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Bloomberg Radio New York

05:48 min | 8 months ago

"jordan conan" Discussed on Bloomberg Radio New York

"And I'm Karen Moscow and U.S. stock index futures are lower this morning we're coming up to 5 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg S&P futures down 34 points. Now futures down 248 and NASDAQ futures down in 98, ten year treasury down 1530 seconds yo 3.94% and the yield on the two year 4.32% and I'm excrete oil is down 2.7% Nathan. Karen today's drop in futures follows four straight losing sessions on Wall Street. This morning yields on two year treasuries are trading at the highest level since 2007 and ten year yields are flirting with 4%, 30 years search to their highest since 2014. Jordan Kahn is chief investment officer at ACM funds. A lot of these areas of the market and the fixed income market are really getting oversold here that have come down quite a bit yields are much higher than we've seen in years. And so I think as soon as the market gets a sense that inflation is peaking and tenure, you will start to stabilize more. I think there could be a lot of good buying opportunities, but for us, we're not going to put the cart before the horse. Jordan Conan ACM fund says the mood remains fragile. I had a Thursday's inflation data. Well, as for equities, Nathan, perhaps the hardest sector hit in the recent sell off has been chip stocks. In fact, more than $240 billion in market value has been wiped out since The White House imposed curbs on China's access to semiconductor technology. We get more from Bloomberg's Charlie pellet. The industry sold off globally after fresh U.S. curbs on China's access to American technology, added to a disappointing start to the earnings season, stoking concern that the industry's downturn is far from over. The Philadelphia stock exchange semiconductor index fell three and a half percent, closing at its lowest level since November of 2020. The index has dropped nearly 10% over the past three trading days and is now down more than 40% so far this year. In New York, Charlie pellet Bloomberg debris. All right, Charlie, thank you. And the chips sell off continued overnight, leading stocks lower in Asia. Let's get more on that from Bloomberg's Juliet Sally in Singapore good morning, Juliet. Good morning, Nathan and Karen, some of the biggest losses were in chip related equities in Japan, South Korea and Taiwan, where traders returned from holidays to join the global sell off in semiconductor shares. Taiwan's Tai X traded at November 2020 lows, while TSMC shares fell as much as 8 and a half percent, the most on record to July 2020 lows, the yen traded within sight of the original level that spurred Japanese authorities to defend the currency in September, and the one slid as wary mounts at Beijing will uphold its COVID zero policy well after the Chinese Communist Party Congress this month. In Singapore, Juliet sali, Bloomberg daybreak. Juliet, thank you, Ellen. You're up this morning the Bank of England has been forced to expand its emergency measures as in response to chaos in the bond market and let's go live to London and get the latest from Bloomberg's UN pause. Good morning Ewan. Good morning, Karen, Nathan. It's the second time this week the UK's Central Bank has moved to calm the bond market. This morning, the Bank of England expanded the scope of its guilt purchases to include inflation linked debt in an effort to avert what it called a fire sale. The intervention comes after a severe sell off on Monday that saw UK inflation in yields surging by the most on record in London, a Muhammad Bloomberg daybreak. Are you and thanks. The risk of a global recession is now rising thanks to higher rates that's according to the head of the International Monetary Fund and World Bank president David malpass. The risk in the real danger of a world recession next year. The advanced economies are slowing in Europe, the debt levels for the developing countries are getting more and more burdensome. The rise in interest rates puts added weight on it. And inflation is still a major problem for everyone, but especially for the poor. Those comments from World Bank president David malpass are being echoed by JPMorgan CEO Jamie Dimon. He says, serious headwinds are likely to push the U.S. and global economies into recession by the middle of next year. Meantime, Nathan the fed keeps banging the drum for higher rates still vice chair Lyle brainard lays out a case for caution as the Central Bank works to curb inflation. In light of elevated global, economic and financial uncertainty moving forward deliberately and in a data dependent manner will enable us to learn how economic activity, employment, and inflation are adjusting to the cumulative tightening in order to inform our assessment of the path of the policy rate. Brainard made the comments yesterday at a meeting at the national association for business economics in Chicago. When despite some caution, Karen, it's too early for a fed policy pivot. That's according to strategist at Goldman Sachs, who say the economic outlook is not bad enough yet and rates markets remain too volatile. Economists predict the fed is on track to deliver its fourth straight, 75 basis point hike at next month's meeting. Now let's get the latest on the war in Ukraine, Nathan, Russia, has launched even more strikes in the country just a day after the most intense barrages since the early days of the invasion. President Biden will speak with a group of 7 leaders this morning, he's pledging to impose more costs on the Kremlin and to keep providing support to Kyiv. John herps is a former U.S. ambassador to Ukraine and now senior director of the Atlantic council's Eurasia center. Ukraine's east. His objective today is to take political control of Ukraine. As objective tomorrow, once he has Ukraine in his pocket, is to go after other states, including our NATO allies. So he is coming for our NATO allies, and we are bound to defend with American troops. Former ambassador to Ukraine John herps spoke with our Washington correspondent Joe Matthew on Bloomberg sound on, catch the program weekdays