unlike the business school. They wore suits and very big shoulder pads. And they were more scary than the men. You remember that you remember the era. And so when I looked at the consulting, I particularly McKinsey, I like partnerships, I think partnerships are a great place to grow up, the apprenticeship model is wonderful. Global institution and firm and also it was quite strategic in what they were looking at. It was similar issues to M and a go and but I thought I would have a chance of having a family and a bit more predictability in the work schedule. So you did it for ten years, roughly. Ten years. And you had two children during that time. So you go to McKinsey, work your way up, you become a partner there. And being a partner McKenzie is a great job. Why did you decide to leave to go to city? Yeah. I became a mom at the same time as I became a partner. And I worked part time all the way through my partnership, yes. And McKinsey was fantastic about that because I was able to spend time with the kids before they went into school. But then when they got when they were then at school, that I felt like, okay, I can go back. Full-time working again. And I honestly, I felt like it was time that I could prove that I could do it rather than just advice. All right, so we went to city at the time, did you think a woman could become or would ever become the head of city? I honestly never thought about it. At that point, it's a firm that there were quite a few women around in. I'd been in an environment with always very supportive around it and fantastic, Mel mentors and others, and it was just never something I thought about. This was 20 years ago. I was a sin enjoying the day job. So you had a series of jobs, everyone you were the CEO of this division, or that division, and so forth and one time they asked you to move to Latin America to be the CEO of Latin America. Did you think that was a dead end? You're going to move to Latin America, get out of the way of the Succession or do you think that was a way to get promoted? It was a big turnaround role. And it's one of those ones you see if I did a good job, then that was going to put me in good position for bigger, bigger opportunities ahead. And if I did a bad job, then so be it. You weren't afraid they would forget you. You're down in Brazil or something. And you weren't afraid they would forget you and everything like that. No. Okay. So you did a good job. You come back and you're the head of the global consumer bank. What does that global consumer bank at city? So that that's retail banking, that's a credit card, which I believe you are a proud owner of a city credit card, David. I do have my hair I don't have enough frequent flyer miles on it though. I'm trying to you told me I'm not qualified for my frequent fire miles, but yeah, you've got the wrong card. You said, is this the best credit card you can get? So David, you have the one with our wonderful partner of Eric and airlines. And but yours is black. How come my skull? How come I don't have which is better? You've got to ask for it, David. Okay. So your predecessor was Michael Corbett. He retired about two years ago. You succeeded him. What was the biggest challenge you had in becoming the CEO right away? It was COVID, so this was becoming CEO during COVID is not the easiest because once used to going around going to different sites, seeing our people seeing our clients in person and while zoom did an amazing job, it is not the same. And so I know you have to learn how to lead in a different way. Today, Citi is a bank that is announced. It's changing its strategy. And you now want to be a consumer and institutional business bank in the United States. Is that right? And you're getting out of the consumer business outside of the United States. So what we've said we are, rather than what we're not, is a pretty extraordinary bank and it's history. And it's presence globally. It's uniquely operate, opens the door as a bank in a hundred different countries. So the city is to be the preeminent banking partner for companies and for investors and for individuals across border needs. And that's the vision of the bank. That's the way we will serve that client base. As they're absolutely critical partner. Hey, Steve, sold a number of your international consumer businesses and you've been announced. You're trying to sell your business in Mexico. The consumer business. And so we're business. Yes. Who are you going to sell that to? Oh. We've been fortunate to have a lot of interest there. We looked at we looked at a consumer banking, and we could see that originally the view had been that you would get a lot of global scaling consumer banking. And we were very strong in a number of different geographies, but the reality is you don't get as much scale globally. It's much more about local scale and those businesses. So we decided, let's focus, we want the bank to be simple. We want to be truly excellent at what we do. And that's better if you're a more focused bank around for your business lines. So
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Three 98 and the ten year is essentially flat here at three 42. In Seoul, the cost rising about the three tenths of 1% and on the Chinese mainland chenghai composite better by a tenth of 1%. Did I mention the nikkei up about three tenths of 1%? I think I did. Enough about market action, let's get to a global news next. Head Baxter has a look at global news headlines Eddie but what about the nikkei Doug? It's up three tenths of 1%. Did I mention an EK? Yeah, good. Thank you. Australia has banned TikTok on government devices. Donald Trump has arrived in New York to face being processed in a range tomorrow. He's called for major demonstrations which have not materialized as of yet. Police chief king kinzel saying that very large police force will keep peace. The meeting between Taiwan president tying Wen and Kevin McCarthy is on for Wednesday in Los Angeles. President Tsai chance for the democracies to meet with other world democracy, she says, and that China's foreign ministry says China will take resolute measures to safeguard sovereignty and territorial integrity. Meanwhile, The Pentagon is saying that China was able to get some intelligence from the spy balloon, Finland becomes a full fledged member of NATO tomorrow, Russia today started its monthly tour as head of the UN Security Council. Global news, powered by more than 2700 journalists and analysts in over 120 countries in San Francisco, I'm at Baxter and this is Bloomberg and let's get your sports now with
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Now, with the latest news from New York City and around the world, here's Michael Barr. He said, John, Chinese leader Xi Jinping has left Moscow wrapping up a three day visit shortly after Japanese prime minister fumio kishida left Kyiv. Meanwhile, the USS statements coming from China and Russia about a proposed peace plan for Ukraine are off target. Bloomberg's head Baxter has the story. The White House has neither Kyiv nor Washington can even consider it National Security Council spokesman John Kirby says there is no mention of backing off occupied land. He and his regime keeps parroting the Russian propaganda that this is somehow a war of the west on Russia that it's some sort of existential threat to mister Putin. That's just a bunch of malarkey. When Ukraine posed no threat to anybody, let alone Russia. Kirby says Putin's aim and having she in Moscow is to get a promise of more lethal aid which to this state he says they've not seen any evidence of his doing. In San Francisco, I met Baxter Bloomberg radio. Security is being ramped up in Lower Manhattan ahead of former president Donald Trump's possible indictment in the stormy Daniels hush money investigation, supporters and critics have been at the Manhattan courthouse after Trump called for protests. Florida governor Ron DeSantis is flashing a newfound willingness to strike back at Donald Trump after largely ignoring the former president's intensifying attacks in the interview with British journalist Piers Morgan and published in the New York Post, desantis criticized the Trump administration's handling of the coronavirus and the former president's own leadership. Arkansas restricting public school bathroom use by transgender people, as you were signed by governor Sarah Huckabee Sanders. Live from the Bloomberg interactive broker studios, this is global news 24 hours a day. Powered by more than 2700 journalists and analysts in over 120 countries, how Michael Barr, this is Bloomberg. Wherever your business takes you, Bloomberg radio is here with you. Breaking economic news, crossing the Bloomberg. Powered by 2700 journalists and analysts. So let's get to some of the day's gainers. In more than 120 countries around the world. We are seeing
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"We check markets throughout the day here on Bloomberg. We had some soft eco data stateside, consumer confidence down in February and home prices in the U.S. down for a 6th consecutive month, but the focal point continues to be elevated in inflation. We had hot ratings in the European session coming out of France and Spain and taken together these numbers strengthened the case for further rate hikes from the European Central Bank. So the ramification stateside, well, we had yields up mostly at the short end of the curve where their two year treasury was up nearly four basis points to four 81, so that's where the action will begin at the top of the hour when Tokyo trading of U.S. sovereign debt gets underway. Equity weakness with the Dow today down 7 tenths of 1%. The S&P 500 off three tenths of 1% NASDAQ comp down just a tenth of 1%, big news after the bell from novavax substantial doubt now as to whether or not this company will be able to continue as an ongoing concern through the end of next year. Shares are down 26% and HP Inc maintaining its outlook even after posting a sharp decline in revenue for the last quarter, HP Inc shares right now up a little more than 2% in the late U.S. session. We'll talk more about markets in 15 minutes. Head Baxter is next with a look at global news headlines, Eddie. All right, thank you, DK, this U.S. is saying that some Central Asian countries may be helping Russia circumvent sanctions. Secretary of State Antony Blinken says a U.S. will not hesitate to slap sanctions on those countries or on China itself, so it seems take a different tact investing in countries to
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"So markets in Japan are back online after a four day break in that period, the yen has strengthened by more than two and a half percent against the dollar and a short while ago, and announcement from the BOJ of unscheduled bond buying this is an operation that was or has been conducted for a fourth session as a way of reducing some of the speculation that has been building in markets that perhaps the BOJ is on the verge of scrapping yield curve control. You'll remember last month a bank of Japan doubled the cap on yields for the ten year JGB from 25 basis points all the way to 50 basis points. Currently, ten year JGB is trading with a yield of 40 basis points. And again, BOJ today with another unscheduled bond buying operation. The end right now flat against the greenback at one 31 spot zero two, but in the equity market, we've got the nikkei slumping by about the 1.2%. Pre market for the hang seng has us higher by about 9 tenths of 1% will get cash trading in about 7 minutes from now in Hong Kong when the market opens. Right now in Sydney, ASX 200 higher by about 1.3%, the cost is up a half of 1%. We'll take another look at markets in about 15 minutes from now. Head Baxter next with a look at global news headlines, Eddie All right, thank you very much, Doug history in the U.S. House of Representatives today, first time since 1923 that the House speaker hasn't been chosen on the first ballot
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Around 5.1%. He was very clear, though, these are his words the most important question now is how long will the fed remain restrictive? Little bit of weakness right now in Sydney, the ASX 200 down about, let's call it a half of 1%. Crude oil remains at higher level 77 34 here in the electronic session. We were up more than two and a half percent in New York trading after the international energy agency said that oil prices next year may rise as sanctioned squeeze. Russian supplies and demand beats earlier forecast. There you have it that market action for you. Let's get some global news next. Head Baxter is in the Bloomberg newsroom in San Francisco Eddie. All right, Ken Douglas, China this is going to stop counting asymptomatic COVID cases says it's impossible with a rollback on testing. China's majo group has assigned an agreement with Pfizer to important distributed packs of it on the mainland. China has removed 6 counselor officials from the UK rather than have them testify to the attack on a Hong Kong man. It was protesting outside the consulate in Manchester, U.S. president Joe Biden holds an African summit today in the face of increased Chinese investment on the continent. Several U.S. legislators have stepped up with legislation to regulate the digital currency industry, China says it will go ahead with its economic forum that it had postponed. And Twitter has suspended Jack Sweeney and the account that he runs on social media platform known as Elon jett, which tracks the movements of Elon Musk's private jet. Neither Musk nor representatives have responded Sweeney's last tweet before his account was suspended, said, can I have my $8 back? In San Francisco, I met Baxter while Twitter is still fun, Yvonne. Certainly is. Yeah, that's certainly the Tesla stock. I mean, that's one thing that we've been watching out for here as well. Let's take a look at this what we've been hearing on Wall Street's Doc trading there looks set for an overhaul in the latest SEC proposals joining us now discuss this as Katherine Dougherty, Bloomberg finance and market structure reporter, Catherine, just walk us through what the proposals are and how sweeping they could be. So the proposals are in four parts and each there are interconnected in a lot of ways and they're also very granular in other ways. But the heart of the matter is that the SEC and chair Gary gensler wants to level the playing field. He says that the way that the market operates today benefits a few dominant players. So he's hoping to change that and to give new participants and even participants that currently work in the market and ability to compete and fill orders and show how they can give the best price for each order from retail investors. And it's not to say that retail investors aren't necessarily getting good prices today. I think everyone is in agreement that that is the case. But the question is, could it be better? Well, the implication is that the prices from virtu financial and Citadel securities are not as good as they could be. So what does it mean for those two companies and others like them now? Well, those firms would say that they have been operating and fill their customer orders to better prices than what we've been seeing in the past two decades. But what gensler is arguing is that there could be more competition and more firms that are dealing with these orders that could basically improve them even more. So again, it's that question of, could it be pushed to a further even a further limit? So the brokerage industry, I'm guessing they're going to push back on this quite a bit. So there's going to be many, yes. The brokers here, their business model, they get paid by the wholesalers by Citadel securities and virtue to send their orders to those wholesalers and in turn fulfill their customer orders. Now, if that changes in the economics are different, they're going to have to figure out how to make up for that revenue somehow. They might charge commissions, which in turn would be passed on to investors. There's a lot of questions, and then in terms of the wholesalers, they also would have to figure out how this model changes their economic incentives and whether or not to fulfill orders in different scenarios
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Are investigating where the last night's deadly mass shooting and a wall Mart and Jess big Virginia was a case of workplace violence, witnesses say, as employees were gathering for their shifts, the gunman believed to be known by the workers opened fire in the break room, Chesapeake police spokesman Leo Kaczynski. Basically it's an all hands on deck type situation at this point, you know, we have many of our investigators here and we just, you know, piece by piece. In all 7 died, including the suspected gunman. Twitter has lost more than half of its in-house lawyers. Bloomberg's head Baxter has the story. This includes several senior attorneys and it raises some concerns about the depth of legal knowledge that remains with the company. Bloomberg sources say this leaves only head of litigation James baker and international legal chief Regina Lima in leadership roles on the department. There is enough concern that the sources say there may not be enough legal expertise remaining in-house to know which outside law firms are handling certain matters. In San Francisco, I met Baxter Bloomberg radio. The U.S. Supreme Court denied former president Trump's request to block an appeals court order that he surrendered his tax returns and other financial records to the House ways and means committee. Congress is expected to intervene and impose contract terms on railroad workers after a fourth union of railroad workers rejected a deal on Monday. The risk of a strike is high, art Wheaton, former labor negotiator and director of labor studies at Cornell University says sick time is a big issue. They had people literally dying while they were driving or operating the train because they couldn't get a day off to go to the doctor and died of a heart attack. You've had lots of people miss their families funerals because they couldn't get the time off. Hard Wheaton spoke with Bloomberg's Joe Matthew on sound on which airs at 5 p.m.. At soccer's World Cup and cutter four games are on the slate today, one game Croatia against Morocco ended in a scoreless tie. Live from the Bloomberg interactive broker studios. This is global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Bloomberg quick tape. This is a Bloomberg business flash. Market feeling a little different today about the COVID situation on the mainland yesterday we were talking about the three deaths reported over the weekend. And it caused a little bit of consternation in equity markets, particularly if you look at what happened in Hong Kong, the hang sang at one point yesterday was down by more than 3%. We finished weaker yesterday by about 1.9%. Today, the decline is a very modest with only about two tenths of 1% being lost. The currency market different story here where we have the offshore yuan strengthening against the dollar by around three tenths of 1%. 7 spot one 5 90 against the greenback, the dollar right now week, but bear in mind the dollar did rally quite a bit in the New York session. We had a Bloomberg dollar spot index jumping about 7 tenths of 1%. It seems the market would favor the haven trade because of the concern about the potential for China to tighten COVID restrictions given what I just described over the weekend with those COVID related deaths. If you look at what's going on right now in Tokyo, the nikkei rising by around 9 tenths of 1% were about 40 minutes or so away from the lunch break in Japan, the yen is stronger here at one 41 88 stronger against the dollar by around to two tenths of 1%. Crude oil right now, catching a bid WTI was very little changed in New York. We had Saudi Arabia denying a report in The Wall Street Journal earlier that OPEC is planning to increase production by around 500,000 barrels per day when it meets next week. Now this move, interestingly, if it were to come to pass, would come a day before the EU is set to impose an embargo on Russian crude oil, where trading January crude now is the most active contract up about four tenths of 1% at 80 33. We'll take another look at market action in about 15 minutes. Head Baxter has a look at global news headlines next, Eddie. All right, thank you very much, Doug. You're focusing on the three deaths when you're absolutely right over the weekend in China, which is
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Head Baxter. And I'm Denise Pellegrini. Denise tech stocks have really been hard hitting this inflation rising interest rate environment. Yeah, that's right. They sure have. And we've seen a wave of layoffs to this past week. Here's how Bloomberg's Ed ludlow describes the mood right now. What I'm hearing from venture capitalists on all levels of the curve from seed through to growth equity stage is now is the time to be disciplined, preserve cash, do not invest with risk and be conservative. And conservative ludlow says in hiring two and so it's turning into a real mood killer for some tech companies. And one of the most high profile fund companies, it's really been slammed is arc investment. And Bloomberg's Tom McKenzie caught up with Kathy wood, CEO, and CIO, an arc investment management at the web summit in Lisbon. And he asked her about all the losses. Let's listen in. I know you don't need to be reminded of this, but context is important, so that 120% outside that you saw for the central fund within arc, of course, between 2020 and 2021, and now, of course, year to date the flagship fund down about 60%. What are the lessons learned then from you and the team from that kind of drop that we've seen? It started actually in February of 21. We started declining truly disruptive innovation started declining in February of 2021, while the market soared to all time highs in 21. And now the rest of the market is suffering as well. So vaccine, people going back to work, supply shock. The businesses had shut down, wondering if they would ever reopen their doors, right? They shut down at the same time, governments around the world were stimulating aggressively. So we had a supply shock, especially because demand actually was so much stronger than anyone expected. And I would say lessons learned could I have dreamed a technology investor that supply chain issues would have lasted more than two years? No. I never thought that for a second. I thought we would be over that in a year. And certainly couldn't have predicted Russia's invasion of Ukraine. So the question is, is this a 70s style inflation, which is how the markets are treating it right now. And why our strategy has been decimated and most growth strategies have been hurt very hard. We don't think it is. I think the market's pricing is pricing innovation as though we have a bad inflation problem. That's going to take interest rates even higher. We don't think so. We think actually the greater risk and opportunity is deflation. I think we're going to start seeing deflation on a month to month basis. We're already seeing commodity prices come down. They've broken down many of them. That's upstream at the top of the pipeline. At the bottom of the pipeline, around the world, we're seeing a massive inventory overhang as we're heading into the holiday season. How are they clear that? Discounts. So I think cyclically we're going to see deflation. We're already seeing it in the pipeline. Secularly, we will also see deflation. It's we spend all of our research time focused on disruptive innovation. Technologically enabled disruptive innovation that is inherently deflationary. But that's good deflation because as prices for electric vehicles continue to come down, we will see a continued boom in electric vehicles. It will hurt the internal combustion engine cars. But it will help the innovators. So I think we're going into a deflationary period, much like much like the late 19 teens. So 1918 World War I ended Spanish flu also hit. So think about that war flu. Very similar dynamic, right? And the other similar dynamic was three major innovation platforms that we're going to transform the world. Telephone electricity and automobile. They were all scaling exponentially. And took us into the roaring 20s. So supply shocks to inflation back then to 15%, but within a year and a half, two years, that inflation started dropping. And it ended down I'm sorry, the infection was 20%. It ended down deflation, 15%. Roaring 20s. I'd like to think that's what we're going into now. And there's a high probability we are. Okay, so that's the deflation call. So you also making the call that growth has bottom now. That this is the opportunity to get going to exposure to growth. That we are seeing the bottom now in terms of the sell off the tech. So it's interesting to watch our strategy as fears about fed tightening and more fed tightening continue. On many days, when the market's down, our strategies are up. Now, that is what tends to happen. I'm not promising this is where we are, my compliance department would never let that happen. But in the later stages of a bear market, our strategy starts to outperform, even it may just be that we're down less than the market. Some days we're up when the market's down. Why? Because during the later stages of a bear market, the new leadership shows up and starts performing. We're the new leadership. We always are. And many people think, oh, I've got myself covered with the NASDAQ NASDAQ 100. No, look deeply into those indices. We are the new NASDAQ. And most of our stocks are not in those indexes. We have an owned the fangs in our flagship for quite some time. That's not the new new anymore. TikTok has come along and destroyed a lot of a lot of models. So yes, I think that we're seeing the early stages of a bottoming process. At the same time, many people are saying, we're going into a recession. Now, we think we've been in a recession. And that the negative numbers will reassert themselves after this positive third quarter. Mostly because of the inventory overhang, and we need to clear that out. I think many forecasters may say, oh, this is going to
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"I'm Julie Ryan. This is Bloomberg best on Bloomberg radio. I'm head Baxter. And unto these Pellegrini. Denise tech stocks have really been hard hitting this inflation rising interest rate environment. Yeah, that's right. They sure have. And we've seen a wave of layoffs to this past week. Here's how Bloomberg's Ed ludlow describes the mood right now. What I'm hearing from venture capitalists on all levels of the curve from seed through to growth equity stage is now is the time to be disciplined, preserve cash, do not invest with risk and be conservative. And conservative ludlow says in hiring to add. So it's turning into a real mood killer for some tech companies. And one of the most high profile fund companies, it's really been slammed is arc investment. And Bloomberg's Tom McKenzie caught up with Kathy wood, CEO, and CIO, an arc investment management at the web summit in Lisbon. And he asked her about all the losses. Let's listen in. I know you don't need to be reminded of this, but context is important so that 120% outside that you saw for the central fund within arc, of course, between 2020 and 2021, and now of course year to date the flagship fund down about 60%. What are the lessons learned then from you and the team from that kind of drop that we've seen? It started actually in February of 21. We started declining truly disruptive innovation started declining in February of 2021, while the market soared to all time highs in 21. And now the rest of the market is suffering as well. So vaccine, people going back to work, supply shock. The businesses had shut down, wondering if they would ever reopen their doors, right? They shut down at the same time, governments around the world were stimulating aggressively. So we had a supply shock, especially because demand actually was so much stronger than anyone expected. And I would say lessons learned could I have dreamed a technology investor that supply chain issues would have lasted more than two years? No. I never thought that for a second. I thought we would be over that in a year. And certainly couldn't have predicted Russia's invasion of Ukraine. So the question is, is this a 70s style inflation, which is how the markets are treating it right now? And why are strategy has been decimated? And most growth strategies have been hurt very hard. We don't think it is. I think the market's pricing is pricing innovation as though we have a bad inflation problem that's going to take interest rates even higher. We don't think so. We think actually the greater risk and opportunity is deflation. I think we're going to start seeing deflation on a month to month basis. We're already seeing commodity prices come down. They've broken down many of them. That's upstream at the top of the pipeline. At the bottom of the pipeline, around the world, we're seeing a massive inventory overhang as we're heading into the holiday season. How are they clear that? Discounts. So I think cyclically we're going to see deflation. We're already seeing it in the pipeline. Secularly, we will also see deflation. It's we spend all of our research time focused on disruptive innovation. Technologically enabled disruptive innovation that is inherently deflationary. But that's good deflation because as prices for electric vehicles continue to come down, we will see a continued boom in an electric vehicles. It will hurt the internal combustion engine cars. But it will help the innovators. So I think we're going into a deflationary period. Much like much like the late 19 teens. So 1918 World War I ended Spanish flu also hit. So think about that war flu. Very similar dynamic, right? And the other similar dynamic was three major innovation platforms that we're going to transform the world. Telephone electricity and automobile. They were all scaling exponentially. And took us into the roaring 20s. So supply shocks to inflation back then to 15%, but within a year and a half, two years, that inflation started dropping. And it ended down I'm sorry, the reflection was 20%. It ended down deflation 15%. Roaring 20s. I'd like to think that's what we're going into now. And there's a high probability we are. Okay, so that's the deflation call. So you also making the call that growth has bottom now, that this is the opportunity to get going to exposure to growth. That we are seeing the bottom now in terms of the sell off the tech. So it's interesting to watch our strategy as fears about fed tightening and more fed tightening continue on many days when the market's down, our strategies are up. Now, that is what tends to happen. I'm not promising this is where we are, my compliance department would never let that happen. But in the later stages of a bear market, our strategy starts to outperform, even it may just be that we're down less than the market. Some days we're up when the market's down. Why? Because during the later stages of a bear market, the new leadership shows up and starts performing. We're the new leadership. We always are. And many people think, oh, I've got myself covered with the NASDAQ NASDAQ 100. No, look deeply into those indices. We are the new NASDAQ. And most of our stocks are not in those indexes We have an owned the fangs in our flagship for quite some time. That's not the new new anymore. TikTok has come along and destroyed a lot of a lot of models. So yes, I think that we're seeing the early stages of a bottoming process. At the same time, many people are saying, we're going into a recession. Now, we think we've been in a recession. And that the negative numbers will reassert themselves after this positive third quarter. Mostly because of the inventory overhang, and we need to clear that out. I think many forecasters may say, oh, this is going to last forever. This recession through. We think it's just a major inventory correction. And then we'll
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Chuck. This is Bloomberg best on Bloomberg radio. I'm head Baxter. And unto these Pellegrini. Denise tech stocks have really been hard hit in this inflation rising interest rate environment. Yeah, that's right. They sure have. And we've seen a wave of layoffs to this past week. Here's how Bloomberg's Ed ludlow describes the mood right now. What I'm hearing from venture capitalists on all levels of the curve from seed through to growth equity stage is now is the time to be disciplined, preserve cash, do not invest with risk and be conservative. And conservative ludlow says in hiring to add. So it's turning into a real mood killer for some tech companies. And one of the most high profile fund companies it's really been slammed is arc investment. And Bloomberg's Tom McKenzie caught up with Kathy wood, CEO and CIO at ark investment management at the web summit in Lisbon. And he asked her about all the losses. Let's listen in. I know you don't need to be reminded of this, but context is important so that 120% outside that you saw for the central fund within arc, of course, between 2020 and 2020 to one, and now of course year to date the flagship fund down about 60%. What are the lessons learned then from you and the team from that kind of drop that we've seen? It started actually in February of 21. We started declining truly disruptive innovation started declining in February of 2021, while the market soared to all time highs in 21. And now the rest of the market is suffering as well. So vaccine, people going back to work, supply shock. The businesses had shut down, wondering if they would ever reopen their doors, right? They shut down at the same time, governments around the world were stimulating aggressively. So we had a supply shock, especially because demand actually was so much stronger than anyone expected. And I would say lessons learned could I have dreamed a technology investor that supply chain issues would have lasted more than two years? No. I never thought that for a second. I thought we would be over that in a year. And certainly couldn't have predicted Russia's invasion of Ukraine. So the question is, is this a 70s style inflation, which is how the markets are treating it right now. And why our strategy has been decimated and most growth strategies have been hurt very hard. We don't think it is. I think the market's pricing is pricing innovation as though we have a bad inflation problem that's going to take interest rates up even higher. We don't think so. We think actually the greater risk and opportunity is deflation. I think we're going to start seeing deflation on a month to month basis. We're already seeing commodity prices come down. They've broken down many of them. That's upstream at the top of the pipeline. At the bottom of the pipeline, around the world, we're seeing a massive inventory overhang as we're heading into the holiday season. How are they clear that? Discounts. So I think cyclically we're going to see deflation. We're already seeing it in the pipeline. Secularly, we will also see deflation, we spend all of our research time focused on disruptive innovation, technologically enabled disruptive innovation that is inherently deflationary, but that's good deflation because as prices for electric vehicles continue to come down, we will see a continued boom in electric vehicles. It will hurt the internal combustion engine cars. But it will help the innovators. So I think we're going into a deflationary period, much like much like the late 19 teens. So 1918 World War I ended Spanish flu also hit so think about that war flu. Very similar dynamic, right? And the other similar dynamic was three major innovation platforms that we're going to transform the world. Telephone electricity and automobile. They were all scaling exponentially. And took us into the roaring 20s. So supply shocks to inflation back then to 15%, but within a year and a half, two years, that inflation started dropping. And it ended down I'm sorry, the reflection was 20%. It ended down deflation, 15%, roaring 20s. I'd like to think that's what we're going into now. And there's a high probability we are. Okay, so that's the deflation call. So you also making the call that the growth has bottom now, that this is the opportunity to get greater exposure to growth that we are seeing the bottom now in terms of the sell off the tech. So it's interesting to watch our strategy as fears about fed tightening and more fed tightening continue. On many days, when the market's down, our strategies are up. Now, that is what tends to happen. I'm not promising this is where we are, my compliance department would never let that happen. But in the later stages of a bear market, our strategy starts to outperform, even it may just be that we're down less than the market. Some days we're up when the market's down. Why? Because during the later stages of a bear market, the new leadership shows up and starts performing. We're the new leadership. We always are. And many people think, oh, I've got myself covered with the NASDAQ NASDAQ 100. No, look deeply into those indices. We are the new NASDAQ. And most of our stocks are not in those indexes. We have an own the fangs in our flagship for quite some time. That's not the new new anymore. TikTok has come along and destroyed a lot of a lot of models. So yes, I think that we're seeing the early stages of a bottoming process. At the same time, many people are saying, we're going into a recession. Now, we think we've been in a recession. And that the negative numbers will reassert themselves after this positive third quarter Mostly because of the inventory overhang, and we need to clear that out. I think many
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"We have a lot of earnings to contend with air in the states for the remainder of the week after the bell tomorrow two critical numbers right out of the gate. Microsoft and alphabet, two of the 5 mega cap stars it will be hearing from this week for the cohort for those 5 alone and I will add Amazon Apple and meta to that list. EPS projected to fall 22% from the same period last year. So I guess you could make the case that a lot has already been discounted in terms of earnings weakness. Today we had an update with the S&P 500 climbing about two point checked at 1.2%. There's also this issue of the fed and the possibility for a smaller sized rate hike sometime after the first of the year. That said, during the New York session we had yields across the curve moving up, but we have seen a little bit of a reversal of a course here with a two year that is now down a little more than a basis point in Tokyo trading at four 49, a ten year at four 21 with a loss of in yield terms of around two and a half basis points. The dollar giving back some gains that we saw in New York during New York trading the Bloomberg dollar spot index was up about four tenths of 1%. We've seen enormous volatility in the Japanese yen. Right now the end a little bit stronger here at one 48 80, we were down in New York trading by around 9 tenths of 1% and the offshore Chinese currency steady at 7 32 55 after quite a bit of weakness in New York trading. Take another look at markets in 15 minutes. Head Baxter is next with a look at global news headlines. All right, thank you, Doug. It is Rishi sunak. He will officially become UK prime minister tomorrow
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"In 15 minutes. Let's get a look at global news headlines head Baxter is in the Bloomberg news remedy. All right, thank you, Douglas defiant. Xi Jinping tells the world that China is ready to stand its ground and defend its sovereignty. She says China will protect its sovereignty by protecting Taiwan from the west, Hong Kong. He says now is on the right path. He says the government will continue to protect citizens by adhering to the dynamic zero COVID policy. She says the country will continue to standardize the order of income distribution, says the economy will benefit from great strides in the technology sector. The Biden administration says today it is thinking about reevaluating changes to its approach to help Saudi Arabia with security assistance. Thousands of people took to the streets of Paris over the weekend to protest against soaring prices amidst calls for a general strike, and Russia has opened a criminal investigation after a gunman shot 11 people to death at a military training ground near the Ukrainian border. In San Francisco, I'm Ed Baxter. This is Bloomberg, arbitrator. All right, thanks for that, let's get back to Steve selznick tube strategies that interactive brokers. It's Steve. As we just mentioned, Ed was talking about Xi Jinping's speech yesterday. One thing which struck a lot of the commentators at the time was he didn't really mention COVID by name. He didn't also really say the word market or free market at all. Does this again just perhaps cement what's really been the actuality? I think so. I think that COVID the COVID policy has been in the backdrop. I think they're continued use of the zero COVID policy. I think they have to realize has caused some issues both economically and socially. And so maybe this shows a little bit of easing off that policy. In general, I think what we want to hear from him is just something what we will be getting sort of the China of old or will we be getting a new version of China. A slower growing somewhat more stagnant, more mature market. And our economy. And I think that that's something the world has to reckon with because we've already seen that it's not particularly helpful when you have a fairly stagnant China. And I think back to sort of the aftermath of global financial crisis, what a growing China sort of counterbalance to shrinking rest of the world. Right now, if China is not particularly growing and no one else is, that's not particularly helpful. And I don't know that Xi Jinping assuaged many people that the situation might turn around abruptly. One of the key points is that he really believes that China is an admired alternative model for development on the global stage that counters the U.S. led multilateral and democratic system. Do you see many countries that will embrace this bath or want to embrace this path? I don't see that. I'm sure there are sort of there's got to be some autocratic leaders out there who would prefer the Chinese model. Which is more autocratic than most of the rest of the developed world. But I don't see that as necessarily if people are rioting for freedoms or whatever. I don't see them really rioting to adopt the Chinese model. I see that being imposed from top down. Okay. China itself, but that does throw up a lot of other EMs out there. And how close did you look at them and how close to your clients now looking at them, given that they've been so beaten up as we've been people just have not been prepared to put risk on the table for any length of time. We are not seeing people really actively talking about or looking at emerging markets right now. Maybe that's a good thing. Maybe that means that if there's a complete lack of interest it's a buying opportunity, but this is a difficult environment. A strong dollar is a big problem for so many emerging markets, particularly the ones who borrow in dollars. So there's a lack of interest. There's sort of a very strong wariness about emerging markets right now and it's probably with good reason, but it echoes what I said earlier. They're not all bad. So the problem is finding which ones there are. And I got to say right now, I don't have a strong candidate to say this is the one we have to be looking at right now. I think it's going to it's going to reveal itself over a bit more time and require a lot more work, which frankly have not done to find it. I have not been able to find it yet. You mentioned that you see opportunity, as well as danger. I guess the earnings season will give us a really good insight into some companies that are managing through this much better than others. Do you have an inkling of where they might come from perhaps what sector or what type of company? I think it's going to be a bit idiosyncratic. I think the problem right now that I think we've discussed in the past is it's not a great sign. I wish I could rearrange earnings season. I don't love that it starts with banks because they're very idiosyncratic. Nobody else is trading revenues. Nobody else is that interest rate focused. So we're going to really get in and see. I think the initial
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Business app and at Bloomberg quick take This is a Bloomberg business launch We had a sell off in U.S. equities in the last session and that sentiment is very much intact right now In Asian trading a lot of negativity first in Japan where the nikkei is down 2.6% right now leading the way lower for the nikkei information tech we're also seeing a slump in material shares and communication services stocks also showing weakness in Seoul that cost me down about 1.8% meantime in Sydney the ASX 200 is weaker by 2.6% again in this case information technology leading the way lower Certainly tech was very hard hit in the U.S. session with the NASDAQ composite tumbling 4% in the last session Now it's kind of curious because in New York trading yields across the US Treasury curve moved lower but we're seeing a reversal of that trend now in Tokyo trading with a ten year treasury up by more than 5 basis points to 3.25% a two year at 3.16% to gain there is about 7 basis points The end weakening one 32 95 we've got the bank of Japan decision later today The dollar picking up a little bit of ground as the yield situation changes the Bloomberg dollar spot index is up about three tenths of 1% but that's after sliding 8 tenths of 1% in New York trading Also a little bit of weakness now in the offshore Chinese currency here at 6 69 89 against the greenback We'll have another look at market action in 15 minutes Head Baxter next with a look at global headlines Eddie All right thank you Douglas said U.S. president Joe Biden has signed a shipping bill aimed at 9 companies out of Asia that he says have made over the top profits U.S..
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"Bloomberg business flash Well the price action in today's session was driven by and large by the report that we had on the cost of living for the month of April The consumer price index did show prices cooled ever so slightly last month from level seen in March but some of the details were a little troubling to core rate as an example was hotter than forecast and on an annual basis it's running this is core CPI right now at a rate of around 7% And then on top of that services cost accelerated that would suggest wage inflation is going to be a problem If you look at what happened in the treasury market today the curve flattened on the bed for aggressive fed tightening the yield on the two year was up more than two basis points last quoted in yield terms at two 63 at the longer end though yields were down with a ten year losing about 8 basis points to two 91 So what is that roughly 28 basis points and spread between the two and the ten If you look at the damage in the equity market let's begin in the NASDAQ where the composite index was down about 3.2% S&P weaker today by 1.7% The dad was down by 1% today And that risk aversion can be seen also in Bitcoin where below 29,000 right now after losing more than 5% of New York trading 289,000 checked at 28,940 Information is moving so fast I can't even make sense of it We'll take another look at market action for you in 15 minutes Head Baxter has global news next from the Bloomberg newsroom at San Francisco Eddie All right Douglas thank you democratic leadership in the center of this field and it's time to codify abortion rights into law the vote to move the bill to the floor needed 60 eyes It got 49.
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"A check of markets Let's get to head Baxter with news in the 9 60 newsroom San Francisco head Yeah Brian just following your lead Carrie lam chief executive says that hospitals in Hong Kong and every area are almost beyond capacity She also says that the way the region isolates COVID patients has to change and that is her job now to get contracts to get them in larger facilities So it's not her words single cell She says hospitals need to take care of elderly and the children first she also emphasized no lockdown Now the latest case count reported out is 2000 over the first time 4500 preliminary infections also reported out there are media reports this morning that it may be as much as twice that high though Singapore is a new local COVID cases falling under 9000 with over 99% of the cases found had no or mild symptoms over the last 28 days U.S. State Department has just issued an advisory that U.S. citizens should immediately depart Belarus The U.S. is closed at Ukrainian embassy in Kyiv and moved essential staff to near the border with Poland The U.S. says Russia now has troops enough to complete an invasion plan at any time Vladimir Putin says he's interested in diplomacy now his foreign minister Sergei Lavrov says talks could include missile deployment as well as other issues the U.S. says it sees no sign of Russian deescalation Canada has put in place a state of emergency federally to help police deal with protests and blockades prime minister Justin Trudeau says it will not take away public freedoms but it will help police ensure safety and freedom of commerce New Zealand prime minister Jacinda Ardern is now set to visit the U.S. in May for trade talks and China's upgraded New Zealand's free trade agreement to begin April 7th President Joe Biden's FDA director nomination Robert caliph is one step closer The Senate voting to move is nomination to a full vote which could happen as early as tomorrow In San Francisco I'm Ed Baxter This is Bloomberg.
Bloomberg Radio New York
"head baxter" Discussed on Bloomberg Radio New York
"It resolved President Biden will promote his administration's efforts to fight gun crime in New York next week with mayor Eric Adams His confronting a spate of violence including the shooting deaths of two police officers the president will highlight increased federal funding for state and city law enforcement A flurry of meetings regarding Russia and Ukraine appear to have made a bit of progress Let's get more from Bloomberg's head Baxter NATO secretary general John Stoltenberg is urging a direct meeting with Russia We are prepared to listen to Russia's concerns Real conversation on how to uphold and strengthen the fundamental principles of European security that we have all signed up to As well in Paris direct meetings with high level diplomats from Ukraine and Russia both saying marginal improvement have set up another meeting in two weeks in Berlin And the U.S. has delivered a letter to Russia with proposals to end the standoff In San Francisco I'm at Baxter Bloomberg daybreak New York's MTA looking at ways to prevent people from falling or jumping on the subway tracks at MTA task force plans to explore sensors and platform doors a homeless person this month killed a woman by pushing her on to subway tracks in front of an oncoming train at the Times Square station And Amazon.com unable to escape a lawsuit filed by a convicted murderer in New York who claims the company's refusal to hire him as a delivery driver was discrimination Global news 24 hours a day on air Anna Bloomberg quick take were powered by more than 2700 journalists and analysts in more than 120 countries on John Tucker This is Bloomberg Nathan All right John thanks.