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Bloomberg Radio New York

05:34 min | 1 year ago

"james goolman" Discussed on Bloomberg Radio New York

"Just gone 6 30 in the morning right here in Hong Kong. It is 6 30. In the evening on Wall Street, I'm Rashad salami. And I'm Brian Curtis here in the Hong Kong studios right next to rich. We've got trading underway in 90 minutes. And that's coming up in Sydney Tokyo and Seoul and then three hours later Hong Kong and Shanghai. Such is the climate in markets now that they actually breathed a sigh of relief out of 75 basis point hike the notion of instead of 100. So that was pretty interesting about the day's trading today coming back from a 2% dive in the S&P. We'll get to the markets with Doug Chris and momentarily, but for now some of the top stories rich. Yeah, we got the two Federal Reserve officials saying that they will back a 75 basis point rate hike this month that of course after that hot print on retail inflation. So there's president Jim bullard telling nikkei Asia that the 75 basis point hike has a lot of virtue to it and fed governor Chris Wallace in markets may have gotten a little ahead of themselves in betting on a 100 basis point move. While it also said that in the medium term view, policy make a suspect a soft landing is very plausible. Based on the labor market, I just don't see how it ever said. Inconceivable to have a recession with an unemployment rate at 3.6%. Lola said that he would support further rate hikes until he sees, quote, a significant moderation in core PCE prices. The fed chair in the former vice chair have been cleared of wrongdoing related to their trading activity. The fed's inspector general said Jay Powell and Richard clarita did not break any rules or laws. However, investigations into trading by other former regional fed chiefs are ongoing. The former fed presidents Eric rosengren in Boston and Robert caplan in Dallas stepped down last year. The two faced questions about their unusual trading activity back in 2020. All right, well, what have we got here as well in terms of the leaders of two big U.S. banks taking an upbeat tone in the face of a potential recession? JPMorgan Chase CEO Jamie Dimon and Morgan Stanley chief James goolman are not steering their firm toward shelter. Here is Jamie down. There's a range of potential outcomes from a soft landing to a hard landing driven by how much rates go up, effective quantitative tightening but effective volatile markets. It's not going to change how we run the company. We've managed through recesses before. We'll manage it again. I'm quite comfortable to do it quite well. Time and also said that the consumer right now is in great shape at the same time, go and say that a deep or dramatic recession in the U.S. is unlikely saying that Morgan Stanley is long the U.S. and most of its businesses. Now that's just by the upbeat remarks, second quarter results were both banks were disappointing in JPMorgan temporarily suspended share buybacks. We get Citigroup and Wells Fargo on Friday. Now, the one thing Brian, certainly I didn't just say a few weeks ago, be prepared for a hurricane. Yeah, he did, and he sort of stood by those comments, but still said that the consumer was doing well. So it's a strange dichotomy. Let's get to Doug prisoner, who he'll figure it all out. And I don't know about that. I don't know, hurricanes. I don't know much about those hurricanes. I think the comments today from Jim bullard were very interesting. You talked about his inclination to back a 75 basis point rate hike. So he told nikkei Asia if you accept that fact, 75 basis points this month. That would leave the fed just 75 basis points away from a neutral rate. So assume that we get another 75 basis points in September. If that is the case, according to bullard, maybe it's possible that there is a kind of a halt to tightening, at least for the time being, and it is that view, I think, that helped you bring the equity market off session lows today. We ended mixed NASDAQ composite was actually higher today by just a tenth of 1%. The Dow, though, down a half of 1% in the S&P 500 off about three tenths of 1%, volume well below average, and that may have exaggerated some of the movement that we had. Tomorrow, we're going to get to options expiration, so it's likely that there was also some positioning tied to those contracts expiring, and maybe we're looking at a bit of volatility tomorrow. Quite the rally in the dollar with the Bloomberg dollar spot index finishing at a record high we were up 6 tenths of 1% today. What a collapse in the end, we are now trading at a one 39 handle against the greenback we were down by more than 1% in New York trading. And the Euro trading around parity with the greenback, a dollar, someone to put it in another way, one spot zero zero two one against the greenback. So if you're traveling to Europe and you can withstand the heat wave, you're going to do very well when it comes to foreign exchange. Now, we also have a word that the Chinese automaker BYD saying that preliminary net income for the first half of the year will be up by more than 200% from its previous corresponding period that is quite a jump and the stock today. These are the ADRs that trade here in New York were up about 7 and a half percent. We are also being told that Chinese bureaucrats are studying the energy outlook and then proposing to end near two year ban on Australian coal. We'll be talking more about that as we continue here on daybreak, Asia, and I just want to let you guys know that we got PMI data for New Zealand. This is the June manufacturing PMI. We are now in contraction territory with a reading of 49.7. We'll take another look at markets in about 15 minutes, rich. All right, indeed. And we can now check the