18 Burst results for "Karen Moscow"

"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:48 min | Last month

"karen moscow" 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

Nathan Bloomberg Karen Moscow Jordan Kahn ACM funds Karen Jordan Conan Charlie pellet David malpass Charlie pellet Bloomberg Juliet Sally U.S.
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

09:04 min | 2 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Karen Moscow, along with Tom Keene and Paul Sweeney and the S&P 500 ish higher at the open it's up 1% or 38 points at 36 93 the Dow Jones Industrial Average of 7 tenths percent or 209 points at 29,462, and the NASDAQ F 1.4% or a 147 points, a 10,950 ten year treasury up 6 30 seconds yield 3.9%. The yield on the two year 4.26%, nymex crude oil up one and a half percent of a dollar 14 at $77 83 cents a barrel, go make schooled up 6 tens percent or 9.7 cents at 1643. The Euro .9622 against the dollar, British found one 7 four four, the N one 44.70, and Bitcoin is at more than 5% at $20,130. Tom and Paul. Thanks so much, Karen. Sterling gives it up a one O 8 down to a weaker one O 7 54 versus dollar. It's sort of inside baseball for global Wall Street, but we'll go with it after the drama of yesterday. It's got working with drama. It's Citigroup. He joins us right now in the equity market, Scott, buried in your note. I mean, buried in your note is earnings revisions are actually going up. 104% of our audience is stunned. Explain that. Well, there's a seasonal aspect to the earnings revisions trends. They tend to move lower as you go into a reporting period and then they will oftentimes begin to turn higher on the other side of that. So we're still in the period here where we're seeing a little bit of recovery off of what happened with Q two. Of course, Q three earnings are just three or four weeks away from and so we'll have to navigate this trend again, but for now it looks like the revision patterns net net are showing some signs of bottoming after being under duress for the better part of the past several months. All right, well, given that background Scott, let's just flow right into valuation. I mean, we've got the S&P off more than 20% year to date. Where are we in terms of valuation? Are you hearing any of your clients saying, hey, we're starting to nibble here. Things are looking pretty attractive here. Well, you know, I would say that the circumstances evaluations is that we're we've come down to fair amount. We're looking at roughly 17 times our end of the year 22 estimate. And so I think that's some comfort Paul, but the issue that's unfolding here is that on the heels of last week's fed action and commentary that it appears they might be willing to accept a recession. If that's what it takes to get the CPI down to their target 2% in that scenario, you get more concerned about the earnings growth rates for 2023. So while valuations on 22 numbers might be looking more attractive, there's still this uncertainty for bailing regarding how next year's earnings profile shapes up. All right, well, given that kind of earnings uncertainty, economic uncertainty, we certainly know interest rates are going, are there some sectors that you guys at Citi feel more comfortable with kind of waiting this out if you will, giving underperformance. We've already seen. Yes. So with this uncertain economic situation ahead, what we've done, a week or so ago, we actually lifted tech from a long-standing underweight to an overweight position and we're leaning now more into the growth side of the market. The thought here is that you evaluation corrected on fed rate actions up to now and we do think into an economic slowing of the tech sector should show more earnings resilience than other sectors and so again on the heels of this setup, we're stepping back down that path. I mean, this is non linearity and equities that nobody ever talks about, but the fact is Scott, you correct my numbers. If something has a 23 multiple and you go down to 17, the value Ness of going down one more notch to 16 is extraordinarily difficult to do. So what you're saying is all the work's been done, start getting on board here. Is that dive that right? Yeah, I think what we're saying here, Tom, is that the valuation impact of rates we think is lessening the importance of the rate impact on economic activity is increasing. And so we have to think less about the multiple contracting issue of rising rates more about the economic consequence there we think. Well, tech is marginally more attractive. What does revenue do with the tech companies? I mean, this is not Scott kroner, but the Citigroup and the rest of them. What do they say about revenue dynamics at tech growth companies? Well, that's part of what's so interesting about this. You look particularly at say, for example, the software sector, more of these companies have adapted a subscription based model. So what's happening is that there's more predictability to their earnings than there has been in the past, which is part of why they get high multiples. Generally speaking, but we think that also can serve them well sort of in a more trying economic backdrop. Earlier this morning Scott Tom and I were talking about the vix here it sits here at just over 30. We were a little surprised that it's not higher. Given the sell off we've seen this year, given the big seems one and two price 2% moves in the market almost on a daily basis, that the fix isn't higher. How do you guys think about that? Well, you know, I guess my simple take on this is that you tend to get the higher mixed readings when there's an actual shock to the system and in our view that shock hit earlier in the year as the fed policy, the Russia Ukraine situation, we're all kind of falling into place. What's been happening since that first part of the year has been a more natural ongoing evolution. And so the shock effect has been left. Now, many people are still watching the vix as a contrary indicator and I think levels through 30 ten to get a little bit more interest. But I think that's the way to think about the other aspect here that comes into the discussion occasionally is that, gosh, positioning is already so negative, there may be actually an angle here where there is an ongoing covering of in the money volatility positions. And so the long story short is that yes, I think there is still a risk that moves higher, but I think the shock effect is the system. What's happening here is more of an incremental concern regarding fed policy versus what we were feeling in the earlier part of the year. He's got one of the sectors that, you know, up until a couple of years ago, we didn't really talk a whole lot about versus maybe some of the early days when you and I were in the market. Is the energy space. And it's been one of the places to hide out. But now we've got, you know, WTI crude oil, back below 80, you know, it had hit one 20 and change. How does energy screen for you? Well, okay, so energy is a really interesting one. So I think that there's the school of thought out there that energy prices oil prices will be resilient. Just because of the global economic and geopolitical uncertainty. And what I would say is that the house view has been that oil prices could fall towards 80, which is what we're circling around on right now. We've been market weight all year, we think you want exposure, but the other side of this is that in a recession circumstance, which is being discussed for next year, that's a demand destroyer for energy use. And so it's conceivable that in a recession, oil prices could fall further. I would say that since we're comparing where we are right now today with the June lows in the S&P and I would say since the June lows, the energy sector is among your worst performing sectors. Something's changed within the market where value is hitting new lows, growth is being a little bit more resilient. So we want to keep it exposure to energy, but it's not an overweight in our view. The cash debut. I talked to a portfolio manager in Texas today who is de minimis cash. They're loving enjoying placing assets now. Other people are up to cash far beyond their mandate. Where are you on that? Well, I think what's happened is that cash is becoming alternative as it's now earning income versus where we were even a year ago. And so there's no doubt when we look at our cross asset models. There's still right now there are still a bias in favor of fixed income instruments and what I would say is that again, the point is here that the interest that you can now earn on cash as money market fund yields move higher actually presents an alternative in an uncertain economic and market environment. So I say that that cash is certainly part of the equation. We're watching a closely because we think

Citigroup Karen Moscow Tom Keene Paul Sweeney Scott Bitcoin Scott kroner
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:37 min | 3 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Karen Moscow, along with Tom Keenan Paul Sweeney and the S&P 500 little changed at the open as at 42 75 the Dow Jones Industrial Average, also little change to 33,974, and then NASDAQ, little changed at 12,930, ten year treasury up 7 30 seconds yield 2.86% that yield on the two year 3.23%. Nymex screwed oil at 1.7% of a dollar 52 at $89 59 cents a barrel. A quarter percent or $4 50 cents at 1781, ten ounce, the Euro one O one 5 5 against the dollar the yen one 34.93, and I'm looking at Bitcoin. It's up about half percent to $23,500. Tom and Paul. I think so much, Karen greatly appreciate it. First of all, there's a thing called an R squared, which is if you near one like .92 or .95, you might as well be running an index fund. You know, that's where a lot of people are. Gamey is out to .85 distant from 1.00 .85. Chris meringue is at .38. I don't want to be portfolios. He's removed from it with elite as Swedish match among others as well. Chris meringue, a guy named Peter lynch. Okay. You've talked about safety appropriately so we got Mario golly there as well. I swear I heard Mario there. Is that us? Is that our phone lines? Or is that do we have Mario? I don't know. That sounds like you've just got me. You've only got me today. That's all we want, Chris. I'll take Mario. Marangi, if I have to cut to the chase, Peter lynch used to say, all I want to know is what your 47th holding. Forget about the name stocks that you own. How are you finding value among your 47th holding right now? Yes, obviously, this is where big believers and diversification and finding companies with pricing power and stable cost structures, that's what we do pretty much all the time. And I think even more important given the inflation dynamics and supply chain dynamics that we're facing today. So we are facing we are finding value out there. The market is not as volatile as it could be, but still pretty volatile. And we're taking a lot of these companies are going to perform. And what's typically Paul, jump in here, because you know this with Chris better than me near the 47th holding of one of the Gabelli portfolios is liberty broadband. Which I think that's like a gibelli like thing. The bellies know a thing or two about John Malone. And Chris, I know you guys are really, really deep dive fundamental bottoms up investors here, but it seems like this market's being kind of pushed around first and the first 6 months of the year on the downward trend and then in the last four or 5 weeks kind of moving higher. That's a big macro issues like inflation, interest rates, all that kind of stuff. How do you frame out the market before you cut your analysts and PMs lose to kind of go do the bottoms up stuff? Yes, obviously, I think one of the things I learned certainly from O 8 is you can't stick your head in the sand. You have to have some kind of a macro view. We don't exist in a vacuum. And we've framed the market as the 6 eyes inflation interest rates infrastructure and income taxes, international relations and infection. Oh boy. I don't remember all those. But obviously the first two, inflation and interest rates being the most prominent of late. And again, we have a macro view that inflation may have peaked, but it's going to be sticky for a while. Earnings are slowing down earnings growth is slowing down. We may see some negative earnings as we had into recession at some point. But maybe it's not apocalyptic. So with that background, we're trying to find companies that have strong balance sheets, adaptable management, and that are priced attractively. What are some of the sectors that you guys kind of see that right now? Because I know, you know, just from my experience with Gabelli funds as a media analyst side, I know you guys have had a lot of success in media, telecommunications, some technology sectors. Where are you seeing those types of characteristics today? Well, you know, communication services, which includes media has not been a happy place to be as you know this year. It's been I believe the worst performing sector in the S&P. A lot of that is ad driven. We've definitely seen an ad slowdown some of it is secular as we shift to direct to consumer streaming. Those will all work out. I think one of the areas within my core competency media that we continue to like live entertainment and sports. And just to be a little timely, one of our favorite names in that space, Madison Square Garden sports MSG reported this morning. They own the Knicks and the rangers. And the rangers contributed mightily to some strong performance there. There are 12% above where they were in 2019 and looking better and the balance sheets and good shape and relative to where other sports franchises have traded a bargain. So when you look at the DES screen of what you just described, the big tech names are in that group. Is that just because of valuation, they're just too rich for the belly air. Historically, historically, that's been the case. We do actually own alphabet alphabet at times as met valuation criteria. And it looks very much like a media company, it's largely off of advertising dollars as this meta, by the way, which is also looking attractive here. So we try to be disciplined. We try to know what we know and don't know and stick to valuation. One of the things I've noticed about Gabelli and all you guys over there, Chris, is that you'll take a very long time horizon. How do you position that with your clients? Because I've known you've been in some of these even some small cap media names forever. And how do you position that with your clients in terms of generating performance? Right, well, listen, you mentioned one of those long-term holdings at the beginning, which is Swedish match, which is finally being taken over by Philip Morris International. We've owned that one for a very, very long time going back to its predecessors. We harvest regularly at irregular intervals. We try to see the part of the reason we own so many names as we try to see the portfolio with names where there's catalysts happening. What is harvest mean? Is that a CFA phrase? Well, harvest can mean a lot of things. An important part of what we do is looking for catalysts and they can take any form, our favorite, of course. Our takeovers. But that's not what we're looking for. But spin off financial engineering like spin offs, which you mentioned Liberty Media Malone is a master of. Regulatory change generational change, things like that. So is it by holding harvest or generally the case? By hold trim along the way. But our turnover tends to be very low. It's tends to be how much is our average hold is over ten years. This is so important, folks. I can't stop. This is religion. Everybody knows my affinity for mister meringue. And the guy that he works with in four, but Paul what he just said there is religion. It is. I mean, you know, you take a look at some of those holdings lists of some of these big media companies, for example, and there's other industries as well. And you see the gamco investors there, and they've just been there forever. Chris, what would calls you guys are achieving it may not have specific example, but an example where you guys bought something and said, oh boy, we screwed up. And then you just

Chris meringue Peter lynch Mario Karen Moscow Tom Keenan Paul Sweeney Mario golly Marangi Chris Gabelli portfolios Bitcoin Nymex
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:09 min | 3 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"And I'm Karen Moscow in U.S. stock index futures are moving higher. It is 6 O one on Wall Street. We check the markets every 15 minutes throughout the trading day on Bloomberg and futures have erased their losses. The S&P futures now up 6 points and down futures up 37. NASDAQ futures up 22, the Dax in Germany is up 8 tenths of a percent. Ten year treasury of 5 30 seconds yield 2.87% yield on the two year 3.27% John. And U.S. futures are higher this morning, Karen, minutes from the fed helped boosting sentiment traders found some dovish elements from the Central Bank's July meeting. Lauren Gilbert CEO of wealth wise financial says there's uncertainty but still a chance for a solid returns. Information technology services, we see that as an opportunity because unlike goods that have had the pricing pressures with good prices continue to go up, while you have wage pressure as well in services, you don't have the cost of goods issue. Lauren Gilbert with well twice as technical indicators show markets could sustain a bull run in the months ahead. When it comes to the fed minutes, John, Wall Street focused on Central Bank officials discussing the need to eventually dial back the pace of interest rate hikes. Eric luan, principal economist for the conference board, said the important takeaway is that the fed will remain in data dependent in its approach. We all kind of figured they're going to at some point have to dial back the pace of the increases. It's a matter of what rate and when. So with the next meeting, a little over a month off, we still have about quite a bit of data points that are going to be coming out between now and then that we're going to have to watch. Eric, lund with the conference board, it says if inflation continues to fall, the fed will be well positioned to ease rate hikes. And count we're also going to be watching for more economic data to 8 30 Wall Street times the Labor Department releases figures on jobless claims, economists predict a new high for the year with claims rising to 264,000. We're also going to get existing home sales for the month of July, the national association of realtors is going to release those figures at ten. On turning overseas now John stocks in Asia fell overnight as further downgrades to China's growth outlook soured sentiment. Bloomberg is really at Sally joins us from Singapore with the latest. Good morning, Juliet. Good morning, John and Karen Goldman Sachs lowered its projection for China's GDP to 3% from 3.3% citing weaker than expected July economic data, as well as near term energy constraints Nomura slashed their forecast to 2.8 from 3.3%. The Bloomberg median forecast from economist is now at 3.9%. Stocks fell in Japan, China and Hong Kong, and the Aussie was lower for a fourth session after almost 41,000 jobs were lost in the nation last month versus expectations of a 25,000 job gain. In Singapore, Juliet sali, Bloomberg daybreak. Julia, thanks now to geopolitics, tensions with China remain front and center. The U.S. and Taiwan now are set to start formal negotiations on a bilateral trade agreement. That story from Bloomberg said Baxter. This is the next step in what has become a very heated and very sensitive issue for China. The statement says the two have already started formal negotiations, but the first sit down round will begin in early fall. They say it will cover trade facilitation, regulatory practices, and a corruption standards and deepening agriculture trade among others. The statement says it will promote innovation and will deepen the relationship. In San Francisco, I met Baxter Bloomberg daybreak. All right, Ed, thank you. He turned to corporate news now where news from Apple is front and center, the company is aiming to unveil its new iPhone next month and Bloomberg should eat a young joins us live with a details where you need a good morning. Good morning, Karen. Bloomberg sources say apple's big reveal of the iPhone 14 is expected to come on September 7th. The flagship product generates more than half of apple's sales in the update comes at a time when smartphone sales more broadly have started to slump as consumers cope with inflation and a shaky economy. The launch kicks off a busy fall product season for the tech giant, which will include multiple new Macs, low end and high end iPads, and three Apple watch models, live in New York. I'm Renee young Bloomberg day break. Ready to thanks as sticking with corporate news Walmart CVS Walgreens theory getting hit with a big fine. The pharmacy chains were ordered to pay a total of $650 million over failure to properly monitor opioid prescriptions in a state of Ohio. It's the drug industry's latest setback in the litigation over the painkillers. Well, John and the earnings Francisco systems came out with results that beat analysts estimates shares are up almost 5% in the pre market after the company gave a bullish forecast to get more from Bloomberg's Charlie pellet. Cisco is the biggest maker of machines that run the Internet and corporate computer networks it said revenue will grow two to 4% in the fiscal first quarter from a year earlier, analysts had predicted that sales will be roughly flat from a year ago when revenue was $12.9 billion for fiscal 2023 the company expects sales to expand as much as 6% the outlook suggests Cisco can weather a shaky economy and tech spending slowdown helped by better access to supply. In New York, Charlie pellet Bloomberg debris. All right, thanks, Charlie. Bed Bath & Beyond another stock on the move this morning shares are down right now. 14% in the pre market as a big investor sours on the stock. Roy Ryan Cohen's RC adventures says filing that it might sell as much as 7.7 million shares of Bed Bath & Beyond, RC, the retailers, second largest shareholder after BlackRock. Well, on the flip side, John shares a Bloomberg bio are up more than 13% in early trading, the company's gene therapy for a rare blood disorder was cleared by U.S. regulators. Bloomberg said it plans to charge $2.8 million for the first ever one time treatment. And coming up today more earnings on the docket this morning retail and focus once again, we're going to get results from BJ's Kohl's and Estee Lauder. Right now, down futures up 69, you're listening to Bloomberg daybreak

Lauren Gilbert fed Karen Moscow Bloomberg John China Eric luan Central Bank U.S. Karen Goldman Sachs Juliet sali Karen apple Baxter Bloomberg Singapore
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:09 min | 3 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"But I'm Karen Moscow, U.S. stock index futures pairing their losses now little change in a volatile session after the Federal Reserve signaled a delicate balancing act that would see inflation busting rate hikes continue despite a weakening economy. We check the markets every 15 minutes throughout the trading day on Bloomberg and now futures are little change to higher the Dax in Germany is up 7 tenths of a percent and the ten year treasury is a three 30 seconds yield 2.88%. The yield on the two years at 3.28%. Now I'm actually screwed oil is up 1% or 90 cents at $89 once sent a barrel. Co makes go that quarter percent or $4 ten cents at 1780, 80 announced. The Euro 1.0164 against the dollar British pound 1.2044 in the N one 35.30 and Bitcoin this morning tire at four tenths percent at $23,500. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world, Michael. Karen, thank you very much. A group of media organizations urged a Florida judge to release most of an FBI affidavit that helped the Justice Department obtain a search warrant for former president Donald Trump's Mar-a-Lago resort. The DoJ says the document must remain sealed to protect the investigation. The U.S. and Taiwan will start formal talks on a trade and economic initiative, following through on a long planned promise to deepen ties, amid opposition from China. In baseball, the Yankees won with a dramatic Grand Slam against the rays 8 7 in ten innings. The mets beat the braves 9 7, the Red Sox and a's one. The nationals Orioles and giants lost. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts and more than a 120 countries, Michael Barr, this is Bloomberg jump. Michael, thank you. We are lying from the Bloomberg Internet to brokers studios where it is 5 49 on Wall Street. Apple, aiming to hold it a launch event, September 7th to unveil the iPhone 14 line of products. Let's take a deeper dive this morning. We're joined live now by Bloomberg quick take anchor Alex Webb. Do I really, really need an iPhone 14? Alex. You really depends when you go. Does anybody else? Yeah. I think that this idea that you need to refresh your iPhone every year has long since gone, but you even need to every two years is long gone. I've got a three year old iPhone, I'm probably going to do it this year now. This is supposed to be a more sizable upgrade than was the 13, then was last year's. Usually, you would expect that to drive a big upswell in sales numbers. There was a great scoop that our colleagues Mark gurman and Debbie Wu had last week, which said that actually they expect production numbers to be flat year on year. Which clearly then suggests something about the economic climate and people's discretionary income in the context of inflation. With the economic climate that we're talking about with inflation, do we know what the pricing is going to be? We don't, but likely to be in the order of a $1000 for the base price for the top line model. Sometimes the way that apple tends to really make the margin on this stuff is on the memory, right? They will charge an extra $100 for another sort of 124 gigabytes of memory. The chip that actually underpins that memory probably cost them in the order of 20. There's a huge gross margin on the memory piece. That is where if they offer larger memory options, that's probably where we'll start to see the average price per unit dragged upwards. Does anybody actually pay that upfront or is it part of the package they get with their carrier? A lot of people do just buy the iPhone straight from Apple because sometimes if you sometimes if you unpick the economics, it does work out cheaper in the long run just to buy it straight from the store. Particularly if you've got it depends on the contract you have obviously a different market by personally just buy it from Apple. I get financing from Apple, which Apple also provides and normal percent financing. So it worked out quite cost effective with the consumer. But that has also been one of the problems in recent years for the carriers that selling the phones was a nice little earner for them, but because Apple has its own financing people have started to realize that it's more cost effective to go straight to source. Okay, let's talk about the other products. Well, first of all, what is the iPhone 14 have that I need at this point and what about the other products as well? As ever with the each new model iPhone, it's going to have a slightly better camera and a faster process. The styling is likely to be similar to the 13 with the square edges. And the few little bells and whistles that perhaps we don't yet know about. They're going to likely eliminate the mini version of the handsets and add a model with a 6.7 inch screen, which will be the first time Apple launches a non so called pro iPhone with a display of that size. Did the notch that appears on the front will change shapes slightly and it will be a sort of a pill shaped hole. That's what sources are telling. Mark gurman, pill shaped hole and a hole punch sized area for the camera. So that probably is going to be in terms of form factor the biggest change. It reminded everybody how important iPhones are to Apple. They all, I mean, very significant part of that business, but not as big as they were before. Historically, it used to be about 70 or two thirds of their revenue fundamentally. Now it's about 50% of their revenue. They've managed to bring that down over the past 6 7 years as they've not only boosted the share that they get from their services business, which that is that the App Store, Apple music, Apple TV plus. That's now on almost $70 billion business. But also what they

Michael Barr Bloomberg Karen Moscow Lago resort Justice Department Apple nationals Orioles Mark gurman Alex Webb Debbie Wu U.S. Michael
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:26 min | 4 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Karen Moscow, along with Tom Keenan Paul Sweeney and the S&P 500 is higher at the open. It's up about two tenths percent or 6 points at 39 68. The NASDAQ is little changed. It's at 11,838 and the Dow Jones Industrial Average up a quarter percent or 87 points at 31,983, ten year treasury down 24 30 seconds. Yield 2.83%, they yield on the two year 3.03%. Nymex screwed oil up 1.6% of a dollar 53 at $96 22 cents a barrel. Comex gold on a third of a percent or $6 ten cents at 1739 20 an ounce. The Euro one O two four 8 against the dollar the N one 36.60 and looking at Bitcoin this morning it's down about 3.4% at $21,950. Tom and Paul. Karen thanks so much greatly appreciate it. Pause for any time keen framing out to Wednesday an important fed meeting as Michael just said important data after that. And across all this earnings that we will see from big technology as well. We get advance on Monday with Dennis gartman, chairman of the university of Akron's endowment fund and very retired editor of the gartman letter and we're sure he could join us. Dennis, it's been too long. I want to cut to the chase and I want to go back to your youth and your Wheelhouse with red wheat. I believe there's heat right now it's sort of like normal partly July, but last week in the week before that were ugly, what does it mean for the crops this season? It means for the corn crop is deleterious to the corn crop. No question. The wheat crop has already been done and the harvest is almost finished for all intents and purposes. You've got a rally today in wheat because of the bombing of Odessa after the Russians and the Turks and the Ukrainians had agreed to allow exports of wheat out of odes last week, suddenly there's over the weekend. There's an incursion in a bombing of several of the grain elevators, which is giving you a bounce in wheat today. But wheat has been under real pressure. I mean, we were $13 a bushel a month and a half ago. Now we're at 8 50 a bushel and it's probably still going to lower I'm afraid. The rally and we today probably won't. Wait, is that a bumper crop this year a wheat? It's not a bumper crop, but it is a very good crop. We are producing less and less sweet and more and more corn more and more soybeans over the course of the last 20 years. We've cut back on wheat acreage across the board, but we're growing more corn and more soybeans on a consistent basis. So it's a very good crop. I wouldn't call it a bumper crop, but it's a very good drop nonetheless. What is the quality of this ginormous bull market we've had the last 6 weeks? I mean, I know you're going to tell me it's within a bear market trend and Paul will get to the fed and all that in a moment. But can you be on board equities is the big Tex report this week? I've been very bearish of the equity markets since early January this year and as the chairman of the university of Akron's endowment, I actually got us to move about 12% of the portfolio out of stocks on actually December 31st. And I have to very bearish for a while, but quietly, slowly, laboriously, I'm beginning to become less bearish. That doesn't mean I'm becoming bullish, but the market seems not to want to go down any longer. It's discounting the fact that the fed is going to raise the overnight fed funds rate by 75 basis points tomorrow and probably another 50 and a hundred before the end of the year. But that's already factored in. So we don't seem to go down much anymore. And what's interesting, we used to go down on big volume and fall on light volume, suddenly in the past week and a half or two, we're going up on better volume. The technicals seem to be quietly changing. Well, it's your Denny. At the bottom. I'm quietly, I'm quietly neutral. Okay, well, Dennis said we got to move that right now. Dennis gartman has never been quietly. And you're Danny called Baden in June. I mean, he was on this morning. He said, look, it's about it. And he said, he alluded to what you just said, which is volume, speaks volumes. Give us a clinic on this when volume shifts Dennis Garvin pays attention. Absolutely. The first thing that one learns when trading markets is that volume follows the market. If you're bullish in the volume is rising, that's a bullish sign. If you're bullish in the market is falling and volume is falling, that's a bearish sign. If the market's falling in the market and volume is rising, that's a very, very sign. So follow what volume does, interestingly, on the as we were declining from January into two or three weeks ago, volume was always rising on the down moves and pulling on the up moves. Suddenly in the past several weeks, that's beginning to change. So follow volume, volume tells you, as you just said, I think it was a great line volume speaks volumes. So Dennis, we're going to get a very important Federal Reserve discussion on Wednesday. What would you like to hear from your Federal Reserve this Wednesday? First of all, I want to make sure that they raise the overnight side funds rate by 75 basis points. They've made it abundantly clear if they went a hundred, that would be deleterious. That would be a surprise 50. That would be deleterious. That would be a surprise. They've led us to believe that 75 is a given. It should be a given and it will be a given. So that's the first thing I want to see. Second, I want them to understand or to talk about the fact that inflation really is not a transitory circumstance that is something that they misstate that they mistook along for a long period of time that they are paying attention to what the markets are saying that inflation is indeed a problematic circumstance. And that they're going to quietly and consistently reduce the amount of reserves in the system and consistently take $65 billion out of their fed out of their portfolio over the course of the next several years. But I want them to pay attention to inflationary circumstances that prevail. And acknowledge the fact that they were wrong for almost a year and a half to be blunt. So that's what I want to see. It should be a very boring meeting to be quite honest. We know what they're going to say. And the surprise would be an egregious surprise whether they raised by a hundred or raised by 50 would be terribly disconcerting. They're going to go 75. That's a given block. All right, that's the Federal Reserve and Dennis, I'm an old equities analyst, so I do pay attention to earnings we're getting into the real crux

Dennis gartman Karen Moscow Tom Keenan Paul Sweeney university of Akron's endowmen gartman Dennis Nymex Federal Reserve Paul
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:58 min | 5 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"And good morning, I'm Karen Moscow along with Tom keen and creedy Gupta. The S&P 500 is lower at the open. It's falling down 1.4%. It's down 52 points at 37 65. The Dow Jones Industrial Average down 1.2% down 369 points at 30,605 and the NASDAQ down 1.7% to hunt down a 188 points at 11,076. Ten year treasury down 1530 seconds, yelled three 2% that yield on the two year 3.18% nymex screwed oil is up a tenth of a percent or 16 cents at $95, 98 cents a barrel comic school is down half percent or $8 at 1716 ounce, the Euro is at 1.0024 against the dollar the yen is at one 37.52 and looking at Bitcoin, it's lower down 2.4% at $18,900. Tom and creedy. Thanks so much and of course here some real movement in the markets will continue to watch it pretty. What do you think Kirby version, negative 16 basis points? That's a big deal. It's a massive deal. I'm still a little bit of shock that Ira Jersey said it could go further to negative 40. Yeah, well, he said negative 40 pre a misery TD securities is a negative 50. What's important there folks? Those are just numbers in the air for so many of you. Those are truly historic moves that harken back to the Volcker eras of ginormous volatility. Right now, this is something we rarely do, but because of water hazard on Bloomberg radio, but when you can get someone standing in the south fork of the snake river in a drift boat, fishing away and speak to them on radio, it's always constructive, joining us the Fisher person, David kotak, joins us this morning with Cumberland, advisers. David, of course, you're out in Idaho talking economics, but is there a little bit of fishing going on for the acclaimed Yellowstone cutthroat trout? Absolutely Tom. Thank you so much for having me in. It's nice to be with you and pretty and pretty. You can come fishing with me anytime. I can't find waiters long enough to fit. Yeah, you have that right. I'll take you up. I've turned this down for years. I have to have credit, put the worm on the hook for me. Right now, David, you and I are the only two on the planet that remember inflation like this, but you and I also know this is different pandemic and massive fiscal stimulus, explain to our audience coast to coast, shell shocked at 9.1%. Why this is so different inflation. Yes, this is a different inflation and thank you, Tom. You have to back the way this is not a business cycle. So we have a shooting war widening in Europe. We have a worldwide financial sanctions payments for we still have a pandemic and still have COVID shocks. One of the panels that I'm doing and tomorrow in the Victor Idaho is on long COVID millions of people with disability in the labor force. And we have massive political turmoil, including a country which is having a war between the states. This is not a normal shock. It's huge. And so shock response is what financial markets are dealing with. You've been talking about it this morning and I really appreciate a 40 year old, the store you told about the trade. It makes those of us who have a prospective of history enable us to respect the history. Thank you for that. Well, I have to, let's talk about the history, Tom has reminded me over and over and over again this morning that a negative 16 yield curve inversion that we're seeing on the twos tens curve will put that into perspective of the Volcker area and you saw an inversion of negative 200, right? So this is something that you actually haven't seen going back to 2000. Can you reversions way rarer than you think? Well, it's funny because I feel like it's all we've been talking about for the last couple of months. David, how much faith, how much stock should we put in this curve inversion that keeps getting more and more negative? Well, I just published not long ago, a pamphlet, 80 pages of data, but it compared two metrics in yield curve, the two ten, which everybody's talking about looking at. And the old bubbler comparison of the very short term rate and the long-term rate say 98 treasury bills versus 30 year treasury bonds. You must, in my opinion, look at both curves when all of them are flat, we really encounter trouble. And right now, the long short curve is not inverted, the middle is inverted. And so that's a mixed message. So I'm not all up in arms over to ten, it's a short rate which it looks like it's coming because I agree with Ira and your conversation earlier, we're going to get 75. We're going to get 75 again. We're going to take a fed funds rate somewhere between three and four, ten year treasury. Where does it go? Maybe close to four, that's an expectation, and that will cramp down the U.S. economy hard. We're already seeing some of that in the data flow today. David, are you seeing this in Florida? Come on, Florida is a massive boom. Who do we know that's not moving to Florida? That's true. Either Florida or Austin, Texas, right? Yeah, I mean, what is the state in your Florida, David kotak? Well, it's already have two things going on. One, we have a public health policy, which is ignoring public health. That is causing outward movement in some businesses and service sectors in the mids. And we have an influx of people and the influx of people who look at no taxes and they want to move from someplace else. So it's a mixed picture in Florida. I am not so sang when about Florida. Now we need a good hurricane watch what the shock will be. You talked about heat in Texas. Right. Some to Florida, it's 90° and 90 humidity all the time. David, we got to talk about investment because you've always been a Cumberland adviser. Very clear about your investment exposure now. What are you exposed to and may I guess it's municipal bonds? Well, muniz on the buy side we have been very heavy on the buy side long muniz above four high grade tax free. So that's one side on the stock market U.S. stock market U.S. CTS strategy portfolio is 25% in cash. 20% of it is in the quantitative work and the other remaining 55

Karen Moscow Tom keen creedy Gupta David kotak creedy Tom Ira Jersey
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:42 min | 5 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Nathan Hager. And I'm Karen Moscow, U.S. stock index futures on the rise 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 up 13 points this morning down futures have 96 and NASDAQ futures up 55, the Dax in Germany's F 1.6%, ten year treasury down 1230 seconds yields 2.97% and the yield on the two year 3.03% nymex crude oil is up for 10% at $98 90 cents a barrel, Nathan. All right, Karen, we begin this morning with breaking developments out of the UK time is up for Boris Johnson as we get word the prime minister is finally ready to resign. Let's go live to London and get the latest with Bloomberg's Ewan Potts. Good morning Ewan. Good morning Nathan and Karen Boris Johnson says he's quitting as Britain's prime minister. Even by recent standards it has been a dramatic day on Downing Street a snowstorm of resignations from the government at the beginning of the week became an avalanche by yesterday. In total, more than 50 minutes and aids leaving their jobs in protest. But perhaps the final blow came today when the Chancellor, the second most senior member of the government only appointed to the job on Tuesday, tweeted that Boris Johnson must go now. Well, the p.m. has finally given into the pressure and is now preparing his resignation speech, Nathan. All right, well, you and when is Boris Johnson expected to actually leave office? What are the next steps for the UK government? Well, today's news means that the UK is set to have its fourth leader within just 6 years. Now remember the Conservative Party still has a majority in the British Parliament so it's up to the party to choose a new leader who will then take over as the British prime minister. And leadership contest

Nathan Hager Karen Moscow Boris Johnson Bloomberg Nathan Ewan Potts Karen Boris Johnson Ewan UK Karen Germany U.S. Britain London
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:19 min | 5 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Bloomberg business flash And I'm Karen Moscow in U.S. stock index futures are on the rise this morning and we go to the first word breaking news desk for today's morning call. Here's Tatiana darier Tatiana good morning. Good morning, Karen. Futures are higher this morning. Despite the mixed session in Europe without futures up one 22 S&P is up 24 and NASDAQ up one ten, cross asset treasuries are rallying again with the U.S. ten year yield down four basis points to three spot 1% oils down another percent and Bitcoin has erased yesterday's losses rebounding about four. On the economic front today initial jobless claims at 8 30 and PMIs at 9 45. In early trading, we're seeing tech stocks rebounding with Tesla apple and video leading gains up about 1% Occidental Petroleum up too after its largest shareholder Berkshire Hathaway, both additional shares and regarding earnings home builder KB home up 5% after results last night. In other news, a Tesla plans to ramp up output at its factory in China to more than double its original plant target to 1 million cars a year and wrapping things up coinbase was cut to neutral at the red burn and eBay was initiated with an underweight at Morgan Stanley. Live from the first in breaking news desk, I'm Tatiana Daria Karen. All right Tatiana, thank you and to your lie breaking news over your Bloomberg type on your terminal SQ U a WK and that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world, Michael. Karen, thank you very much. There have been reports of the widespread Internet outage with Verizon that's according to down detector. The January 6th committee will hear from former Justice Department officials today. The panel says they face pressure from Donald Trump over the presidential election results. The PGA Tour plans to increase per sizes and revamp the schedule in an effort to keep players from heading to the Saudi backed Liv golf series in baseball, the Yankees won the Met's lost the Orioles shut out the nationals, the Red Sox won, the giant a's lost. In the NHL, the avalanche, a game away from winning the Stanley Cup after beating the lightning, the NBA draft is tonight. Global news, 24 hours a day

Karen Moscow Tatiana darier Tatiana Tesla red burn U.S. Bitcoin Karen Tatiana Daria Karen Occidental Petroleum Berkshire Hathaway Michael Barr Europe KB Morgan Stanley S Tatiana apple eBay
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:46 min | 7 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"And good morning I'm Karen Moscow along with Tom Keene and Paul Sweeney and stalks are falling at the open The S&P 500 down one and a half percent down 61 points at 40 61 Dow Jones Industrial Average down 1.3% or 430 points at 32,468 And the NASDAQ's down 1.8% or 217 points at 11,930 Ten year treasury up one 32nd yield 3.12% they yield on the two year 2.63% 9 X screwed oil is down two and a quarter percent on $2 42 cents at a $107 33 cents a barrel Go Mexico down 8 10% or $15 20 cents at 1867 40 ounce The Euro one 5 four two against the dollar again at one 30.76 I'm looking at Bitcoin this morning down more than 4% at $32,800 Tom and Paul Karen thanks so much We'll do more data checks here through the morning Clearly better than it was three hours ago but the tape has some challenges to it down negative four 17 On this market I don't need an equities Patrick palfrey now Credit Suisse Senior equity strategist So everybody has to recalibrate Patrick and you and John Gallup provided massive leadership on constructing a theory of a bull market Let's first begin with do you still construct a theory of a bull Mark I think right now there is a tremendous amount of investor concern around issues emanating from the war in Ukraine around China COVID shutdowns Around inflation and the deceleration So there's no shortage of issues that investors are grappling with It's not to say that a lot of those don't have validity and they are filtering through the markets The question is what does it do to earnings and what does it do to multiples Right now we're seeing the earnings backdrop remain actually quite healthy And part of it is because companies benefit from inflation from nominally we are in a very strong environment The problem though is with multiples and how we think about the impact of the cost of capital from higher interest rates And that's really where the conversation is central to right now It's settled there and we adjust it You know I get that the goal here is not to be 72% in cash I mean you know you can play with the cash margin and all that But to be clear here the fundamental aspects of bull market sectors allow you to continue to own those shares and then Wendy's step into buy them on the proverbial dip Right now as I indicated I mean earnings remain quite strong We're leaving this agreed season revenues were up 13% earnings were up 11% So there was a little bit of margin compression But not tremendously painful And frankly as we move through the back half of the year we see similar trajectory for growth EPS of around 10% Cyclical assets so those companies hitting either closer to the commodity or that can pass through costs more effectively are benefiting more So companies in industrials materials and energy are doing quite well When you look at technology though they are not as beneficial to inflation So they are actually getting dinged on the backdrop for corporate profits And that's really where I think a lot of the problems are is in those areas particularly around labor cost All right Patrick don't fight the fed Why is anybody in risk assets right here The fed is decidedly raising rates for the foreseeable future Where do you go Where do you hide What do you do Well I think for us it's being selective in finding those opportunities One example where I think there is a tremendous amount of opportunity is in areas of equities that are benefiting from inflation They trade at a tremendous discount relative to their more expensive peers And they're seeing revisions being actually driven higher because they benefiting from this inflation backtrack So think commodities think raw materials think energy materials and industrials Those are areas that are actually doing quite well on a relative basis I do think on an absolute basis it is a difficult environment because of the higher cost of capital which is penalizing PEs right now But on a relative basis there are certainly opportunities and that's really what investors need to do They can't like you said go to 72% cash They need to find the area where they can either insulate themselves or find that alpha that they're looking for So it's interesting Patrick a lot of folks here are saying you know we had a pretty good earnings season as you just mentioned here but boy this market is re rating those earnings in terms of multiples Where where do you think a floor for the S&P 500 is in terms of evaluation PE I mean I think we're getting close Right now we're around 7 and a half times And it comes down to how we think about the PE It's a function of interest rates and it's a function of credit spreads because we think of it from a cost of capital perspective And those are the two big components Interest rates have materially berated higher And we don't think you're going to get that back So I don't think you're going to get the multiple benefit from interest rates falling from here But we do think credit spreads will narrow as volatility subsides And that's really what will drive all lower in drive PEs and subsequently stock prices higher Look for credit trends that come in as the catalyst to ultimately push multiples up So I think we're close to that floor now Down negative four 33 SPX down 61 points NASDAQ down 1.6% Here it bounced off the bottom and see where it goes here 9 35 Wall Street time Petra coffee where this with Credit Suisse Patrick let's talk about the obvious elephants in the room which are these big tech stocks They still have a growth They still have profit They're still minting free cash flow over to the balance sheet return to shareholders If you love them in a multiple of 30 do you love them in a multiple of 23 Isn't that the argument I think it makes a lot of sense I guess it comes down to where the relative relative opportunities are and what's your time horizon If you're looking out over the next three to 5 years technology is effective that we liked in the past a lot It's a sector that we think will do incredibly well over a longer time horizon I think over the near term the earnings and fundamentals for the more cyclically oriented companies is just going to put them in a better position to outperform in this environment So I think it comes down to where ultimately do you put your time horizon and how much are you putting on the near term Because the cyclical assets are going to be where you want to be All the tech right now is doing very well particularly if it's cheaper And that's where if people are invested in tech and looking at tech that's where I would encourage them to look stay away from high growth particularly high growth with difficult profit margins or perhaps lower quality So that's an area that's particularly under pressure Patrick I see WTI crude oils off a little bit today but still well over a $100 a $107 per barrel As my energy trade is that played out I still have some more juice owning some of those energy names I think you still have some more juice And I think what it comes down to is we are potentially over the next ten to 15 years working through an energy transition of which right now oil and natural gas are a key component of that transition I think previously we had expected that we could basically boot one down and power one up but it seems like there is a longer glide pattern that transition And that's really going to underpin the success and energy I think over the next several years even as oil right now is at a particularly high level Patrick Paul you're thank you so much with Credit Suisse this morning as we all readjust Is that what we're doing Paul Work there Fantastic offices 11 Madison Avenue time just an old old building built in 19 30 maybe completely restored spectacular offices there We can't get a meal around there either There's no restaurants Yeah there's that one down there I don't know I tell you that you used to be the joke for 11 Madison park I think that got a little It was like yeah They got the food Quartet out there for me on the corner I'm good You know if Michael bark and when $200,000 at The Kentucky Derby he can he can swing it as well Down negative 400 will give you more data checks here through the morning With our news in New York City here is Michael Barr John Paul thank you very much Russian forces pushed forward in their assault on Ukraine seeking to capture the.

Karen Moscow Tom Keene Paul Sweeney Patrick
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:34 min | 7 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Hager And I'm Karen Moscow and U.S. stock in next futures are lower this morning We're coming up to 6 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg with S&P futures down 25 points down features down 138 and NASDAQ futures down 107 ten year treasury down four 30 seconds yield 2.95% that yield on the two year 2.67% Comex gold is F 1.6% of $28 90 cents at 1897 70 ounce The Euro this morning at 1.0596 against the dollar the yen one 29.67 Nathan Well Karen the pullback we're seeing in stock futures this morning follows yesterday's fed fueled rally in the news conference after the 50 basis point rate hike from the Central Bank chairman J Powell indicated another 50 not 75 was on the table for the next meeting 75 basis point in an increase is not something the committee is actively considering Assuming that economic and financial conditions evolve in ways that are consistent with our expectations There's a broad sense in the committee that additional 50 basis increases should be on 50 basis points should be on the table for the next couple of meetings With that comment by fed chair pal fueled a huge rally in the markets treasury yields dropped stocks rallied the most in two years with the S&P 500 surging 3% while the tech heavy NASDAQ rose 3.2% Jason Brady is CEO of thornburg investment management I actually expected 75 to be on the table He took it off the table I think the markets were pricing in a very hawkish and you could now hog the market So obviously the reaction markets has been that this is a.

Karen Moscow Hager J Powell Bloomberg treasury U.S. Central Bank Karen S Jason Brady thornburg investment managemen fed
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:36 min | 7 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Good morning I'm Karen Moscow along with Tom keen and creedy Gupta and stalks are lower at the open the S&P 500 down 1% or 40 points at 42 47 The Dow Jones Industrial Average down three tenths percent or a 109 points at 33,813 And the NASDAQ down 1.2% down a 155 points at 12,715 And your treasury down 27 30 seconds yields 2.92% They yield on the two year 2.74% Nymex screwed oil is up 1.1% up a dollar 17 at a $106 54 cents a barrel Comex gold of 9 10% or $17 40 cents at 1908 70 ounce The Euro one O 5 three zero against the dollar the end of one 30.3 And Tom and creedy Karen thanks so much And I'm going to really follow on in currency there with Karen And DXY a one O three level is sustained It's not where it was record level But during this week we have seen a sea change shift in foreign exchange with Jenna won 30 level and Euro as Karen just mentioned one O 5 26 not a one O four but weaker Euro weaker yen you get the picture Joining us now there's someone there are Hilton Hotels in America There are 2244 And only pretty Scott wren of Wells Fargo has visited every Hilton Hotel in America and done a conference with people about investment He is the deserved senior global market strategist for Wells Fargo investment institute and joins us right now Scott more than anyone I know you know the pulse sweat It's out there I'm lost Are people scared stiff or are they waiting to load the boat on Amazon Which is it Well Tom I think they're pretty scared And that encompasses some professionals as well So our retail clients scared yes they are They've been scared really overall for quite a while So this is really nothing new and I think the way retail clients typically work and it works to their detriment in the long war on is it makes them frozen They have funds that they eventually want to put into the stock market and when they have the opportunity they may say ahead of time yes when the opportunity comes I will act but then when it shows itself they freeze And that's always a problem Ren walks in the room lights camera and he goes let it go Let it go It's just something to see him do that Hair and a brain And a Hilton Hotel Scott what's so important here about let it go.

Karen Moscow Tom keen creedy Gupta creedy Karen Scott wren Wells Fargo investment institu Hilton Hotels Hilton Hotel America
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:43 min | 8 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Wall Street Good morning I'm Nathan Hager And I'm Karen Moscow and we're just about four hours away from the open of U.S. trading Let's get you up to date in the news You need to know what this hour Ukraine is looking for a ceasefire agreement in Tasha the Russian negotiators They're meeting right now in turkey where president Erdoğan says he expects quote good news from the peace talks In the meantime Karen President Biden is clarifying his remarks on Vladimir Putin He says the U.S. is not seeking regime change in Russia but that he still has the right to express concern I was expressing my outrage as the behavior of this man It's outrageous It's outrageous And it's more an aspiration and he shouldn't be in power There's no I mean people like this shouldn't be rolling countries but they do The fact they do but doesn't mean I can't express my outrage President Biden is rejecting criticism that his comments escalated the situation with Russia Meantime Nathan the president's budget is also in focus He's renewing efforts to squeeze more tax revenue from big companies and wealthy households His new budget calls for a $2.5 trillion in tax hikes Turning to markets Now we have several companies making headlines this morning Let's get the details live with Bloomberg's John Tucker What you watching John Let's start with the change at the top at FedEx the package delivery company has named Ron subramanian as its new CEO He takes over from founder Fred Smith who pioneered express delivery almost 50 years ago up next let's talk Amazon It's become the first mega cap tech stock to erase losses for the year Shares are now up 1.4% since January 1st And finally Apple shares they're heading for their longest winning streak since 2003 After a dismal start to 2022 Apple has seen its earnings estimates being upgraded by analysts live in New York I'm John Tucker Bloomberg daybreak Sorry John thank you Let's turn to Hong Kong now where the outlook for bankers is looking up this city has seen an exodus of finance staff but those that state are getting rewarded Bloomberg should need a young joins us live with the details Good morning ready to good morning Karen for tech savvy workers willing to live in the somewhat isolated city opportunities like big promotions and pay increases are plentiful at least for the short term Typically finance workers heading to a different company in Hong Kong would get about a 15% pay hike but executive search firm ESG says they're seeing 20 to 30% increases Meantime data show the number of new visas issued to foreign financial service workers in Hong Kong is down almost 50% from 2018 Live in New York I'm renita young Bloomberg daybreak Renee thank you Your local headlines to check a sport straight ahead This is Bloomberg.

Nathan Hager Karen Moscow president Erdoğan Karen President Biden President Biden John Tucker John Let Russia Ron subramanian Tasha U.S. Vladimir Putin Ukraine Bloomberg turkey Fred Smith Nathan Apple
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:37 min | 9 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Good morning I'm Nathan Hager And I'm Karen Moscow and U.S. futures are rebounding this morning We're coming up to 6 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg Right now S&P futures are up 61 points Down futures at 423 and NASDAQ futures up 240 the Dax in Germany is a 4.9% The ten year treasury down 1530 seconds yield 1.89% They yield on the two year 1.65% Nymex crude oil down 1.7% on $2 13 cents at a $121 50 cents a barrel and co make gold is down 1.2% or $23 60 cents at $2019 announced Nathan Okay Karen thanks We'll have more on the markets in a minute First the latest on the war in Ukraine Russian forces have intensified their strikes on Kyiv We get the very latest from Bloomberg's Ed Baxter The bulk of Russian forces are about 30 miles away from the city Now this coincides with what U.S. intelligence director Avril Haines is telling the House intelligence committee that Vladimir Putin thought the war would end in two days and that he will now be more brutal So our analysts assess the Putin is unlikely to be deterred by such setbacks and instead may escalate essentially doubling down to achieve Ukrainian disarmament and neutrality Haynes says if the resistance continues it may have to change with some kind of face saving action but that that resistance will have to remain very strong In San Francisco I'm at Baxter Bloomberg daybreak Right Ed thank you And Ukraine president volodymyr zelensky is calling for more support from allies He addressed the UK House of Commons yesterday Please increase the pressure of sanctions.

Nathan Hager Karen Moscow Bloomberg Ed Baxter Avril Haines House intelligence committee U.S. treasury
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:57 min | 11 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Good morning I'm Nathan Hager And I'm Karen Moscow and S&P futures are little change this morning we're coming up to 5 O one on Wall Street every check the markets every 15 minutes throughout the trading day on Bloomberg S&P futures again little change so are down futures NASDAQ futures moving lower down 42 now The Dax in Germany is up half percent Ten year treasury up one 32nd yield 1.64% They yield on the two year .76% 9 X squared oil is down a tenth of a percent or 7 cents at 76.93 of barrel Is up to 10% or $4 20 cents at 1818 80 announced Nathan All right Karen thanks Let's begin with markets in the Asia Pacific this morning Stocks in the region tumbled overnight as tech shares in Hong Kong came under pressure The hang seng finished down 1.6% Bloomberg's Juliet Sally has the recap from Sydney Good morning Juliet Good morning Nathan and Karen and index of Texas in Hong Kong fell to its lowest since inception in July 2020 as firms backed by Tencent came under pressure as it paired investment in the sector for the second time in as many weeks This amid Beijing's regulatory crackdown South Korea and China also dropped along with U.S. futures Japan edge tire is the yen remain near a 5 year low against the dollar and shares in China Huawei slumped as much as 54% in Hong Kong as a 9 month trading suspension was lifted following a $6.6 billion state orchestrated bailout of the troubled bad asset manager In Singapore Juliet Sally Bloomberg daybreak All right Julia thank you We now turn our attention to the pandemic and the controversy over new CDC guidelines on isolation for COVID patients The agency says it will stick with its rules and nicks the idea of a negative test before coming out of isolation Bloomberg said Baxter has the story It has rebuffed extra test It says the new guidance is based on the science of when people are most likely to transmit the omicron variant It says highest around one day before symptom onset and declines within a week of symptom onset It also says it took the efficacy of vaccines and boosters into account as well as mental health considerations and the likelihood of people adhering to stricter measures as it crafted that recommendation In San Francisco I met Baxter Bloomberg daybreak All right thank you The current COVID surge is not a crisis That's according to the CEO of New York State's largest healthcare provider northwell CEO Michael Dowling says the healthcare system will be able to manage the omicron surge I think that all the next two to three weeks we will see a drop off on this It's not as crazy as you would think when you listen to a lot of the media When I go home at night I think I'm in a disaster yet I'm working on it every day I think we can manage win deal with this Northwest CEO Michael Dowling tells us the overwhelming number of people sick and in intensive care are unvaccinated Well Nathan when it comes to the prospect of using a fourth vaccine dose there's encouraging news this morning out of Israel Here's prime minister Naftali Bennett.

Nathan Hager Karen Moscow Bloomberg Hong Kong Juliet Sally Karen In Singapore Juliet Sally Bloo COVID Tencent Asia Pacific China
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:15 min | 11 months ago

"karen moscow" Discussed on Bloomberg Radio New York

"Karen Moscow and U.S. stock index futures They're a little changed to lower this morning European shares are lower This is the final trading day of the year of course and we check the markets every 15 minutes throughout the trading day On Bloomberg right now S&P futures are down 5 points down futures down 46 and NASDAQ futures their little changed The cac and Paris is down about three tenths of a percent and the FTSE 100 down a quarter percent And your treasury of two 30 seconds you'll have 1.50% that yield on the two year .72% 9 X screwed oil is down 1.1% on 82 cents at 76.17 cents a barrel Comics called up 7 10% or 12.3 cents at 1826 40 an ounce The Euro on .1344 against a dollar British round 1.3506 the yen one 15.10 And of course we're watching Bitcoin It is at $47,890 right now That's up about one and a quarter percent And that's a Bloomberg business flash Paul and greedy All right Karen Moscow thank you so much we appreciate that As always Johns Hopkins University they've been so good to us during this entire pandemic making available their world class experts on these on this pandemic on these vaccines and we really appreciate that including doctor Andre pecos From the John Scott conference university joined us earlier today to give us the absolute latest Let's take a listen It's important to note that the total case count to the official case counts are staggering and they're probably underestimates of how many cases of COVID-19 are going on in the country right now It's been very difficult to really predict on a weekly basis how cases are going to go There's some data out of South Africa showing that the surges have fallen off as fast as they increased Hopefully that's going to happen in other places as well too But it's really staggering the number of cases that we have important to note also that hospitalization rates are going up because of just a total number of cases that we're seeing We've heard this as well from UK officials that the estimates are likely that the numbers that we're talking about are likely underestimates by a factor of two or three It wouldn't surprise you when I say we had 2 million new cases globally in one day It wouldn't surprise you if the real number was 5 million or even 10 million Absolutely not I think all of us have hear people who are sick The idea that the home tests are probably not being reported as effectively to public health officials as tests from a hospital or from another testing center would be All that is contributing to a real undercount in a number of cases that we're seeing outside of obviously hospitalizations and deaths because we can get pretty accurate numbers on those It's also of course New Year's Eve today happy happy New Year's Eve to you doctor pet gosh I'm wondering how comfortable you would be going to a bar a big festivity a crowded place to celebrate New Year's Eve if you are fully vaccinated with a booster as well Well I think given the number of cases and the fact that so many individuals are now sort of homesick and not working and not contributing to some of the things in society I would be very cautious about going out to any event that has a large number of people there too Again vaccines are protecting us against severe disease but just because it's not protecting us as well against symptomatic disease And so if you get sick you'll be out of work for a few days and out of touch with other things for a few days And that is what sort of taking a larger toll on our society right now than even the deaths The number of people that are out sick particularly here at the hospital and in other places is really taking a massive toll in terms of how things can function Doctor talked was about the testing piece of it all I'm a throw some numbers here Over 300 million people in the United States Joe Biden talking about requesting 500 million rapid test a household If you just do some very quick math or that's less than two tests per person how often should people be testing and how much of that should be a factor just considering the size of this country Well you know in an ideal situation if you're getting it if you're coming in contact with people on a regular basis like going to work and those kind of things ideally you'd love to be able to take a rapid antigen test or something like a saliva test once or ideally twice a week That is impossible right now because of the large number of tests that are being focused on people who are symptomatic If you can get your hands on home antigen tests it's nice to be able to give yourself a test before you go out to any kind of large event Anytime you feel symptoms I will be good to take a rapid antigen test at home because the sooner you take yourself out of circulation the less cases that you'll potentially lead to because you won't put yourself in a position where you can transmit to people But those ideal situations are just impossible to do right now because of the backlog and tests and the unavailability of testing particularly here in the U.S..

Karen Moscow Andre pecos John Scott conference universi Johns Hopkins University U.S. symptomatic disease Paris South Africa UK Joe Biden
"karen moscow" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:48 min | 2 years ago

"karen moscow" Discussed on Bloomberg Radio New York

"We're seeing a green wave far is equities go Bloomberg, Daybreak with Karen Moscow and Nathan Hager, head of the effort is already laying plans for the next round of doses. U. S relations with China could take a twist weekday mornings at five Eastern. How Close was Tesla to Being part of the Apple empire on Bloomberg Radio? The Bloomberg business happened. Bloomberg radio dot com. Bloomberg, the world is listening. Here's the latest news. Pope Francis says politically motivated violence on display in the U. S. Capitol is the wrong path. In a Sunday address from the Vatican today, Francis sent a message with his affectionate greeting to the people of the United States. He encourages the entire population to maintain a lofty sense of responsibility in order to calm things down, promote national reconciliation and protect democratic values that are rooted in American society. The West Virginia delegate who was arrested for being part of Wednesday's right is resigning. Derrick Evans submitted his letter of resignation to Governor Jim Justice today, the Wayne County Republican Live, streamed his entrance into the Capitol building. He was arrested in charge Friday, and President elect Joe Biden's dog major is about to become the first rescue dog to live in the White House. Major and the other Biden family dog champ will accompany the Bidens to their new residents. The German shepherd was adopted by the Bidens and 2018 from the Delaware Humane Association in Wilmington, which is hosting a special online event to commemorate the occasion. That's the latest on the city area. And I'm Susanna Palmer in the Bloomberg newsroom in New York City Fire Department says they've received anonymous allegations of active or retired members being spotted at the deadly riots on Capitol Hill last week. More from Bloomberg's Denise Pellegrini. And this comes as many of those seen in viral videos and photos of the riots are being tracked down and arrested. New York one reports. The deputy commissioner for the F D. N Y says they have provided this information to the FBI. The daily News reports. At least two F D N Y members were photographed outside the Capitol building. One was seen from behind while wearing an F D N Y jacket. Another was in regular clothes that didn't identify him as a firefighter. The man in the F D N Y jacket, which read f D N Y Squad, 2 52. Was said to be a retired firefighter. The other man is said to be an active duty firefighter squad. 2 52 is based on a Brooklyn to the spell. A gritty Bloomberg radio. The woman who was seen on video allegedly assaulting a black teen in Soho's Arlo Hotel last month, wrongly accusing him of stealing her phone was arraigned in New York City Criminal Court yesterday and granted supervised release. 22 year old Mia Ponsetto was extradited from her home state of California for the arraignment. She's now facing a series of crimes, attempted robbery, grand larceny, two counts of attempted assault and endangering the welfare of a child. Apple has joined others in removing the parlor APP from its APP store and Amazons Cloud unit decided to stop hosting parlor starting tonight. This as part of a growing backlash after the Social Media network was among those used to organize Wednesday's riots at the Capitol. Japan's government is considering approving fighters covert 19 vaccine for use by people age to 16 years and older. Broadcaster NHK reports. Visor and partner by on Tech have agreed to provide 120 million doses to Japan in the first half of this year. 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. I'm Susanna Palmer. This is Bloomberg. This'll is Bloomberg Wall Street Week with David Westin from Bloomberg Radio. This week. We got to see the minutes of the Federal Reserve's meetings at the end of last year, and FOMC members, for the most part seemed pretty happy with where they are. Though Megan Greene of Harvard's Kennedy School did go through the wrist the Fed may be facing in 2021. This isn't the most earth shattering minutes, but there were a few things in there. For starters, they change their language around. Continuing bond purchases, though it's been saying they'll continue for coming months. They said they'd continue until they reach sufficient progress on hitting their targets. But they were also pretty careful to say that those targets wouldn't be quantitative. They be qualitative. So if that feels kind of frustrating in Vegas, it is and it's intentionally so there was widespread expectations. In early December of murdered her dissidents that the Fed might actually try to extend the duration on their bond purchases. Tonto keep along into the yield curve down, and there was very little appetite for that in the 10 minutes. That, of course, is before the 10 year yields started creeping up in recent days so that that might have changed already since mid December, when they spend minutes Her recorded and then finally, the head talked a little bit about their outlook and you know, in line with expectations, they're pretty pessimistic about the upcoming months. It's gonna be a hard winter, but they're hoping that a vaccine will result in a release that pent up demand in a recovery in the second half of this year's they were much more optimistic, but there's so many risks. Around that you I think that's where keeping in mind well, it's itching as I understand it. What they said, is on the question. Inflation. Specifically, the risk was the downside. That is to say we understood rather than overshoot. But this, of course was before we had those two seats go to Democrats in Georgia. Do you think it's a different world for the Fed today than it was just two days ago? So a lot has happened since you spend minutes even just a couple weeks ago, and I actually don't think that we're in a different world. But if you think that the market seemed to be expecting that we are and that that might be a wrist, so I mentioned the 10 year yield was particularly off of the back of yesterday's Georgia's Senate results, and that's on the basis that will probably get some kind of stimulus out of this government with the Democrats and control the Senate, and that's probably right. But it is worth Considering that might not be a linear crosses. It will require absolute unity amongst the Democrats in the House and the Senate to get a significant fiscal measures passed..

Bloomberg Bloomberg Radio Federal Reserve New York Susanna Palmer Apple Japan Joe Biden Pope Francis Senate Derrick Evans NHK U. S West Virginia Brooklyn China David Westin attempted robbery politically motivated violence
Economy Week Ahead: Home Sales and Jobless Claims

Fox News Sunday

00:28 sec | 2 years ago

Economy Week Ahead: Home Sales and Jobless Claims

"Housing data and the weekly jobless claims numbers highlight the coming weeks. Economic calendar. Bloomberg's Karen Moscow, reports. Report out Wednesday. Good show US sales of previously owned homes rebounded in June after falling in May to the lowest level since 2010 Thursday. We get the weekly report on initial jobless claims with a report in the previous week showing a slowing the labor market rebound and Friday its new home sales as well as a look at US manufacturing. It's another busy week for earnings, with Microsoft and IBM Among those

United States Karen Moscow Bloomberg Microsoft IBM